Pacific Life Insurance Review

As one of the highest-rated large life insurance providers in the United States, Pacific Life Insurance is an excellent provider for anyone.

Even older adults may be looking to renew their coverage, reevaluate their options, or get coverage for the first time.

Why is Pacific Life such a good option for anyone making a first foray into the world of life insurance?

There are two main reasons.

The first is the company’s abundance of flexible options and coverage types.

And the other is the company’s competent and understanding representatives.

In this review:

About Pacific Life Insurance

Pacific Life is a well-known and established life insurance provider that offers a variety of coverage options.

The company has more than 150 years of experience in the life insurance industry.

It specializes in helping customers craft precisely the policy they need to build a safe and secure future for family members and employees alike.

Pacific Life Insurance (officially the Pacific Life and Annuity Company) serves every state except New York, though plans and add-ons may vary by state.

Additionally, the company offers a wide variety of investment-minded life insurance plans, which may appeal to those looking to grow their money through the life of their policy.

Among other things, its status as a mutual holding company means Pacific Life has a long and secure financial history.

So you can rest assured that your financial support will be there when your family needs it most.

Pacific Life, listed among the Fortune 500, was voted as one of the world’s most ethical companies.

Its employees have donated thousands of collective volunteer hours to help the communities they serve.

And the company also donates money to worthy charities.

Company Ratings

Pacific Life is known as one of the friendliest “large” life insurance companies to do business with.

In 2020, Pacific Life was rated the Best Life Insurance Company 2020 by Forbes Advisor.

And it has been reviewed by several life insurance rating industries, too. Here are the ratings it has received:

  • A+ rating from A.M. Best
  • AA- rating from Fitch
  • A1 rating from Moody’s
  • AA- rating from S&P Global

Customer satisfaction with Pacific Life is high as well, especially for such a large company.

Overall, the company receives noticeably fewer customer complaints than life insurance agencies of similar size.

Pacific Life Insurance Products Offered

Pacific Life Insurance truly shines when it comes to the abundance of plans and options it offers.

Pacific Life doesn’t just provide life insurance options, either. The company offers many annuity options and some mutual fund options as well.

We can divide Pacific Life’s options into three main categories: term life insurance, universal life insurance, and whole life insurance.

Term Life

Pacific Life’s primary term options are PL Promise Term and Pacific Elite Term.

Both of Pacific Life’s term plans have fixed premiums through the life of the term. And both are subject to some term limitations based on age.

For example, 30-year term eligibility ends at age 50 for the Pacific Elite term and age 55 for the Promise Term.

However, both plans offer easy conversions to permanent policies.

PL Promise Term

PL Promise Term is a less-expensive option that comes in five-year term increments ranging from 10 to 30 years.

PL Promise Term starts at $50,000 in coverage.

Premium payments can be made monthly, quarterly, semi-annually, or annually.

Pacific Elite Term

Pacific Elite Term comes in 10-year increments from 10 to 30 years.

Pacific Elite Term starts at $750,000 in coverage and increases to $3,000,000.

Premium payments can be made monthly, quarterly, semi-annually, or annually.

Universal Life Insurance

Pacific Life’s universal insurance options come in three types, two of which come with investment potential built-in.

The first is general universal life insurance. And the two investment options are indexed universal life insurance and variable universal life insurance.

As a general rule, the difference between universal life insurance and term life insurance is the premiums.

Universal life insurance is subject to changing premiums throughout the plan’s life. In contrast, the term life insurance is not.

Whole Life Insurance

Like universal insurance options, whole life insurance plans cover the customer until death (or until the coverage is terminated).

However, unlike universal options, whole life insurance is a fixed-premium option.

Pacific Life offers only one whole life insurance plan. It is called Flex 16, and it can only be obtained if your employer offers the plan.

Life Insurance Riders Offered

Pacific Life’s status as a large life insurance company means it has many customization options for its clients.

Not all life insurance rider options apply to every plan, and Pacific Life’s coverage options change all the time.

So keep in mind that this may not be an exhaustive list.

Term life insurance riders:

  • Accelerated Death Benefit
  • Children’s Level Term Insurance
  • Terminal Illness
  • Waiver of Premium

Universal life insurance riders:

  • 2% Interest Guarantee on Termination
  • Annual Renewable Term
  • Annual Renewable Term Rider – Additional Insured
  • Benefit Distribution
  • Children’s Term
  • Conversion Rider
  • Disability Benefit
  • Enhanced Performance Factor
  • Flexible Duration No-Lapse Guarantee
  • Lifetime No-Lapse Guarantee
  • No-Lapse Guarantee
  • Overloan Protection 3
  • Premier Living Benefits Rider
  • Premier Living Benefits Rider 2
  • Premier LTC
  • Return of Premium
  • Scheduled Annual Renewable Term
  • Short-Term No-Lapse Guarantee
  • SVER Term Insurance Rider Coverage
  • Terminal Illness

The only rider currently available for Pacific Life’s whole life insurance plans is the Conversion Rider.

Eligibility and Application Process

Unfortunately, Pacific Life tends to lag behind when it comes to convenient, internet-friendly ways to apply.

This is understandable because of Pacific Life’s many varied coverage options.

Which a member of Pacific’s team can likely explain best.

As a general rule, Pacific Life’s coverage and eligibility options are relatively lax.

They freely cover those with low-risk medical conditions, such as obesity or sleep apnea.

Their premiums do tend to be slightly higher than other competitors across the board.

Your only option to apply for a Pacific Life Insurance plan (and to see if you qualify) is to visit an insurance representative in-person at one of their locations.

Pacific Life may be able to answer simple eligibility and coverage questions for you over its toll-free life insurance hotline.

Once you have Pacific Life coverage, things get a bit easier. This is due to the company’s self-service online portal for customer convenience.

Pros and Cons of Pacific Life Insurance

Overall, as long as you don’t mind visiting an in-person branch and waiting a few weeks for life insurance approval, Pacific Life is an excellent option.


  • Policy Options + Add-Ons: Its many coverage plans and rider add-ons mean you have the highest possible chance of building exactly the plan you need.
  • Great Customer Service: Not to mention Pacific’s helpful and caring staff will do everything they can to help you create that perfect plan.
  • Nationwide Availability: Pacific Life’s nationwide availability does work in the company’s favor since it offers similar plans and add-ons in nearly every state (aside from New York).


  • No Online Application: However, its lack of online application options (even something as simple as a general quote or eligibility exam) may be off-putting to some people.
  • One Quote: Many life insurance applicants prefer to shop around for quotes before sitting down with any single insurance provider. But Pacific Life doesn’t allow you to do that.