The Pacific Life Insurance Company offers its loyal policyholders some of the most reliable and comprehensive coverage plans.
With an array of life insurance policies, ranging from term to universal life, Pacific Life makes it easy for individuals to find a plan that best meets their needs.
Our comprehensive Pacific Life Insurance Review will explain everything you need to know about this popular insurance company.
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Pacific Life Insurance Company
Most people are familiar with the Pacific Life Insurance Company because of its advertisements featuring a humpback whale.
As a mutual holding company, Pacific life is owned by policyholders, not stockholders.
Pacific Life was officially founded over 150 years ago as Pacific Mutual Life Insurance Co. in California.
Pacific Life is based in Newport Beach, California, but the life insurance underwriting team is primarily based in Lynchburg, Virginia.
Pacific Life offers affordable term and permanent insurance policies that independent agents sell in all 50 states.
Pacific Life’s Financial Ratings
Pacific Life’s Financial RatingsWhen it comes to providing peace of mind to those who depend on you in life’s most challenging moments, Pacific Life has got you covered!
It is important to consider Pac Life’s financial strength ratings from independent agencies like A.M Best, Duff & Phelp’s, Fitch Ratings, Standard & Poor’s, and Comdex.
These rating agencies perform extensive analysis to determine each insurer’s financial strength and claims-paying ability.
A rating is not a guarantee of financial strength, but it can be considered a reliable indicator of how a company will perform in the future.
Financial Ratings for Pacific Life
| Rating Agency | Grade |
| AM Best | A + (Superior) |
| Duff & Phelps | AA- (Very Strong) |
| Fitch | Aa3 (good) |
| S & P Global | AA- (Very Strong) |
| Comdex | 95 |
Pacific Term Life Insurance
When buying a term policy, it is crucial to understand exactly how these plans work and what benefits they offer before you commit.
When you buy a term life insurance policy, the insurer determines the premium based on your elected term duration and death benefit.
With Pacific Life’s PL Promise Term and Elite Term, you can choose from a range of term options from 10 to 30 years!
PL Promise Term
Promise Term offers some of the industry’s cheapest term insurance, with face amounts starting at only $50,000, which is lower than many of its competitors.
PL Promise Term has an age cutoff for each term length representing the maximum age you can be to buy each policy.
- Promise Term 10-year: 80 years old
- Promise Term 15-year: 75 years old
- Promise Term 20-year: 65 years old
- Promise Term 25-year: 60 years old
- Promise Term 30-year: 55 years old
Premiums stay at the same rate for your selected term, with longer-duration plans costing more than shorter-term lengths.
Your premiums can be tailored to your budget, with annual, semi-annual, quarterly, or monthly payments available.
PL Promise Term allows partial or complete conversion privileges during your level-term or until age 70.
Plus, you are automatically approved and do not need to go back into the underwriting process again when converting term to universal life.
Pacific Elite Term
Elite Term offers competitive premiums for 10, 20, and 30-year periods with death benefits starting at $750,000.
Elite Term is designed for wealthy buyers and has more restrictive maximum age limits than Promise Term.
- Pacific Elite Term 10-year: 75 years old
- Pacific Elite Term 20-year: 65 years old
- Pacific Elite Term30-year: 50 years old
This product offers excellent advantages to someone who eventually wishes to convert to any of Pacific’s universal life products.
Elite Term allows a conversion until ten years after your purchase but limits the maximum age you can buy coverage.
Most companies only allow a conversion until age 70, while seniors can convert later in life with Elite Term.
It also offers a conversion credit toward your new permanent policy equal to one year’s term premium.
Pacific Universal Life Insurance
Pacific Universal Life InsuranceUniversal life insurance is a flexible, permanent life insurance policy that provides lifelong coverage with the potential for cash value accumulation and tax-deferred savings.
Pacific’s permanent insurance portfolio includes guaranteed, indexed, and variable universal life insurance policies.
CNBC has ranked Pacific Life as one of the best life insurance companies for 2023, with its universal portfolio ranking number one!
Guaranteed Universal Life
Guaranteed universal life is the most popular form of permanent coverage because of its affordability and long-term guarantees.
Versa-Flex Venture UL: This policy emphasizes cash accumulation but requires buyers to add a no-lapse rider for an additional cost to provide lifetime protection.
PL Promise GUL: The Pl Promise is one of the most affordable and flexible universal life products in today’s competitive marketplace.
Pacific offers permanent coverage starting at only $25,000 with cheaper pricing than whole-life insurance.
The Pl Promise is unique because it can be tailored for shorter guarantee periods (age 90-95-100).
The ability to lock in your premiums to a specific age is a popular alternative to term insurance for seniors needing inexpensive permanent coverage.
The PL Promise delivers affordable premiums and does not build much cash value inside the policy.
However, the Pl Promise comes with a return of premium option that lets you cancel coverage and get a refund of some or all premiums paid after 15, 20, 0r 25 years.
indexed universal life
Indexed universal life insurance invests your cash value to fixed or various indexes, such as the Dow Jones, S&P 500, and the NASDAQ.
The cash value inside an IUL policy grows due to index performance, and your gains are generally capped at a certain percentage.
Pacific Life has consistently had one of America’s best-selling portfolios of indexed universal life policies.
The four individual Pacific IUL policies are the Discovery Xcelerator IUL II, the Indexed Accumulator 6, and the Discovery Protector IUL.
Indexed Estate Preserver III is a survivorship policy covering husband and wife and paying out upon the second death. Survivorship policies are often used in estate planning or for transferring wealth to children.
Variable Life Insurance
Pacific also offers variable universal life that invests your cash values in a series of sub-accounts where you can get growth or lose money depending on the market.
These sub-accounts act like mutual funds, meaning your cash values can fluctuate based on the performance of the bond and stock market.
Variable universal life is best for younger risk-tolerant buyers with more time to grow their cash values.
The three PacLife VUL policies are Pacific Select, Pacific Select Harbor, and Pacific Admiral, which can all be purchased until age 80.
Pacific Life Insurance Riders
Pacific Life Insurance RidersLife insurance riders are add-ons to a life insurance policy that can provide extra coverage for an additional cost.
Most Pacific Life riders can be added to term and universal policies, while others are only available with permanent coverage.
- Waiver of Premium: If you become disabled and unable to pay your premiums, the waiver of premium rider ensures your policy remains in force until you can resume making payments.
- Guaranteed Insurability: Allows you to increase your death benefit at specified ages or upon triggering events without needing to re-apply for coverage.
- Accelerated Death Benefit: If you are diagnosed with a terminal illness, this rider will pay the death benefit before your death if you face a qualifying terminal illness.
- Chronic Illness: If you can’t perform at least two activities of daily living, you can advance the up to $3 million of your policy’s death benefit.
- Child Rider: An optional rider that provides up to a $20,000 death benefit for one or more children in the family.
Pacific Life Insurance Review
Pacific Life Insurance ReviewLife insurance is a significant financial consideration for individuals and their families, but it can take time to decide whether or not to invest in it.
Before choosing an insurance company, you must determine the type of life insurance you need, such as term or universal life insurance.
During our Pacific Life Insurance Review, you learned that they offer a comprehensive portfolio of cheap term and universal life policies.
You must also select a company offering the best pricing based on age, lifestyle, and medical history.
We typically recommend Pacific Life for overweight and older buyers needing universal life because policies can be purchased until age 90.
However, Pacific Life offers many competitive advantages when underwriting various medical conditions and hobbies.
Underwriting Specialty Areas
Underwriting Specialty Areas- Anxiety and Depression: Clients seeking life insurance with anxiety and depression can qualify for a preferred rate class if the disorder is well controlled.
- Asthma: People who take less than two medications for asthma can qualify for a preferred rate class.
- Aviation: Preferred rates are available for pilots with an instrument flight rating who fly between 26-150 hours per year.
- Blood pressure: You can still qualify for the best rates even when your blood pressure is controlled with medication.
- Build: Pacific has one of the industry’s most liberal height and weight charts and BMI requirements.
- Cholesterol: If you need life insurance with high cholesterol and are being treated with medications and your cholesterol is under control, you can still qualify for a preferred plus rate class.
- Diabetes: Diabetic life insurance clients can qualify for a standard rate class.
- Scuba diving: Pacific offers scuba divers preferred rates if they don’t exceed 100 feet.
- Sleep Apnea: Moderate sleep apnea patients may be eligible for preferred rates with successful treatment of two years or more.
Buying Pacific Life Insurance
Buying Pacific Life InsuranceThe process of qualifying for a life insurance policy can vary depending on the company and type of coverage.
Pacific Life offers two types of underwriting to determine your eligibility: no-exam and traditional full-exam policies.
We represent Pacific Life and will help you select the appropriate application process for your unique situation.
Pacific Life No Exam Life Insurance
You can apply for either term or universal life without taking an exam and qualify for same-rate classes that are available with full underwriting.
The PL Swift Sailing only requires a telephone interview for applicants up to age 60 with a maximum $2 million coverage limit.
PL Swift Sailing offers healthy applicants fast approvals because it does not require medical exams or doctor records.
The PL Smooth Sailing program is for older applicants between 50 and 69 needing up to a $1,000,000 policy without taking a medical exam.
The only requirement is that you have had a comprehensive physical with your doctor that includes blood work in the last 18 months.
The smooth sailing process will take longer because Pacific Life will automatically order your medical records instead of doing an exam.
The smooth sailing no-exam underwriting process is geared towards seniors and those with certain high-risk health conditions.
Pacific Life complete Exam Life Insurance
Many Pac Life policies require a medical exam if you haven’t seen a doctor in a while or need more than a $2 million policy.
Plus, most underwriters will want an exam for someone with a medical condition and need your medical records to evaluate your health.
If you have a pre-existing medical condition, shopping around and evaluating plans from multiple insurers to get the best offer is beneficial.
Using our calculator, you can compare our life insurance rates with life without speaking with an agent.
Pacific Life Insurance Quotes
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- Select Amount
- Press Get Quote
Pacific Life Customer Service
Pacific Life Customer ServiceIf you’re like most of us, you know that dealing with an insurance company can be a frustrating and time-consuming experience.
It is refreshing to know that the Pac Life insurance division has received awards for five consecutive years for superior customer service from DALBAR.
You can go online account to view the details of your coverage and pay bills, but policyholders can’t make changes to the policy itself.
Policyholders wishing to change their life insurance policy must contact an agent or Pacific Life customer service.
If you have questions about your policy or coverage options, customer service is available during regular business hours.
- Pacific Life Insurance Login: You can visit their website at www.pacificlife.com or the customer service login, where you can make payments online.
- Pacific Life Insurance Questions and Claims: If you have questions about your coverage or inquiries about filing a death claim, you can call 1-800-347-7787.
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
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