Pacific Life Company Review
We are very particular about the insurance companies that we work with. We only work with quality companies that pass our own comprehensive review. When we review life insurance companies, we look closely at criteria such as coverage rates, underwriting standards, product offerings and financial ratings. In this post, we are going share our review of Pacific Life. Pacific Life is one of the most respected names in the industry and once you read our review, you will understand why it is one of our favorite companies. Here is our Pacific Life company review.
Facts About Pacific Life
Pacific Life is a mutual company that was founded over 145 years ago. The company offers life insurance, annuities, mutual funds and other specialty products. The company is A+ rated by A.M. Best and had over $137 billion in assets at the end of 2014. Anyone purchasing a policy from Pacific Life should feel confident that the company will be able to pay its obligations. The company offers some of the lowest rates in term life insurance and offers the industry’s most popular indexed universal life products.
Pacific Life’s Insurance Flagship Life Insurance Products
Pacific PRIME Term Product Highlights
- Pacific Life’s PRIME Term product is level premium term coverage that offers 10, 15, 20 or 30 year coverage.
- PRIME Term is among the most affordable term coverage in the industry for many different age groups.
- The PRIME Term product has a very generous conversion provision where you can convert your term coverage to ANY of Pacific Life’s permanent products with a conversion credit included. Pacific Life has an excellent choice of permanent products, which makes this a very valuable conversion feature. Most companies limit the number of permanent products available for conversion.
- PRIME Term has a very easy application process that can be completed online with your agent, including an e-signature process for easy application completion. A brief telephone interview and paramedical exam are required as well.
Pacific life offers some of the lowest priced term rates in the industry. Here are some sample rates for term coverage. The rates are for male and female non-smoker applicants in excellent health for 20 years of coverage. Rates are monthly.
| Male | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|
| 35 | $13.55 | $21.68 | $29.80 | $37.09 |
| 40 | $17.51 | $29.59 | $41.67 | $53.76 |
| 45 | $27.93 | $50.42 | $72.92 | $94.59 |
| 50 | $41.26 | $77.09 | $112.92 | $144.59 |
| Female | $250,000 | $500,000 | $750,000 | $1,000,000 |
|---|---|---|---|---|
| 35 | $12.93 | $20.43 | $27.93 | $35.43 |
| 40 | $16.05 | $26.68 | $37.30 | $47.92 |
| 45 | $22.51 | $39.59 | $56.67 | $72.92 |
| 50 | $33.55 | $61.67 | $89.80 | $117.92 |
Available Riders for the PRIME Term product
Standard Riders – Pacific Life’s PRIME term comes standard with a terminal illness rider and a conversion rider.
Terminal Illness Rider – Allows you to accelerate up to 75% of the policy’s death benefit if you are diagnosed with a terminal illness.
Conversion Provision – As stated previously, you can convert your term coverage to any of Pacific Life’s permanent products within the conversion period. The company will also give you a conversion credit for an amount equal to the policy’s most recent annual term premium.
Optional Rider – You can add the following rider for an additional cost.
Waiver of Premium Rider – Waives premiums for a specific period of time (after a waiting period of 180 days) if you become disabled before age 65.
Drawbacks to Pacific Life’s PRIME Term
- Although reasonably priced, female rates for the PRIME Term product aren’t as competitive as male rates when compared to other companies.
- PRIME Term rates are excellent for the healthiest applicants. Those with health issues might be better off looking at coverage from other companies.
- Limited number of riders available compared to other term offerings in the market.
Pacific Life’s Indexed Universal Life Products
Pacific Life was #1 in sales for indexed universal life (IUL) in2014. The company offers a few excellent IUL products. We won’t go into specifics about each product in this post, but we wanted to highlight some of the valuable features within its family of IUL products.
- Pacific Life’s PRIME IUL product has an easy application process, like its PRIME Term product, that can be applied for online and completed with e-signature.
- Some of Pacific Life’s IUL products come standard with no lapse guarantees for specified periods of time such as 10 or 20 years. You can also tailor your coverage by adding the No Lapse Guaranteed Rider, which allows you to choose a specific no lapse guarantee duration. For instance, you can choose a no lapse guarantee duration to age 95, 100, 105, 110 or lifetime.
- Pacific Life’s IUL products offer a wide range of crediting options and indices to choose from.
- Pacific Life offers favorable rates for policy loans used to access cash value in later years.
- You can add valuable riders to Pacific Life’s IUL policies. These riders can provide additional benefits such as additional coverage for family members, the option to increase coverage without additional underwriting, the option to protect your death benefit if you become disabled and more.
Why Choose Pacific Life
Pacific Life is an excellent company with an outstanding track record. If you are looking for an inexpensive term life option, the PRIME Term product is an excellent choice. If you are looking for permanent coverage with the option to build cash value, Pacific Life’s IUL products could definitely an excellent fit. Overall, we feel that Pacific Life is one of the best life insurance companies in the industry. If you are interested in any of Pacific Life’s products or would like to see an illustration, please feel free to call us at 888-687-9444 or email us at info@archstoneagency.com.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
