Pacific Life vs. Transamerica Life Insurance

In this article...
  • Pacific Life and Transamerica are two of the most reputable life insurance companies in the U.S. Read our comparison review of Pacific Life vs. Transamerica to help determine which one may be best for you.

You might be quick to assume that life insurance is life insurance, and the only real differentiator between plans is the premium you’re required to pay each month.

There’s a lot more to it than that, however. Not all life insurance plans are the same, nor are the insurance companies that sell them.

In our review of Pacific Life vs. Transamerica Life Insurance, we highlight the types of policies that each company offers, their respective terms and conditions and more.

Certain life insurance companies are often better suited to a specific need, so hopefully this guide will help you determine whether Pacific Life or Transamerica is right for you.

Pacific Life Insurance Company

Pacific Life was founded in 1868 and sells several types of insurance and financial products:

  • Term life insurance
  • Permanent life insurance
  • Annuities
  • Other investment products
  • Long-term care insurance

Pacific Life is one of the most reputable insurance companies in the U.S. and has strong financial ratings from some of the leading credit agencies:1

  • M. Best:­ A+ (Superior)
  • Fitch: AA- (Very Strong)
  • Moody’s: Aa3 (Excellent)
  • S&P Global: AA- (Very Strong)

Term life insurance policies from Pacific Life come available in 10-, 15-, 20-, 25-, or 30-year terms and may be converted to a cash value policy up to 10 years after its effective date. Term policies can also be converted to permanent coverage later in the policy’s lifetime.

Pacific Life offers optional riders including those for accelerated death benefits, child protection and a disability waiver of premium. Customers can have their premiums remain level for the life of the coverage or even have them lowered if their health improves.

Pacific Life premiums are on the low end of the industry and remain affordable for those with heavier builds and people with anxiety, depression, high cholesterol and sleep apnea. 

However, Pacific Life does not offer guaranteed issue life insurance policies, and Pacific Life whole life insurance is only available through a workplace plan, which means you can’t buy one on your own as an individual.

Two downsides of Pacific Life: They do not offer accelerated underwriting, and the company website does not offer a way for shoppers to receive instant quotes.  

Transamerica Life Insurance Company

Transamerica was started in 1906 and is one of the largest life insurance companies in the world. Transamerica offers term life insurance, whole life insurance, final expense policies and universal indexed life insurance.

Transamerica Life Insurance Company has strong credit ratings from the top financial ratings agencies, which reflect Transamerica’s stability and financial security:2

  • M. Best: A
  • Moody’s: A1
  • S&P Global: A+

Transamerica allows customers under the age of 70 to purchase smaller term life insurance policies with no medical underwriting.

Policy term limits can be 10, 15, 20, 25 or 30 years and are convertible to a whole life policy.

Transamerica life insurance premiums may be slightly higher than those from Pacific Life, but they are typically still competitive with industry averages. Your rates can be reconsidered if your health improves, and even smokers and those with certain conditions can still maintain affordable rates with Transamerica. 

The National Association of Insurance Commissioners (NAIC) tracks customer complaints submitted to state insurance departments. Transamerica has a slightly higher than average number of complaints, and the company’s policy turnaround time and the amount of time it takes to pay a claim are reported to be slightly longer than the industry average.  

Choosing Between Pacific Life and Transamerica 

Both Pacific Life and Transamerica have plenty to offer. Both companies have strong financial ratings, multiple life insurance products from which to choose and affordable premiums, even for those with pre-existing conditions.

Pacific Life does not offer final expense insurance or guaranteed issue policies, so anyone shopping for such products may need to look toward Transamerica or another insurance company. 

Transamerica policies may cost slightly more than those with Pacific Life, and Pacific Life has a lower rate of registered complaints and a quicker turnaround time for its policies than Transamerica. 

If it’s more options and customization you want, Transamerica may be the choice for you. If you’re after the lowest rates and value the best customer experience, Pacific Life may be a company to consider. 

Call to speak with a licensed insurance agent who can help you compare plans. An agent can talk you through the product details, costs and terms of life insurance plans available where you live and help you zero in on the right policy for your needs. 

  1. Pacific Life. Insurance Ratings. Retrieved on March 15, 2022, from

  2. Transamerica. Financial Strength Ratings. Retrieved March 15, 2022, from

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