Pacific Life Bulletin - A Communication from the Life Division
Pacific Life Insurance Company
Date:
March 20, 2020
To:
Broker General Agencies, Life Insurance Producers, Office Administrators, and Technical Staff
Subject:
Face Amount Limit Change for PL Promise GUL
Category:
Product
Face Amount Limit Change for PL Promise GUL
Starting April 1, 2020
In response to decreasing market interest rates as well as rapidly changing market conditions related to the national emergence of the COVID-19 (Coronavirus), Pacific Life will limit new PL Promise GUL1 business to face amounts of $2.5 million or less effective Wednesday, April 1, 2020. PL Promise GUL is a universal life insurance product with no-lapse guarantees.
Winflex Web quote systems will be updated with new face amount limit on April 1, 2020. Any ticket or application submitted on or after the effective date (April 1, 2020) with a face amount greater than $2.5 million will not be considered. PL Promise GUL cases submitted prior to April 1, 2020 must be processed by Friday, May 15, 2020 to be eligible for a face amount over $2.5 million. We will communicate updates as economic conditions change.
Life insurance remains an important product for consumers to purchase and own. It is our job to make sure you are capable of providing customers the long-lasting life insurance protection they need.
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.
The primary purpose of life insurance is to protect the policy beneficiaries from the adverse financial consequences of the insured’s death.
For Financial Professional use only. Not for use with the public.
This email may be considered advertising under applicable law.
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 Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and features may vary by state. Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the life insurance company with regard to such guarantees as these guarantees are not backed by the broker-dealer, insurance agency, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the life insurance company.
Life insurance is subject to underwriting and approval of the application and may incur monthly policy charges.
Pacific Life Insurance Company’s Home Office is located in Newport Beach, CA.
20-137
BT-49291-00 3/20 E323
This email was sent by Pacific Life – Lynchburg from 700 Newport Center Drive, Newport Beach, CA 92660 United States.
