Next by Pacific Life: the smart, flexible way to buy term life insurance

Unlike a typical term policy that generally lasts 10 or 20 years, Next Term Life insurance keeps you covered to age 65. It also differs from other term policies as it lets you easily and affordably increase your coverage. With a typical term policy, you either have to increase coverage on your existing policy or buy an additional policy, to get more protection. Both options generally require you to go through the underwriting process again. That means you may get declined for additional coverage or you may end up paying more for that coverage, especially if your health has changed.

Next Term Life, on the other hand, lets you increase your coverage for certain life milestones, which we call qualifying life events without having to go through the underwriting hassle again. And, Next Term Life locks in your health rating at purchase. So regardless of your health, the cost for any future coverage increases is based on your health rating when you first bought the policy.

Locking in your health rating is beneficial because the younger and healthier you are, typically the lower the premium. When you purchase Next Term Life, your health rating is locked in. For qualifying life events after that, you can increase your coverage with ease, without additional medical underwriting. And your premium for the increased coverage will be calculated based on your original locked-in health rating and your age at the time of the increase.

Get Married: Whether it’s a marriage, domestic partnership or civil union, we’ve got you covered. For marriage, the proof of this qualifying life event is dependent on federal law or the law of the state in which the union occurred. Typically, that would be a copy of your marriage or union certification. For marriage, you can increase coverage up to your personalized Maximum Coverage Amount.

Add a Member to the Family: Get peace of mind for your newborn baby, newly adopted child or step-child with additional coverage. Required proof of life event would be either a birth certificate, adoption paperwork, social security number, or required attestation. You can increase coverage up to your personalized Maximum Coverage Amount.

Find a place to call home or buy a new car: Dial up your coverage to help pay off your new mortgage or personal loan. To increase up to the current outstanding loan balance, you'll need proof of your life event, such as the loan closing paperwork through an FDIC-recognized financial institution that documents the loan balance. Note this would exclude open lines of credit, credit card debt, or refinancing of a current loan. Your total coverage is capped at your Maximum Coverage Amount.

Celebrate a Promotion: Help protect your beneficiaries as your standard of living increases. If your salary goes up by more than 10% over the prior year, you'll need to provide proof with your current and previous W2s. You can increase up to your current coverage amount multiplied by the percentage of the year-over-year salary increase. Note, “salary” includes wages, bonuses, and commissions. And remember that your total coverage is capped at your Maximum Coverage Amount.