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Pacific Life offers competitive rates at every age and excellent coverage options for people who have either a personal or family history of cancer.
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Competitive rates at every age
Excellent options for people with a personal or family history of cancer
High confidence ratings
Shorter-than-average application length
Higher rates for former tobacco users
Policyholders can’t update information online
THE BOTTOM LINE
Pacific Life offers some of the most affordable rates in the industry and competitive underwriting for survivors of cancer and people with a family history of cancer. However, there may be better options for former smokers and people with high blood pressure.
PACIFIC LIFE COMPANY SPOTLIGHT
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Competitive rates at every age. Pacific Life offers some of the most affordable term life policies among the nation’s leading insurance carriers. Though life insurance gets more expensive as you get older, Pacific Life’s rates stay competitive at every age bracket, including over age 60.
Excellent underwriting for cancer survivors. Along with your age, your health status will significantly affect the cost of your life insurance premiums. While many insurance carriers look at a personal or family history of cancer unfavorably in the underwriting process, Pacific Life offers very competitive rates for survivors of certain types of cancer and people with a family history of cancer.
High confidence ratings. Pacific Life, founded in 1868, is one of the leading insurance companies in America, with over 2.9 million customers. They have high scores from three major credit rating agencies, which means they’re a trustworthy, financially stable company that’s likely to be around when you need them.
Shorter-than-average application length. Pacific Life’s standard application form is shorter than average so you'll be able to read through it and understand it quickly. They also offer an electronic application and will deliver your policy by email.
Higher rates for former tobacco users. Every insurance company’s underwriting process scores various medical conditions differently. Compared to other insurers, Pacific Life’s rates for former smokers and other former tobacco users are on the higher end. Pacific Life’s rates also tend to be higher for people with high blood pressure.
Policyholders can’t change their information online. While some insurers allow policyholders to do things like update their address, payment information, or beneficiaries online, Pacific Life requires a phone call for these changes. You’ll additionally need to submit a paper form if you want to cancel your policy.
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The cost of a life insurance policy depends on several factors, including your age and your health. Though buying insurance will always be more expensive the older you are, Pacific Life offers cheaper-than-average rates at every age, even past age 60.
Take a look at the table below for a comparison of Pacific Life’s rates for a healthy, non-smoking man applying for a $500,000, 20-year term policy at different age brackets:
|Age||PacLife average||Industry average|
Pacific Life also offers favorable underwriting for certain health conditions, including sleep apnea and high cholesterol. Unlike many other insurers, they also offer excellent coverage options for people who have survived cancer or have a family history of cancer.
Note, however, that there may be cheaper options elsewhere for former smokers or people with high blood pressure.
|Recent Weight Loss||Good|
|Former Tobacco Use||Fair|
|High Blood Pressure||Fair|
When you purchase a life insurance policy, you’re setting up a financial safety net for your dependents in the event of your death. That means you’ll want to ensure that your insurance carrier is a trustworthy, financially sound company that’s guaranteed to be around when you need them.
Pacific Life has been in business for over 150 years and currently provides coverage to over 2.9 million customers. They’ve earned high ratings from three major credit rating firms:
Standard & Poor’s, Moody’s, and A.M. Best are financial ratings companies. These firms look at the financial strength of companies as a measure of how well they can handle future financial strength and meet the obligations of policyholders.
The highest ratings from each firm are:
A life insurance carrier’s financials are only part of the story. You’ll also want to make sure their customers are happy with the service they’re receiving, and that the company is responsive to any customer inquiries or complaints.
Here’s how Pacific Life ranks with several bureaus that measure customer satisfaction:
J.D. Power scores are based on customer ratings for overall satisfaction, clarity and usefulness of annual statements and billing, price, policy offerings, and interaction experience. Policygenius has used the overall satisfaction score as part of our rating method.
The Better Business Bureau (BBB) ranks companies across a large swath of criteria. While consumers can submit ratings to the BBB, these scores are not taken into account in their rating, although tangential metrics that take into account customer experience are.
Consumer Affairs is a platform that lets consumers directly rate customers, while Consumers Advocate rates companies based on stability, reputation, and policy coverage.
The National Association of Insurance Commissioners (NAIC) tracks the number of complaints submitted to state insurance departments with their national complaint index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to count.
Pacific Life’s NAIC score of 0 means the number of confirmed complaints submitted to state insurance departments in 2018 were not enough to register on the index.
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Term life policies provide life coverage for a specific period of time (the term).
|Annual payment discount||2%|
|Available payment methods||Check, auto bank draft|
|Temporary coverage||Up to $1,000,000|
The policy is convertible until the earlier of the end of the term or to age 70.
Riders are additions to your overall life insurance policy that turn a basic life insurance policy into something that covers more circumstances.
Child Protection Rider - Provides life insurance coverage for all eligible children. Covers all current & future dependent children (ages 15 days - 18 years old) in one rider. Available coverage of $1,000 - $10,000.
Disability Waiver of Premium Rider - 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 (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 Rider - Allows you to receive a portion of the death benefit if you are diagnosed with a qualifying terminal illness.
Overall, Pacific Life provides a solid customer experience, but shoppers looking for availability of online tools after the policy becomes active may find it lacking.
Pacific Life’s PROMISE Term policy is available in all 50 states and Washington, D.C.
The application length for Pacific Life is shorter than average.
*Based on standard application. Additional forms may be required.
Pacific Life has a slightly shorter-than-average turnaround time from application to active policy.
Pacific Life requires a phone call to make changes to your policy — including updating your beneficiaries or payment information — and a paper form to cancel the policy.
Pacific Life accepts payment by check and auto bank draft.
Final policy delivery is available electronically.
Pacific Life requires the beneficiary of a policy to submit the following forms in order to claim a death benefit:
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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