Pacific Life Insurance Company Overview and Reviews

Pacific Life Insurance Company is a leading provider of life insurance products in the United States. Founded in 1868, Pacific Life has a rich history of providing financial security to its customers.

Pacific Life offers a range of life insurance products, including term life, whole life, and universal life insurance. These products can help provide financial protection for individuals, families, and businesses.

Pacific Life is a subsidiary of Pacific LifeCorp, a Fortune 500 company with over $150 billion in assets under management. This financial stability provides peace of mind for Pacific Life's customers.

Pacific Life has received positive reviews from customers and industry experts alike, with many praising the company's financial strength and customer service.

Pacific Life offers a range of insurance options to suit different needs.

The company offers two term life insurance policies, which can provide financial protection for a specific period.

These term life insurance policies can be a good option for those who need coverage for a limited time, such as until a mortgage is paid off.

Pacific Life also offers several universal life insurance options, which can provide a combination of life insurance and savings.

Universal life insurance can be a good choice for those who want to build cash value over time, in addition to having a death benefit.

Pacific Life is a pioneer in crafting exceptional customer experiences through seamless cross-channel integration. They recognized that superior customer experience would be a key differentiator in the market and turned to Salesforce for help.

The company's leaders acknowledged that their path forward would be guided by customer needs, and they're leveraging strategic partners to provide next-generation capabilities and transform their customer engagement model.

Pacific Life believes the next 10 years will see more change than the entire 150-year history of the company, highlighting the importance of effective channel integration across marketing, sales, and service activities to deliver a positive experience at every touchpoint.

Building customer experience through cross-channel integration is crucial for businesses that want to stay ahead of the competition. Pacific Life, a 150-year-old company, recognized this and turned to Salesforce for help in developing a whole-of-business solution.

Superior customer experience is key to differentiating a business in the market, and Pacific Life's leaders were keen to prioritize it. They believed that delivering a positive experience at every touchpoint in the customer relationship would be critical to their success.

The company's Chief Operating Officer, Adrian Griggs, emphasized the importance of integrating channels across marketing, sales, and service activities. This integration is essential for delivering a brand-reinforcing experience that meets the evolving needs of customers.

Pacific Life's focus on customer experience was driven by a desire to stay ahead of the curve in a rapidly changing market. The company's leaders recognized that the next 10 years would see more change than the whole 150-year history of the company.

Pacific Life has an impressive record of customer satisfaction, with a three-year average complaint index of 0.086, indicating that the company receives relatively few complaints.

This is reflected in the company's ranking in the J.D. Power 2023 Individual Life Insurance Study, where Pacific Life earned 799 out of 1,000 points, surpassing the industry average of 790.

The company's low complaint index is a testament to its commitment to customer satisfaction, and its ranking in the J.D. Power study further solidifies its reputation as a reliable and trustworthy insurance provider.

Pacific Life's ability to outrank the two largest life insurers by market share, New York Life and Northwestern Mutual, is a notable achievement that demonstrates its dedication to delivering exceptional customer experiences.

Pacific Life has a strong track record of financial stability, which is crucial for an insurance company. They have an A+ (Superior) rating from AM Best, a credit rating agency that grades insurance companies on their ability to meet their financial obligations.

This rating puts Pacific Life in the company of 18 other top-rated insurers out of 45 reviewed. Having a high AM Best rating means they have plenty of assets to pay claims, which is a vital factor to consider when purchasing a life insurance policy that promises a large payout in the future.

Companies with high AM Best ratings are more likely to be able to meet their financial obligations, giving policyholders peace of mind.

Pacific Life offers a variety of insurance products to suit different needs and preferences. Their policies can be purchased online or by contacting their toll-free number at (800) 347-7787.

You can choose from term life insurance, long-term care insurance, or variable universal life insurance. Pacific Life's term life insurance policies are available for terms lasting from 10 to 30 years, with a minimum coverage amount of $50,000.

Some of their term life insurance policies include accelerated death benefit riders for terminal illness, waiver of premium riders, and the option to convert to universal life insurance up until age 70. Pacific Elite Term policies are available for applicants 18 to 75, with coverage starting at $750,000.

Pacific Life's variable universal life insurance policies include market-driven investment choices with guaranteed minimum interest crediting. You can choose from five different policies, each with its own unique features and investment options.

Here are some key features of Pacific Life's variable universal life insurance policies:

Pacific Life's long-term care insurance policies, such as PremierCare Choice Multi-Pay 100, provide both life insurance and long-term care benefits for seniors. This policy offers a couple's discount, elimination period, and residual death benefit.

Pacific Life offers a range of benefits to its policyholders, including streamlined application processes for long-term care policies, resulting in decisions made in less than a week. This can be a huge relief for those who need coverage quickly.

Tax-free benefits are also a major advantage, as Pacific Life long-term care benefits are exempt from taxes, even if received in the form of a death benefit. This can help policyholders keep more of their hard-earned money.

Pacific Life's fixed premiums ensure that prices won't rise over time, providing stability and predictability for policyholders. This can be especially important for those on a tight budget.

Some of the key advantages of Pacific Life's long-term care policies include:

Pacific Life's financial stability is also a major plus, with high ratings from AM Best and Moody's, two top credit rating agencies. This can give policyholders peace of mind knowing that their insurance company is financially secure.

Pacific Life offers a range of insurance products, but it's essential to consider the pros and cons before making a decision.

One of the main advantages of Pacific Life is its streamlined application process for long-term care policies, which can result in decisions made in less than a week.

Pacific Life's long-term care benefits are tax-free, even if you receive them in the form of a death benefit.

You can choose inflation benefit options to increase your monthly benefits each year, with interest options ranging from 3% to 5% simple or compound.

Pacific Life offers fixed premiums on its insurance products, ensuring that your prices won't rise over time.

The company has earned the highest marks from AM Best and Moody's, two top credit rating agencies, for its financial stability.

Pacific Life doesn't require a medical exam for some of its long-term care policies, making it a more accessible option for some individuals.

Instead of a typical 90-day elimination period, Pacific Life's PremiereCare Advantage plan can provide benefits on certain services as needed, with no waiting required.

However, Pacific Life does not issue insurance policies in New York state, so if you're a resident, you'll need to look elsewhere.

Additionally, if you're looking for an online quote, you'll have to contact a local agent first, as Pacific Life doesn't offer online quotes.

Here are some of the key pros and cons of Pacific Life:

Pacific Life offers a wide range of insurance products, including term life, universal life, and indexed universal life insurance. They have a great selection of products to choose from, with two term life policies, two universal life insurance policies, four indexed universal life insurance policies, and six variable universal life insurance policies.

One of the pros of Pacific Life is that they don't cap how much life insurance you can buy, offering coverage amounts over $10 million. This is great for individuals with high net worth or complex financial situations.

Pacific Life has a streamlined application process for its long-term care policies, with decisions made in less than a week. This can be a huge time-saver for those in need of long-term care.

Tax-free benefits are another perk of Pacific Life's long-term care policies. You can receive benefits without worrying about taxes eating into your coverage.

Pacific Life offers flexible options with their term and permanent policies, including a range of term periods and riders. This allows you to customize your policy to fit your needs.

Here are some of the pros of Pacific Life's insurance products:

Pacific Life's indexed universal life insurance policies can grow faster than traditional universal life policies, allowing you to build cash value quickly. However, these policies can be complex and require a knowledgeable financial advisor to navigate.

Pacific Life's financial stability is top-notch, earning the highest marks from AM Best and Moody's. This gives you peace of mind knowing that your policy is backed by a strong and reliable company.

Pacific Life's fixed premiums ensure that your prices won't rise over time, providing predictable coverage. However, they do have some limitations, such as not issuing insurance policies in New York state or offering online quotes.

Pacific Life Insurance has a strong reputation, backed by its high ratings from leading agencies. Its financial stability is a major plus.

A.M. Best, Fitch, and Moody's Investors have all given Pacific Life an "A+" rating, indicating superior performance. This is a testament to the company's financial strength.

Moody's Investors also gave Pacific Life an A1 rating, describing it as "Strong". This shows that the company is well-positioned to meet its financial obligations.

Standard & Poor's took it a step further, giving Pacific Life an AA- rating, which is considered "Very Strong". This suggests that the company is in excellent financial shape.

Here's a breakdown of Pacific Life's ratings from the major agencies:

Pacific Life doesn't offer online life insurance quotes or applications, so you'll need to contact the company directly or work with a licensed financial professional to get a quote or apply for coverage.

You can enter your ZIP code into Pacific Life's website locator tool to find a financial professional in your area.

Pacific Life's term life insurance quotes for 65-year-olds with no significant medical issues are lower than average compared to competitors, with average rates of $91.15 for a 65-year-old female and $132.09 for a 65-year-old male.

A standard long-term care policy with a $5,000 benefit for a period of 4 to 5 years may cost an estimated $250-$300 per month in premiums for a 55-year-old male, and possibly more for a 55-year-old female at $350 per month.

Here are some sample Pacific Life term life insurance quotes for various age groups:

Pacific Life offers a range of affordable insurance options, but the cost can vary depending on your age and health status.

For 65-year-olds with no significant medical issues, Pacific Life's 15-year term life insurance quotes are lower than average compared to competitors, with average rates of $91.15 for females and $132.09 for males.

Term life insurance rates can also vary significantly from company to company, but Pacific Life has below-average costs compared to other companies, making it an affordable option if you're in good health and don't smoke.

A standard long-term care policy with a $5,000 benefit for a period of 4 to 5 years may cost an estimated $250-$300 per month in premiums for a 55-year-old male, and possibly more for a 55-year-old female at $350 per month.

Here's a breakdown of Pacific Life's term life insurance quotes for various age groups:

These rates can help you estimate the cost of Pacific Life's insurance options and make an informed decision about your coverage needs.

To buy a Pacific Life insurance policy, visit their website and request a quote on long-term care coverage. You can also contact their toll-free life insurance number at (800) 347-7787 to learn more about long-term care coverage from their life insurance products.

Pacific Life doesn't offer online life insurance quotes or applications, so you'll need to work with a licensed financial professional. You can find one in your area by entering your ZIP code into the locator tool on Pacific Life's website.

You can purchase an insurance policy through Pacific Life, but you must work with a licensed professional to get a quote or apply for coverage.

You can choose a benefit period of two to eight years, or 24 to 96 months, with your choice of inflation benefit options to grow your monthly benefits.

To receive long-term care benefits through Pacific Life, you'll need a licensed health care practitioner to certify that you either can't perform at least two of six activities of daily living or that you are severely cognitively impaired.

The cost of a standard long-term care policy with a $5,000 benefit for a period of 4 to 5 years may be around $250-$300 per month for a 55-year-old male, and possibly more for a 55-year-old female at $350 per month.

Pacific Life offers free care coordination services to help you access your long-term care benefits, which can be a huge help in navigating the process.

For most long-term care insurance policies through Pacific Life, you'll need to undergo a telephone interview to get approved.

Pacific Life has a C- rating for customer satisfaction from the Better Business Bureau (BBB), which is a concern. They have had 11 complaints closed in the last three years and eight complaints closed in the last 12 months.

The overall satisfaction rating for Pacific Life's annuities offerings was 4.1 out of 5, according to Consumer Affairs. This suggests that some customers are still satisfied with their products.

Pacific Life is an independent company with over $178 billion in assets, which indicates its financial stability. This level of assets also suggests that they have the resources to meet their monetary obligations.

Pacific Life has a long track record of stable ratings with rating agencies AM Best, Fitch, Moody’s, and S&P Global, which is a good sign.