More on Life Insurance
More on Life Insurance
Learn the differences between the life insurance options offered by Pacific Life and Transamerica.
Published August 2, 2018
TABLE OF CONTENTS
Pacific Life and Transamerica are two of the most established life insurance companies on the market, both with well over 1,000,000 policyholders nationwide. Both have great consumer grades and offer competitive term life insurance rates.
So, how do you decide which company is best for you? Well, individual standards and needs differ from person to person, but the best ways to judge a life insurance company are third-party ratings, company strength, company features, and policy details.
Luckily for you, we did our homework. Read on to learn more about the term life insurance policies offered by Pacific Life and Transamerica.
If you’re looking for the most affordable life insurance option, here are the average monthly premiums for Pacific Life and Transamerica term life insurance policies.
Average premium cost based on $500,000/20-year term life insurance policies for healthy, nonsmoking applicants in California
Life insurance company premium costs are largely based on an individual’s health and health history. But there isn’t a one-size-fits-all method for underwriting or determining an individual’s probability of staying healthy and well, so in terms of pricing, some companies are lenient toward certain illnesses and lifestyle trends while being more critical of others.
Here’s how Pacific Life and Transamerica rate the most common life insurance health concerns:
|Cancer Survivor/Family History||Excellent||Excellent|
|Recent Weight Loss||Good||Good|
|Former Tobacco Use||Fair||Fair|
|High Blood Pressure||Fair||Good|
Learn more about the best life insurance companies for every scenario.
Sometimes, a carrier’s base policy just isn’t enough. This is where riders come into play.
Riders allow you to customize your life insurance policy so that it covers more circumstances. Most fall under one of these four categories — family riders, long-term care riders, benefit structure riders, and accidental death or dismemberment riders — and are worth looking into before making a final decision.
Here are the riders offered by Pacific Life and Transamerica.
|Child Protection Rider||X||X|
|Accelerated Death Benefit Rider||X|
|Accidental Death Benefit Rider||X|
|Disability Waiver of Premium Rider||X||X|
Learn more about life insurance riders.
Ratings agencies often feature different rating criteria, so it’s important to understand how each one functions. A.M. Best focuses on the financial strength of the company, while J.D. Power rankings are based on customer service surveys. The Better Business Bureau (BBB) gives letter grades based on consumer feedback.
How do Pacific Life and Transamerica grade out in terms of financial and customer service ratings?
|J.D. Power||2 out of 5||4 out of 5|
Find more head-to-head comparisons between top-rated life insurance companies to help you make the right decision.
So which life insurance company is best for you?
Well, as we said at the top, it depends on the individual: which aspects of a policy they find most important and which aspects they can comfortably do without. This is where a little cost-benefit analysis comes in handy, and hopefully we did our part to make you feel confident in whichever company you go with.
Ready to begin your search and start looking for the best policies that Pacific Life, Transamerica, and other top life insurance companies have to offer? Try out our coverage calculator to find plans and companies tailored to your needs.
Pat Howard is a homeowners insurance editor at Policygenius in New York City. He has written extensively about home insurance cost, coverage, and companies since 2018, and his insights have been featured on Investopedia, Lifehacker, MSN, Zola, HerMoney, and Property Casualty 360.