Pacific Life Insurance Review - 150 Years of Protection

Written By:

Last Updated:Jun 06, 2024

Pacific Life Insurance Review - 150 Years of Protection

Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.

Fast Facts

Diverse Policy Options:

Including life insurance, annuities and mutual funds.

No Online Quotes:

Customers must contact a representative to receive premium quotes.

Strong Financial Ratings:

The company holds an A+ rating from A.M. Best.

Positive Reviews:

The company generally receives favorable customer satisfaction reviews.

Customizable Plans:

Wide range of riders available.

Established Provider:

Pacific Life has been operating since 1868.

Investing in life insurance is a protection everyone should have in place. No matter your age, ensuring your family and loved ones are financially protected if the worst happens is extremely important.

There are many different life insurance companies, types of life insurance, and customizable options, so finding the right plan can feel overwhelming. To help, I’ll walk you through the options offered by one of the top names in life insurance — Pacific Life. This Pacific Life Insurance review covers everything about the insurance provider and will help you decide if it is worth considering.

What is Pacific Life Insurance?

Pacific Life Insurance Company, based in Newport Beach, California, has been a trusted name in the life insurance industry for 150 years. It has over $199 billion in assets, making it financially stable. Each year, it donates over $8 million to communities nationwide. In 2023 alone, it paid $18 billion in benefits to policyholders and is one of the best life insurance companies based on financial strength.

In addition to life insurance coverage, Pacific Life also offers mutual funds and annuities. It also offers real estate investment and pension risk-transfer solutions. Its financial strength ratings are also impressive, with an A+ from A.M.Best and AA- from Fitch and S&P Global.

Life insurance that's simple and affordable

Up to $2 million in coverage

Get covered in 5 minutes.
95% of customers approved.
No Hassles. No Gimmicks. Easy Application.
Non-Commissioned Agents.
Ages 20+
100% Online Application.
Fast Coverage.

Get an estimate

How does Pacific Life work?

Pacific Life offers four different types of life insurance:

Indexed universal life insurance - Best for anyone looking for flexible premiums who also want growth potential with index-based interest.
Variable universal life insurance - Best for anyone looking for flexible premiums and a wide selection of variable investment types.
Universal life insurance - Best for anyone looking for cash-value life insurance with flexible premiums and death benefit protection.
Term life insurance - Best for anyone looking for a policy that lasts over a set period with fixed premiums and death benefit protection.

Suppose you want more information on a specific life insurance product or are ready to enroll in a policy. In that case, you’ll enter your zip code in the “Find a Financial Professional” field, where you’ll be linked to nearby Pacific Life insurance providers near you. You can reach out directly to receive a quote or start your application.

How much does Pacific Life insurance cost?

Pacific Life does not allow you to obtain online quotes. You’ll need to contact an insurance provider near you to secure quotes. Since Pacific Life offers many life insurance policy options, you can work with a financial professional to find a plan that meets your life insurance goals and fits your budget.

Pacific Life Insurance features

Universal and variable life insurance plan options

I love that Pacific Life offers many products making it easier for anyone to purchase a variable or universal life policy that fits their lifestyle. Their flexible products allow many customizations, such as insuring spouses on one policy and choosing investment funds.

Fixed and flexible premiums

Another benefit Pacific Life offers is two different types of insurance policy options: fixed or flexible premiums. While some might need more predictability in payments and opt for a fixed plan, others might enjoy overall savings by signing up for a policy with flexible premiums.

Workplace benefits

In addition to its extensive life insurance products for individuals, Pacific Life also offers workplace life insurance benefit plans.

Who is Pacific Life Insurance best for?

Anyone looking for competitive rates

Although Pacific Life does not publish its rates online, it is well known for its competitive market rates, which make it an ideal option for some low—and middle-income families who might think they cannot afford effective life insurance policies.

Anyone looking for investment options

Pacific Life is worth researching if you’re looking for a life insurance plan that offers investment options. It offers a few different products with investment potential and lets you choose from a list of investment funds.

Who shouldn’t use Pacific Life Insurance?

Anyone located outside the Pacific Life service area

While Pacific Life caters to most of the country, some zip codes are outside the Pacific Life umbrella. Check your zip code on their online search to determine if you’re eligible for a Pacific Life insurance plan.

Anyone looking for the most affordable insurance option

Pacific Life has competitive pricing, but it’s not the most affordable life insurance provider. If you’re looking for bare-bones, inexpensive life insurance, I’d recommend looking at other providers.

Life insurance that's simple and affordable

Up to $2 million in coverage

Get covered in 5 minutes.
95% of customers approved.
No Hassles. No Gimmicks. Easy Application.
Non-Commissioned Agents.
Ages 20+
100% Online Application.
Fast Coverage.

Get an estimate

Pros and cons

Pros

Vast product selection. Pacific Life really offers one of the most diverse product selections out there, allowing you to find the life insurance plan that makes the most sense for your wallet, financial goals, and familial needs.
Strong financial backing. Since Pacific Life is one of the top names in insurance, you won’t have to worry about the financial backing of this company. It is one of the most trusted names in the insurance world, which gives them a confident edge over new and online insurance competitors.
Positive customer reviews. Overall, Pacific Life has fairly positive customer satisfaction reviews, with few negative company reviews when compared to competitors.

Cons

No online application. I wish Pacific Life allowed you to apply for a policy directly online. While it tries to make finding an insurance provider near you as simple as possible, there are many competing insurance providers that allow you to apply directly online, saving you time in the signup process.
No online rates or quotes. Another online feature lacking from Pacific Life is an online quote feature or published rates. While policies will always vary from person to person, it would be nice to have a baseline number to use when comparing other policies.

Pacific Life Insurance vs. competitors

Insurer	Online Calculator	Cash Payouts	No. of Life Insurance Products
Pacific Life Insurance	Yes	Yes	4
Northwestern Mutual	Yes	Yes	4
Chubb Life Insurance	No	Yes	1

Life insurance calculator

Deciding how much life insurance you need, what premiums you can afford, and how much you should contribute to an IRA or other retirement fund can feel overwhelming. Pacific Life offers free calculators to help you better plan for your future and decide how much money you can save and where it should go.

Workplace and employee insurance

Pacific Life offers whole life insurance options for workplaces that allow employees to select their own life insurance benefit plans.

Cash payouts

Cash payouts are available through many Pacific Life Insurance policy products (restrictions may apply).

Number of life insurance products

One main advantage of Pacific Life over its competitors is its many life insurance policy options. In addition to offering four life insurance products, Pacific Life allows you to customize your plan even more to best suit your family’s needs.

FAQs

What types of life insurance are there?

There are typically three types of life insurance policies to choose from. These types include whole, universal, and term life insurance policies. Whole life insurance offers coverage for the rest of your life and has set premiums. Universal offers a similar structure, but with flexible premiums. Term life insurance offers coverage for a specified period of time, such as 10- or 20-year terms, and may have fixed or flexible premiums.

What questions will you be asked when applying for life insurance?

When applying for a life insurance policy with Pacific Life or another insurance provider, you’ll need to be able to provide general background information, medical history, driving history, work history, drug/medication usage, and family background. Your answers will be used to determine your insurance rate.

What’s the highest amount of life insurance you can get?

While the exact amount of life insurance you’re eligible for will vary from person to person and provider to provider, in general, you can expect a maximum of 25 times the amount of your annual income.

Is term or whole life insurance better?

There’s no simple answer to this question, but the choice will depend on your specific situation. While whole life insurance offers more coverage and benefits than term, it often costs more. Term, however, might be a good option if you want to cover a set amount of time in which you’ll be a primary family provider and your children or spouse will be dependents.

How long do you need to have a life insurance policy before you can use it?

Some life insurance policies kick in immediately after enrolling, but others take one to two years.

Life insurance that's simple and affordable

Up to $2 million in coverage

Get covered in 5 minutes.
95% of customers approved.
No Hassles. No Gimmicks. Easy Application.
Non-Commissioned Agents.
Ages 20+
100% Online Application.
Fast Coverage.

Get an estimate

The bottom line

Finding the right life insurance policy is important in protecting your family in the worst case. Pacific Life offers several life insurance options to help you find the right plan for your family. While Pacific Life does offer competitive rates and investment options, if you’re focused on finding the most affordable option, it’s worth obtaining life insurance quotes from online lenders and local insurance providers to compare quotes and coverage amounts.

Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.

Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.

We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.

Images appearing across JoyWallet are courtesy of shutterstock.com.

Courtney Johnston is a freelance writer, specializing in finance, travel, and health. She has written for The Chicago Tribune, Benzinga, BestReviews, Mashvisor, Fundera, MoneyGeek, and The Culture Trip. She also teaches writing instruction at the University of Indianapolis. Courtney currently resides in Indianapolis.

Share this article