Going from Northwestern Mutual term to Pacific Life term?

I've been on a Northwestern Mutual term life insurance policy for almost 10 years. The premiums go higher each year, and for the next 20, they'll go even higher.

I've recently qualified for a preferred A+ 20 year term life insurance policy from Pacific Life. The premium is less than what I'm paying NWM right now, and it will remain the same premium price for the next 20 years, saving me something like $30K in premiums. It also comes with a conversion option to transfer the policy to a permanent plan for my lifetime (if I choose) without having to do medical underwriting again.

Is there a compelling reason NOT to make the switch? Am I missing something? I feel like it's too good to be true and am worried I'm making a mistake or overlooking something. FYI, the policy is not through Pacific Life but through an insurance broker recommended by someone I trust who's financially literate.

submitted by /u/financed101
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