Pacific Life: New Rates for PL Promise Term Life Insurance
On March 29, 2021, Pacific Life Insurance Company adjusted rates for PL Promise Term, a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K).
Rates have been refreshed to increase consistency for solid competitiveness across all combinations of terms, rate classes, male/female, and issue ages. A 60-day transition period is provided.
Targeted “Sweet Spots”
- Majority of monthly mode cells in top 3 for ages 45+ preferred classes
- Majority of annual mode cells in top 4 for ages 45+ preferred classes1
- Competitive for term duration 25 years–male/female, all ages, preferred rate classes
- PL Smooth Sailing fluidless underwriting program for ages 50-69, up to $1 million coverage
- Substandard pricing (+20% per table versus the traditional +25%)
- Monthly Premium mode (monthly premiums)
- eCapabilities and digital solutions resulting in shorter cycle times and higher placement rates
The new PL Promise Term rates go into effect beginning March 29, 2021 for all states except NY. Cases that are issued (for delivery) through May 28, 2021 automatically receive the better of the old and new PL Promise Term rates. No request is necessary. This date provides a 60-day transition from our new rate launch date. Cases that are issued after this date receive the new PL Promise Term rates.
Please give us a call at 1.800.792.6795 if you have any questions.