Pacific Life Term Life Insurance: A Comprehensive Review and Comparison

Pacific Life Term Life Insurance offers a range of coverage options, including level term life insurance, decreasing term life insurance, and increasing term life insurance.

Pacific Life Term Life Insurance policies can be purchased with a term length of 10, 15, 20, or 30 years.

Their policies also offer a conversion option, allowing you to convert your term life insurance to a permanent life insurance policy, such as whole life or universal life insurance.

Pacific Life Term Life Insurance policies typically have a minimum face amount of $50,000, with no maximum face amount.

Pacific Life term life insurance offers a range of basic coverages to suit different needs. You can choose from traditional term life insurance policies, no-medical-exam term life insurance, and universal life insurance.

One of the key features of Pacific Life's Promise Term is its availability starting at $50,000 in terms of 10, 15, 20, 25, and 30 years. This flexibility makes it easier to find a policy that fits your budget and coverage needs.

Here are the basic coverages offered by Pacific Life:

These options provide a solid foundation for your life insurance needs, and you can explore each one in more detail to find the best fit for you.

This insurance option stands out for its affordability, making it a great choice for people of all ages. Extremely affordable across age brackets, it's a relief for those looking for a cost-effective solution.

One of the most significant advantages of this insurance is its affordable guaranteed universal life insurance option. This means that people who need lifetime coverage can get it without breaking the bank.

Another perk is the favorable underwriting for many health conditions, which can be a game-changer for those with pre-existing health issues. This can help reduce the overall cost of the insurance and make it more accessible.

Here are some of the key benefits of this insurance option:

With a rating of 4.4 out of 5, it's clear that this insurance option is a top choice for many people.

Pacific Life offers a range of basic coverages to suit different needs. One option is term life insurance, which is available starting at $50,000 in terms of 10, 15, 20, 25, and 30 years.

For those who want a hassle-free application process, Pacific Life's Pal+ is a no-medical-exam term life insurance option available for people 18 to 70 applying for up to $3 million in coverage.

Pacific Life also offers universal life insurance, specifically PL Promise GUL, which provides a guaranteed benefit.

Here are the basic coverages offered by Pacific Life:

The acceleration of death benefit rider is a valuable feature, available at no additional cost, that allows you to access some of the policy's death benefit if you're diagnosed with a qualifying terminal illness, up to $500,000 or 75% of your total coverage, whichever is smaller.

This rider can provide peace of mind during a difficult time, allowing you to focus on your health and well-being rather than worrying about financial burdens.

You can also add a children's level term rider to your policy, which provides life insurance coverage to your children, up to $10,000 per child, for an additional cost.

This rider can give you added security and protection for your loved ones, knowing that they will be taken care of even if something happens to you.

Lastly, the waiver of premium rider is available for an additional cost, which will waive premiums during a period of qualifying disability.

This can be a huge relief during a challenging time, allowing you to focus on your recovery rather than worrying about making premium payments.

Here are the additional coverages offered:

Pacific Life term life insurance offers a variety of options for policyholders to compare and remove coverage as needed.

You can cancel your policy at any time, but be aware that you may not get a refund of premiums paid.

Pacific Life's term life insurance policies typically have a 10-day free look period, during which you can review and cancel your policy without penalty.

If you're not satisfied with your policy, you can request a refund within the free look period.

Pacific Life's term life insurance policies also allow you to change your coverage amount or add a rider to your policy at any time.

However, adding a rider may increase your premium costs.

Pacific Life's term life insurance policies typically have a 30-day notice period for policy changes, including cancellations.

You can also request a policy loan or a partial surrender of your policy, but this may affect your death benefit and cash value.

Pacific Life's term life insurance policies have a surrender charge period, which can range from 5 to 10 years.

During this period, you may be subject to a surrender charge if you withdraw more than a certain amount from your policy.

Pacific Life's term life insurance policies also have a policy loan interest rate, which can range from 5 to 8% APR.

You should carefully review your policy terms and conditions before making any changes or cancellations.

Pacific Life stands out for its top customer satisfaction rating, which may be due to its competitive rates and more accommodating guidelines for certain health conditions.

People with diabetes, larger builds, or sleep apnea may find it easier to get affordable coverage with Pacific Life compared to other insurers.

Pacific Life also offers lower minimum coverage amounts, which can be a relief for those looking for more budget-friendly options.

As people reach their 60s, Pacific Life keeps rates competitive, which may help explain why it has such a strong record for customer satisfaction.

Pacific Life stands out from other insurers with its top customer satisfaction rating. This is likely due to its competitive rates and accommodating guidelines for certain health conditions.

People with diabetes, larger builds, or sleep apnea may find it easier to get affordable coverage with Pacific Life. This is a big plus for those who need insurance but have pre-existing conditions.

Pacific Life offers lower minimum coverage amounts, which can be a relief for those on a budget. This is especially helpful as people reach their 60s and rates tend to be more competitive.

Pacific Life's core values are deeply rooted in its history and commitment to its customers and the community.

The company was founded in 1868 as The Pacific Mutual Life Insurance Company of California, and it has held steady through economic crisis and natural disasters, becoming the oldest life insurance company on the West Coast.

Pacific Life is a mutual holding company, which means it has no publicly traded stock and is owned by its policyholders. This structure allows the company to focus on long-term sustainability rather than short-term profits.

In 2021, Pacific Life issued an $800 million ESG bond to support projects in renewable energy, green building, and affordable housing, demonstrating its commitment to environmental and social responsibility.

Pacific Life has a strong track record of innovation, from acquiring Alliance Mutual to partnering with Human API to streamline its underwriting process.

Here are some key dates that highlight Pacific Life's commitment to its customers and the community:

Pacific Life is a strong contender in the life insurance market, but it's essential to compare it with other companies to find the best fit for your needs. Pacific Life's Policygenius rating is 4.8/5, which is respectable but not the highest.

Policygenius ratings can give you an idea of how well a company is performing, but it's not the only factor to consider. AM Best ratings are another important aspect to look at, and Pacific Life has an A+ rating from AM Best.

The cost of life insurance can vary significantly between companies, and it's crucial to consider your budget when making a decision. According to the table, some companies, like State Farm, have a higher Policygenius rating but may be more expensive.

Here's a comparison of Pacific Life with some other companies:

As you can see, there are several companies that offer competitive ratings and pricing. It's essential to do your research and compare different companies to find the best fit for your needs and budget.

Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and physical builds.

The new PL Promise Term rates go into effect beginning March 29, 2021, for all states except NY. Cases that are issued (for delivery) through May 28, 2021, automatically receive the better of the old and new PL Promise Term rates.

The majority of monthly mode cells in top 3 for ages 45+ preferred classes have competitive rates. This is a significant advantage for consumers in this age group.

Pacific Life's PL Promise Term is level premium term life insurance, with Policy Form #P16LYT or ICC16 P16LYT and S16LYT10, S16LYT15, S16LYT20, S16LYT25, or S16LYT30, based on level premium period chosen and state of policy issue.

Here's a comparison of Pacific Life's rates with industry averages for a 20-year term life insurance policy with $500,000 in coverage for non-smokers in a Preferred health classification:

Pacific Life's rates are indeed competitive, especially for younger adults and those with preferred health classifications.

Don't let misconceptions hold you back from getting the right term life insurance for your family. Pacific Life term life insurance is a great option to consider.

You might think that buying term life insurance is a one-time decision, but it's actually a smart move to review and adjust your policy as your life circumstances change.

Term life insurance premiums can be expensive, but Pacific Life offers competitive rates that can fit into your budget.

Some people believe that term life insurance is only for young families with young children, but the truth is that it's a great option for anyone who wants to ensure their loved ones are protected.

You might assume that you can't get term life insurance if you have a pre-existing medical condition, but Pacific Life offers policies that take into account a range of health factors.