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Pacific Life Insurance Review

Pacific Life Insurance

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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Pacific Life Insurance happens to be one of the country’s oldest insurance companies. Founded in 1867 in California, it began offering life insurance policies in 1885.

Today, Pacific Life ranks as the ninth-largest insurance company in the U.S. in terms of sales.

In this Pacific Life Insurance Company review, we will discuss their products, services, and ratings to find out if they offer the best policy for you.

Is Pacific Life a Good Insurance Company?

The company has excellent ratings from all the major insurance rating organizations.

Moody’s Investor Service gave it an A1 rating. A.M. Best and Fitch both gave the company a rating of A+, while Standard & Poor’s gave Pacific Life Insurance an AA rating.

Even though the insurance company isn’t accredited by the Better Business Bureau, the BBB still gave it an A+ rating.

Pacific Life Insurance Products

Though its life insurance products vary according to state, the insurance company offers the following life insurance policies to American residents.

Pacific Term Life Insurance

Pacific Life Insurance’s term life policy is split into two, the Promise and Elite term.

The premiums for both parts remain level during the term periods, which last between 10 and 30 years. With both terms, you retain the option to convert to a permanent policy without undergoing a medical exam or paying any additional fees.

But there are several differences.

The Promise term starts with coverage of $50,000 and has five-year period term increments. Applicants have to be at least 18 and each premium period term has a different upper age limit.

The upper limit for the 10-, 15-, 20-, 25-, and 30-year premium periods is 80, 70, 65, 60, and 55 years, respectively.

On the other hand, the Elite term option has ten-year period term increments and starts with coverage of $750,000. The upper age limit is also different. The limit for a 10-, 20-, and 30-year term is 75, 65, and 50 years, respectively.

Pacific Whole Life Insurance

This policy includes a lifetime payment period, fixed premiums, death benefit protection, and a tax-free death benefit that the company pays out to your designated beneficiaries.

You can only purchase Pacific Life Insurance’s whole life insurance policy through one of the company’s agents. Because they can take you through the coverage amounts and various age restrictions.

Pacific Universal Life Insurance

There are eight different universal life insurance products you can purchase, which include:

  • Versa-Flex Venture UL
  • PL Promise GUL
  • Pacific Discovery Xelerator IUL 2
  • Pacific Indexed Accumulator 6
  • Pacific Discovery Protector IUL
  • Pacific Indexed Estate Preserver 3
  • Pacific Select VUL 2
  • Pacific Select Harbor VUL

The Venture UL and Promise GUL are categorized as universal policies. The Select VUL 2 and Select Harbor VUL are variable universal life insurance policies.

The remaining four policies are classified as indexed universal life insurance policies.

The universal policies offer cash value accumulation as well as death benefit protection. You could also get guaranteed minimum interest rates and flexible payment options.

The policies also allow you to take out a loan against your policy’s accumulated cash value.

With the variable universal insurance policies, you could get tax-free benefits supplemental income potential, and tax-deferred cash value growth.

Indexed universal insurance policies offer a guaranteed minimum interest rate and grant you the option of customizing the coverage and premiums according to your individual needs.

The different age requirements and coverage amounts involved in each of the universal life insurance policies are best discussed with a company agent.

Pacific Life Insurance Riders

On top of the basic coverage each of the mentioned life insurance products offers you, the company also includes additional coverage options that you can select, depending on your preferences and needs.

Some of the available life insurance riders include:

  • Child Rider: Should you lose your child, this rider would enable you to cover the medical bills and funeral costs you may incur.
  • Living Needs Benefit Rider: If you become disabled, this rider will accelerate your life insurance. You can draw from the benefits to cover medical and non-medical expenses without having your unpaid premiums deducted.
  • Accidental Death Benefits: Should your death result from an accident, this rider provides your beneficiaries with additional protection and would see the company double or triple your policy’s payout amount.

Pacific Life Insurance also makes other riders available to you depending on the life insurance product you purchase.

For instance, the Promise term policy makes terminal illness, children’s level term insurance, and waiver of premium riders available.

Should you choose the whole life insurance product, the company will offer you the conversion rider.

The different universal life insurance policies also have respective rider options included.

The return of premium, terminal illness benefit, lifetime no-lapse guarantee, and disability benefit riders are some of the options you could get with the universal life policy.

The benefit distribution and enhanced performance factor riders are some of the company’s indexed universal insurance options.

On the other hand, the variable universal insurance policy gives you access to riders such as premier living benefits, benefit distribution, premier LTC, and annual renewable term riders.

Eligibility and Application Process

Though there are certain age restrictions, Pacific life insurance might waive medical examination for policies up to $2,000,000.

However, as far as premiums go, the amount will vary depending on your age at application, overall health, medical history, payout, coverage, and the riders you have included in your policy.

Your premiums will cost more if your policy has a high payout and several riders. On the other hand, selecting minimal coverage and a small payout will lower your premiums.

Also, because younger applicants spend a longer time paying into the risk pool before drawing on it, their premiums tend to be lower.

Unfortunately, the company does not advertise their rates.  You can however use our life insurance calculator on this page to get the Pacific life insurance rates.

You should note that some of the company’s products are not available in certain states.

Pros and Cons of Pacific Life Insurance


  • Strong rating and long history inspire confidence
  • Extensive range of life insurance products, coverage options, and insurance riders
  • The company offers various investment opportunities
  • An excellent option for customers who have great credit


  • The extensive selection can be confusing for many
  • Not available in every state
  • Minimal online customer service
  • Most policies are better suited to high net-worth individual or corporate life insurance needs
Doug Mitchell, CLU

Doug Mitchell, CLU

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent close to 30 years in the life insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health. Some other notable items about Doug: Top of the Table Million Dollar Round Table member (MDRT). (MDRT is a global, independent association of the world’s leading life insurance advisors) | Premier Partner with Lincoln Financial and Cabinet Member | Served two years as President of the Auburn/Opelika Association of Financial Advisors | Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award | New York Life, Executive Council Member | Currently serves as President of Ogletree Financial, a life insurance General Agency. | Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

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