Pacific Life Insurance Company Review

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Company Overview

Pacific Life Insurance Company has been in business for more than 145 years. It is headquartered in Newport Beach, California with over 3,000 employees. The first offering of Pacific Life was accident insurance which it began offering in 1885. The company consolidated with Conservative Life out of Los Angeles, California in 1906.

The company now offers a wide range of life insurance products, annuities, pension plans, mutual funds and other financial products to individuals and businesses.

Pacific Life is a Fortune 500 company with over $1.4 billion paid in insurance and annuity benefits and more than $7 billion in operating revenues. It ranks the 4th largest U.S. life insurance company in sales. Pacific Life’s motto is “the power to help you succeed.”

Pacific Life subsidiary companies include: Aviation Capital Group Corp., Pacific Asset Management, Pacific Life RE Limited and Pacific Select Distributors, LLC. Pacific Life Insurance Company has donated more than $84 million over the past thirty years to help low-income communities through The Pacific Life Foundation.

Financial Stability Ratings and Customer Service Ratings

Pacific Life has excellent financial strength ratings from these major insurance rating organizations:

 The Better Business Bureau gives Pacific Life Insurance Company its “A+” rating although the company is not accredited with the BBB.

There is not a great deal of information on the BBB site about Pacific Life but there are few customer complaints listed.

Life Insurance Products

Pacific Life Insurance Company offers the following individual life insurance products to U.S. residents:

  • Term Life Insurance:  Term life insurance through Pacific Life provides temporary coverage at an affordable cost. You also have the option to convert a term life insurance policy to a cash value policy later if you choose. Term life insurance is available at 10-year, 15-year, 20-year or 30-year terms. You can add more protection by adding the terminal illness rider, or the waiver or premium rider which waives premiums after a waiting period of 180 days if the insured becomes disabled before age 60.
  • Universal Life Insurance: There are six different universal life insurance plans available through Pacific Life Insurance Company. The plans offer death benefit protection as well as cash value accumulation. Some plans offer flexible payment options as well as a guaranteed minimum interest rate. If your coverage needs change, you can adjust your coverage. You also have the ability to take a policy loan out against the accumulated cash value of your policy.
  • Variable Universal Life Insurance: Pacific Life offers three different variable universal life insurance plans. These plans offer an income=tax free benefit, tax-deferred cash value growth and tax-free supplemental income potential. The downside protection rider guarantees a minimum accumulated cash value at the end of your 15-year or 30-year rider periods.
  • Indexed Universal Life Insurance: Pacific Life has five different indexed universal life insurance plans. In addition to life insurance protection, these plans offer guaranteed minimum interest crediting rates. You can customize the policy by adjusting your premium and life insurance coverage to fit your individual needs.

The Bottom Line

Pacific Life Insurance Company is a reputable company with over 145 years in the insurance industry.

It has very strong financial strength ratings and a good variety of life insurance plans to match your specific needs. While it is not accredited with the Better Business Bureau, it does have an A+ rating. It is a good option to consider when searching for the best value on an insurance policy.

Contact Information

For more information about Pacific Life Insurance, you can call 1-800-800-7646, a.m. to 5 p.m., Monday – Friday, Pacific Time or visit the Pacific Life Insurance Company website.