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Pacific Life

pacific life insurance company

Is Pacific Life a Good Insurance Company?

Since 1868, Pacific Life has focused on helping its customers from its headquarters in Newport Beach, California.

With $191 billion in assets, and $1.2 trillion of life insurance inforce,

Pacific Life is a well respected leader in the industry.

Our review of life insurance companies like Pacific Life, covers many aspects of the company.

Financial Strength

  • AM Best – “A+” (Superior)
  • Fitch – “AA-” (Very Strong)
  • Moody’s – “A1” (Good)
  • S&P Global – “AA-” Very Strong)

Ratings are subject to change. AM Best – 06/20, Fitch – 03/21, Moody’s – 04/20, S&P – 12/20

Corporate Responsibility

The Pacific Life Foundation has donated more than $123 million during the last 36 years.

They have a grant program, contributing 467 grants totaling $7+ million in 2020.

In their local communities, Pacific contributes to the arts, community needs, ocean health, and marine mammals.

Pacific Life’s Diversity, Equity and Inclusion culture, has committed to the support of its employees.

In terms of policies, the following is available.

Pacific Term Life Insurance

PL Promise Term Life is offered by Pacific Life

  • Minimum Policy Size – $50,000
  • Underwriting Rate Classes
    • Preferred Best No Nicotine
    • Preferred No Nicotine
    • Select No Nicotine
    • Preferred Nicotine
    • Standard Nicotine
  • Term lengths available
    • 10-year term – Age 18-80
    • 15-year term – Age 18 – 75
    • 20-year term – Age 18 – 65
    • 25-year term – Age 18 – 60
    • 30-year term – Age 18 – 55
  • Conversion is available during the level guaranteed term period or until age 70, whichever comes first.
  • Riders available:
    • Accelerated Death Benefit Rider
    • Children’s Level Term Insurance Rider – 15 days to 18 years – $10,000 per policy.
    • Waiver of Premium Rider

Universal Life from Pacific Life

PL Promise GUL is a No-Lapse Guarantee Universal Life Insurance policy.

  • Minimum Face – $25,000
  • Issue Ages – 0-80
  • Guarantee Range from 90-121 is possible
  • Return of Premium Enhanced Surrender Value Rider
  • Waiver of Month Deduction Rider
  • Terminal Illness Rider – 75% of death benefit up to $500,000
  • Children’s Term Rider – $10,000 is available

The fact that Pacific will consider $25,000 in coverage is pretty unique as most companies do not offer that little coverage.

Does Pacific Life Offer Accelerated Underwriting?

While it’s not a true accelerated program, Pacific Life does offer their PL Smooth Sailing underwriting program.

This program is a non-medical program where paramed exams are skipped when you meet the criteria as described below.

PL Smooth Sailing Underwriting Criteria:

  • Age 50-69
  • $50,000 – $1 million of coverage
  • Comprehensive physical and blood work completed by your physician within the past 18 months.
  • There are no credit score checks.
  • All rate classes qualify, including substandard rates.

With the Smooth Sailing program, we complete a brief ticket, and then underwriting contacts you for a phone interview.

With underwriting, Pacific Life is competitive in many areas including:

  • Build – BMI to 33 up to age 65. BMI may go to 35 for age 65+
  • Depression/Anxiety – Well controlled with 2 or fewer medications.
  • Asthma – Mild asthma that is controlled
  • Sleep Apnea – Best rates for mild sleep apnea, and preferred for moderate/severe are possible.
  • Very competitive for Crohn’s and Ulcerative Colitis

Non-medical underwriting niches include:

  • Recreational scuba diving to 100 feet
  • Private pilots who fly 26-150 hours per year.

We always shop cases to Pacific Life as they can be very good at times with underwriting.

Pacific Life Customer Service

Telephone Number is 800-800-7646

Pacific Life login can be found – here

Address is 700 Newport Center Drive – Newport Beach, California 92660

Conclusion

Pacific Life Insurance Company is a highly rated company with many types of insurance policies to meet your needs.

Please take a few minutes to request a quote today.

We’ll show you how Pacific Life compares to other carriers and let you decide which company is best. Thank you.

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Last Updated – April 12, 2021