Pacific Life Insurance Company Review

In this article...
  • The Pacific Life Insurance Company offers solutions and services for clients with varying needs. Learn how you may benefit from a Pacific Life Insurance plan.

Consumers may recognize the Pacific Life Insurance Company by its familiar humpback whale logo, which embodies the firm’s dedication to the health of the world’s oceans. This well-established company offers solutions and services to individuals and businesses, and serves more than half of the 100 largest companies in the United States. Learn how you may benefit from a Pacific Life Insurance plan.

About Pacific Life Insurance Company

For more than 150 years, the Pacific Life Insurance Company has provided clients with life insurance and retirement solutions, helping them safeguard the financial future of their families and businesses. In 2020 alone, the company paid out around $3 billion in benefits.

In addition to having a stable financial profile, Pacific Life maintains a strong culture of corporate social responsibility and is dedicated to making a positive impact on the environment. The company values sustainable business practices and consistently supports marine mammal conservation. Its Pacific Life Foundation funds and advocates for marine research and other ocean-inspired conservation efforts. To date, it’s donated more than $16 million to related causes.

What Life Insurance Products Does Pacific Life Insurance Company Offer?

Although the Pacific Life Insurance Company is known for providing life insurance solutions, it also offers several other investment products and services for individuals and businesses, including:

  • Annuities: Pacific Life's annuities are designed to provide a reliable retirement income based on each client's preferences and needs. The company offers variable, fixed and fixed indexed annuities, and annuity owners may opt for an immediate or deferred income stream.

  • Mutual Funds: Pacific Funds are Pacific Life's family of mutual funds. Each of these funds lets investors diversify to generate income and meet long-term financial goals. The company offers an array of investment options, with strategies that range from conservative to aggressive.

  • Commercial real estate services: Pacific Life can provide crucial resources for corporate real estate transactions, including analytics, asset origination and project inspections and reviews. The company also offers mortgages to commercial property developers.

  • Employee investment solutions: The Pacific Life Insurance Company also works with businesses of all sizes to help them provide pension plans and other investment solutions to their employees.

Life Insurance Solutions

Pacific Life’s life insurance offerings include a comprehensive selection of coverage options designed to satisfy clients’ varying needs. Products include:

  • Term life insurance: Term coverage through Pacific Life provides protection only for a specified time period. If the insured dies during the contractual term, the designated beneficiaries receive the policy's death benefit. These plans offer fixed premiums and tax-free death benefits. Conversion riders may be available, letting policyholders convert term coverage to permanent coverage.

  • Whole life insurance: Pacific Life’s whole life plans offer fixed premiums, guaranteed interest rates and a cash value component that may be withdrawn or borrowed against as it grows. As long as premiums are paid as contracted, these plans guarantee a death benefit payment.

  • Universal life insurance: Universal life policies feature flexible premiums, guaranteed minimum interest rates, and the option to customize coverage to your needs. These plans also include a cash value component that a policyholder may withdraw or borrow against as funds accrue.

  • Indexed universal life insurance: IUL plans typically perform based on the performance of stock market indexes such as the Dow Jones and S&P 500, but Pacific Life’s policies offer protection against market-based losses. These plans also feature flexible premiums options.

  • Variable universal life insurance: Variable universal life policies are designed for investors who value flexibility. Policyholders may choose to receive market-based returns or opt for a fixed performance structure with a guaranteed minimum interest rate. Policy allocations may be adjusted to suit a policyholder’s needs and risk tolerance.

Customers who want to purchase additional benefits may do so through riders, which are available for most policies. Depending on your plan, you may be able to supplement your coverage with:

  • Annual renewable term riders
  • Children’s term coverage riders
  • Terminal illness riders
  • Benefit distribution riders
  • Conversion riders
  • Living benefit riders

Although most of these supplemental benefits must be added on at the time of initial purchase, some riders, such as children's term coverage, may be purchased at a later point. 

The Pros and Cons of Pacific Life Insurance Company

Doing business with a company that boasts more than 150 years in the industry has certain advantages. Pacific Life Insurance Company offers clients a high level of experience in insurance and estate planning services, and website visitors looking for educational opportunities may appreciate the company’s extensive database of complimentary insurance, career, and investment articles. Pacific Life also offers policyholders an array of online policy management tools, which let clients view statements, make premium payments, request withdrawals and update their beneficiaries.

On the downside, the company hasn't fully committed to fulfilling the needs of digital consumers yet. Quotes aren't available online, and the company’s permanent plans must be purchased through an authorized agent. It's also worth noting that many of Pacific Life's products aren’t offered in New York.

Pacific Life Insurance Company Reviews: What People Are Saying

Although few consumer comments are available online for the Pacific Life Insurance Company, the firm received an above-average customer satisfaction ranking in J.D. Power’s life insurance study. In addition, reviews by industry professionals praise the company’s customer service standards and note its wide selection of coverage options. However, many industry reviews comment negatively on the lack of an online quote tool.

Is a Pacific Life Insurance Company Life Insurance Policy Right for You?

If you'd like to purchase coverage from a company that offers a comprehensive selection of policies and has a strong customer service record, a policy from the Pacific Life Insurance Company may be a good bet. In 2021, the company ranked fourth in J.D. Power’s overall customer satisfaction index. A policy from Pacific Life may also appeal to consumers who want to invest money with a company that values corporate social responsibility and is pursuing sustainable environmental practices.

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