Pacific Life - PL Promise Term Repriced to Be More Competitive


Effective November 7, 2022, Pacific Life Insurance Company is adjusting rates to be more competitive for PL Promise Term1 level premium term life insurance—a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50k to $250K).

This reprice places PL Promise Term in the Top 3 for 92% of cells across all terms, ages, no-nicotine rate classes, and face amounts.2  A 60-day transition period is provided.

Competitive Strengths

When choosing a term life insurance policy for your clients, consider that pricing is just part of what matters. The price difference between the top carriers may be only a few pennies or dollars apart. PL Promise Term provides death benefit protection with the value, convenience, and strength you can rely on from Pacific Life.

  • Accelerated underwriting process offering up to $3 million in coverage with PAL+
  • Substandard risk class pricing (+20% per table vs. the traditional +25%)
  • Monthly premium mode (monthly premiums)
  • Digital solutions resulting in shorter cycle times and higher placement rates
  • Online health history tool provides another option for gathering client health history
  • Attractive conversion option

Pacific Accelerated Life+ (PAL+)

Now, when applying for new PL Promise Term life insurance policies, you and your clients can enjoy the convenience and clarity of one seamless underwriting process with higher face amounts, broader age requirements and fewer restrictions. PAL+ combines the former PL Swift and PL Smooth Sailing underwriting programs into one cohesive, all-digital life insurance experience.

Transition Period

The new PL Promise Term rates go into effect beginning November 7, 2022. Cases that are issued (for delivery) through January 5, 2023 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 January 5, 2023 receive the new PL Promise Term rates.

Please give us a call at 1-800-792-6795 if you have any questions.

1 PL Promise Term Level Premium Term Life Insurance. Policy Form #P16LYT or ICC16 P16LYT and S16LYT10, S16LYT15, S16LYT20, S16LYT25, or S16LYT30, based on level premium period chosen and state of policy issue.
2 As applicable, comparisons based on quinquennial ages from 20 through 80 for term periods 10, 15, 20, 25, 30; all 5 face bands from $50K+; all 6 risk classes (Preferred Best No Nicotine, Preferred No Nicotine, Select No Nicotine, Standard No Nicotine, Preferred Nicotine Use and Standard Nicotine Use); and both annual and monthly payment modes. Competitive Positioning of non-affiliated companies as of 10/5/2022 CompuLife: AIG Select-a-Term (ICC21-19311), American National Insurance Company (ANICO) Signature Term (ART18), Banner Life Insurance Company OPTerm (ICC18-OPTC), Equitable Brightlife Term (ICC14-156-LT), Fidelity Rapid Decision Life Term (F4200), John Hancock Protection Term (19TERM), Lincoln LifeElements Level Term (TRM 6063), Lincoln TermAccel Level Term (TRM 6069), MassMutual Haven Term (ICC21 HAVEN TERM), MassMutual Haven Simple (ICC20 HAVEN SIMPLE), Nationwide Guaranteed Level Term (ICC13-NWLA-490), North American ADDvantage Term (LS174), Principal Term 20 (ICC17 SN 104), Protective Classic Choice Term (TL-21), Prudential Term Essential (ICC19 PLTIC-2019), SBLI Term Life Insurance (B-56), Symetra SwiftTerm (ICC20_LC1), Symetra Term 4.0 (ICC16_LC1), Transamerica Trendsetter Super (TL22 0417), United of Omaha Term Life Answers (ICC16L145P). Pacific Life PL Promise Term (ICC16 P16LYT) rates are effective 11/7/2022