Term Life Insurance

Pacific Life Review

Our takeWhat's this?We've done our own independent evaluation of each life insurance company on the things that matter during the application process and after you’re a policyholder.

We’ve benchmarked each life insurance company against each other and rated them. However, please note that every life insurance company is fully endorsed by PolicyGenius. There’s no company on our site that we wouldn’t recommend or do business with ourselves. These ratings are informational. The most important factor in your decision is the cost of the policy and any additional features the insurer may offer that you need.

Pacific life dark

Pacific Life has a faster than average application turnaround time, but also forces everyone to go through an extra phone interview with an underwriter. Once you have a policy, you can’t update any of your information online. However, Pacific Life makes up for both of these downsides by including a unique “Living Needs Benefit” that provides coverage for chronic illness and terminal illness.


Basics & RatingsWhy this mattersTwo of the best ways to evaluate an insurance company are to look at its age and its fiscal health. Learn more about how we build our reviews.

Founded

1868

JD Power
J.D. Power and Associates is a global marketing information services firm that conducts surveys of customer satisfaction, product quality, and buyer behavior.

N/A

Policyholders
This is how many active US life insurance customers this company insures

7,100,000

A.M. Best
A.M. Best is an independent rating agency that evaluates the financial strength of insurance companies. Ratings as of May 2016, on a scale from A++ to D

A+

BBB Rating
Better Business Bureau (BBB) is a non-profit that collects consumer feedback on businesses around the country.

A+


Is Pacific Life a good match for your health?

Each insurer approaches health conditions differently. One insurer might ignore a heart attack from a few years ago, whereas a different insurer might rate you as a higher risk for the same thing. Here are the details of how Pacific Life treats a variety of common health conditions from an underwriting perspective.

Pricing For
Survivor/Family HistoryExcellent
Recent Weight LossGood
Heart AttackGood
DiabetesGood
Sleep ApneaExcellent
Former Tobacco UseFair
High Blood PressureFair
High CholesterolExcellent
  • Excellent - Above average; company provides excellent coverage for clients with this condition.
  • Good - Spot on; company doesn’t look at this condition unfavorably in underwriting.
  • Fair - Could use some work; clients with this condition may be issued a lower health rating, and subsequently higher rates than other insurers.

How much insurance do you need?

I don't know how much I need

Unique features

  • Selection of riders available to personalize coverage
When applying
How's the application process?

Pros

  • Electronic application
  • Application form shorter than average
  • Faster than average application approval (20 days)
  • Policy delivery by email

Cons

    After you're a policyholder
    How's the customer service?

    What you can do online

      What you can't do online

      • Changing payment info requires a phone call
      • Changing address requires a phone call
      • Updating beneficiaries requires paper forms
      • Policy cancellation requires paper forms

      Sample quotes

      Quote for:

      $500,000, 20­-year term life insurance policy for healthy, nonsmoking individuals, in California, monthly premiums

      MaleFemale
      CompanyPlanage 30age 40age 50age 30age 40age 50
      AIGSelect-a-Term$21.11$30.62$79.93$18.08$28.46$59.60
      AIGROP Select-a-Term$91.21$150.77$281.97$75.80$124.95$261.56
      Banner LifeOPTerm$21.44$32.38$94.07$18.19$26.60$58.62
      John HancockTerm$26.95$34.65$81.70$24.20$34.00$78.99
      Lincoln FinancialLifeElements$28.44$38.94$78.75$23.63$30.63$58.63
      Lincoln FinancialTermAccel$21.00$29.75$78.75$17.94$25.81$57.31
      Mutual of OmahaTerm Life Answers$21.66$33.47$85.53$23.41$28.66$64.09
      Pacific LifePacific PROMISE Term$20.84$29.59$77.09$19.18$26.68$61.67
      PrincipalTerm$22.75$31.94$79.63$20.04$27.56$59.24
      ProtectiveCustom Choice UL$20.37$28.91$76.82$17.93$25.25$55.75
      ProtectiveClassic Choice Term$20.21$28.38$75.68$17.63$25.94$55.47
      PrudentialTerm Essential$34.20$43.65$88.65$27.90$38.70$76.95
      PrudentialReturn of Premium Term$101.00$143.62$291.99$88.12$130.04$253.37
      SBLILevel Premium Term$21.32$40.05$96.06$24.48$34.71$65.87
      TransamericaTrendsetter Super$22.36$37.85$79.12$18.06$30.96$62.78
      TransamericaTrendsetter LB$24.95$38.27$92.89$20.65$34.84$73.11

      Details

      Minimum amount available

      $50,000

      Terms available

      10, 15, 20, 25, 30

      Discount for paying annually versus monthly

      2%

      Payment methods available

      Check; Auto bank draft; Credit cards for first payment only (CC not availble in all states)

      Is coverage available without a medical exam?

      No

      Is temporary coverage during underwriting available?

      Yes, up to $1,000,000.


      Riders

      • Waiver of premium: premiums are waived if you become totally disabled (after a 180 day waiting period). Rider is for the life of the policy. This will terminate at the insured's attained age 65 or upon termination of this rider, if sooner.
      • Accelerated death benefit (included at no extra cost): ability to accelerate a portion of the policy's death benefit if you become terminally ill.
      • Dependent children's rider: covers all current & future dependent children (ages 15 days - 18 years old) in one rider. Available coverage of $1,000 - $10,000.

      Rules

      What is the rule for accelerating the death benefit?

      The accelerated death benefit rider (included at no extra cost) allows you to receive a portion of the death benefit if you're diagnosed with a terminal illness.

      What is the rule for converting the policy?

      The policy is convertible until the earlier of the end of the term or to age 70.


      Common features

      This policy, like all term life policies offered on our site, provides life coverage for a specific period of time (the term). The key features of this policy are standard across all the term policies we offer:

      • Level premium - which means the cost of the policy (the premium you pay) is fixed for the entire term of the policy. It will not increase during the term of the policy.
      • Good value - term life policies are significantly less expensive for the same amount of death benefit coverage than permanent life policies.
      • Regulated - the cost of this term life policy, for a given coverage amount and term, will always be the same for you regardless of who you buy it from. That’s because the policy will be priced based on the underwriting table the insurer files with the state insurance regulator.
      • No-risk obligation for you - you, as the policyholder, can cancel your policy at any time if you decide you don’t want it anymore. The insurer, however, cannot cancel your policy as long as you pay the premiums on time.
      • No exclusions - except for suicide during the first two years of the policy (which is standard by law across life insurance policies).
      • Terminal illness benefit - you can access a portion of the policy’s death benefit while you’re still alive if you’ve been diagnosed with a terminal illness. You might see this referred to as an "accelerated death benefit."
      • Convertible - which means, if you choose to, you can convert the term life policy to a permanent life policy. The conversion will generally cost you more and is subject to certain conditions.

      The review on this page is only for this company's term life insurance products. Pacific Life (Newport Beach, CA) refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Insurance products are issued by Pacific Life Insurance Company in all states except New York and in New York by Pacific Life & Annuity Company. Product availability and features may vary by state. PolicyGenius is not an affiliated company of Pacific Life.

      How much insurance do you need?

      I don't know how much I need

      Other Term Life Insurance Companies

      Need more info? Visit our Life Insurance Learning Center