Pacific Life Insurance Company Review How Their Products, Pricing & Underwriting Compares

Pacific Life is a top-rated life insurer known for competitive term and GUL pricing, whether you’re in perfect health or managing certain medical conditions.

This review covers their products, rates, and underwriting strengths to help you decide if they fit.

With roots going back to 1868 and more than $1.3 trillion of life insurance in force, Pacific Life isn’t just another life insurance company—it’s a financial heavyweight. But the real question is: Does Pacific Life make sense for your situation?

In this in-depth review, we’ll break down everything you need to know—from their term life pricing and underwriting flexibility to how they handle high-risk conditions. By the end, you’ll know whether Pacific Life belongs on your shortlist—or if there’s a better choice for your needs.

Financial security is an important factor when choosing an insurance company. Pacific Life has consistently received strong financial strength ratings:

• Founded: 1868
• Headquarters: Newport Beach, California
• Assets: $191+ billion
• Life Insurance in Force: Over $1.3 trillion
• Structure: Part of Pacific Mutual Holding Company
• AM Best: “A+” (Superior)
• Fitch: “AA-” (Very Strong)
• Moody’s: “Aa3” (Excellent)
• S&P Global: “AA-” Very Strong)

These ratings place Pacific Life in the top tier of financially secure insurance providers, reassuring if you’re considering a policy that may be in force for decades.

Pacific Life is best known for its broad range of flexible life insurance solutions. Whether you’re looking for affordable term coverage or long-term permanent protection, they’ve got options.

This is their bread-and-butter term policy, and it’s designed to be both competitive and accessible:

• Available in 10, 15, 20, 25, and 30-year terms.
• Coverage starts at $50,000
• Competitively priced with strong underwriting for healthy and high-risk applicants.
• Convertible to a Universal Life policy anytime during the level premium period (up to age 70) without underwriting.

Why It Stands Out: Pricing is strong, even for high-risk applicants. If you’ve been denied elsewhere, this may be a second chance.

Looking for permanent protection that won’t lapse as long as you pay the premiums? PL Promise GUL might be your answer.

• Guaranteed death benefit to age 90, 100, 105, or 121
• Coverage starts at $25,000
• Optional Return of Premium (ROP) feature in years 15, 20, or 25.
• Cash value is not a focus—this is for protection.

Why It Stands Out: It is great for estate planning or as a final expense alternative, and it offers much better value than simplified issue policies like those offered by TruStage, Colonial Penn, or Gerber Life.

Pacific Life is a major player in the IUL space. Without direct exposure, these policies tie cash value growth to market indexes (like the S&P 500).

• Horizon IUL 2 – Focuses on death benefit guarantees.
• Horizon ECV IUL – Strong early cash value, ideal for business uses.
• Horizon Survivorship IUL covers two lives and is great for estate planning.

Why It Stands Out: Their IUL lineup is excellent if you are looking to fund future needs like retirement income or business succession.

Other top competitors for indexed universal life include North American, Lincoln Financial Group, and Corebridge Financial.

This hybrid policy blends permanent life insurance with long-term care coverage. You can tap into the policy for LTC expenses or pass the benefit to your heirs.

Pacific Life policies come with several options to enhance coverage:

• Accelerated Death Benefit Rider – Access a portion of the death benefit if diagnosed with a terminal illness (included at no extra cost).
• Waiver of Premium Rider – Waives policy premiums if you become totally disabled.
• Children’s Level Term Insurance Rider – Up to $10,000 in coverage per child.

One of Pacific Life’s biggest advantages is its favorable underwriting, especially if you’ve been declined or rated elsewhere.

• Accelerated Underwriting (No Exam)
  • Available for ages 18-60
  • Coverage limits: Up to $3 million (term) or $2 million (GUL)
  • May allow applicants to skip paramedical exams for faster approvals.
• Modified Underwriting
  • If you’ve had a physical exam and lab work within the past 12 months, Pacific Life may use those results instead of requiring a new paramed exam.
• Traditional Underwriting
  • If you don’t qualify for accelerated or modified underwriting, you’ll go through the traditional process, which includes medical exams and record reviews.

Pacific Life is competitive many situations, including:

Risk	Pacific Life Underwriting Approach
BMI	Accepts up to 33 (under age 65), 35 (65+)
HIV+	The most competitive company in the industry, Prudential is next.
Sleep Apnea	Mild/moderate OK with treatment
Scuba Diving	No flat extra under 130 ft
Private Pilots	Accepts up to 150 hours/year

Pacific Life recently updated its rate class names.

Old Rate Class Name	New Rate Class Name
Preferred Best No Nicotine	Super Preferred Non Tobacco
Preferred No Nicotine	Preferred Non Tobacco
Select No Nicotine	Standard Plus Non Tobacco
Standard No Nicotine	Standard Non Tobacco
Preferred Nicotine User	Preferred Tobacco
Standard Nicotine User	Standard Tobacco
No Nicotine Rated	Non Tobacco Rated
Nicotine Rated	Tobacco Rated

Pacific Life hits a sweet spot: strong pricing for healthy individuals and even more competitive rates for those with minor to moderate medical conditions.

While it’s not always the absolute lowest cost (companies like Banner and Protective often edge them out), Pacific Life beats others when you factor in the underwriting leniency.

Best Value: Healthy applicants with a red flag or two. Think controlled asthma, build issues, or a single medication for depression.

Pacific Life has improved its digital offerings in recent years, although it still lags behind the instant-decision platforms like Banner and Symetra.

• Digital Application: Yes
• E-Delivery of Policies: Yes
• Instant Approval: No
• Online Quotes: Through Agents

Pacific Life has a solid reputation for customer service, offering multiple ways to manage policies:

• Customer Service Phone Number: 800-800-7646
• Online Account Access: Available through Pac Life’s website
• Corporate Headquarters: 700 Newport Center Drive, Newport Beach, Ca. 92660

Pacific Life Foundation – Since its founding, the foundation has donated over $150 million to causes ranging from education and health to ocean conservation.

Recognition – In 2022, Pacific Life was named one of the World’s Most Ethical Companies by the Ethisphere Institute, a rare honor in the financial services industry.

Pacific Life is a strong choice for consumers looking for financially stable, flexible life insurance policies.

• They are a good fit for:
  • Underwriting for high-risk individuals
  • Term and universal life insurance pricing
  • Customizable IUL policies

Want to compare Pacific Life to other insurers? Get a free quote today and see if it’s the right fit for your needs.