Pacific Life Insurance Company Review

Pacific Life has gained a reputation for offering exceptional universal life insurance policies, which includes their highly sought-after indexed universal life policies. Additionally, they have recently introduced new term products, including a convenient no medical exam term option.
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Pacific Life Insurance Company Review

Written by Brian Greenberg
CEO / Founder & Licensed Insurance Agent

Last updated: February 20th, 2023

Our take

Pacific Life was founded in California in 1868, and today they serve individuals and businesses by providing a variety of insurance policies, annuities, and investment opportunities.

Customers looking for affordable term life coverage will benefit the most from Pacific Life. Their rates are competitive across every age bracket, so even older applicants can be confident that they’re getting an affordable rate. They have no online application, and they also require a medical exam, but these inconveniences are offset by the rider options that can be used to customize your policy.

In short, Pacific Life is a great option for those looking for affordable term life insurance or those looking for the flexible investment of universal life insurance plans.

Pacific Life Insurance Company Details
A.M Best Rating A+
S&P Rating AA-
BBB Rating A-
Customer Service Phone 800-800-7646
Address Pacific Life Insurance
P.O. Box 9000
Newport Beach, CA 92658-9030

What we like

Affordable Prices at Every Age

While other insurance companies increase their rates for older customers, Pacific Life maintains competitive rates at every age bracket, making them a solid choice for affordable life insurance.

Varied Selection of Policies

Pacific Life offers a variety of policies, including universal policies for those interested in using their life insurance as an investment opportunity.

Ranked Highly by J.D. Power

Pacific Life has the distinction of being highly-regarded by J.D. Power, giving customers the confidence in the company’s consistent financial performance.

What we don’t like

No Online Application

Many customers are accustomed to the convenience of an online application or at least online quotes. Pacific Life does not provide this option. Applicants will also have to submit to a medical exam for their term life policy.

No Whole Life Policy for Individuals

The Flex 16 whole life option is only available through an employer. Customers looking for whole insurance from the open market will need to look elsewhere.

Universal Policies Aren’t Right for Everyone

Universal health policies are great if you know what you’re doing. But some customers may find the investment options of indexed policies disorienting, preferring to stick with traditional investment options such as their 401k or savings account.


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Pacific Life provides solid choices of term life insurance as well as universal life insurance plans. However, they currently only offer whole life coverage through employer-based insurance plans. Pacific Life offers term and universal insurance plans for individuals, as well as whole life policies as part of an employer-provided plan.


Promise Term

Term Life Details
Length of Coverage 10, 15, 20, and 30-year periods
Minimum Coverage: $50,000
Maximum Coverage: $1 Million
Estimated Time to Approval: 3-4 weeks
Product Features:
  • Level Premiums
  • Riders Available
  • Conversion Options
Brochure: Promise Term Brochure

Promise Term provides customers with a standard term life insurance policy, though it can be modified and enhanced with a variety of riders. This plan offers coverage ranging from $50,000 up to $1 million, and comes in 10, 15, 20, 25, and 30-year increments—though these term lengths decrease with the applicant’s age.

Level Premiums and Conversion Options

The premium stays level, and applicants have the option of converting to a permanent plan at the end of their term.

Medical Exam Required

Applicants can expect to answer medical questions during the application process, as well as undergo a medical exam prior to approval.

Elite Term

Term Life Details
Length of Coverage 10, 15, 20, and 30-year periods
Minimum Coverage: $750,000
Maximum Coverage: $3 Million+
Estimated Time to Approval: 3-4 weeks
Product Features: · Level Premiums

· Riders Available

· Conversion Options

Brochure: Elite Term Brochure

The Elite term comes in 10, 20, and 30-year terms, offering coverage ranging from $750,000 to $3 million or more. As with the Promise Term plan, applicants can expect to undergo a medical exam prior to approval.

Flex 16

Flex 16 is Pacific’s whole life insurance offering, intended for employer-provided life insurance plans. These aren’t for individuals to purchase apart from their employer. The Flex 16 plan offers a lifetime payment period as well as a fixed premium to ensure long-term stability.

Universal Life Insurance

Universal life insurance policies allow the policyholder to accumulate cash value on their plan, and this cash value can then be used to pay premiums.
Pacific offers two different universal life insurance plans:

  • Versa Flex Venture UL
  • PL Promise GUL

The latter includes a no-lapse guarantee rider, letting you extend coverage by paying higher premiums.

Indexed Universal Life Insurance

An indexed universal life insurance policy allows the insured to decide to assign cash value to either a fixed account of an equity-indexed account. Investment opportunities are available from well-known indexes, including the S&P 500 and Nasdaq-100. This allows the policyholder to accumulate cash value without reducing the death benefit. Because it’s based on market performance, this type of plan carries a greater risk, but it can be useful as a long-term investment strategy.

  • Pacific offers several indexed universal life insurance plans
  • Pacific Discovery Xelerator IUL 2L
  • Pacific Indexed Accumulator 6
  • Pacific Discovery Protector IUL
  • Pacific Indexed Estate Preserver 3

These can be great investment opportunities if you know what you’re doing. But many customers may find these procedures to be unfamiliar, choosing to rely on traditional investment strategies such as savings accounts, mutual funds, etc.

Variable Universal Life Insurance

A variable universal life insurance allows the policyholder to invest the cash component to produce greater annual returns. Unfortunately, this depends on the market, which means that there is no guaranteed return on the investment.
Customers who choose this plan can select from Pacific’s two choices:

  • Pacific Select VUL 2
  • Pacific Select Harbor VUL

As with other universal plans, this option may be unfamiliar territory for the average life insurance customer, who might wish to rely on other investment opportunities.

Life Insurance with Long-Term Care Benefits

Pacific also offers life insurance with long-term care benefits. If the insured requires long-term care, (whether at an in-patient facility or in their home) they may borrow from the death benefit to cover these expenses. The death benefit pays 100% if no long-term care is needed.

Policy benefits

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Pacific Life offers excellent riders, some of which are included in the insurance policy.

Conversion options

Term life customers can convert to a permanent policy up to 10 years after their term begins.


Accelerated Death Benefit Rider

If you are diagnosed with a terminal illness, you may receive a portion of the death benefit to cover medical bills and other end-of-life expenses. This rider is included at no cost with the Promise Term and Elite term policies.

Child Protection Rider

This rider provides life insurance to children as young as 15 days and as old as 18 years. Coverage can be as high as $10,000.

Disability Waiver of Premium Rider

If you are totally disabled as a result of an accident or qualifying event, you are exempt from paying your monthly premium for a set period of time. This rider lasts the length of your policy, but terminates once you turn 65.


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Pacific Life provides stable, affordable coverage across multiple age brackets. Pacific Life offers some of the most affordable term life insurance in the industry. Additionally, the level premiums offered in their term life insurance plans provide consistent coverage throughout the duration of the term. The available riders also add value, and the fact that the Promise and Elite term plans include an accelerated death benefit at no additional charge makes these policies very attractive.

Affordable Plans at Every Age

Pacific Life offers competitive rates at every age bracket. The following table illustrates the cost of a 20-year, $250,000 policy for a healthy man:

Age SBLI Estimate Industry Average
20-29 $25.00 $28.00
30-39 $28.00 $32.00
40-49 $56.00 $61.00
50-59 $137.00 $152.00
60+ $340.00 $504.00

*Note: Rounded to the nearest dollar. Figures are given for illustrative purposes only. For an individual estimate, contact Pacific Life.

With other companies, older applicants can experience a price jump at the age of 50 or 60. But with Pacific Life, rates stay competitive for every age group.

Premiums Fluctuate with Health Conditions

Of course, Pacific Life’s rates can still fluctuate with health conditions, and increase for applicants who smoke cigarettes. The policy will be most affordable to non-smokers with milder health problems such as sleep apnea or high cholesterol or those who struggle with anxiety and depression.


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Pacific Life’s high financial ratings foster confidence in the company and its products, making them a reliable choice for life insurance.

Financial ratings

Pacific Life is highly ranked by third party sources, including:

  • A.M. Best: A+
  • S&P: AA-
  • BBB: A-

In J.D. Power’s 2020 U.S. Life Insurance Study, Pacific Life ranked seventh out of 23 companies. These high financial ratings make Pacific Life a reliable, trusted insurance provider.

Customer reviews

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Pacific Life has a good track record of customer service, receiving fewer complaints than companies of a similar size.

Customer ratings
The National Association of Insurance Commissioners (NAIC) tracks complaints submitted to state insurance departments and scores them accordingly. A score of 1.0 is average. Pacific Life scored 0.09, meaning they received fewer customer complaints compared to other companies their size.

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