When it comes to life insurance, you have a vast range of options available. It can be challenging to narrow down the best policy for your needs. Pacific Life is one of many prominent insurance companies that offer both term and permanent life insurance policies. In this review, we’re going to dive into Pacific Life’s insurance offerings, so you can see if they make sense for you.
What Types of Policies Does Pacific Life Offer?
Pacific Life offers both term and permanent life insurance policies, which gives you several different options depending on what you need. Here are the policy types that they provide.
- Annual renewable term life: This is a term life insurance policy that comes up for renewal every year. The price starts low but may increase annually. This policy is excellent for people who want some flexibility to extend a term life insurance policy, but don’t want to invest in a permanent life insurance policy.
- Level premium term life: This term policy comes in 10, 15, 20, and 30-year options. The price of the premium stays the same throughout the entire term, providing some stability. If you only need life insurance for a certain period – say, until you pay off your mortgage or your children finish college – then this is a potentially good option for you.
- Variable universal life insurance: Pacific Life has a vast selection of universal life insurance policies available. These life insurance policies are more expensive than term life, but they cover you until death, so you never have to worry about renewing them. Additionally, they have an investment component, so you can use them as a vehicle to build wealth. In addition to individual universal life insurance policies, Pacific Life also offers survivorship life insurance policies. These allow couples to be insured on one policy, and the death benefit isn’t available until both people pass away. This protects their children or other loved ones. Some of the policies available also offer minimum crediting interest rates to help you accumulate money, or flexible payment plans as the policy ages.
- Whole life insurance: These policies are stable and cover you until you pass away, with no term limits. Unlike the variable universal life insurance policies, they do not offer an investment component. Pacific Life makes these policies available to offer as part of a workplace benefit.
- Life and long-term care policies: These policies can be used to pay for long-term medical care services, such as a nursing home, in addition to traditional life insurance. Any amount used before the end of life is subtracted from the eventual death benefit. For families worried about paying for healthcare towards the end of life, this is a potentially good option.
Pacific Life Experience
Pacific Life has been around since 1868 and has developed an incredible reputation over 150+ years in business. They are currently the fourth largest life insurance provider in the United States. In terms of trustworthiness and financial security, Pacific Life is very well respected. They have been highly rated by many independent agencies over the years for their reputable business practices. This includes an A+ rating from the Better Business Bureau. You can count on them to pay their death benefits and offer secure investment opportunities for variable life policies. Over the years, they’ve paid $1.4 billion in benefits. Pacific Life also offers mutual funds and annuities in addition to their life insurance policies, and are very reputable as an investment company.
Pacific Life is also very highly respected because of the selection of policies they offer. You can choose from an extensive range of options to best suit your needs, particularly if you are interested in universal life insurance. Their life insurance products can be used to accumulate wealth in addition to providing financial stability for your loved ones if you pass away.
It’s important to note that Pacific Life does not offer insurance quotes online. You will need to call or meet with an insurance advisor to get a quote and discuss your options. While this can be inconvenient, it does mean you get dedicated customer service from the representatives you interact with. They can walk you through the policy options to help you understand them better and help match you with the best fit. Pacific Life does offer financial guidance and resources online for their customers. They have a selection of videos to help you learn more about life insurance and investment, as well as visual and written material.
Overall, Pacific Life is a solid choice for your life insurance policy. They offer a wide range of options to fit your needs. They have been in business for a very long time, and are widely considered to be one of the most reputable life insurance carriers in the United States.