By Cyril Tuohy
Pacific Life has announced that premium volume for its term life insurance products has soared 237 percent in the past year, due to a rebranding campaign involving its Pacific PRIME Term product suite.
John F. O’Donnell, vice president, strategic marketing network for the company’s Life Insurance Division, said a big part of PRIME Term’s success was the “seamless online experience,” for clients and the speed with which clients can get coverage.
“A financial professional can pull a quote and drop a ticket in just a few minutes,” O’Donnell said in an email to InsuranceNewsNet.
Last year, the company rebranded to PRIME Term its simplified term offerings and the company plans to “continually expand and promote the PRIME experience to our diverse distribution channels,” O’Donnell added.
Dawn Trautman, senior vice president, information technology and strategy planning for the Life Insurance Division, said automated processes “make it easy for financial professionals to include life insurance in their clients’ plans.”
“This strong first year of sales tells us that we are filling the needs of financial professionals and their clients,” Trautman also said in a press release. “We look forward to introducing the PRIME experience to even more financial professionals in the coming year.”
PRIME Term is available in 49 states and will be sold in New York early in 2015, O’Donnell added.
There is no physical exam or other test for PRIME Term applicants from ages 18 to 60 who apply for less than $250,000 in death benefits and up to 20 years of level premium period. Level premium periods of 10, 15, 20 and 30 years are available, the company said.
PRIME Term products, which have a conversion feature to a cash value life policy, are the only simplified term products offered by Pacific Life right now, O’Donnell said.
Pacific Life’s rebranding campaign has given its life insurance sales a shot in the arm as the rest of the industry experiences an era of slow growth.
Annualized premiums for individual term life declined 1 percent in 2013 over the previous year, according to data from LIMRA.
Total annualized premiums for the four major life insurance categories: universal life, variable universal life, term and whole life, were flat in 2013 compared to 2012, LIMRA said.
Automated underwriting processes have made buying term life easy and affordable, and many other carriers are automating the purchasing of term life products.
Cyril Tuohy is senior writer for InsuranceNewsNet. He has covered the financial services industry for more than 15 years. Cyril may be reached at firstname.lastname@example.org.
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