Pacific Life Insurance Review for 2020

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Choosing the right life insurance company can feel like a mission. But it’s better that you spend enough time reviewing the top options on the market and make an informed decision – because, after all, it’s a decision you’re making for life.

And if it isn’t for life – it’s for many years ahead.

Whether you’re looking for whole or term life insurance – knowing who the top contenders are and what they can offer is key to finding an insurer you won’t regret going with.

Today I want to take a better look at Pacific Life – one of the market leaders for life insurance. The company has a few unique qualities worth mentioning, such as a “Living Needs Benefit” which provides coverage for chronic illness and terminal illness.

Additionally, if you can’t pay your premiums because of a disability, Pacific Life won’t deduct those premiums from your death benefit – which does give you extra peace of mind.

Let’s take a look at Pacific Life and their life insurance options in more detail now – so you can decide whether it’s a suitable insurer for your needs.

Pacific Life Insurance Overview

Pacific Life was founded in 1868 and has brilliant A+ ratings from recognized insurer rating boards, such as A.M. Best and BBB.

It offers a variety of life insurance products such as term life insurance, whole life insurance, universal life insurance (indexed and variable), and even life insurance with long-term care benefits.

So, no matter what your financial goals and life cover preferences are, Pacific Life will most likely have an option that suits your needs.

While it does offer some unique features mentioned above, it falls short in its underwriting tables for various health conditions (Lincoln Financial Group provides better options to people with substandard medical profiles).

In terms of the cost, it does have some competitive rates, making it an appealing option for people across all age groups.

The company also offers several riders for personalizing your coverage, such as Child Protection Rider, Disability income Rider, and Accelerated Death Benefit Rider.

What Life Insurance Options Does Pacific Life Offer?

Pacific Life has been in business for over 150 years – so they have had plenty of time to grow their life insurance product offering!

Here are the main products in more detail.

Term Life Insurance

Like most insurers, Pacific Life offers term life insurance which provides coverage for a fixed period – like 10, 15, 20, 25, or 30 years.

Term life insurance is a good option if you want your life coverage to pay off the mortgage for your family home, replace your lost income for your family’s financial wellbeing, pay funeral expenses – or cover your children’s education costs.

You can choose how much you’d like your family to be covered for, with a minimum of $50,000. You can also accelerate a portion of your policy’s death benefit if you become terminally ill – and can waive policy premiums if you become totally disabled.

With Pacific Life’s term life insurance, you choose your payment mode – whether you want to pay annually, quarterly, or monthly – and how you want your policy to be delivered.

Finally, what’s great about Pacific Life’s term insurance policy is that you can upgrade it to a new permanent life insurance policy – and no additional underwriting approval is required.

Pacific Life offers various term life insurance products, which vary by state – so make sure you look up your state to see what’s available.

Here are the three main products that are available across most states:

Pacific PRIME Term

  • Competitive premiums for terms of 10, 15, 20 and 30 years
  • Attractive conversion credit
  • No medical exams (within limits)
  • Policy determined via a phone call

Pacific Term ART

  • Annual renewable term life insurance
  • Competitive premium
  • Premium increases each year

PL Promise Term

  • Competitive term insurance
  • Terms of 10, 15, 20, 25, and 30 years available
  • Underwriting options for older ages and no rate class restrictions

Whole Life Insurance

For those who prefer to purchase life insurance once and be covered for life, whole life insurance is an excellent option. It provides death benefit protection and stability, predictability, and consistency.

With Pacific Life whole life insurance, you’ll pay fixed premiums and receive a guaranteed minimum interest on your policy. There are no surprises, which is awesome if you need a stable plan for the future.

Pacific Life offers various whole life insurance products, which vary by state.

Their two whole life products you’ll be able to access in most states are Flex Protector II (interest-sensitive whole life insurance) and Flex XV (a plan which can be used as qualified plans).

Flex Protector II

  • Fixed premium
  • Interest-sensitive
  • Can be used in certain qualified plans
  • Can be used in split-funded defined benefit plans

Flex XV

  • Fixed premium
  • Interest-sensitive
  • Can be used with qualified plans

Universal Life Insurance

Universal life insurance is a more flexible permanent life insurance option than whole life insurance, but it comes with less stability. The policy also has a cash value, as well as a guaranteed minimum interest – and flexible riders to customize your life coverage.

Pacific Life offers both indexed universal life insurance, and variable universal life insurance. While these two types of insurance are very similar, the main difference between the two is how the returns in the cash account are determined.

The main four universal life insurance products Pacific Life offers are:

Here’s a little bit more about each product:

Versa-Flex Venture UL

  • Death benefit protection
  • Offers financial flexibility (e.g., flexible premium)
  • Access to the accumulated value (e.g., via policy loans and withdrawals)
  • Helps address other concerns like outliving your retirement savings or developing a chronic illness
  • Optional riders available

Versa-Flex NLG

  • Death benefit protection
  • Predictable premiums
  • Financial flexibility – accumulated cash value grows tax-deferred
  • The policy stays in place – even if accumulated cash value drops below zero
  • Access to the policy’s accumulated value (e.g., via policy loans and withdrawals)
  • Optional riders available that help enhance your protection and your flexibility

Pacific Estate Preserver III

  • Indexed universal life insurance
  • Survivorship life insurance protection (financial protection to beneficiaries when both insureds have passed away)
  • Death benefit protection
  • Cash value potential
  • Optional features available

PL Promise GUL

  • No-lapse universal life insurance
  • Comes with a terminal illness benefit
  • Predictable premiums – with extra flexibility (you can pay higher premiums if you want to extend your guaranteed coverage)
  • Premiums can be paid one month early or late without impacting your insurance
  • Optional riders available

Variable Universal Life Insurance

Pacific Life’s variable universal life insurance is all about flexibility.

Not only will you get a death benefit protection, but you’ll also be able to choose from market-driven and guaranteed investment options, with guaranteed minimum interest.

As with the other Pacific Life products, availability depends on where you’re at, but the main products worth mentioning are:

Here’s a little more about each of these:

Pacific Select VUL-Accumulation

  • Flexible premium
  • Variable universal life insurance with indexed options
  • Adjustable cash value with the potential to grow
  • Potential supplemental income for your future life
  • Optional features

Pacific Select VUL

  • Variable universal life insurance with indexed options
  • Guaranteed death benefit
  • Varied investment options – from small-cap to international
  • You can manage your policy allocations
  • Great for mapping out the future

Pacific Select Survivorship VUL

  • Coverage on two lives
  • Wide range of investment options (including indexed investment options)
  • The death benefit may be used to help prevent the liquidation of estate assets
  • Market-driven earnings potential
  • Option to extend guaranteed coverage (with the No-Lapse Guarantee rider)

Pacific Prime VUL

  • The guaranteed tax-free death benefit
  • Cash value that has the potential to grow – and supplement your income
  • Many different asset allocation options available
  • Flexible life insurance coverage – choose it now, change it later

Pacific Life Financial Strength

Pacific Life has been around for over 150 years and has excellent financial strength according to ratings from major insurance rating companies, such as A.M. Best and Better Business Bureau.

This is reassuring for anyone looking to become a customer of Pacific Life. Financial stability and strength is a major factor in choosing a life insurance company.

Knowing an insurer is financially strong tells you they will be able to pay claims to your family, even if it’s 50 years from now.

Pros and Cons of Pacific Life Insurance

Here’s a list of things that are great about Pacific Life Insurance – as well as a few cons:


  • Easy electronic application
  • The application form is shorter than average
  • You can get the policy delivered by email
  • Offers unique features – coverage for chronic and terminal illness and disability waiver
  • You can perform various tasks online (changing address, updating beneficiaries, etc.)
  • Convertible policies – you can choose to convert your term life policy to a permanent life policy
  • Offers a wide variety of life insurance products – including whole and term life insurance


  • Can’t cancel your policy online – you’ll have to call
  • Application approval is average, not high – which means you’ll need excellent credit
  • Rates for some of the health conditions aren’t the best on the market

Is Pacific Life Insurance For You?

If you’re looking for competitive rates offered by an established company – Pacific Life may be the right option for you.

It is financially stable, has been going for over 150 years – and has superior ratings from all of the industry’s most recognized rating providers.

Their varied life insurance options mean that you’ll most likely find a cover that matches your specific needs and financial goals.

Additionally, with Pacific Life, you’re given extra peace of mind because you know you will be covered for a chronic illness or terminal illness with their “Living Needs Benefit.”

You can also perform many of the common changes to your account online – which is not something all insurers offer. Not having to jump on the phone each time you’re moving house makes life a little more convenient, doesn’t it?

However, if you’re a former smoker or have high blood pressure – Pacific Life doesn’t quite provide excellent coverage for these health conditions. They may issue a lower health rating, and the rates may be higher than offered by other insurers.

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