Pacific Life insurance review 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.
- Pacific Life offers a variety of universal life insurance policies, including indexed and variable options.
- The company has a strong financial strength rating of A+ (Superior) from AM Best.
- Pacific Life ranked above average in the J.D. Power 2023 U.S. Individual Life Insurance Study for overall customer satisfaction.
- Policies not available in New York.
- Pacific Life does not offer online instant quotes.
- The company boasts fewer complaints than expected for its size, indicating strong customer service.
New
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.
In February 2024, Pacific Life and State Farm announced a strategic alliance designed to empower authorized State Farm agents to provide customers with a variable universal life insurance product backed by the strength and stability of Pacific Life, one of the nation’s largest insurance companies. Both companies are Fortune 500 firms with strong financial ratings and a long history of fulfilling their financial promises. The alliance aims to enhance the suite of products available to State Farm customers, offering a powerful new option for protecting loved ones from unexpected financial burdens.
Pacific Life insurance review 2024
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 four 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
As you conduct your Pacific Life insurance review, here are a few key points to help you understand the company’s strengths and potential limitations.
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.
Pacific Life insurance riders
Although adding an endorsement — or rider — to your policy may increase your life insurance cost, riders can be an excellent way to personalize protection to meet your individual needs and financial goals. Pacific Life offers a plethora of rider options, including:
- Accelerated death benefit rider: If you are diagnosed with a terminal illness, this rider 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 rider 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: A conversion rider 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 states that your policy will remain active for your entire life as long as you make minimum premium payments.
Pacific Life customer satisfaction
The best life insurance companies offer more than affordable premiums. 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 an A+ (Superior) financial strength rating. This may help customers rest assured that, in the past, Pacific Life had enough reserves to fulfill its duties in paying out death benefits.
Pacific Life insurance customer 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 2023, the company's overall complaint index score is 0.08, with only five complaints in total. This could indicate that customers are generally happy with the company's service.
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Whole life insurance combines life insurance with an investment component.
- Coverage for life
- Tax-deferred savings benefit if premiums are paid
- 3 variations of permanent insurance: whole life, universal life and variable life include investment component
Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time.
- Fixed premium over term
- No savings benefits
- Outliving policy or policy cancellation results in no money back
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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
Our insurance editorial team includes licensed agents with decades of combined experience, and we used our intimate knowledge of the industry to conduct this in-depth Pacific Life insurance review.
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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.
What are real-life customers saying about Pacific Life?
To provide a clearer picture of the customer experience with Pacific Life, we've sourced real-life takes from Reddit and Trustpilot. These forums offer a space for candid discussions and personal anecdotes, giving potential customers insight into what they might expect from Pacific Life's services. While Reddit features a range of more positive discussions about user experiences with Pacific Life, Trustpilot reviews paint a more negative picture. This balance of perspectives can help potential customers make a more informed decision about Pacific Life.
*The quotes and citations included on this page have been verified by our editorial team and are accurate as of the posting date. Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate.
Pacific Life company details
Need to contact Pacific Life? Here are a few ways to do so:
- Customer service: 1-800-347-7787
- Mailing address: Pacific Life Insurance Company, P.O. Box 2030, Omaha, NE 68103-2030
- Company website: pacificlife.com
State availability
Pacific Life offers life insurance policy options in 49 states, with the exception of New York. For details on specific policy types and product availability in your state, it's best to consult Pacific Life directly.
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.
Frequently asked questions about Pacific Life
