Pacific Life Insurance Company has added the PL Promise guaranteed universal life insurance policy.
The policy is a no-lapse policy.
(Related: Pacific Life Turns 150)
Pacific Life is based in Newport Beach, California, but a team based in Lynchburg, Virginia, is in charge of the product launch.
Pacific Life acquired the life team in Virginia from Genworth Financial Inc. in late 2017.
Pacific Life says it is aiming the new product at people in households with an annual income of $50,000 to $250,000.
Pacific Life will be offering the product through a simplified underwriting program that involves no additional medical exams or collection of bodily fluids for clients ages 50 through 69, the company says. Eligible consumers can use the “fluidless underwriting” process to buy up to $1 million in coverage.
The product comes with a $25,000 minimum death benefit, and feature that keeps early or late premium payments from hurting the guarantee.
— Read PacLife in Talks to Buy Genworth Term Life Platform, Office, on ThinkAdvisor.