Pacific Life term insurance is one of many life insurance options that can provide financial protection for your family after you are gone.
Obtaining term life insurance offers a policyholder comfort and peace of mind knowing that their loved ones will be able to keep up with financial obligations should an unexpected death occur. However, you also want to ensure that you choose the right policy.
All term life insurance products have two things in common. First, they are designed to offer temporary coverage through contract lengths anywhere between 10 to 30 years. Secondly, they offer a death benefit payable to your beneficiaries after you pass and as long as the contract is active.
However, not all term life plans share the same policy features. To select the right term life insurance plan, you must consider the costs, underwriting process, eligibility requirements, medical exams, available policy riders, and coverage amounts.
In the following review, we will thoroughly examine all details of the popular Pacific Life term insurance product called “PL Promise.” In addition to having full in-depth knowledge of the life insurance product, we will also disclose the pros and cons of the term insurance plan, which will help determine whether it is the right term life product for you.
Pacific Life Insurance Company
Pacific Life Insurance Company started as The Pacific Mutual Life Insurance Company of California, dating back to 1868. Two California businessmen founded the insurance company with their vision to bring a life insurance company to the west coast.
That vision successfully came to life through the help and funding from many other prominent businessmen, including a former California governor. As a result, Pacific Life was formed. The insurance company quickly gained momentum, providing life insurance to people all over the west and eventually serving the east coast by 1874.
Surviving through multiple recessions, Pacific Life continued its rapid growth momentum turning into the giant life insurance company it is today. Headquartered in Newport Beach, CA, Pacific Life employs close to 4,000 employees.
The insurance company’s 2020 financial summary report shows that Pacific Life currently provides $1.2 trillion in life insurance death benefit coverage to current policyholders. In addition, in 2020, the company paid out $3 billion in annuity and death benefit proceeds.
If you’re curious about how Pacific Life ranks among the other U.S. life insurance companies, we like to take a look at the annual AM Best Top 200 U.S. Life/Health Insurers report, which ranks insurance companies based on admitted assets. Pacific Life is ranked position No. 17 out of 200 insurance companies.
Pacific Life also makes the 2021 Fortune 500 list ranking No. 303 of the top 500.
Pacific Life Ratings and Reviews
Before choosing an insurance plan, you should always review the financial strength of the company. Independent rating agencies offer ratings of insurance companies after analyzing operating performance. Rating agencies look at total liabilities, assets, and surplus among other factors.
Companies with high ratings are more likely to fulfill their financial responsibilities to their policyholder, as there is less risk that they may fold before you pass. Pacific Life scores incredibly well across the board with the top trusted independent rating organizations.
Here is a closer look at the ratings for the Pacific Life Group:
- AM Best: A+ Superior
- S&P: AA-
- Moody’s: A1
- Fitch: AA-
- Comdex Rating: 93
Pacific Life is one of the most financially secure insurance companies and maintains a positive A+ rating with the Better Business Bureau (BBB).
Pacific Life Term Insurance: PL Promise
PL Promise is the name of the term life insurance product from Pacific Life. It is available with various contract lengths and coverage amounts. Pacific Life also offers several optional riders, multiple payment options, and the ability to convert your policy into permanent coverage.
Pacific Life PL Promise Policy Features:
- Highly competitive term life insurance rates
- Contract lengths from 10 to 30 years
- Coverage up to $2 million with no medical exam
- Multiple policy riders
- Renewable to age 95
- Conversion option
- Electronic application and policy delivery options
PL Promise term life insurance gives you the flexibility to build a term life plan that meets your specific needs. However, as with most insurance plans, PL Promise has specific eligibility requirements.
PL Promise Term Life Insurance Overview
|Policy Features||PL Promise|
|Contract Options:||PL Promise 10-Year: 18-80|
PL Promise 15-Year: 18-75 (18-70 Tobacco)
PL Promise 20-Year: 18-65
PL Promise 25-Year: 18-60 (18-55 Tobacco)
PL Promise 30-Year: 18-55 (18-50 Tobacco)
|Renewability:||Up to age 95|
|Coverage Amounts:||Minimum Amount: $50,000|
Maximum Amount: $1,000,000+
(No Medical Exam)
|PL Swift Sailing|
Ages 18-60 up to $2,000,000 in coverage
PL Smooth Sailing
Ages 50-69 up to $1,000,000 in coverage
(Medical Exam Required)
|A medical exam will be required if an applicant does not qualify for either of the two accelerated non-medical underwriting programs.|
|Policy Riders:||Accelerated Death Benefit Rider|
Children's Level Term Insurance Rider
Waiver of Premium Rider
|Coversion Option:||Convertible to age 70|
|State Availability:||Available in all states except New York|
PL Promise Issue Ages and Eligibility
|PL Promise Issue Ages|
PL Promise is a fully underwritten term life insurance policy available to applicants age 18 to 80.
Eligibility for a policy is based on qualifying for one of the insurance companies six traditional rate classifications:
- Preferred Best – No Nicotine Use
- Preferred – No Nicotine Use
- Select – No Nicotine Use
- Standard – No Nicotine Use
- Preferred – Nicotine Use
- Standard – Nicotine Use
Qualification for one of the six rate classifications is determined after Pacific Life has completed its full review of a life insurance application and has determined an applicant eligible for a policy.
Rate classifications are a measure of how an insurance company views the overall risk of insuring an applicant. For example, an applicant who is not at risk of having a potential death benefit claim paid due to health risks, participation in risky hobbies or habits and is otherwise in excellent health will receive the best rate classifications.
Applicants with pre-existing health conditions or over the height and weight guidelines are likely to qualify for a lower rate classification.
While rate classifications measure how an insurance company views the risk of insurability of an applicant, they also determine the cost an applicant will pay for their Pacific Life term insurance coverage.
Low-risk applicants with a rate classification of preferred will pay a cheaper rate for coverage versus an applicant approved for the standard or smoker rate classifications.
When we look at Pacific Life term insurance state eligibility, PL Promise plans are available in all U.S. states except for people who live in New York.
Pacific Life Term Contract Lengths
|PL Promise Contract Lengths|
|10, 15, 20, 25 and 30-Years|
PL Promise term life insurance is available in five different contract lengths of 10, 15, 20, 25, and 30 years. All contract lengths have a maximum issue age meaning you must not be over the cutoff age to apply for a specific contract length.
Applicants that currently use tobacco products will also be limited to selected term lengths based on their current age at the time of the application.
Breakdown of maximum age limits for each contract length:
- PL Promise 10-year term: 18 to 80 years old
- PL Promise 15-year term: 18 to 75 years old (18-70 Tobacco)
- PL Promise 20-year term: 18 to 65 years old
- PL Promise 25-year term: 18 to 60 years old (18-55 Tobacco)
- PL Promise 30-year term: 18 to 55 years old (18-50 Tobacco)
As with all term insurance plans, longer duration term contracts will be more expensive than shorter duration contracts.
PL Promise Minimum and Maximum Coverage Amounts
|PL Promise Coverage Amounts|
|Minimum Amount: $50,000 |
Maximum Amount: $1,000,000+
PL Promise offers a minimum coverage amount starting at $50,000. With regards to a maximum amount of coverage, there is not a specified limit. However, the insurance company will need to make sure that there is financial justification for the total amount of death benefit applied.
To make sure the amount of death benefit meets financial justification, the insurance company will reference what is referred to as their replacement of income table. This is a table the insurance company uses that represents a set of age groups that works with a multiplier and the insured annual income.
For example, if you are between the age of 21 and 40, your maximum coverage would be equal to 30 times your income. As you get older, the income factor lessens. Ages 41 and 50 would be a multiplier of 20x annual income, 51-60 15x annual income, and 61-70 10x annual income.
In some cases, the maximum coverage amount you can receive will depend on applying for a non-medical underwriting option offered on Pacific Life term insurance plans. In that case, your maximum amount of coverage will be limited to what the plan allows, which will be discussed shortly.
Lastly, if you are unsure of how much coverage you need, we highly recommend using the assistance of an online life insurance calculator. An online life insurance calculator is a simple tool that requires your input to questions about financial needs. Your responses are then computed to discover a recommended amount of life insurance coverage.
Pacific Life No Medical Exam Underwriting
|PL Promise Accelerated Non-Medical Underwriting|
|PL Swift Sailing: Ages 18-60 up to $2,000,000 in coverage |
PL Smooth Sailing: Ages 50-69 up to $1,000,000 in coverage
Pacific Life and its non-medical underwriting options are the main reasons why we absolutely love and recommend PL Promise term life insurance. For starters, Pacific Life Insurance Company offers two methods for non-medical underwriting:
- PL Swift Sailing
- PL Smooth Sailing
Both options can eliminate the need for a medical exam in most situations. Here is a closer look at how these two underwriting options work.
PL Swift Sailing
PL Swift Sailing is a newly launched accelerated underwriting process available to qualifying applicants between the ages of 18 and 60. The underwriting program eliminates the need for traditional paper applications as the entire process is completed entirely online with the help of a licensed agent.
Once an application is submitted to Pacific Life, within generally 24 hours, a representative from the insurance company will contact you to complete a telephone interview. The interview will primarily consist of questions about your overall medical history and will take roughly 30 minutes to complete.
The accelerated underwriting program is designed to process applications for coverage quickly and eliminate the standard timeframe it takes to provide approval for life insurance coverage. Applicants may qualify for the rate classifications of either standard or preferred. Nicotine users are also eligible for the accelerated underwriting program.
Unlike other underwriting methods, PL Swift Sailing does not require medical exams, lab work, or an Attending Physician Statement (APS). Applicants who qualify for PL Swift Sailing receive quicker decisions, possibly the same day as the application. The maximum amount of coverage is $2 million, and the application must be completed electronically. Paper applications are not allowed for this underwriting program.
PL Smooth Sailing
PL Smooth Sailing is designed for older applicants between the ages of 50 and 69. Applicants are not required to take a medical exam as long as they have completed a physical with full blood work done within the last 18 months from the date of the application.
However, the underwriting process will take a little longer than the PL Swift option, as Pacific Life will automatically order medical records as part of the underwriting process.
We are big fans of Pacific Smooth Sailing for our senior life insurance applicants. The non-medical underwriting program is not limited to only healthy applicants. Smooth Sailing will take on applicants with certain high-risk health conditions. This non-medical underwriting program can be done electronically or by good old fashion paper application submission.
PL Promise Policy Riders
|PL Promise Policy Riders|
|Accelerated Death Benefit Rider - (Included) |
Children's Level Term Insurance Rider - (Optional)
Waiver of Premium Rider - (Optional)
PL Promise offers three policy riders for customizing your plan to address your biggest concerns. The three riders include:
- Accelerated death benefit rider
- Children’s level term insurance rider
- Waiver of premium rider
The accelerated death benefit rider is included at no additional cost. However, the children’s level term insurance rider and waiver of premium rider increase your premiums.
Accelerated Death Benefit Rider
The accelerated death benefit rider is included with every PL Promise term life insurance plan. It provides an accelerated death benefit payment when the policyholder becomes diagnosed with a qualifying terminal illness. A qualifying terminal illness is typically any illness where the insured is expected to pass within 12 months.
If the death benefit is accelerated, it will be treated as a lien on your policy that will accrue interest and will be subtracted from the total coverage amount when the final death benefit is paid out to the beneficiary.
This policy rider is included at no additional cost.
Children’s Level Term Insurance Rider
The children’s level term insurance rider is an optional policy rider that provides level death benefit protection to all children of the insured that are between the ages of 15 days and 18 years.
A single rider covers all children in the immediate family up to $10,000 of coverage per child under their parent’s PL Promise term insurance policy. The child’s life insurance coverage terminates on the child’s 25th birthday or the insureds 65th birthday.
As the insured, you must be between the ages of 18 and 55 when applying for the PL Promise term life insurance plan to add children to the term insurance policy.
Children are not required to take a medical exam. However, parents will be required to answer a few medical questions for any child covered under the rider. If a child suffers from disqualifying medical conditions, you may not be able to include this option.
This policy rider is available at an extra cost.
Waiver of Premium Rider
The waiver of premium rider is an optional rider that waives the premium payments when the insured becomes completely disabled. You must be between the ages of 18 and 55 when applying to qualify for this rider.
If you suffer an injury that leads to total disability, you must submit a written notice and proof that the disability has existed for 180 days or more. After that, the premiums are waived until you turn 65 or when you can return to work.
This policy rider is included at no additional cost.
PL Promise Conversion Option
|PL Promise Conversion Option|
|Convertible to age 70|
PL Promise term life insurance comes with a conversion benefit. Conversion allows you to convert all or a portion of your policy to a new universal life insurance policy offered by Pacific Life.
The greatest benefit of a conversion benefit is that you do not need to complete the underwriting process a second time when converting the policy.
In addition, approval is guaranteed regardless of any change in health during the term insurance years. The conversion option is only available until the age of 70 or the end of your level period, whichever comes first.
Pacific Life PL Promise Term Life Insurance Frequently Asked Questions
Now that we were hopefully able to shed some light on many details about PL Promise term life insurance plans, we like to answer some fundamental questions often asked about the term insurance plan.
If you have any additional questions not listed below, feel free to leave a comment. In the meantime, examine the following frequently asked questions to see if you can find your answer.
How Do You Apply for Pacific Life Term Insurance?
Applying for a Pacific Life term insurance policy can be done in a few different ways, all of which our agency can help assist with. Here is what to expect when choosing how you would like to apply.
Option 1 – Paper application
Paper applications are available to anyone age 18-80. However, if you choose to complete a paper application, it will disqualify you from the PL Swift Sailing accelerated underwriting program. In addition, the paper application will automatically require a medical exam (except for applicants ages 50-69). The paper application process will result in the longest turnaround time for a decision on your application.
Option 2 – Electronic application
The electronic application process is the easiest and most recommended way to apply for a PL Promise term insurance policy. The electronic application is completed with a licensed agent and submitted directly to Pacific Life.
Within 24 hours of Pacific Life receiving the electronic application, Pacific Life will contact you to complete a short 30-minute telephone interview. The telephone interview will primarily consist of health-related questions and, when completed, require your voice signature.
An underwriter will process the electronic application and a telephone interview to determine if a quick approval can be offered or if further requirements will be needed. Remember, not all applications will qualify for accelerated underwriting, and some applicants will be asked to complete a medical exam to proceed with underwriting.
If an application for coverage is approved without a medical exam, Pacific Life will notify all parties to confirm the term life insurance coverage.
What Determines Eligibility?
Your eligibility is determined during the application process based on the information you provide during the application process and the results received from third-party data sources used to help with the underwriting process. Pacific Life uses the following factors to assess your eligibility and assign you an underwriting class:
- Medical conditions
- Medical history
- Lifestyle habits and hobbies
The maximum issue age for a PL Promise term insurance policy is 80. As mentioned, Pacific Life also considers certain medical conditions or the use of certain medications as uninsurable. For example, if you have recently been diagnosed with cancer or are being treated for dementia, HIV, lung disorder, kidney failure, or cirrhosis of the liver, you cannot get coverage from Pacific Life.
The above are just a few medical impairments that do not meet eligibility for a life insurance policy with Pacific Life. Therefore, it is always best to talk with an agent before applying if you have a history of medical impairments and are unsure if you qualify for coverage. An agent will generally have a strong idea if you will qualify or at the very least can contact the insurance company to verify if an application can be submitted.
Along with examining your medical condition to determine eligibility, Pacific Life looks at your overall medical history and lifestyle to assign you an underwriting class. PL Promise includes the following underwriting classes:
- Preferred Best
- Preferred Nicotine
- Standard Nicotine
Your eligibility for different underwriting classes is also based on your height, weight, and medical history. Agents use a build chart to determine the maximum weight for each underwriting class for different heights.
For example, if you are under the age of 65 and measure 5’9” tall, you need to weigh less than 203 pounds to qualify for the Preferred Best underwriting class. The maximum weight for Preferred is 223 pounds, while the maximum weight for Select and Standard is 236 pounds.
After using the build chart, agents review your medical history, including nicotine use, alcohol use, substance abuse, blood pressure, and cholesterol. Your driving history, family history, and occupation may also determine which underwriting class you receive.
When Would a Medical Exam Be Required?
Medical exams are needed for those who do not qualify for the PL Swift Sailing and PL Smooth Sailing underwriting options. This includes individuals over the age of 69 and those with existing medical conditions.
There are other qualifying factors, but one that stands out the most is if you have not had routine medical care for a period of time. Therefore, those applicants will require full underwriting to include a medical exam.
- PL Swift Sailing – Must have had routine medical care in the past 3-years.
- PL Smooth Sailing – Must have had a physical and blood work done by a physician within the last 18 months.
If medical records reveal specific health situations, Pacific Life may require full underwriting and a paramedical exam. For example, if you recently visited the doctor for chest pain, bronchitis, asthma, depression, diabetes, epilepsy, or dozens of other issues, PL may require an exam.
In addition, you must also apply for coverage that is within the allowable limits for non-medical underwriting. For example, with PL Swift Sailing, the maximum amount is $2,000,000, and with PL Smooth Sailing is $1,000,000. Any amount over the allowable non-medical exam limits will automatically require a medical exam.
How Quick Is Approval for Coverage?
If you qualify for PL Swift Sailing, you may get a decision within a few days. Pacific Life states that decisions for the PL Smooth Sailing underwriting process require the standard timeframe, which is six to eight weeks. However, most customers receive a decision in less time.
What Happens After You Are Approved for Coverage?
After you are approved for coverage, Pacific Life will either mail or email you your PL Promise term life policy. You can opt for electronic delivery during the application process. Otherwise, the certificate is sent in the mail.
The coverage becomes effective starting on the date that the company receives your first premium payment.
Is Pacific Term Life Insurance Affordable?
Pacific Life PL Promise term life insurance can offer affordable term life insurance rates for most applicants of all ages. Pacific Life uses competitive pricing and is often within the top three for best results for pricing compared to their competitors. The company also recently announced in July of 2021 improved PL Promise pricing in several areas to make them even more competitive.
Where is PL Promise the best option?
- Applicants that choose to pay annually and are approved at the preferred rate classifications
- Applicants that choose a 25-year term insurance contract
- Death benefit amounts under $100,000
However, as with any insurance product, your premiums are based on your underwriting class, age, gender, coverage amount, and contract length.
Pacific Life Term Insurance Rates
|Male||PL Promise 10-Year||PL Promise 20-Year||PL Promise 30-Year|
|Female||PL Promise 10-Year||PL Promise 20-Year||PL Promise 30-Year|
*Preferred Plus Non-Nicotine underwriting classification. Monthly Male/Female premium rates current as of 08/4/2021 representing the cost of a $500,000 Pacific Life PL Promise term life insurance policy.
What Happens After the Level Premium Ends?
As with nearly all term insurance plans, the level premium ends when your contract length expires. If you do not convert the policy before it expires or before your 70th birthday, the term insurance coverage turns into an annual renewable term insurance policy, otherwise known as an ART policy for short.
When the policy ends, you no longer have coverage or premiums to pay. PL Promise does not include a return of premium (ROP) rider. An ROP rider would return the premiums that you paid throughout the life of the plan. However, ROP policies tend to come with much higher premiums.
If you’re healthy and still require life insurance coverage after a term insurance policy has ended, we highly recommend looking into getting a new contract. This option will be much more affordable than converting coverage or paying on an expired term insurance contract.
Is Pacific Life Term Insurance Better Than the Competition?
Pacific Life term life insurance stands out from the competition for several reasons, including competitive rates. After updating its rates, Pacific Life offers some of the most affordable term life insurance plans compared to many of its competitors.
Along with affordable rates, Pacific Life insurance offers two simplified application processes that can each lead to non-medical underwriting and quick approval for coverage.
While we don’t believe that one life insurance company will be the best option for everyone, Pacific Life can meet the life insurance needs of most people looking for an affordable and convenient term insurance policy.
What Is Pacific Life Insurance Company’s Cancellation Policy?
Pacific Life has a standard free look period, as required by the government. The free look period lasts for 30 days after the effective date of your policy. You can cancel your policy within the free look period without any penalties.
How Good Is Pacific Life Insurance Company’s Customer Service?
The Pacific Life Insurance Company has a reputation for offering reliable customer service. The company has embraced the digital world and handles many types of issues online, including initiating a claim and managing your policy.
Policyholders can also contact customer service via mail or phone. The customer service department is available from 8 AM to 5 PM on weekdays. However, they are based in Newport Beach, which is in the Pacific time zone. If you are on the east coast, the offices close at 2 PM your time.
How to Get a Pacific Term Life Insurance Quote
If you want to get a Pacific Life term life insurance quote, look no further. Our company offers Pacific Life term insurance along with coverage options from the leading life insurance companies. We can also assist with your electronic application process from start to finish.
First, to view current rates for PL Promise versus rates from their competitors, use our online quote tool.
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Advantages of Pacific Life Term Insurance
Pacific Life term life insurance offers years of experience, financial strength, and a quality insurance product. The PL Promise term life insurance plans come with several advantages over the competition:
- Flexible payment options
- Electronic paperwork
- No required medical exam
- Access to various policy riders
- Conversion options with no additional underwriting
- Competitive rates with level premiums
Pacific Life offers flexible payment options and online services. For example, you can pay annually, semi-annually, quarterly, or monthly.
For those who want to go paperless, Pacific Life can handle applications and paperwork electronically. Electronic applications may also speed up the already fast turnaround times for getting coverage.
The electronic application process and no medical exam underwriting make applying for insurance less stressful. You do not need to wait around for close to two months for a decision.
Thanks to the no-medical exam underwriting options, qualifying applicants can receive approval quickly. If you qualify for SL Swift Sailing, the process may only take days. Some applicants receive a decision the same day.
The plan also offers three additional policy riders that may give you a little more peace of mind. The accelerated death benefit rider and waiver of premium rider offer protection brought on by terminal illness or total disability.
You can also avoid letting your term life policy end without enjoying any benefits, as it comes with a conversion option. Pacific Life allows you to convert the policy at any point before the policy ends or you turn 70. You can even choose to convert a portion of the policy instead of the entire policy.
Perhaps the greatest advantage of PL Promise is the price. Pacific Life offers competitive rates with level premiums, which means that your premiums stay the same price throughout the life of your plan.
Disadvantages of Pacific Life Term Insurance
There is not much to dislike about Pacific Life and its PL Promise term life insurance plan. The coverage hits all the marks in what most people want in a life insurance plan. Plus, Pacific Life as an insurance company is highly rated and has been around for a very long time.
If we had to absolutely nitpick the downsides of the Pacific Life term insurance plan, we would have to say that it is unfortunate that there is not a living benefit rider that can accelerate the death benefit due to a critical or chronic illness.
Life insurance with living benefit riders has become a highly desired feature most people would like to have when choosing a life insurance plan. The closed feature to a living benefit that Pacific Life offers on its PL Promise term insurance policy is the accelerated death benefit for terminal illness. It does not qualify for an acceleration of the death benefit due to critical or chronic illnesses.
Conclusion: Is Pacific Life Term Insurance Worth it?
PL Promise is one of many options available for those who want term life insurance. Yet, it may be the right option for a wide assortment of individuals. This is because Pacific Life has a simple, convenient application process that can be completed entirely online.
If you are under 60 and in good health, you may also qualify for PL Swift Sailing underwriting. Accelerated underwriting offers quicker decisions and higher maximum coverage. PL Promise also allows you to add various policy riders, including an accelerated death benefit rider and children’s level term insurance rider.
The plan also comes with a conversion benefit. If you outlive the policy, you can convert it to a universal life insurance plan from Pacific Life without going through the underwriting process. Getting term life insurance now at an affordable rate may help you avoid paying higher premiums when it comes time to convert.
In the end, PL Promise term life insurance is worth it if you want to avoid the hassle that often comes with applying for life insurance. Using our online quoter to start evaluating your insurance options and receive a PL Promise term life insurance quote today.