Pacific Life Insurance review 2021

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Since 1868, Pacific Life has offered a variety of life insurance products. Since its beginnings in Sacramento, California, the life insurance company has since grown to provide term and permanent life insurance solutions available in almost every state. With high customer satisfaction and financial strength ratings, Pacific Life insurance continues to offer a wide assortment of products to fit a variety of individual needs and finances.

  • Date established: 1868
  • Insurance products offered: Term life, whole life, universal life, indexed universal and variable universal life
  • AM Best financial strength rating: A+ (Superior)
  • J.D. Power rating for overall satisfaction: 801/1,000 points
  • Availability: All states and Washington, D.C., except New York
Pros Cons
Large selection of life insurance products Mobile app not available
Higher customer satisfaction ratings Must update policies through licensed agent or customer service
Policyholders can work with independent financial professionals

Pacific life insurance coverage types

A thorough Pacific Life insurance review shows how the insurance carrier offers multiple options under both the term and permanent life insurance umbrellas. Some life insurance policies offered by Pacific Life insurance include riders such as an accelerated death benefit if you become terminally ill and options such as converting a term life policy to a universal life.

  • Term: Pacific Life offers two options for term life insurance: the PL Promise Term and Pacific Elite Term. The PL Promise is available in 10,15, 20, 25 and 30-year term increments, while the Pacific Elite is available in 10, 20 and 30-year terms and has a 75-year-old age limit. Term life provides a death benefit to your beneficiaries as long as premiums have been paid and the death occurs during the specified term length.
  • Permanent: Pacific Life offers whole life and universal life insurance options. A whole life policy is one that provides a death benefit with consistent premiums, but also builds cash value you may be eligible to borrow against during your lifetime. Universal life is also a permanent policy, but there may be fluctuations with the premiums, savings and death benefit options.

Pacific Life life insurance customer and claims satisfaction

Pacific Life is highly rated across several key metrics. Its A+ (Superior) AM Best rating indicates Pacific Life has historically been able to meet its financial obligations for claims payout. This is an important consideration when you are evaluating how financially stable a life insurance company is. The 2021 J.D. Power Life Insurance study also shows high marks for Pacific Life. The insurance provider earns 801 out of 1,000 points, which is well above the industry average for overall customer satisfaction. Having these third-party scores in mind may influence how much life insurance a policyholder decides to purchase from Pacific Life due to their level of confidence in the provider.

Other insurance products

Pacific Life offers several life insurance products and financial services, including annuities.

An annuity is considered an insurance product and is designed to fund retirements. Annuities work when you make a series of payments or a one-time payment to the insurance company. The insurance company invests the money and then provides a payment beginning at a specified date. Pacific Life offers numerous options under the annuities umbrella, as well as financial products such as mutual funds.

Written by
Sara Coleman
Insurance Contributor
Sara Coleman has three years of experience in writing for insurance domains such as Bankrate, The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability.
Edited by
Insurance Editor