Pacific Life PL Promise GUL Repriced but Still Competitive
Effective May 4, 2020, Pacific Life is introducing premium increases for PL Promise GUL¹, a universal life insurance product with no-lapse guarantees designed to provide affordable death benefit protection. Premium increases reflect the continued low interest rate environment. Despite these changes, PL Promise GUL remains competitive for a wide variety of consumer combinations and still includes top rankings, especially for low face amounts in all combinations and age 90 guarantees. Our commitment to providing the broad market consumer affordable coverage with consistent and predictable product features is as strong as ever.
Targeted Pricing Sweet Spots*
- Premium rankings still in top 50% of competitor offerings in a wide variety of combinations
- Top 3 pricing for lower face amounts ($25,000 to less than $100,000)
- Top 1 or 2 pricing for all-pay age 90 guarantees for all combinations of sex, face, and risk class
The new PL Promise GUL premiums go into effect beginning May 4, 2020 for all states except NY. A 45- day transition period from May 4, 2020 through June 18, 2020 is provided as described below
Transition Rules All states except NY
- Policies issued from May 4, 2020 through June 18, 2020 receive the lower PL Promise GUL premiums and applies to:
- Applications received on or after May 4, 2020.
- Pending policies due to be issued on or after May 4, 2020.
- The difference between premiums received that are higher than the lower premium issued will be adjusted for the client during this window.
- June 19, 2020
- Starting June 19, 2020, all new and pending applications receive the PL Promise GUL premium updates.
- No exception requests will be granted on or after June 19, 2020. Inforce Business
- For inforce business, reissues will not be made.
And remember, PL Promise GUL also offers:
- Minimum face amount $25k
- Affordable alternative to whole life
- Enhanced Surrender Value Rider at no cost²
- Added consumer protection with a no-lapse guarantee³ that can be tailored to the client’s desired no-lapse guarantee duration
- Optional PL Promise Chronic Illness Care Rider at policy issue for a monthly rider charge⁴
- Optional Waiver of Monthly Deduction Rider at policy issue for a monthly rider charge should the client become disabled⁵
If you have questions about the reprice please contact us at 1-800-792-6795