When beginning the process of applying for life insurance, you are likely overwhelmed with all the potential companies and coverage types you can choose from. It’s understandable. There is an abundance of companies in today’s life insurance market, and it doesn’t seem to be slowing down.
Among those companies you may run into throughout the process, you may notice Pacific Life Insurance Company. Pacific Life has been in the life insurance business for over 100 years and currently ranks in the top 10 for total sales in the life insurance industry.
Pacific Life is a well-proven life insurance company that has earned the respect of its clients and potential future clients due to their time in the industry and excellent service to its clients.
However, like all life insurance companies, it’s essential to understand the company from as many angles as possible before making your final decision.
Keeping that in mind, let’s break down Pacific Life and give you the information you need to know to make an informed decision about your future purchase.
Pacific Life Insurance Company History
Like I stated previously, Pacific Life Insurance has been around for a long time. It will soon be 150 years since Pacific Life initially opened their doors and began transacting business. Currently, Pacific Life is structured as a Mutual Company.
This simply means that when you are an active policyholder or investor with the company, you get to partake in company profits in the form of dividends. Other life insurance companies may also be considered Mutual life insurance companies, but some are considered publicly traded companies which means investors can purchase stock and ownership of the company.
Being a Mutual Life Insurance Company does not make Pacific Life any better or worse than any other life insurance company offering coverage.
It’s just the way the company is structured currently. Pacific Life was founded in 1868 by Leland Stanford who also at one point, the Governor of California.
Not long after the company was founded, Pacific Life began offering Accidental Death Life Insurance coverage in 1885. Currently, Pacific Life is Headquarter in Newport Beach California and as of 1997 is when Pacific Life adopted the Humpback Whale as their company symbol/logo and trademark.
Pacific Life Insurance Company Financial Strength Ratings
As of today, Pacific Life is currently sitting ranked #302 on the Fortune 500 List and has over 140 billion dollars in company assets and operates on an income just shy of 1 billion dollars at 868 million.
Pacific Life’s Financial Strength Ratings do nothing but back up their strength and positive force in the life insurance industry.
Currently, according to the Top 4 Major Credit Rating Agencies, Pacific Life has been awarded the following financial strength ratings.
- A.M. Best Company A+
- Fitch A+
- Moody’s A1
- Standard and Poor’s AA-
These are outstanding financial strength ratings and goes to show that Pacific Life has been a robust and reliable player in years past and continues to be one of the top life insurance companies for consumers to consider for their life insurance purchase.
Pacific Life’s BBB Rating and an Overview of Customer Service
BBB ratings may not necessarily be deal breakers, but they are always worth a look if you ask me. First and foremost, BBB ratings can go to show how quickly a company resolves matters with disgruntled clients and consumers and how many total complaints are lodged against a company.
Once again, Pacific Life proves to be worthy of being credited as a top life insurance company in the industry. As of today, Pacific Life has a BBB rating o A+ which is the highest rating you be awarded by the BBB.
Again, this simply goes to show that not an abnormal amount of complaints are filed against them and that when they are, Pacific Life makes every effort to resolve the issue as quickly as possible.
This is something I’d want to investigate before purchasing a life insurance policy with any life insurance company.
Life Insurance Products Offered by Pacific Life
Currently, Pacific Life Insurance offers term and permanent life insurance products. If you are looking to purchase term life insurance, you will have the option to purchase the level premium term as well as an increasing term life insurance policy known as the Pacific-ART (Annual Renewable Term).
Although the term products offered by Pacific Life are competitive, they make their name on their universal life insurance policies which are known to be some of the best in the business.
Pacific Life offers unique designs and different policy options within their universal life that allows for several different investment options and components.
Pacific Life has made a name for themselves in specializing in several areas of financial planning such as wealth preservation, financial protection and wealth accumulation.
Here is a look at all the life insurance products currently being offered by Pacific Life Insurance Co.
• Term Life Insurance (Convertible to Permanent Insurance)
• Universal Life Insurance
• Indexed Universal Life Insurance
• Variable Universal Life Insurance
• Life Insurance with Built-in Long-Term Care
In addition to these specialties, Pacific Life is known for consistently making changes to enhance the client experience. Living benefits would be one example of this. Let’s discuss that briefly.
Living Benefits with Pacific Life Insurance Company
Living benefits built into life insurance is becoming more popular, but at the same time, it’s still not offered by nearly enough life insurance companies. However, Pacific Life has adapted and began implementing living benefits into their life insurance products.
Currently, purchasing a life insurance policy with Pacific Life (term life) will allow individuals to accelerate 75% of the face value of the policy if they are diagnosed with a terminal illness.
While this isn’t as complete or robust as other companies that offer living benefits currently, it’s still a great added benefit that should not be overlooked.
Pacific Life’s Insurance Product with Built-in Long-Term Care
Long Term Care is often a key component of financial planning that’s often missed within an individual’s portfolio that can leave your financial security at substantial risk. Long term care can be costly, and it’s not getting any cheaper.
That’s the reason we found it necessary to mention this product offered by Pacific Life Insurance Co.
Currently, Pacific Life offers a Hybrid Policy that’s life insurance + long term care called the Premier Care Choice. This is a permanent life insurance policy that will also afford you long term care benefits with several options that you can choose from when initially structuring your policy.
Here’s a look at them.
• Pacific Premier Care Choice 100
• Pacific Premier Care Choice Max
• Pacific Premier Care Choice Multi-Pay 100
• Pacific Premier Care Choice Multi-Max
Currently, this product is offered for anyone between the ages of 30-75 and can come with a benefit period of 2 years to 8 years. Additionally, you can structure your inflation protection (keeps your policy keeping up with rising cost).
The waiting period would be 0 days if you needed in-home care and 90 days for the waiting period for assisted living care or care provided within a nursing facility.
Overall, if long term care isn’t something you have planned for previously, it’s something worth considering and having a conversation about.
Choosing the Correct Life Insurance Company for Your Needs
At the end of the day, it’s challenging to pinpoint if one company is better than another because many companies serve unique needs and offer policies to specific individuals.
Even individuals with a health condition can get more favorable offers with one company compared to another company.
Our recommendation is always to shop several life insurance companies during the process using an independent agent or agency.
This allows you to effectively find the best price for your coverage and ensure you are working with a company that gives you the best chances at being approved.
Pacific Life Company Contact Information
To get in touch with Pacific Life Insurance Company, you can call their customer service: 1-800-347-7787.
- Pacific Life Headquarters and Mailing Address:
- P.O. Box 9000
- Newport Beach, California 92658-9030
Final Word, Pacific Life May Be A Great Company, but You Have Plenty of Options
While Pacific Life Insurance Company may have great Financial Strength ratings and an excellent BBB rating, this doesn’t necessarily make them the automatic go-to company to choose.
It’s essential to allow an expert to help you through the process and explain the benefits several companies can offer.
Not comparing rates and coverage types are often how you end up overpaying for your coverage and ultimately what leaves you missing out on better opportunities. Get started today by filling out the quote form on this page.
This will allow you to compare rates with over 50 of the top-rated life insurance companies.
Spectrum Insurance Group is made up of life insurance agents who are licensed in all 50 states and the District of Columbia. Spectrum Insurance Group has helped 1000’s of consumers purchase life insurance online & over the phone.
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