Pacific Life has two term life insurance policies available, as well as multiple universal, variable universal, and indexed universal policies. Pacific Life also offers annuities and long-term financial planning products, but they are outside the scope of this review.
Term life insurance
Term life policies provide life coverage for a specific period of time, also known as the term. Usually terms last at least a decade. At the end of the term you can either convert to a permanent policy or renew your term life insurance. However, when you renew, your rates usually increase.
Of the two term life policies offered by Pacific Life, we recommend the Promise Term product for its affordability, variety of term lengths and riders, and low starting amount.
This is a pretty standard term life policy that can be enhanced with a variety of riders. Premiums stay level, and at the end of the term you can either renew your policy (and face increased rates) or convert to a permanent policy.
This is not a guaranteed issue policy, nor is it a policy with accelerated underwriting, meaning applicants will have to answer questions about their medical histories during the application process — and undergo a medical exam. There are no options from Pacific Life that allow you to skip the med-exam.
|Policy Feature||Promise Term|
|Eligible ages||18 to 80|
|Term lengths||10-, 15-, 20-, 25- or 30-year terms|
|Coverage maximum||$1 million|
Eligible ages are split up by term length and by tobacco use. 10-year terms are for applicants aged 18 to 80, whether they use tobacco or not. 15-year terms are for ages 18 to 75 (70 for tobacco users); 20-year terms for ages 18 to 65, whether they use tobacco or not); 25-year terms for ages 18 to 60 (55 for tobacco users); and 30-year terms are for ages 18 to 55 (50 for tobacco).
Between the amount of term lengths, low coverage minimum, and riders on offer, Pacific Life customers have a fair amount of flexibility to work with. Policyholders can use the variety of riders to turn a basic life insurance policy into something that covers more circumstances.
Accelerated death benefit rider. Allows you to receive a portion of the death benefit if diagnosed with a qualifying terminal illness. This rider is provided for no extra charge.
Child protection rider. Provides life insurance coverage for all eligible children, ages 15 days to 18 years old. Coverage can go up to $10,000.
Disability waiver of premium rider. If you become totally disabled as a result of a qualifying event then you will not have to pay premiums for a fixed period of time. This rider can last for the life of the policy but will terminate once the insured turns 65.
As usual, some of the above riders are subject to additional charges and selection depends on the state in which they’re available.
Pacific Life provides temporary coverage of up to $1 million between the time of when the application is submitted and when the policy is activated.
This policy is convertible to a permanent policy at the end of the term or to age 70.
Pacific Life does allow for the reconsideration of your premiums, in case your health condition improves after your policy is initially activated. When you can reconsider your rates depends on a case-by-case basis. Smokers will have to wait one year.
Pacific Elite Term
This is a standard term life policy with a death benefit that gets paid out in the event of the insured’s death.