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.

Financial Strength

  • Founded: 1868
  • Policyholders: 2,900,000
  • A.M. Best: A+
  • BBB Rating: A+
  • J.D. Power: 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.

Compare Pacific Life to other top carriers

Find head-to-head comparisons of Pacific Life and other top-rated life insurance companies to help you make the right decision.

Pacific Life Company details

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.

How's the application process?

Carrier review 5 star ratings

Pros

  • Electronic application
  • Application form shorter than average
  • Policy delivery by email

Cons

  • Average application approval

How's the customer service?

Carrier review 4 star ratings

What you can do online

  • Changing address
  • Updating beneficiaries

What you can't do online

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

Pacific Life Term Life Plan Details

Common features

All term life policies offered on our site provide 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.

Cost comparison

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

Pacific PROMISE Term

Unique Features

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  • Selection of riders available to personalize coverage

Details

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  • 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

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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 Income 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.
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50 West 23rd Street, Floor 9

New York, NY 10010

24/7 - Available when you need us

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