Pacific Life Insurance Review

Pacific Life, an A+ rated company founded in 1868, has two qualities that make it a unique pick among the top rated life insurance companies.

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Overview

Pacific Life, an A+ rated company founded in 1868, has two qualities that make it a unique pick among the top rated life insurance companies. First, their policy includes a “Living Needs Benefit” that provides some coverage for chronic illness and terminal illness. Second, if you can’t pay your premiums because a disability stops you from working, they do not deduct those premiums out of your death benefit.

Our Take

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.

Financial Strength

Founded

1868

PolicyholderstooltipThis is how many active US life insurance customers this company insures.

2,900,000

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

A+

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

N/A

Finding the best rates

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 health conditions
Health ConditionPricing
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.

Pacific Life plan details

Unique features

  • Selection of riders available to personalize coverage

When applying

How's the application process?

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Pros

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

Cons

  • N/A

After you're a policyholder

How's the customer service?

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What you can do online

  • N/A

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

CompanyPlanMale - Age 30Male - Age 40Male - Age 50Female - Age 30Female - Age 40Female - Age 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

Annual Payment Discount

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

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.

Is temporary coverage available?

Yes, up to $1,000,000.

Available Riders

Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.

  • checkmarkChild Protection RidertooltipCovers all current & future dependent children (ages 15 days - 18 years old) in one rider. Available coverage of $1,000 - $10,000.

    Provides life insurance coverage for all eligible children.

  • checkmarkDisability Income RidertooltipPremiums 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.

    If you become totally disabled as a result of a qualifying event, you will not have to pay premiums for a fixed period of time.

  • checkmarkAccelerated Death Benefit RidertooltipAbility to accelerate a portion of the policy's death benefit if you become terminally ill.

    Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness.

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.

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22 West 19th St, Floor 8

New York, NY 10011

24/7 - Available when you need us

Monday-Thursday | 9am-11pm ET
Friday | 9am-8pm ET
Saturday | 9am-9pm ET
Sunday | 10am-9pm ET

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