Most consumers are quite familiar with the branding of Pacific Life, namely because of the whale which has adorned its logo and become the centerpiece for its marketing efforts nationally by magazine and television ads alike.
The company is not scared to build its brand through commercials and other major media advertisements, so it’s likely a household name.
But does the company’s popularity make their life insurance products your best bet?
Read along for a discussion of Pacific’s financial strength, products, and a few other details you may not have thought of previously, along with top alternative companies to consider.
Our Pacific Life Insurance Company Review
After nearly 20 years in business, the company continued to grow and began its diversification efforts into accident policies.
Another 20 years passed and the insurer merged with Conservative Life, another West coast company, for greater size and impact of the local markets.
In 1971, PIMCO was started, which was the investment management company under the Pacific name.
1997 was the year the company dropped its mutual status, moving instead towards a mutual holding company and becoming what it is today, Pacific Life Insurance Company.
Just 10 years later, Pacific Asset Management was born, giving Pacific even further prominence in the financial sector as the insurer moved into offering financial advisory services.
Pacific Life’s Stability & Ratings
As exemplified by its logo, Pacific Life embodies strength, high performance, and consistency.
Its financial report reflects this strength, as they’ve been awarded an “A” or better by all four rating agencies, something only a small handful of life insurers can say today.
Here’s a quick break down of their most current ratings:
- A.M. Best – A+
- Fitch – AA-
- Moody’s – A1
- Standard & Poor’s – AA-
While not just formidable in quality, Pacific life has grown to an enormous company, boasting $158B in company assets.
The company operates all across the United States, but even has a footprint in Asia and Europe as well, with business ties to insurance, investments, and even aviation.
Pacific Life has long stood for giving generously to people and causes in need, and its charitable efforts continue to grow across local communities, as well as nationally.
In 2018, Pacific Life gave $7 million in contributions to the communities it serves, funding hundreds of grantee requests and logging nearly 15,000 hours volunteering across the company.
Pacific has donated over $100 million over the last 33 years, demonstrating a strong commitment to giving.
One of the causes closest to the company’s heart is found in its name as Pacific Life lends a huge helping hand in assisting the research, preservation, and other aspects of aid to the Pacific Ocean and its living ecosystem.
Even predating its breaching whale icon, Pacific has supported the conservation of whales both in the Pacific and worldwide. In the last 5 years, they’ve pledged $2 million to these efforts.
Products by Pacific Life
Since its inception, Pacific has been a provider of life insurance and over the years it has continued to be innovative and ethical in its product offerings.
With products to fill all the categories for its clients and consumers, from term to permanent, its scope of products lends itself to individuals, families, and also businesses of all sizes. The company also offers annuities and mutual funds.
In terms of life insurance, here are the products you can purchase from Pacific Life:
- Indexed Universal
- Variable Universal
- No exam
The Pacific PRIME Term, Pacific Life’s most basic term life insurance, offers a flat death benefit and level premiums, all specified for a temporary duration of your choosing.
It comes in 10-year, 15-year, 20-year, and 30-year options to meet your mid to long-term needs. You can convert this term policy to a universal one without any additional underwriting (though your costs will rise, per thousand).
For some time, Pacific PRIME Term was the company’s sole term life product, but the insurer has expanded its term life offering, adding two more products to the lineup.
Pacific TERM Art comes with annual renewals and premiums which increase each year. These policies are a competitively priced alternative for applicants who only need coverage for a short span of time.
The PL Promise Term adds a measure of flexibility to traditional term life. This level premium policy requires a minimum of $50,000 of coverage in terms of 10, 15, 20, 25, and 30 years. PL Promise payments can be made on a monthly, quarterly, semi-annual, or annual basis.
Pacific Life also offers two whole life policies for workplace plans, the Flex Protector II and Flex XV.
Both policies are interest-sensitive and come with fixed premiums.
Either of these policies can be attached to a number of qualified plans, and the Flex Protector II can be used with qualified split-funded benefit plans as well.
As you’ll see below, one of the key target markets for Pacific is their universal lineup. Not including the indexed or variable options, here are the policies which fall under the standard universal umbrella.
- PL Promise GUL: This policy comes with a no-lapse guarantee and a minimum face value of $25,000. Premiums can be paid a month early or late without negating your guarantee.
- Versa-Flex NLG: Even if your cash value plummets below $0, your policy is guaranteed to stay in force, as long as you make your premiums.
- Versa-Flex Venture UL: This variation of Versa-Flex offers premium flexibility and the potential to change your coverage and death benefit.
- Pacific Estate Preserver III: The preserver policy is designated for estate planning, paying out a death benefit when both insured individuals pass.
While the policy names may look like a wall of words, each policy has its own defined use.
Depending on your age, what you’re looking to accomplish, and how much permanent death benefit you need, one may be a better option than the next.
Indexed Universal Life
For those who seek a little more than just life insurance coverage, Pacific Life offers multiple types of policies which are tied to mutual funds or indices of the stock markets, so its participants can attempt to grow additional cash and even the face amount of the policy as time passes.
While this is a more advanced type of insurance, it is becoming more mainstream in today’s modern world where consumers track their progress in real time.
A little more involved than a regular universal policy, an indexed universal plan ties the cash accumulation portion of the contract to a market index, typically the S&P 500, to offer the potential of increased gain beyond basic stated interest rates.
Four different products are available under this specific type, including:
- Pacific Discovery Xelerator IUL 2: The death benefit and cash value accumulation of this policy, paired with its flexibility are beneficial for retirees.
- Pacific Discovery Protector IUL: This is an ideal option for individuals looking to preserve their wealth and have access to their retirement assets.
- Pacific Indexed Accumulator 6: With death benefit protection and index-based performance, and guaranteed floors, this product is perfect for successful business owners.
- Pacific Indexed Estate Preserver 2: These survivorship policies offer flexibility for estate planning with minimized policy charges along the way.
Variable Universal Life
If you are less averse to risk and willing to go out on a limb for the possibility of more gain, a variable life insurance policy may be for you.
You will need to talk with a registered representative in order to buy it because of these assumed risks.
Here are the options you’ll have from Pacific Life Insurance Company:
- Pacific Select VUL: The long term policy offers flexibility to mix and match VUL investment options to meet your goals.
- Pacific Select VUL – Accumulation: This policy provides individuals with security and supplementary income.
- Pacific Select Survivorship VUL: This VUL policy is geared towards estate preservation with ease and versatility.
- Pacific Prime VUL: Prime VUL simplifies growing your investments, with convenient tools that streamline your policy management.
In any case, no matter your goals, risk aversion, or preference, Pacific Life probably has a policy which can meet your needs.
Pacific Life Now offers No Exam Coverage Up to $3 million
One of Pacific Life’s most competitive products is its Executive Class Underwriting, which offers policies up to $3 million without a medical exam.
Applicants between the ages of 25-60 with a track record of good health who earn at least $200,000 a year in a non-risky profession could be eligible for simplified underwriting on the following policies:
- Flex XV
- Versa-Flex Venture UL
- Pacific Indexed Accumulator 6
- Pacific Discovery Xelerator IUL 2
- Pacific Prime VUL
- Pacific Select VUL
- Pacific Select VUL-Accumulation
If you meet the eligibility requirements, are in the market for one of the cash value policies above, and want to sidestep the inconvenience of medical exams and samples, you could benefit from Executive Class Underwriting.
All it takes is a quick phone call to start the underwriting process on this exclusive product for highly compensated individuals.
Alternatives for No Exam Life Insurance
The death benefit on Pacific Life’s Executive policies is one of the highest you’ll find, but if you’re looking for no exam life insurance with less stringent income and health qualifications and more flexibility, here are a few alternatives to consider.
The companies below are known for offering quick coverage without the need for a medical exam.
Haven Life specializes in no exam life insurance, offering simplified underwriting on term life policies of 10, 15, 20, and 30-year terms.
Haven Life stands out for offering instant approval. Once you complete the quick online application, you’ll immediately see whether or not you qualify.
Haven Life offers no exam policies with a death benefit of up to $2,000,000, which is significantly higher than what most companies offer for no exam coverage.
If you’re looking for instant access to term life insurance, you’re likely to find the policy you need with Haven Life.
Another alternative worth considering is Sagicor. Sagicor provides simplified underwriting for universal and term policies at 10, 15, and 20-year durations.
While the maximum death benefit for their no exam policies tops off at $400,000, substantially less than Haven and Pacific Life, Sagicor’s policies come with unique benefits.
Sagicor has a diverse range of rating classes, offering approval for applicants who my fall in sub-standard categories elsewhere.
If you want the simplicity of no exam insurance with reasonable premiums, take a look at Sagicor.
Principal National Life Insurance Company
Principal is another solid choice for no exam life insurance, offering term life, permanent, and universal policies with simplified underwriting.
Principal’s no exam policies are available in 10, 15, 20, and 30-year terms.
If you fall into the Preferred or Preferred Best rating class, you could get up to $1,000,000 in coverage and a full host of riders with no medical exam.
If you’re in excellent health and looking for substantial coverage, Principal could be the alternative you need.
Our Final Thoughts
Pacific is a financially strong and secure company with a historical backbone here in the United States, and its business model is one which aims to continue to do so in the coming years with special attention to people, community, and wildlife.
There are lots of things to love about Pacific Life and their insurance products, but they do have their limitations.
For the cheapest term rates, you may want to look elsewhere, though if you want the brand, you won’t pay much more.
Permanent insurance from Pacific is a decent buy, though they are missing a true whole life insurance product from their lineup.
Altogether, we would recommend the Pacific Life Insurance Company where it meets your needs and budget.