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  • Pacific Life Introduces New No-Lapse Guarantee Universal Life Insurance Product for the Underinsured Broad Market

    January 29, 2019 by Pacific Life

    LYNCHBURG, VA – Jan. 23, 2019 Pacific Life today announced the addition of PL Promise GUL1, a new, no lapse guarantee universal life insurance (GUL) product to its PL Promise line.  Designed to help address the life insurance needs of the underinsured broad market, the new life insurance policy provides lifetime death benefit protection with predictable premiums, longer guaranteed coverage periods, and living benefit options2 to help meet evolving financial needs.

    The policy features:  

    • Accessible $25K minimum face amount
    • Consumer protection so premiums paid one month early or late will have no adverse impact to intended guarantee – avoids unnecessary catch-up premiums.3,4
    • Predictable and convenient fluidless underwriting for up to $1 million in coverage for clients age 50–69
    • Enhanced cash surrender value rider at no additional cost.5

    “In the PL Promise product line, we have developed simpler products with lower minimum coverage amounts and competitive pricing to make them more accessible to the broad market,” said Brynn Thabet, assistant vice president of product management in the Lynchburg life insurance division of Pacific Life. “The PL Promise expansion offers peace of mind for those looking to protect their families for longer than term life insurance might cover. Plus, our consistent and predictable fluidless underwriting has clear qualification criteria, and no unexpected knock-outs.”

    Coverage for the Broad Market
    For the broad market (U.S. households with annual income of $50,000 to $250,000), Pacific Life offers competitively priced PL Promise life insurance products and the convenience of no additional medical exams or bodily fluids for clients ages 50–69 through a simplified underwriting program, PL Smooth Sailing. To learn more about PL Promise, interested life insurance producers can contact the Lynchburg office sales desk at (844) 238-4872 or LynInternalSales@PacificLife.com.

    About Pacific Life
    For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.

    Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2018 is compiled by Pacific Life using the 2018 FORTUNE 500® list.

    Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.

    Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. Each insurance company is solely responsible for the financial obligations accruing under the products it issues.

    1. PL PROMISE GUL No-Lapse Guarantee Universal Life Insurance. Policy Form #P18PRUL and S18PRUL or ICC18 P18PRUL and ICC18 S18PRUL, based on state of policy issue.
    2. Riders will likely incur additional charges and are subject to availability, restrictions and limitations. When considering a rider, request a policy illustration from your life insurance producer to see the rider’s impact on your policy’s values.
    3. The Lifetime No-Lapse Guarantee Rider (form #R17LYFNL or ICC17 R17LYFNL, based on state of policy issue) is included in the policy at no additional charge. The no-lapse guarantee, depending on how you structure your policy, has a maximum duration of the insured’s lifetime, subject to certain limits. If your net no-lapse guarantee value is zero, the no-lapse feature terminates. If the no-lapse feature terminates, additional premiums would be required to resume the no-lapse guarantee. If policy performance is such that your policy is being maintained solely by the no-lapse guarantee, your policy will not build cash value.
    4. Universal life insurance generally requires additional premium payments after the initial premium. If either no premiums are paid, or subsequent premiums are insufficient to continue coverage, it is possible that coverage will expire.
    5. Enhanced Surrender Value Rider (form #R17LYESV or ICC17 R17LYESV, based on state of policy issue) is included at no additional charge in policies with death benefits of $50,000 or more with an elected no-lapse guarantee to at least age 100. For ages 70 and above, no-lapse guarantee duration must be at least 30 years.

    Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.

    Pacific Life’s home office is located in Newport Beach, CA.

    This material may not be used in New York.

    Originally Posted at Pacific Life on January 23, 2019 by Pacific Life.

    Categories: Industry Articles
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