Pacific Life Insurance Review
Pacific Life, founded in 1868 by Leland Stanford, is now the third-largest life insurance provider in the U.S., with $1.5 trillion in policies in force as of 2024. The company offers a range of permanent life options, with a focus on indexed universal life insurance policies (IUL) tied to stock market indexes like the S&P 500.
Types of Pacific Life Insurance
Pacific Life offers term and permanent life insurance policies in all states except New York. Their term life insurance options include:
- PL Promise Term: Level premiums for 10 to 30 years, with a minimum death benefit of $50,000 and an accelerated death benefit rider included.
- Elite Term: Level premiums for 10, 20, or 30 years, with the ability to convert to a cash value life insurance plan.
For permanent life insurance, Pacific Life offers various universal life policies, including:
- Venture: A universal life policy with flexible premiums and an optional no-lapse guarantee rider.
- PL Promise: A guaranteed universal life policy that can’t lapse if minimum premiums are paid up to age 90.
- Indexed Universal Life (IUL) policies, such as Pacific Horizon IUL 2 and Pacific Trident IUL, which offer potential for long-term growth with some guarantees.
Pros and Cons of Pacific Life Insurance
Pros:
- Term life policies can be converted to universal policies up to age 70.
- Various investment choices for universal policies.
- Offers long-term care insurance and annuities.
Cons:
- Term life quotes are not available online.
- Not available in New York.
- High volume of complaints relative to its size.
Customer Service and Complaints
Pacific Life’s customer service is mixed. While it scored well in J.D. Power’s 2024 individual life insurance study, it received a B- from the Better Business Bureau due to a lack of response to customer complaints. The company also has about four times more complaints than expected for an insurer of its size, according to the National Association of Insurance Commissioners.
Comparison to Other Insurers
Pacific Life is comparable to other major life insurance companies like MassMutual and Prudential. While Pacific Life excels in universal life insurance options, Prudential offers a wider array of coverage types, including final expense policies and term life plans with no medical exam.
Buying Life Insurance from Pacific Life
To purchase a Pacific Life policy, you must work with a financial professional. The process involves discussing your options, choosing a policy, providing personal information, setting up payments, and naming beneficiaries. A medical exam is typically required.
Conclusion
Pacific Life is a solid choice for those seeking universal life insurance policies, with robust options and flexible features. However, its lack of online quotes and availability issues in New York may be drawbacks for some customers. When considering Pacific Life, weigh its pros and cons against your individual needs and compare it with other insurers to find the best fit.
