Pacific Life Insurance
- Rated 4.5 stars out of 5 by NerdWallet.
- Ranked about average in J.D. Power’s customer satisfaction study for life insurance.
- Offers a wide range of life insurance policies.
Founded in California in 1868, Pacific Life offers life insurance, annuities and investment products to individuals and businesses. The company sells term life insurance and a broad selection of permanent policies, including life insurance with long-term care benefits. Pacific Life is a top seller of indexed universal life insurance, a type of permanent policy. Life insurance quotes are not available through the company’s website.
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Pacific Life Insurance
Pacific Life earned 4.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.
Based on these ratings, Pacific Life is among NerdWallet’s Best Life Insurance Companies for 2021.
Pacific Life insurance policies
Life insurance products vary by state, but Pacific Life generally offers:
Term life insurance. There are two types of policies to choose from. With the company’s level-premium term life, the annual price stays the same for the entire term of 10, 15, 20, 25 or 30 years. With the company’s annual renewable term life policy, you can renew your coverage each year, but the price increases.
Universal, variable universal and indexed universal life insurance. Pacific Life is a top U.S. seller of indexed universal life insurance. A wide selection is available, including survivorship insurance, which covers two people — typically a couple — under one policy. The death benefit is paid after both people die.
Life insurance with long-term care benefits. These policies can help you pay for long-term care, should you need it. The death benefit is reduced if the policy is used to pay for long-term care. If no long-term care benefits are drawn, the policy pays the full death benefit.
Whole life insurance for businesses. Pacific Life also offers whole life insurance, but only through workplace plans.
Pacific Life customer complaints and satisfaction
Over three years, Pacific Life drew significantly fewer than the expected number of complaints about individual life insurance to state regulators for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.
Pacific Life ranked seventh out of 23 companies in J.D. Power’s 2020 U.S. Life Insurance Study.
More about Pacific Life insurance
You can download consumer guides on almost all Pacific Life policies via the company’s website. Payments for select policies can be made online. You can also access and download life insurance forms to make adjustments to your policy, such as changing a beneficiary or updating your address.
Pacific Life sells other products and services, including annuities, mutual funds and commercial real estate investments.
Pacific Life insurance pros and cons
| Pros | Cons |
|---|---|
| Drew significantly fewer complaints than expected to state regulators for a company of its size. | Select policies are not available in New York. |
| Ranked about average in J.D. Power’s customer satisfaction study for life insurance. | Quotes are not available online. |
Methodology: Life insurance ratings
NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.
