Pros
- Term life plans can be converted to universal policies until age 70
- Wide range of investment choices for universal life insurance
- Offers additional financial products such as long-term care and annuities
Cons
- Term life quotes aren’t available online
- Coverage not offered in the state of New York
- Above-average number of consumer complaints
About Pacific Life
Established in 1868 by Leland Stanford, a prominent figure in California’s history and a former governor, Pacific Life has grown into one of the largest life insurance providers in the United States. As of 2024, it manages over $1.5 trillion in active life insurance coverage.
Pacific Life has earned a reputation for its strong focus on indexed universal life (IUL) insurance—products that link policy growth to stock market indices, like the S&P 500. These policies include built-in caps and floors to help manage risk while still offering growth potential.
In addition to competitive policy features, Pacific Life provides high coverage limits, up to $10 million, and allows policyholders to convert term life plans into permanent policies up to age 70—a more generous window than many competitors. However, consumers must work with an agent to receive quotes or purchase any of Pacific Life’s offerings, which may not suit those seeking online convenience.
Insurance Options Offered by Pacific Life
Pacific Life delivers both term and permanent life insurance plans, excluding availability in New York. Specific products may also vary based on state regulations.
Term Life Insurance
Pacific Life provides two distinct term life products:
- PL Promise Term
Offers fixed premiums for terms of 10, 15, 20, 25, or 30 years.
- Minimum death benefit: $50,000
- Includes an accelerated death benefit
- Policies are convertible to a universal life plan up to age 70
- Elite Term
This plan offers higher coverage amounts, beginning at $750,000.
- Fixed premium terms: 10, 20, or 30 years
- Convertible within 10 years of policy issuance
- Available for those up to age 75 depending on term length
- Coverage can exceed $3 million
Whole Life Insurance
Pacific Life does not offer whole life insurance.
Universal Life Insurance (UL)
UL policies at Pacific Life include flexible premiums, lifetime protection, and a cash value feature. These are ideal for those seeking long-term security with some investment capability.
Key offerings include:
- Venture UL
Features flexible payments with an optional no-lapse rider ensuring continued coverage even when cash value drops.
- PL Promise GUL
A guaranteed universal life policy with coverage lasting up to age 90 (or age 121 with higher payments).
- Includes terminal illness benefits
Variable Universal Life Insurance (VUL)
Pacific Life offers five VUL plans, which combine life coverage with multiple investment options for higher growth potential. These options are suited for customers comfortable with market exposure and who seek greater control over investment portfolios.
Indexed Universal Life Insurance (IUL)
One of Pacific Life’s specialties is indexed universal life insurance. These plans offer death benefits alongside market-tied growth with risk-mitigation caps and floors. Products include:
- Pacific Horizon IUL 2
Offers no-lapse protection to age 90 with options to tailor for long-term growth or early surrender value.
- Pacific Horizon ECV IUL
Designed for business purposes with guaranteed values and a death benefit.
- Pacific Horizon Survivorship IUL
Covers two individuals and pays out after the second person passes. Focused on estate and legacy planning.
- Pacific Trident IUL
Features guaranteed surrender value and can serve both personal and business insurance needs.
Optional Policy Riders
Riders can enhance your Pacific Life policy with added flexibility and benefits:
For Term Life Policies
- Accelerated Death Benefit – Included with PL Promise Term; allows early access to funds if terminally ill.
- Waiver of Premium – Waives premium payments if the policyholder becomes disabled before retirement age.
- Child Term Rider – Provides up to $10,000 in life insurance for children ages 15 days to 18 years.
- Convertibility Option – Policies are convertible to universal life without medical underwriting until age 70.
For Universal Life Policies
- No-Lapse Guarantee Rider – Ensures the policy remains active for life, regardless of cash value.
- Terminal Illness Benefit – Advance up to 75% of the death benefit (up to $500,000) if terminal illness is diagnosed.
- Waiver of Monthly Deductions – Monthly fees are waived if the policyholder becomes disabled before age 65.
- Chronic Illness Care Rider – Allows early use of the death benefit (up to $3 million) if the policyholder cannot perform basic daily activities.
- Child Term Rider – Same as in term policies, applicable to universal life as well.
Cost of Pacific Life Insurance
Insurance premiums vary based on several factors, including:
- Age and gender
- Location and health history
- Lifestyle habits (e.g., smoking, drinking)
- Occupation and hobbies
For instance, individuals with chronic illnesses or high-risk lifestyles will typically pay higher premiums. Most plans require applicants to complete a health questionnaire and undergo a medical exam.
Because pricing is personalized, Pacific Life does not provide term quotes online. Customers must work directly with a licensed insurance agent.
How to File a Claim
To start a claim with Pacific Life:
- Gather key documents: the policy number, insured’s personal information, date and cause of death, and funeral home details.
- Call 1-800-347-7787 (Monday–Friday, 6 a.m. to 5 p.m. PT) to report the claim.
- Alternatively, you can initiate a claim through their official website.
After the claim is submitted, a representative will guide you through the remaining steps and necessary documentation.
Conclusion
Pacific Life is a strong contender for those seeking flexible universal life options with significant investment potential. Its rich selection of indexed and variable universal policies, along with generous convertibility features, offers versatility for growing families, professionals, and business owners.
However, the lack of online quotes and limited policy information may be a drawback for those preferring a fully digital experience. Additionally, the insurer’s exclusion in New York and relatively high number of customer complaints are points worth considering.
If you value customized policies, broad investment options, and expert guidance from agents, Pacific Life could be a fitting choice for your long-term financial security and life insurance needs.
