Pacific Life Insurance Review [2021]

Founded in 1868, Pacific Life has a rich history behind their life insurance products. You'll find affordable Pacific Life life insurance rates to match their wide variety of life insurance options. Pacific Life ratings suggest a strong financial outlook. The Pacific Life market share ranks in the top 15 companies for life insurance and annuities.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Pacific Life Insurance Company Overview
Key InfoCompany Specifics
Year Founded1868
Current ExecutivesCEO - James Morris
CFO - Darryl Button
VP - Louise Pentland
Number of Employees3,776
Total Sales / Total Assets$12,257,000,000/$171,473,000,000
HQ AddressP.O. Box 9000. Newport Beach, CA 92658-9030
Phone Number1-800-800-7646
Premiums Written - Individual Life$12,254,201
Best ForTerm life, strong financial ratings, affordable for smokers
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Pacific Life is a leading life insurance and annuity provider in the United States. Operating for over 150 years, you’ll find safe and affordable term life insurance quotes with Pacific Life.

With so many products available, researching a company like Pacific Life might be overwhelming. This Pacific Life review will simplify the Pacific Life life insurance options, Pacific Life ratings, and how to get the best Pacific Life rates.

Ready to start shopping for Pacific Life insurance? Get started today by comparing top life insurance companies using our FREE quote tool above. Just a few minutes could be significant savings on life insurance.

Is Pacific Life a good insurance company?

When it comes to buying life insurance, you might have a lot of questions. Is it worth it to buy life insurance? What’s the most reliable life insurance company? Do I need life insurance?

For most people, life insurance is an important asset that can protect your family if you pass. Pacific Life is a household name in the life insurance industry, but are they any good?

You’ve heard good things, but you still don’t know if you should buy Pacific Life life insurance. This Pacific Life Insurance Company review will help to provide Pacific Life ratings, reviews, market share, and more.

The Pacific Life ratings are strong. The Pacific Life A.M. Best rating suggests a strong financial outlook. This is reinforced by Pacific Life’s S&P and Moody’s ratings.

  • A.M. Best: A+ (Superior)
  • S&P: AA- (Strong)
  • Moody’s: A1 (Upper-Medium)
  • J.D. Power: 776 (Better than most)

The Pacific Life J.D. Power rating is even more impressive. This rating suggests that the company has strong customer satisfaction. Pacific Life is a top-10 life insurance company based on the J.D. Power rating.

You will also be pleased to see Pacific Life complaints and customer satisfaction. There are just four complaints via the Better Business Bureau over the past three years. Each of the complaints was regarding problems with products or services.

Pacific Life annuities are reviewed through ConsumerAffairs and have a much lower rating. Of 19 reviews, the Pacific Life annuities rating averages out to be just 2.9 out of 5.

The National Associations of Insurance Commissioners (NAIC) complaint index for Pacific Life shows 17 complaints. Most of the complaints were for individual and universal life insurance policies.

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What life insurance policies does Pacific Life offer?

Pacific Life life insurance is available in all 50 states either as Pacific Life Insurance Company or Pacific Life & Annuity Company. Before you start searching how to buy life insurance from Pacific Life, you’ll want to be sure they have the right policy for you.

Is Pacific Life right for me? That depends on your needs, financial situation, and more. Below, we will outline the life insurance policies available from Pacific Life to see if they fit your life insurance needs.

Does Pacific Life offer term life insurance?

Pacific Life is one of our term life insurance companies. They advertise term life insurance as temporary life insurance. This compares to the various forms of permanent life insurance they offer, which are listed as cash-value life insurance policies.

Term life insurance options from Pacific Life include 10-, 20-, and 30-year terms. If you’re looking for an affordable Pacific Life life insurance policy, this is your best bet. Term life insurance is cheaper than permanent life insurance but doesn’t accrue cash value.

How much does life insurance from Pacific Life cost?

Pacific Life life insurance will vary in cost depending on the policy you choose. What can you expect when shopping for Pacific Life life insurance quotes?

Since there doesn’t tend to be as much variation in rates, we will focus on the Pacific Life term life insurance rates rather than their permanent life rates.

Pacific Life Term Average Monthly Life Insurance Rates for Males
Age $250,000: 10-Year Term Sample Monthly Rates$250,000: 20-Year Term Sample Monthly Rates$500,000: 10-Year Term Sample Monthly Rates$500,000: 20-Year Term Sample Monthly Rates
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Pacific Life term life policies will be the most affordable. You’ll notice that the rates depend on age and coverage amount. Other factors like gender and health will also affect life insurance rates for Pacific Life.

We all want the best life insurance rates. Does Pacific Life have cheap life insurance? Below, we compare Pacific Life rates to other leading life insurance providers.

Top Life Insurance Companies Sample Monthly Rates Comparison
Companies$100,000, 20-Year (Male - 40) Sample Monthly Rates$250,000, 20-Year (Male - 40) Sample Monthly Rates
Minnesota Life$11.04$21.00
State Farm$21.40$33.72
Pacific Life$10.71$18.02
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As you can see, Pacific Life life insurance rates are comparable to some of the best life insurance companies. Looking for affordable life insurance? Pacific Life might be a good option.

Does Pacific Life offer permanent life insurance?

Pacific Life offers four different permanent life insurance options. Not familiar with permanent life insurance? It might be good to research term vs permanent life insurance.

Pacific Life offers whole life insurance, universal life insurance, variable universal life insurance, and indexed universal life insurance. Each of these policy options has a cash value component, meaning they can serve partially as an investment on top of the usual death benefit.

Pacific Life Whole Life Insurance: Whole life insurance is the most traditional form of permanent life insurance. This type of policy lasts over your lifetime and has a constant rate for the duration of your payments while still accruing cash value.

This is more expensive than term life insurance. The whole life insurance options from Pacific Life would be worth reviewing if you have a stable source of income and want to invest.

Pacific Life Universal Life Insurance: Technically, there are three universal life insurance options from Pacific Life. Here we will emphasize the traditional universal life insurance option.

Universal life insurance with Pacific Life is similar to whole life insurance. The primary difference is that the premiums are more flexible. This means you can pay more or less as your financial situation permits.

This might be better for someone in an unstable job or a job that relies on commission.

Pacific Life Variable Universal Life Insurance: Variable universal life has a bit more risk but with greater potential reward. The variable aspect refers to the investment options and ultimately the interest earned on your cash value.

With a traditional universal life insurance policy, the company offers a constant interest rate regardless of the market outcomes. The company usually chooses where to invest the money to build interest as needed.

Variable universal life insurance offers a policyholder more control. With that control comes the responsibility for the outcomes. If your investment options perform poorly, your interest rate suffers.

Pacific Life Indexed Universal Life Insurance: Indexed universal life insurance is a safe investment option that reaches a new milestone each year. After each year, the sum of your cash value is re-evaluated so that you can earn interest on that money.

Indexed life insurance policies are usually safer because they increase in value each year without and often prohibit interest decrements from occurring.

What life insurance riders does Pacific Life offer?

When shopping for life insurance, it’s important to make sure you account for potential changes in your needs for the future. If you think you might have major changes in income, family size, or other needs, life insurance riders are important to consider.

Maybe you aren’t sure if you want to commit to a life insurance policy because of the long-term commitment. There are even riders for that. Below we highlight life insurance riders from Pacific Life.

Accidental Death Benefit: This rider provides an additional death benefit if the insured dies of a qualifying accident.

Waiver of Charges: If you become disabled before 60, you might qualify to have your charges waived. With this rider, Pacific Life would assume all or some of your premiums.

Terminal Illness: This is another rider that protects the insured during unforeseen circumstances. This rider can accelerate the death benefit should the insured become terminally ill.

Terminal illnesses can be expensive, the accelerated death benefit might help alleviate some of that added expense.

Owner Waiver of Charges: Paying for someone else’s insurance? This rider waives charges if the primary insured becomes disabled. You won’t have to keep paying for their policy.

Pacific Life has a handful of life insurance riders that might be beneficial to policyholders. They also have various guarantees on interest rates, lapsed coverage, and more.

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Does Pacific Life offer annuities?

Though Pacific Life is a strong life insurance company, they also sell annuities. Annuities are comparable to life insurance policies but tend to have a greater emphasis on cash value rather than a large death benefit.

You’ll find four annuities from Pacific Life.

Pacific Life Variable Annuities: Broad selection of investment options are available. Typically, the flexibility in investment options also means the policyholder is responsible for the performance of the investments.

Pacific Life Fixed Indexed Annuities: Every year the annuity will close and create a new floor. This means your money can’t be reduced past whatever you earned over the past year.

Pacific Life Immediate Annuities: After one year of paying into your annuity, you’ll start to make income off of it. This is often used as an income supplement for people on a fixed income.

Pacific Life Deferred Income Annuities: Deferred income annuities also serve as a supplemental source of income, but they won’t be available as early as immediate annuities.

Pacific Life offers annuities that can help for immediate, intermediate, and long-term financial support. If you’re looking to invest, annuities can be a reasonable tool.

What is Pacific Life?

Pacific Life is a large insurance company that offers an assortment of other products. Pacific Life offers life insurance, annuities, mutual funds, real estate, and more.

Pacific Life was founded in 1868, so they have a long and successful company history. They are also known as many other businesses such as Pacific Life & Annuity Company, Pacific Asset Holding LLC, Pacific Pilot Funding, Pacific Mutual Holding Company, and more.

In 1997, Pacific Life converted into a mutual holding company to protect its financial standing. Many of the largest life insurance companies are now mutual companies.

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What is the Pacific Life market share?

Pacific Life has been around for a long time. They have many branches and different products available to consumers. How much is Pacific Life worth?

Pacific Life held a 2.23 percent market share for life insurance. They ranked as the twelfth-largest company in life insurance. With annuities considered, Pacific Life has still ranked as the twelfth-largest company but at a 3.51 percent market share.

What are the pros and cons of Pacific Life?

We’ve covered a lot of information in this Pacific Life review. Now, let’s break down the essential info for Pacific Life.


  • Strong financial ratings
  • Many policy options
  • Affordable rates (even for smokers)


  • Could use some improvement in customer satisfaction
  • A small list of riders

Pacific Life has a lot of policies to choose from. They compare favorably to many of the top life insurance companies, too. They could have a policy that fits your needs.

Pacific Life Insurance: The Bottom Line

Pacific Life is a strong and competitive life insurance company. With a rich history, strong financial ratings, and a firm market share, you should be able to trust them with your insurance and investment needs.

Even when discussing the best life insurance companies, you want to shop life insurance options before any final decisions. Find your best Pacific Life life insurance policy and compare it to other top providers using our FREE quote tool below.

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