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Pacific Life insurance review 2024

Updated Mar 14, 2024
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At a glance

Bankrate's take

Policyholders who value universal life insurance options, term life insurance riders and excellent customer service might find Pacific Life a good choice for their life insurance needs.

For individuals seeking a range of insurance options and tailored riders, Pacific Life offers a diverse portfolio. Its commitment to corporate sustainability and customer satisfaction might resonate with ethically-minded consumers. Additionally, those who prioritize customizable universal policy options will find the flexibility they need.

New

What’s new with Pacific Life?

In April 2023, Pacific Life introduced the Pacific Protector VUL2, a new variable universal life insurance product that features cost-efficient, guaranteed death benefit protection and potential cash value growth for legacy planning and financial security, according to the company’s announcement. The company also divested its Pacific Asset Management LLC, which was purchased by Aristotle Capital Management.

Pacific Life insurance

Bankrate conducts an extensive annual insurance study to help our readers choose the carrier that can meet their individualized needs. Based on our assessment, customers who prioritize customer service and rider options could find Pacific Life to be the best life insurance company for them. However, due to the company’s lack of a mobile app, those who prefer digital policy management might have better options.

There are two main types of life insurance for individuals — term and permanent — and Pacific Life offers both:

  • Term: Pacific Life has two term options: Promise Term and Elite Term. A Promise Term policy can be purchased for 10-, 15-, 20-, 25- or 30-year terms. An Elite Term policy is available for a 10-, 20- or 30-year term, has a 75-year-old age limit and has a potential coverage limit of over $3 million.

    Term tends to be the cheapest type of life insurance and includes a death benefit that pays out to your beneficiaries if you should die before the end of the term. Term life insurance is a popular option for families with young children. Many people carry term life insurance while their children are young to leave behind some financial protection in case they pass away while their children are still dependent.
  • Permanent: Unlike term policies, permanent policies are intended to cover you for your entire life. Pacific Life offers a few different types of universal life insurance policies, which come with a cash value component. The cash value can grow over time, and you may be able to borrow against it.

    Permanent life may be a good choice for those who are willing to pay more for the peace of mind that their policy will not expire (as long as they pay their premiums).
    • Universal: Universal policies have flexible premiums, and you can increase or decrease your death benefit while the policy is active. Universal policies can grow over time as the company invests the cash value portion of your policy in its portfolio. Pacific Life has two types of universal policies: Versa-Flex Venture Universal Life (UL) and PL Promise Guaranteed Universal Life (GUL).
    • Indexed universal: Like regular universal policies, indexed universal policies have flexible premiums and death benefits. However, rather than investing the cash value portion of your policy in its portfolio, the company invests it into fixed index stocks and options. The cash value of this policy can go up or down; however, there are caps on how much you can earn and guaranteed floors to financially protect you from market losses. Pacific Life offers up to five different types of indexed universal policies. Due to the complexity of this product, it may be a good idea to contact the company directly if you have further questions.
    • Variable universal: Variable universal is similar to indexed universal, although the cash value of this policy is invested in the stock market and can be capped. Pacific Life offers five types of variable universal life insurance policies, and like indexed universal, it may be best to contact a life insurance professional for further guidance.

Since Pacific Life offers so many types of life insurance with different coverage capacities and features, you might want to figure out how much life insurance you need by using a life insurance calculator or consulting a licensed life insurance agent.

Pros and cons of Pacific Life insurance

Pros
  • Pacific Life boasts fewer complaints than anticipated for its size, indicating a strong commitment to customer service.

  • The company secured an above-average position in J.D. Power's 2023 U.S. Individual Life Insurance Study for overall customer satisfaction.

Cons
  • Some of Pacific Life's life insurance products may not be available in all states, and it doesn’t offer life insurance to residents of New York.

  • Pacific Life doesn't offer instant quotes online.

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Pacific Life insurance riders

Although adding an endorsement — or rider — to your policy may increase your life insurance cost, endorsements can be an excellent way to personalize protection to meet your individual needs and financial goals. Pacific Life offers a plethora of endorsement options, including:

  • Accelerated death benefit rider: If you are diagnosed with a terminal illness, this endorsement will allow you to access a portion of the death benefit on your term life insurance to use as you wish.
  • Waiver of premium rider: This endorsement can waive your term life premiums if you become completely disabled.
  • Children’s level term insurance rider: You can add up to $10,000 in term life coverage per child while they are between the ages of 15 days to 18 years.
  • Conversion benefit: While not technically an endorsement, the conversion benefit will allow you to convert your term policy to a universal policy with no additional underwriting. This option is available on both types of term policies from Pacific Life.
  • Short-term no-lapse guarantee rider: This option is included on eligible Pacific Life universal policies, and it guarantees your policy will remain active for four to 20 years as long as you pay at least a minimum premium amount.
  • No-lapse guarantee rider: Like the short-term no-lapse guarantee rider, this option is available on eligible universal policies and guarantees that your policy will remain active for your entire life as long as you make minimum premium payments.

Compare Pacific Life with other insurers

Although Bankrate’s Pacific Life Insurance review is comprehensive, you might still be wondering if this is the carrier that can meet all of your needs. If you’re still comparing life insurance quotes, you might want to consider reaching out to some (or all) of the companies below:

Pacific Life vs. State Farm

State Farm won the 2024 Bankrate Awards for best term life insurance and best universal life insurance, namely due to the company’s high customer service satisfaction and digital tools. Plus, State Farm offers a no-medical exam option, making it easier for people to sign up. Since Pacific Life does not offer a mobile app, State Farm could be a good alternative for those who prefer to take a hands-on approach to their insurance.

Learn more: State Farm Insurance review

Pacific Life vs. MassMutual

MassMutual is another 2024 Bankrate Award winner, but the company earned this distinction because of its whole life insurance products. MassMutual boasts an impressive list of rider options, coverage capacity and a financial strength rating of A++ (Superior) from AM Best.

Learn more: MassMutual Insurance review

Pacific Life vs. Nationwide

Along with term, whole, universal and variable life insurance, Nationwide also offers car and home insurance, which could appeal to those who prefer to keep all their insurance policies under the same roof.

Learn more: Nationwide Insurance review

Is Pacific Life a good insurance company?

Navigating the intricate realm of life insurance can be challenging, but Bankrate’s insurance editorial team, which includes licensed insurance agents, strives to guide readers toward informed decisions about their life insurance needs and financial aspirations. When contemplating whether Pacific Life fits the bill, it's essential to acknowledge that individual needs can vary significantly.

Bankrate found that Pacific Life has a long-standing history and solid financial background. This means the company has no problem paying out benefits and annuities to its policyholders. Pacific Life reviews also show that customers are satisfied with the level of service and products offered by the insurer.

That being said, some might be disappointed in the lack of digital options like a quote system or mobile app. However, policyholders who enjoy working one-on-one with insurance agents might be happy with Pacific Life. If you’re interested in the company’s wide array of offerings, you might want to consult a financial professional to see if Pacific Life is a good fit.

Pacific Life customer satisfaction

The best life insurance companies offer more than just affordable premiums. Instead, they also focus on providing excellent customer service. To evaluate this, Bankrate studied third-party scores issued by J.D. Power and the National Association of Insurance Commissioners (NAIC), along with the company's financial strength rating issued by AM Best.

In the J.D. Power 2023 U.S. Individual Life Insurance Study, Pacific Life scored higher than the industry average of 790, with an overall customer satisfaction score of 799. This earned Pacific Life sixth place out of the 22 companies evaluated.

Further, while financial strength might not be directly correlated to a company's customer service, it does measure a company's historical ability to pay out claims when needed. AM Best has granted Pacific Life a financial strength rating of A+ (Superior). This may help customers rest assured that, in the past, Pacific Life had enough reserves to fulfill its duties in paying out death benefits.

Study or Rating Agency Pacific Life Industry average
2023 J.D. Power Individual Life Insurance Study 799/1,000 790/1,000
AM Best rating A+ N/A

Pacific Life complaints

To understand Pacific Life's NAIC Complaint Index Score, first, you should know that the NAIC tracks the complaints it receives about insurance companies and the lines of insurance those companies offer. It then converts these complaints into a complaint index score. If a company has an average amount of complaints for a company of its size, it will have a complaint index score of 1.0. A score higher than 1.0 means that the company gets more complaints than average, and a lower score indicates fewer complaints.

That said, Pacific Life's Complaint Index Scores are impressive. As of 2022, the company's overall complaint index score is 0.03, with only two complaints in total. This could indicate that customers are generally happy with the company's service.

Other Pacific Life tools and benefits

Aside from life insurance, annuities and mutual funds, Pacific Life offers other perks for its policyholders, including:

  • Insights blog: Pacific Life’s Insights blog provides a wealth of information regarding retirement planning, life insurance, financial literacy, estate planning and more.
  • Online portal: Policyholders can make payments and access forms through Pacific Life’s online portal. Beneficiaries can also start the claims process online.
  • Annuities: Pacific Life has annuities offering monthly income, empowering you to secure your financial future while also catering to other long-term goals and needs.
  • Business succession planning: Pacific Life can help business owners lay out a plan for their business after they pass away.
  • Financial tools and calculator: Policyholders have access to a financial resources page that can help them set savings goals, determine how much life insurance to purchase, learn about tax and estate planning and more.

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Written by
Ashlyn Brooks

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Edited by Editor II, Insurance