Pros & Cons and Comparisons

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Pacific Life has operated for over 150 years and has solid financial ratings from third-party agencies like AM Best (A+) and S&P Global (AA—). Pacific Life offers several types of life insurance, including term life, universal life insurance, indexed universal life insurance, and variable universal life insurance. 

Business Insider compared it to the best life insurance companies and found it to be an average option. It offers a wide array of universal life insurance policies, though it has limited options for those looking for policies without medical exams.

Pacific Life Insurance Overview

Pacific Life offers term and permanent life insurance. With a particularly strong catalog of indexed and variable universal life insurance policies, Pacific Life may be a potential choice for those looking for long-term cash value growth. 

Pacific Life’s term life insurance is also worth considering for people with short-term life insurance needs. It offers up to $3 million in coverage without requiring a medical exam and can be converted to a permanent policy without an additional medical exam.

Since the company doesn’t have an online quote engine, you’ll have to work with one of its agents to get a quote or buy one of its plans. Customer reviews mention that Pacific Life has a long application processing time.

Pacific Life Insurance Pros and Cons

Pacific Life Insurance Pros

• A+ financial stability rating from AM Best
• Wide range of insurance options
• Term life insurance with flexible conversion options
• Up to $3 million in term life with no medical exam

Pacific Life Insurance Cons

• Cannot obtain quotes online
• Long application processing times
• Not available in New York

Pacific Life Insurance Plans Available

Pacific Life offers term life, universal life insurance, indexed universal life insurance, and variable universal life insurance. Most policies are available in all U.S. states except for New York. 

The chart below provides an overview of each type of life insurance you can get through Pacific Life and how they work.

Pacific Life Term Life Insurance

Term life insurance is a type of coverage that comes with fixed premiums and only lasts for a specific term. When the term of the policy ends, you can stop paying premiums, but you’ll no longer receive a death benefit or any other protections from your former policy.

Pacific Life offers term coverage from 10 to 30 years, and its policies are convertible to permanent life insurance later on. However, a medical exam is required for the initial coverage, and you cannot get a term life insurance quote without speaking with one of the company’s financial professionals. Types of term coverage from Pacific Life include:

• Pacific Elite Term: This plan offers 10, 20, and 30-year terms with level premiums. Coverage can be converted to permanent life insurance later on with no additional medical exam, and this policy type promises seamless underwriting.
• PL Promise Term: This plan is available in 10, 15, 20, 25, and 30-year durations with level premiums. It has multiple underwriting options, which means you may qualify for coverage without taking a medical exam. PL Promise Term is also convertible to permanent coverage within the term, as long as the policyholder is under 70. 

Pacific Life Universal Life Insurance

Universal life insurance is meant to be flexible, so your premiums and death benefits can be tailored over time to your needs. It also offers guaranteed death benefits and cash value that you can borrow against.

Types of universal life insurance from Pacific Life include:

• Versa-Flex Venture UL: This coverage promises flexible premiums, a guaranteed death benefit, and tax-deferred cash value growth. 
• PL Promise GUL: This policy offers flexible premiums and a guaranteed death benefit for an affordable price. It includes a no-lapse guaranteed until you turn 90 with the option to extend it until you turn 121.

Pacific Life Indexed Universal Life Insurance

Indexed universal life insurance offers death benefit protection and an investment component that bases cash value accumulation on an underlying index. Most Pacific Life IUL policies also offer a fixed interest account that guarantees a certain level of growth, which limits risk at the cost of potential growth.

Pacific Life says your policy’s cash value is protected against market losses, with most policies including a no-lapse guarantee window, which can be extended with a rider.

Indexed universal life policies available from Pacific Life include:

• Pacific Horizon IUL 2022: Designed to offer a long-term death benefit and supplemental retirement income potential.
• Pacific Horizon ECV IUL: Promises a death benefit with the potential for high early cash surrender value potential.
• Pacific Horizon Survivorship IUL: Provides a death benefit for two lives as well as long-term growth potential.
• Pacific Trident IUL: Built to offer flexibility and long-term death benefits.
• Pacific Discovery Xelerator IUL 2: Offers death benefit protection and competitive cash value growth potential.
• Pacific Indexed Accumulator 6 (PIA 6): Can benefit affluent customers who want death benefit protection and high early cash surrender value potential.
• Pacific Indexed Estate Preserver 3: Provides a flexible death benefit for two lives, as well as long-term growth potential.

Pacific Life Variable Universal Life Insurance 

Variable universal life insurance offers death benefit protection as well as an investment component that lets you allocate your funds based on your unique needs and goals. Pacific Life policies come with both market-driven and fixed options as well as guaranteed minimum interest crediting. 

Policy options that may be available in your state include:

• Pacific Protector VUL: Designed for efficient wealth transfers and comes with a guaranteed death benefit.
• Pacific Select VUL 2: Lets the insured tailor their investment strategy to their exact needs and risk tolerance.
• Pacific Harbor VUL: Designed for long-term growth potential.
• Pacific Admiral VUL: Created to offer a cost-efficient variable investment option with death benefit protection.

Additional Coverage Options (Riders)

Pacific Life offers a range of riders that can be added to some of its policies. These riders can help you customize your coverage to your needs and access a range of additional benefits.

• Accelerated Death Benefit Rider: Lets the insured access part of their death benefit early if they are diagnosed with a terminal illness.
• Benefit Distribution Rider: Gives beneficiaries guaranteed annual or monthly payments without the complexity or expense of setting up a trust.
• Children’s Level Term Insurance Rider: Adds on term life insurance coverage for dependents.
• Enhanced Performance Factor Rider: Applies to some Pacific Life policies that offer an investment component and can increase indexed interest crediting rates on a non-guaranteed basis.
• No-Lapse Guarantee Rider: Ensures the policyholder can add on a longer term of coverage with no lapse as long as they pay premiums.
• Waiver of Premium Rider: Can pause the required payments on a life insurance policy if the insured becomes disabled and unable to work.

How Much Does Life Insurance through Pacific Life Cost?

Pacific Life requires applicants to work with one of its agents to select a life insurance plan and get a quote. To find out exactly how much you will pay for coverage, you’ll need to contact a financial professional working with Pacific Life in your area. That said, you can get an approximate quote for term life insurance using Policygenius’ quote tool.

To get a better idea of how much Pacific Life costs, we used Policygenius’ quote tool to obtain quotes for a 20-year Pacific Life term policy with a $500,000 death benefit for a non-smoking applicant in excellent health. We compared them to the average cost of the same policy, according to Policygenius. 

How to File a Claim With Pacific Life Insurance

You can start the claims process with Pacific Life online by providing the following information:

• Insured’s full name
• Insured’s date of birth
• Insured’s date of death
• Policy numbers
• Funeral home name and contact information
• Your name and contact information

Note that finalizing a life insurance claim with Pacific Life will require a certified death certificate and not a copy. You typically get this form through your local health department, but the funeral home you work with may also be able to secure certified death certificates on your behalf. 

Some reviews of Pacific Life say the company doesn’t always pick up the phone and that customer inquiries aren’t responded to promptly. However, this is where your own life insurance agent can help. Since Pacific Life offers policies through local agents, don’t feel bad about contacting your agent if you have a question about claims or need help with another task.

Pacific Life also has a number you can call for help. You can reach out to the customer service line at 1-800-347-7787 Monday through Friday from 5 a.m. to 5 p.m. PST.

Pacific Life Insurance Customer Reviews and Ratings

Pacific Life has overwhelmingly negative reviews online, receiving an average of 1.3 stars on Yelp, where it has the most reviews. Reviewers complained about slow application processing times, poor communication, and difficulty receiving death benefits.

Online reviews of life insurance companies are often overwhelmingly negative, as people who leave reviews often only do so because they have something to say, which is usually negative.

Pacific Life placed 7th out of 21 life insurance companies in JD Power’s 2024 customer satisfaction survey, one spot lower than it placed in 2023. More concerning is that it scored a 657/1,000, which is 142 points less than its score in 2023. However, it’s still above the 2024 survey’s average, which is 648/1,000 (down from 790/1,000 in 2023).

That said, Pacific Life scored a 0.08 on the National Association of Insurance Commissioners’ Company Complaint Index, which means that it has far fewer complaints than expected given Pacific Life’s size and share of the market. 

Pacific Life Insurance Alternatives

Pacific Life vs. MassMutual

MassMutual is worth comparing to Pacific Life since it offers a similar range of coverage options and also uses a network of its own licensed agents. MassMutual sells term life insurance, universal life insurance and variable life insurance. However, it lacks indexed universal life insurance options, which you can find with Pacific Life. Pacific Life also offers a term life insurance policy that does not require a medical exam and can be converted to a permanent policy. 

MassMutual offers whole life insurance that builds cash value and pays out dividends that are likely but not guaranteed. In 2024, MassMutual paid out $2.2 billion in dividends and estimates that it will pay $2.5 billion in 2025.

If you’re curious how much MassMutual Life insurance costs, the company does offer some basic pricing for term coverage on its website. For example, a $100,000 MassMutual term policy that lasts 20 years can cost as little as $9.66 monthly for a healthy 25-year-old woman or $10.36 for a man of the same age. Quotes obtained from Policygenius for the same policy with Pacific Life indicate that a man would pay $18.41 monthly and a woman would pay $15.06 monthly.

When it comes to customer service, MassMutual placed ahead of Pacific Life, placing 4th in JD Power’s 2024 customer satisfaction survey, compared to Pacific Life’s 7th place ranking. 

Ultimately, Pacific Life is a better choice if you’re looking for no exam term life policies. However, if you’re looking for growth potential, want whole life insurance, or prioritize customer service, MassMutual may be the better option.

Read our MassMutual life insurance review.

Pacific Life vs. Bestow

Bestow is an online, term-only life insurance company. You can easily get a free quote online, and life insurance premiums start at just $11 monthly. You can’t get quotes as easily for Pacific Life, so Bestow is a more convenient option. 

However, Bestow’s offerings pale in comparison to Pacific Life’s, offering up to $1.5 million in no-exam term life coverage compared to Pacific Life’s $3 million limit. Additionally, Bestow’s policies are only available to applicants ages 18 to 60 and are not convertible. Meanwhile, Pacific Life’s no exam policy is available to applicants up to 80 years old and offers conversions for policyholders up to 70 years old. 

Between Pacific Life and Bestow, Pacific Life is the better choice, with higher death benefits and more flexibility. Even if you’re looking for term-only life insurance with a convenient application process, you can find better term life providers than Bestow. 

Read our Bestow life insurance review.

Pacific Life Insurance FAQ

Why You Should Trust Us: How We Reviewed Pacific Life Insurance

The four primary criteria Business Insider uses to review life insurance providers are affordability, customer service, reliability, and company offerings.

Companies receive five stars for cost when premiums are close to the industry average cost of life insurance. According to our article on the average cost of life insurance, a life insurance policy may run you about $40 to $55 a month. However, cheap life insurance doesn’t mean you’re getting quality coverage. So, we weigh affordability against the company’s offerings, customer service, and other factors.

We used the latest JD Power life insurance study to determine which company offers quality customer service. Approximately 3,000 life insurance customers score insurance companies yearly based on communication, interaction, price, product offerings, and statement satisfaction. Companies ranking above the industry average of 774 points have strong customer service.

We also used AM Best, a renowned credit rating agency, and the NAIC’s complaint index to evaluate a company’s financial stability and trustworthiness. AM Best tells us a company’s financial health, and the NAIC’s complaint index scores a company based on the aggregate total of complaints it receives.

Finally, we looked at what each company has to offer, including policy options, riders, and features like medical exam waivers. We also determined which demographic would most benefit from the company based on its products and prices.

Read more about how Business Insider rates life insurance.

Holly Johnson

Freelance Writer

Evelyn He

Compliance and Operations Associate