Pacific Life Insurance Review

Pacific Life Ratings at a Glance

Are you buying a new house? Just had a baby? Significant life events might prompt you to look into purchasing life insurance. Buying a life insurance policy can have a big impact — it can protect you and your family against a worst-case scenario. 

Start with our Pacific Life insurance review to compare coverage and decide if Pacific Life is your best fit. 

Pacific Life offers multiple types of life insurance policies. The company is a great option if you want to: 

• Replace a spouse’s income upon your death
• Pay off a house, credit card debt or a child’s education
• Have a savings vehicle with your policy
• Build a relationship with a broker or agent — not just a website
• Choose among several types of life insurance products

Insurance companies offer the same types of policies: term, whole, universal and variable universal. Each company has slight variations and sub-divisions within these categories, and some insurers don’t offer every type. Let's take a look at them. 

Term Life Insurance

Term life policies are for a designated period of usually 10, 20 or 30 years. During that time if the policyholder dies, their nominees or family members receive the coverage amount. Pacific Life offers two sub-types in this category: 

Promise Term 

The Promise term life policy offers 10-, 15-, 20-, 25- and 30-year term options. You have the option to pay monthly or yearly. Promise term gives you the flexibility to convert to a universal life policy. The minimum coverage amount is $50,000. 

Elite Term 

An Elite term life premium is stable, and the term options are 10, 20 or 30 years. You can convert the policy at any point in the term. If you choose to convert any time after a year of issuing, you also get conversion credits worth the first year’s premium.  

Whole Life  

Whole life insurance has a fixed premium for each year and ensures you are protected till your death. Premiums are higher than term life but it comes with cash value. Pacific offers three whole life policies: 

• PremierCare Choice 100 
• PremierCare Choice Max 
• PremierCare Choice Multi-Pay Max 

Universal Life 

With Universal Life, premiums and coverage are flexible. You have an opportunity to earn cash value according to the current market interest rates. There are two types: 

• Versa Flex Venture: People up to 90 years old can buy this policy. It has the great benefit of offering credit potential. You can also add a no-lapse rider to this flexible policy. 
• Promise Guaranteed Life Insurance (GUL): This policy comes built-in with a no-lapse guarantee. Pacific Life also ensures an affordable price across a range of ages. The policyholder will be insured as old as 121 years. 

Variable Universal 

Variable policies are flexible in every sense of the term, including terms, premiums, payment frequencies and investment options. Variable Universal Life includes: 

• Pacific Protector: A good policy designed for the benefit of easy coverage of your loved ones as well as profit based on the market’s conditions. 
• Pacific Select: This policy is more flexible than the Protector plan in terms of coverage and payment frequency. 
• Pacific Select Harbor: This policy is for those looking to invest long-term with added death benefits. 

Keep in mind all Variable Life policies have the risk of lapsing unless you opt for the no-lapse rider.  

Pacific Life does not offer credit life insurance but other companies do. Credit life policies are meant to pay off a lump sum death benefit predecided by the policyholder.

Focus on Term Life: Pacific Term Life Options

Term life insurance protects your loved one, business or estate for a set time. Common coverage length is 15, 20 or 30 years, but you can buy both shorter- and longer-term policies. The intent for these policies is to protect your spouse or children from financial hardship if you pass away while you owe on a mortgage or while your kids are young.

Term life premiums have no value when the term expires, so you’ll receive no cash back from the premiums you’ve paid. Premiums are less expensive than whole life insurance, particularly if you purchase your policy when you’re younger and in good health.

Pacific Life’s term life options vary by state. For example, you can buy a 10-, 15-, 20-, 25- or 30-year policy in Minnesota. But you can only buy a policy which renews annually in New York. Find out what Pacific Life sells in your state.

Available Discounts and Tips on Getting the Best Rates

Pacific Life Insurance only sells life insurance, so you won’t receive a bundled or multi-policy discount by combining it with home or auto insurance.

Life insurance companies factor in lifestyle choices when they quote your insurance rates. Living a healthy lifestyle is the easiest way to get the best rates. Here are some ideas that can impact your rates: 

• Quit smoking
• Exercise regularly
• Maintain a healthy weight 

Pacific Life also has some additional coverage selections. Pacific Life doesn’t require a medical exam for policies with a benefit up to $249,999. Pacific Life also sells a few other coverage options to give you more flexibility in your policy.:

• Living Needs Benefit rider. This rider allows you to accelerate your life insurance if you become disabled. It allows you to draw on the benefit for medical or non-medical expenses and won’t deduct unpaid premiums from your death benefit.
• Accidental death benefits. This option provides additional protection if your death is accidental. That way, Pacific Life can pay out double or triple the amount of the policy.
• Child rider. A child rider can also be added to give you peace of mind that you could cover medical bills and funeral costs if your child dies.    

Other Related Insurance Types Offered by Pacific Life 

Over time, the industry has developed a few other related products that can protect your future, including annuities and mutual funds. 

• Annuities are savings vehicles that guarantee rates of return. You purchase an annuity for a lump sum upfront, such as $20,000. In exchange, you’ll receive fixed, monthly payments once you begin drawing on your annuity during retirement. Annuities can be variable or have a fixed rate and earnings are tax-deferred. Some investment advisors warn that they sometimes return less than stock market investments.
• Mutual funds are bundled groups of stocks. When you purchase a mutual fund, you invest in several companies all at once, but your risk is reduced because they’re aggregated.

Life insurance premiums are based on the following:

• Age when you apply
• Health history
• Overall health
• Coverage and payout
• Optional riders

Let’s take a look at the PL Promise terms rates for $500,000 coverage with a 20-year term.

Let’s look at the average rate for smokers, for a Promise term of 20 years and $100,000 cover. 

Pacific Life offers a wide range of policies to seniors, which is a game changer in the industry. Here are the estimated rates: 

Pacific Life currently does not have a mobile app so it’s difficult to access on the go. It’s also not possible to get quotations for life insurance online on the website. An agent is required to assist you. Its customer helpline number is 1-800-347-7787 from 6 a.m. to 5 p.m. PST. The Pacific customer service helpline is open Monday to Friday. The mailing address for regular mail is P.O. Box 2030, Omaha, NE 68103-2030; the mailing address for overnight mail is 6750 Mercy Rd, 5th Floor Omaha, NE 68106 

You’re likely to be grieving when you need to file a life insurance claim. You want a company that will be sympathetic and easy to work with and you may need the company to pay out quickly to cover funeral expenses.

You can call Pacific Life at 800-347-7787 on weekdays between 5 a.m. and 5 p.m. to file an insurance claim.

When it comes to competitive pricing and a large number of policy options, Pacific Life has few contenders. Customer reviews and statistical surveys suggest Pacific Life is a good option for young and old clients. 

Frequently Asked Questions