The Pacific Elite Term product from Pacific Life is a level-premium term life insurance policy designed to provide financial protection for a specific period of time. It is generally suitable for individuals seeking affordable, temporary coverage to meet short-term financial needs, such as covering a mortgage, funding college expenses, or providing income replacement during prime earning years.

​

Key Features

​

Level Premium Period

The policy offers a guaranteed level premium for an initial term period, typically 10, 15, 20, or 30 years. This means the premium payment remains constant throughout the chosen term, providing predictable budgeting.

​

Guaranteed Renewable

After the initial level-premium period concludes, the policy is guaranteed to be renewable on an annual basis, generally up to a maximum age (e.g., age 95). However, the premiums will increase annually after the level-premium period ends.

​

Convertible

Pacific Elite Term policies are convertible to a permanent life insurance policy offered by Pacific Life (such as a whole life or universal life product) without requiring evidence of insurability. This conversion option is available during the initial level-premium period or up to a specified age (e.g., age 70), whichever comes first.

​

Issue Ages and Face Amounts

• Issue Ages: Typically ranges from 18 to 75 (varies by term length and underwriting class).

• Minimum Face Amount: Generally starts at $100,000 (may vary).

• Maximum Face Amount: Varies significantly based on underwriting and financial justification.

​

Underwriting Classes

Pacific Life utilizes various underwriting classifications to determine premium rates, including:

 

• Preferred Best

• Preferred

• Standard Plus

• Standard

• Table Ratings (Substandard)

 

Tobacco usage and health status are primary factors in determining the underwriting class.

Available Riders

While the base policy is straightforward, Pacific Elite Term policies often allow for the addition of riders to customize coverage. Common riders include:

 

Rider Name

Description

Waiver of Premium Rider

Waives premium payments if the insured becomes totally disabled, subject to policy definitions and waiting periods.

Accelerated Death Benefit Rider

Allows the policy owner to receive a portion of the death benefit early if the insured is diagnosed with a terminal illness (typically a life expectancy of 12 or 24 months, depending on state and product specifics).

Children's Level Term Rider

Provides a limited amount of term life coverage for the insured's eligible children.

Terminal Illness Rider

Often included at no cost. Offers an accelerated payout upon diagnosis of a terminal illness.

​

Post-Level Premium Period Options

Once the initial guaranteed level-premium period expires, the policy owner has three primary options:

 

1. Renew the Policy: Renew the policy annually at a significantly higher, annually increasing premium rate.

2. Convert the Policy: Convert the policy to a permanent life insurance product offered by Pacific Life (subject to conversion deadlines).

3. Allow the Policy to Terminate: Stop paying premiums and let the coverage lapse.

Suitability

Pacific Elite Term is often an ideal solution for:

 

• Young families needing maximum coverage for the lowest initial cost.

• Individuals seeking protection for a specific financial obligation (e.g., the 30-year term of a mortgage).

• Business owners requiring temporary protection for a loan or a key-person need.

• Those who anticipate their insurance needs will decrease or disappear over time.