Pacific Life changes LTC product outlook

Effective May 2, 2022, Pacific Life’s Pacific PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice one-year, five-year, 10-year, and lifetime premium whole life insurance products with long-term care (LTC) benefits and Pacific PremierCare Advantage Universal Life Insurance with Long-Term Care Benefits in California.

“Pacific Life remains committed to the long-term care market as we continue to recognize U.S. consumers’ large, unmet need in this area. We conducted a thorough strategic review of the LTC marketplace and see great potential in the market for chronic health (CHR) and LTC riders on cash value life insurance policies.” – Greg Reber, Pacific Life senior vice president, and chief distribution officer, life insurance business.

Pacific Life has seen sales of hybrid LTC products decline as the current environment has made it difficult to be both competitive and profitable. By focusing solely on riders for its cash value products to meet the LTC need, the company can prioritize and utilize resources more effectively.

Pacific Life will continue to service all in-force Pacific PremierCare policies. For existing policyholders, there will be no change.