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Pacific Life Insurance
Company Review
Pacific Life was created by Leland Stanford in Sacramento, California back in 1868. Leland (who also founded Stanford University) was one of the first policyholders of the company. Today, it is one of the most expansive and well-known life insurance providers in the country with millions of policyholders and thousands of employees working across the country.
Pacific Life Insurance
- 700 Newport Center Dr.
Newport Beach, CA 92660-6397
Advantages of Pacific Life Insurance
Pacific Life focuses on dependability and inclusion when it sells its products. It not only sells life insurance, it also provides customers with annuities, mutual funds, pensions, and more. It caters to both individuals and businesses, offering great rates on group products for companies. They also provide flexible options with their term and permanent policies with a range of term periods and riders that can be chosen for your policy.
Pacific Life is also known for its “Living Needs Benefit” rider, which allows you to add additional coverage if you are diagnosed with a chronic or terminal illness. That inclusiveness is mirrored in its attitude toward disability. If you find yourself disabled and can no longer work and make the premium payments, Pacific Life will not take those premiums out of your final death benefit.
Disadvantages of Pacific Life Insurance
While there are many benefits to be enjoyed from Pacific Life, there are a few downsides to take into consideration. For one, the coverage allotted for certain pre-existing conditions such as high blood pressure or lifestyle choices such as tobacco use (not just smoking) is often lower than competitors. More than that, the premiums are often higher for these individuals.
As an older company, Pacific Life still has yet to completely transition its entire process online. Some tasks, such as changing your payment information or canceling your policy, require a phone call or even paper forms. While this may be an inconvenience, it is a slight one and is well worth the quality coverage you receive in return.
Available Products
Pacific Life offers a wide range of products that cater to individuals, families, and businesses of all sizes. Currently, they offer:
- Term Life Insurance
- Universal Life Insurance
- Indexed Universal Life Insurance
- Variable Universal Life Insurance
Term Life Insurance
Pacific Prime Term is the only available term option from Pacific Life. This is a basic term life insurance with flat death benefit and level premiums for a specified period of time. It comes in 10, 15, 20, and 30 years options to meet your mid to long-term needs. Their rates are competitive and they also offer conversion flexibility.
The conversion feature allows you to convert your term life insurance policy to any of the company's permanent life insurance products.
Riders
Conversion and standard terminal illness riders are available with all prime term life policies.
- Conversion Rider: The conversion rider allows you to convert your term life insurance policy to any of the company's Permanent life insurance products without added underwriting.
- Standard Terminal Illness Rider: You can access up to 75% of the policy's death benefit if the policyholder is diagnosed with a terminal illness.
You also have an option to purchase an additional rider:
- Waiver of Premium: Premiums are waived if you become totally disabled (after a 180 waiting day period) before the age of 65.
If the disability occurs before the age of 60 and continues until age 65 or longer, premiums will be waived even if the insured recovers later.
If the disability occurs after age 60, premiums will be waived up to age 65 or, if longer, for 2 years.
Pacific Life Insurance Ratings
When deciding on a life insurance company, it's important to find out if the company will be financially stable in the long run. Pacific Life embodies high performance, strength, and consistency. Its financial report reflects this as it has been awarded "A or higher rating" from four of the major rating agencies (A.M. Best, Fitch, Moody's, and Standard & Poor’s), making it one of the best-rated life insurance companies in America.
| Company | Rating | Description |
| A.M. Best | A+ | Superior |
| Fitch | A+ | Superior |
| Moody’s Investors | A1 | Strong |
| Standard & Poor´s | AA- | Very Strong |
| Comdex | Near the top ten percent |
Conclusion
When it comes down to it, there are few better options than Pacific Life when choosing a life insurance company. Unbeatable ratings, high praise from its customers, low rates, and a wide array of products make this provider stand out among its competitors. For coverage you can depend on, we highly recommend Pacific Life.
However, that is not to say that Pacific Life offers the perfect product for everyone. While this company has worked hard to serve as wide a demographic as possible, there are many instances where a customer with particular needs might be better served elsewhere. That’s why it’s always best to shop around and, more importantly, have an insurance agent handle the communications and details of your policy.
Here at LifeQuote, our team of experienced life insurance agents are committed to finding you the best policy at the best rates. Why overpay for a policy when your agent can find the same coverage at a discount? Contact us today to get started and to get a free online quote.
