Is Pacific Life a sustainable company?

Pacific Life demonstrates a robust dedication to corporate sustainability and positive societal impact through multiple initiatives. One notable achievement is its score of 95 on the 2022 Corporate Equality Index by the Human Rights Campaign, reflecting the company’s commitment to fostering diversity within its workforce. On the philanthropic front, Pacific Life actively supports its home office communities located in California, Nebraska and Virginia, evidenced by their generous donation of $8 million in charitable contributions in 2022. Moreover, environmental conservation is a significant focus for the company. Pacific Life has committed $17.1 million to support marine mammal and ocean health conservation. The company has taken proactive steps at its Orange County, California, home office to reduce its environmental footprint. It has successfully decreased its water consumption by 41 percent, electricity consumption by 33 percent and natural gas consumption by a staggering 69 percent.

How do you file a life insurance claim with Pacific Life?

To file a claim with Pacific Life, it’s helpful for the beneficiary to have the relevant policy documents. Then, you can contact Pacific Life at 1-800-347-7787 Monday through Friday between 5 a.m. and 5 p.m. PT or initiate a claim online. The company will need some essential details, such as the insured’s name, policy number, date of birth, date of death, circumstances of passing and funeral home details. Subsequently, Pacific Life will furnish the necessary forms to fill out. It's important to note that a copy of the death certificate is typically required.

Is Pacific Life a good life insurance company?

When assessing the reputation and quality of a life insurance provider, you should consider various factors. Pacific Life, with its long-standing history and array of offerings, has shown a steadfast commitment to its policyholders. The company has garnered above-average rankings in customer satisfaction studies, and its diverse range of life insurance products cater to a wide audience. However, every company has areas that may not cater to everyone. For instance, Pacific Life's lack of an online quote system and a mobile app might be a drawback for tech-savvy individuals. It's advisable for potential policyholders to assess their individual needs, explore reviews and perhaps consult a financial professional to see if Pacific Life is a suitable match.

What is the primary purpose of life insurance?

The primary purpose of life insurance is to provide financial protection and support to beneficiaries and loved ones in the event of the policyholder's passing. It ensures that those left behind have the financial means to manage expenses like the deceased’s funeral costs and debts, as well as their dependent’s mortgage payments and everyday living costs. By paying premiums regularly, policyholders can gain peace of mind in knowing they’re protecting their dependents' financial security during a challenging time. For many, life insurance is also a way to leave a legacy or help fulfill the long-term financial goals of their families after they're gone.

Insurance Disclosure

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Pacific Life insurance review 2023

Written by

Ashlyn Brooks

Edited by

Jessa Claeys

Edited by

Jessa Claeys

Updated Oct 03, 2023

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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.

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 seven 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 three 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 2022 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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Whole life insurance combines life insurance with an investment component.

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3 variations of permanent insurance: whole life, universal life and variable life include investment component

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Pacific Life insurance endorsements

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 2023 Bankrate Award for best term life insurance, namely due to the company’s high customer service satisfaction and digital tools. 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 2023 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.

Pacific Life shines with its array of universal policy options and the depth of term life riders, catering to those desiring choices and a tailored approach to life insurance. However, its absence of online quotes and a mobile app might be a deterrent for those who favor digital solutions. Weighing these factors, reaching out to a financial professional could provide the clarity needed to determine if Pacific Life’s offerings align with your expectations.

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 2022 U.S. Individual Life Insurance Study, Pacific Life scored higher than the industry average of 774, with an overall customer satisfaction score of 793. This earned Pacific Life fifth 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
2022 J.D. Power Individual Life Insurance Study	793/1,000	774/1,000
2022 J.D. Power Group Life Insurance Study	Not rated	797/1,000
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 0.01, with only six 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.

Frequently asked questions about Pacific Life

Pacific Life demonstrates a robust dedication to corporate sustainability and positive societal impact through multiple initiatives. One notable achievement is its score of 95 on the 2022 Corporate Equality Index by the Human Rights Campaign, reflecting the company’s commitment to fostering diversity within its workforce. On the philanthropic front, Pacific Life actively supports its home office communities located in California, Nebraska and Virginia, evidenced by their generous donation of $8 million in charitable contributions in 2022.

Moreover, environmental conservation is a significant focus for the company. Pacific Life has committed $17.1 million to support marine mammal and ocean health conservation. The company has taken proactive steps at its Orange County, California, home office to reduce its environmental footprint. It has successfully decreased its water consumption by 41 percent, electricity consumption by 33 percent and natural gas consumption by a staggering 69 percent.
To file a claim with Pacific Life, it’s helpful for the beneficiary to have the relevant policy documents. Then, you can contact Pacific Life at 1-800-347-7787 Monday through Friday between 5 a.m. and 5 p.m. PT or initiate a claim online. The company will need some essential details, such as the insured’s name, policy number, date of birth, date of death, circumstances of passing and funeral home details. Subsequently, Pacific Life will furnish the necessary forms to fill out. It's important to note that a copy of the death certificate is typically required.
When assessing the reputation and quality of a life insurance provider, you should consider various factors. Pacific Life, with its long-standing history and array of offerings, has shown a steadfast commitment to its policyholders. The company has garnered above-average rankings in customer satisfaction studies, and its diverse range of life insurance products cater to a wide audience.

However, every company has areas that may not cater to everyone. For instance, Pacific Life's lack of an online quote system and a mobile app might be a drawback for tech-savvy individuals. It's advisable for potential policyholders to assess their individual needs, explore reviews and perhaps consult a financial professional to see if Pacific Life is a suitable match.
The primary purpose of life insurance is to provide financial protection and support to beneficiaries and loved ones in the event of the policyholder's passing. It ensures that those left behind have the financial means to manage expenses like the deceased’s funeral costs and debts, as well as their dependent’s mortgage payments and everyday living costs.

By paying premiums regularly, policyholders can gain peace of mind in knowing they’re protecting their dependents' financial security during a challenging time. For many, life insurance is also a way to leave a legacy or help fulfill the long-term financial goals of their families after they're gone.

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