Pacific Life Insurance Company Review

By / March 29, 2024

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

Table of contents

Is Pacific Life a Good Insurance Company?

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 – “Aa3” (Excellent)
  • S&P Global – “AA-” Very Strong)

Ratings are subject to change. AM Best – 06/20, Fitch – 03/21, Moody’s – 07/21, 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.

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

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

In terms of policies, the following is available.

Are Pacific Life Policies Competitive?

PAC Life has a number of term life and universal life insurance options available for you.

PL Promise Term 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 insurance

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 $500k
  • Children’s Term Rider – $10,000 is available

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

PremierCare Choice

The PremierCare Choice policy is a whole life policy with long term care benefits.

Does Pacific Life Offer Accelerated Underwriting?

Pacific Life offers the PAL+ – Pacific Accelerated Life underwriting program.

The PAL+ program replaced the PL Swift and PL Smooth Sailing programs in 2022.

It is now possible to qualify for up to $3 million in term life insurance or $2 million in guaranteed universal life insurance.

While many accelerated underwriting programs are not available for nicotine users, Pacific Life’s program is available.

Underwriting will follow one of three paths:

  • Accelerated
  • Modified
  • Traditional

PAL+ Accelerated Life Underwriting

  • Ages 18-60
  • $50,000 – $3 million of coverage
  • Evidence of routine medical care in the past three years
  • Not previously rated or declined for life insurance.
  • No medical exams
  • No medical records
  • Choice of Online or Phone Health History Interview

PAL+ Modified Underwriting

The PAL+ Modified Underwriting requires that you’ve had a physical exam with lab results within the past 12 months.

Other aspects of the modified program include:

  • Available for ages 18-70
  • Up to $3,000,000 for term life insurance
  • Up to $2,000,000 for universal life insurance
  • Choice of Online or Phone Health History Interview

Traditional Underwriting

If you do not qualify for the accelerated or modified underwriting programs, your application will continue with traditional underwriting.

Traditional underwriting will require a paramed exam and medical records from your doctors.

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

  • Build – BMI to 33 up to age 65. BMI to 35 for ages 65+
  • Depression/Anxiety – Well controlled with two 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 sometimes be very good with underwriting.

How is Pacific Life Customer Service?

PAC Life is available to help you with your customer service.

Whether you need to make policy changes or update billing, etc., PAC Life is there to help.

The Customer Service Phone Number is 800-800-7646

You may log in to policy information online with Pacific Life – here

Pacific Life’s corporate headquarters is located at – 700 Newport Center Drive – Newport Beach, California 92660

Final Words

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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