Face Amount Limit Change for PL Promise GUL Starting April 1, 2020Scott Karstens
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.