Pacific Life Insurance Review [2024]

What You Should Know About Pacific Life Insurance Company

Pacific Life sells term, whole, variable universal, and indexed universal life insurance policies, many of which earn cost-competitive cash value. However, policyholders have few options to convert their Pacific term life insurance policy to a permanent one, and individuals with medical conditions won’t be able to get a guaranteed issue policy.

Keep reading this Pacific Life insurance review to learn more about its average insurance premiums, financial strength, and customer reviews.

Pacific Life Insurance: The Good and Bad

When considering any life insurance company, Pacific Life included, it’s essential to consider the pros and cons.

Some of the benefits of buying life insurance with Pacific Life include the following:

• Competitive term life insurance rates
• Cost-competitive cash value policies for smokers
• Cash value accumulates in the early years of a policy
• Several rider options

You should also examine the potential drawbacks of Pacific Life, such as:

• Few options for converting term life policy to permanent
• Can’t get an online quote
• Doesn’t offer guaranteed issue policies
• No mobile app

Since every individual’s life insurance needs differ, Pacific Life insurance may not be the right fit for you.

Pacific Life Insurance Customer Service and Financial Ratings

Pacific Life has excellent customer reviews and satisfaction. According to the National Association of Insurance Commissioners (NAIC), the company’s complaint index score is 0.04. The average score is 1.00, meaning Pacific Life receives fewer average complaints than other companies similar in size.

Pacific Life also carries high marks for its financial strength. A.M. Best, a credit rating agency, gives Pacific Life an A+, or superior, rating for its financial strength, so you can rest assured that Pacific Life can pay out its policyholders’ claims.

Pacific Life Insurance Company Insurance Coverage Options

Pacific Life’s coverage options include term, whole, indexed universal, and variable life insurance. Check out the list below to see Pacific Life’s coverage options:

• Term life: Pacific Life’s Promise Term offers term life insurance coverage with 10, 15, 20, 25, and 30-year term options, fixed premiums, and a $50,000 minimum coverage amount. Alternatively, Pacific Life’s Elite Term offers the same coverage but with different term lengths and a $750,000 coverage minimum. You can also convert both policies to universal life insurance.
• Whole life: Individuals between 30 and 75 can get Pacific Life’s whole life insurance coverage alongside fixed premiums and guaranteed cash value, with coverage amounts ranging from $36,000 to $600,000. You can also get long-term care and terminal illness insurance riders with a Pacific Life whole life insurance policy, making it excellent life insurance for seniors.
• Indexed universal life: Pacific Life indexed universal life insurance allows policyholders to earn cash value on their life insurance with flexible premiums and death benefits that last their entire life. Cash value accrues based on the performance of a market index, such as the S&P 500.
• Variable universal life: With Pacific Life’s variable universal life insurance coverage, policyholders earn lifetime death benefits that let them borrow from their cash value. Variable universal policies are more customizable, allowing the policyholder to make investment choices.

As you can see, Pacific Life offers various life insurance products and riders, making it an excellent choice to customize your insurance.

How to File a Pacific Life Insurance Claim

You can file a Pacific Life insurance claim on the company’s website or by calling Pacific Life customer service at 1-800-347-7787. Pacific Life’s customer service office hours are Monday through Friday, 5 a.m. to 5 p.m. PT.

Pacific Life Insurance Online Offerings and Mobile App

Pacific Life’s online website allows policyholders to pay premiums, file claims, and view policy details, such as indexed account rates. Unfortunately, Pacific Life doesn’t have a mobile app.

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Pacific Life Insurance Company Insurance Rates Breakdown

Pacific Life average insurance premiums are around $26 monthly, which is close to the overall average of the best life insurance companies. However, your Pacific Life insurance quotes will vary by age, gender, lifestyle, and coverage amount.

Check out the table below to see how much you might pay for a Pacific Life term life insurance policy:

Buying a Pacific Life insurance policy while young is a great way to get cheap life insurance premiums. For instance, while a 25-year-old male pays around $24 monthly for a Pacific Life term policy, the same policy costs $55 for a 45-year-old male.

Pacific Life Insurance Company Discounts Available

Pacific Life doesn’t offer any life insurance discounts.

How Pacific Life Insurance Company Ranks Among Providers

Before getting coverage with Pacific Life, it’s critical to compare average insurance premiums and coverage options vs. the company’s competitors to ensure you’re getting an affordable policy tailored to your needs. Factors such as available riders, customer reviews, and financial strength are important to consider when deciding on a company.

Take a look at the table below to compare Pacific Life average insurance premiums alongside the best term life insurance companies:

Read more: Symetra Life Insurance Review

As you can see, Pacific Life offers competitive rates compared to the best life insurance companies. However, premiums vary based on several factors, so you should get a Pacific Life insurance quote to know your exact rate.

 

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