Folks, you absolutely need to read my review of Pacific Life Insurance Company if you’re thinking about using them to fulfill your life insurance needs.
I’m offering some of the most comprehensive life insurance reviews on the internet so you can peruse the pros and cons of each BEFORE YOU SIGN ON THE DOTTED LINE! This intel will help you make an educated decision when it comes to protecting your family.
Psst! These reviews can never replace the advice of an independent life insurance agent…
…BUT that being said they will help you perform some due diligence before you select an insurer!
For those of you looking to quickly access the information you are looking for, simply click on the button and it will take you to the section that applies to your search:
Hey Chris, tell me a little bit more about Pacific Life Insurance Company, I never heard of ’em.
Pacific life insurance company is a well known insurer that can trace its origins back to 1868!
The company’s founder was a former California governor by the name of Leland Stanford.
Life insurance was the initial offering, but in 1885 they added accident insurance to their list of products.
Incredibly the company was able to survive and thrive through the devastating San Francisco earthquake of 1906. This says a lot about their stamina!
Pacific Life Insurance Company: A Mutual Insurance Company
Not only that, Pacific Life Insurance Company also came through the financial turmoil of the Great Depression in 1929. It was during this period they became a mutual company.
In 1997, the company rebranded itself from Pacific Mutual to Pacific Life Insurance. This simply means the company changed from mutual ownership to a mutual holding company, which is simply…
…An insurance company that is owned by policyholders. The sole purpose of a mutual insurance company is to provide insurance coverage for its members and policyholders, and its members are given the right to select management. Investopedia, Mutual Insurance Company
This is pretty cool – mutual insurance companies often distribute profits to policyholders by way of dividends or reduced premiums.
If you want to know where Pacific Life Insurance Company sells their products, I’ve got some good news! They cover all 50 states.
Buyer beware! Offerings may vary from state to state and in New York, policies are issued by Pacific Life & Annuity Company.
Pacific Life Insurance Company: Notable Achievements!
1st Indexed Universal Life and Universal Life Sales
7th Total Life Insurance Sales
11th Variable Annuity Sales
14th Fixed Annuity Sales
326th Fortune 500 Company
Wow! Now those are some SERIOUS achievements! So let’s check out the financial foundation!
Pacific Life Insurance Company: Financial Rating
Would you buy a house with a compromised foundation?
OF COURSE NOT!
That’s why I tell all my clients to do their homework. You want to make sure that the life insurance company you select is financially stable.
Do I hear you asking why?
Because you want them to be able to make good on your beneficiaries claim, should the need arise!
So how is Pacific Life Insurance Company performing?
ANOTHER home run. Pacific Life Insurance Company nails it again.
As you can see they are a VERY good life insurance company….
…BUT they may not be for you! That right!
I’m gonna show you why.
Pacific Life Insurance Company: Product Offering
After you ascertain whether or not the life insurance company you are considering is financially viable, the next step is to find out if they offer products that work for your circumstances.
Let’s see what Pacific Life Insurance Company has to offer right now:
• Term Life Insurance • Universal Life Insurance • Indexed Universal Life Insurance • Variable Universal Life Insurance • Life Insurance Riders • Mutual Funds • Annuities
Nice! They definitely offer a broad range of options! Now let’s take a closer look.
Independent agents, meanwhile, work for themselves and not any particular insurance company. They sell policies from a variety of life insurers, not just one, and make most of their money through sales commissions and bonuses from the carriers. Nerd Wallet, Independent vs Captive Life Insurance Agents: What’s the Difference?
Term Life Insurance: Pacific Life insurance Company
Hey Chris, I heard that a Whole Life Insurance policy is the safer option for me. What are your thoughts!
Hoo boy! Do I have a lot of thoughts on this. Listen up friend!
I DO NOT RECOMMEND WHOLE LIFE INSURANCE TO MOST PEOPLE.
Yes you heard me right! There’s a VERY small percentage of clients that would benefit from a Whole Life Insurance policy and chances are you don’t fall into that category.
Huntley Wealth does not view Whole Life Insurance as a good investment vehicle! Of course, a guaranteed death benefit is a great investment, but for a fluctuating marketplace, there are better places to put your money to work. Why not buy a term policy and invest the savings? Or a Guaranteed Universal Life policy if you want lifetime coverage?
Term Life Insurance costs A LOT less than Whole Life Insurance – not to mention the fact that you can avoid the excessive admin and commission based fees that will hit you. If you want to read more about my thoughts in this area check out my whole life insurance rebellion!
So what products does Pacific Life Insurance offer in regard to term insurance? They have 2 options:
“Prime Term” Life Insurance:
This is level term life insurance, which simply means that the premiums never change during the term selected. Terms available are 10, 15, 20 and 30 years and coverage is available to potential policyholders 20 -75 years of age (inclusive). Prime Term products include a conversion feature which allows you to convert your Term policy to ANY of the company’s permanent life insurance products.
“ART Term” Insurance:
These policies provide short term coverage, can be purchase with a medical exam or without and are renewable, although they become increasingly more expensive based on your age and health. The rule of thumb is, policies are cheaper with a medical exam. In a nutshell, if you are healthy you should avoid no-exam policies as they will cost you more.
Ugh! I think I need a little more protection – what if I get sick and don’t die right away…or what if I decide last minute that I need lifetime protection?
That’s what Life Insurance Riders are for!
Life Insurance Riders
Pacific Life Insurance includes a Conversion Rider with all Prime Term policies that will allow you to roll your term coverage into a Permanent Life policy, if that’s what you need.
You can also purchase additional riders such as:
• Waiver of Premium: You may choose to add this rider to your Prime Term policy for an additional cost. If you become totally disabled, after a 180 waiting day period, your premiums will be ccovered. Let’s say your disability occurs after the age 60, premiums will continue to until age 65. • Accelerated Death Benefit: This rider is included in Prime Term policies and comes at no additional cost. It allows you the option to access up to 75% of your death benefits (up to $250,000 max) if you receive a diagnosis for a qualifying terminal illness.
Permanent Life Insurance: Pacific Life Insurance Company
Ok, I put a lot of thought into this and I really feel like permanent life insurance is the way to go!
So let’s check out what Pacific Life Insurance Company has to offer:
I have to admit, Pacific Life insurance Company offers an impressive array of permanent life insurance products.
Before I delve into their permanent options – you should know that permanent life insurance is more costly than term, at least when you are young.
They have a cash value accumulation feature, the death benefits cover you for life AND and you pay for administrative costs and the commissions for the salesperson who sold you the policy!
Let’s check out their offerings now!
Money, Money, Money
Do you have an estate or make lots of money?
If so, a permanent, Whole Life Insurance policy may be a good choice for you.
Whole Life policies are ideal if you’ve already maxed out your 401(k) or IRA and are seeking other tax deductible investment opportunities. They can also be used as an estate planning device. But not all permanent policies are created equal…most are not guaranteed, so…
I would like to add a word of caution before you opt to purchase a permanent life insurance product, always talk to an experienced independent life insurance agent first! This applies to any permanent life insurance product you are considering from any insurer.
When you come across a Guaranteed Universal Life policy, take note! This is the type of lifetime policy that offers a guaranteed death benefit and is not meant to be an investment vehicle. If you need coverage to last the rest of your life, this is the one to consider…
I’m going to give you some VERY basic information here. However, I’ve attached PDFs which provide important details about the content of each individual product.
Pacific Life Insurance Company: Underwriting Comparison
Pacific Life Insurance Company looks AMAZING. Sign me up!
Hold ‘yer horses partner. We haven’t gotten to the good stuff yet! You need to know more about their underwriting BEFORE you make your decision!
Now we are into some juicy material.
This is THE most important part of your decision.
Sure, there are TONS of GREAT life insurance companies out there and Pacific Life Insurance Company just happens to be one of the BEST!
….BUT if you think they are for you – you need to understand how their underwriting policies work FIRST.
Contrary to popular belief NOT all life insurance companies are created equal and THIS is where you can save some serious cash. To really get the most bang for your buck you should call an independent life insurance agent right now!
At Huntley Wealth we make it a priority to know the ins and outs of each company we work with. This is the key to savings.
A Little Competition NEVER Hurt Anyone!
To examine how Pacific Life Insurance Company underwriting guidelines stack up against other companies, I randomly selected 2 other insurers to use as a bar.
Keep in mind that every life insurer rates individuals differently. Some are very liberal, whereas others may be much more stringent.
Today I am using Sagicor Life Insurance and Savings Bank Life Insurance for comparison purposes.
We are going to look at guidelines for a “Preferred Plus” Term life policy for a male who is at 5’ 10“ tall. Our rating features will examine the following 5 factors:
• Weight and Build • Smoking • Blood Pressure • Cholesterol Levels • Family History
NOTE: Click on the tabs to see the underwriting policies for Sagicor, SBLI & Pacific Life Insurance Company.
- Sagicor Life Insuran ce
- Pacific Life Insurance Co
Sagicor Life Insurance
Height & Weight Ratio: A male who is 5’ 10 “tall can weigh between 118 – 210 pounds
Tobacco Use: No tobacco use for 24 months
Cholesterol HDL Ratio: Rating class will be determined, but must be controlled with medication.
Family History: No deaths in any siblings prior to age 60 for heart attack, stroke, cancer or unknown.
Blood Pressure: Rating class will be determined, but must be controlled with medication.
Savings Bank Life Insurance
Height & Weight Ratio: A 5’ 10” Male and no heavier than 196 pounds
Tobacco Use: No nicotine for 5 years. Occasional cigar use can be considered no-nicotine if 12 or less are smoked per year, and you fully admitted to this on the application and current nicotine is negative.
Cholesterol HDL Ratio: 120 Minimum – 300 Maximum (treated or untreated) HDL: 5.0 (Males) – 4.5 (Females)
Family History: No cardiovascular or familial cancer* in parents/siblings prior to age 60*Waived if insured is age 65 or older and meets all other preferred criteria*Family history is disregarded if insured is age 70 or older *Breast, ovarian, prostate, melanoma, thyroid, lymphoma, colon
Blood Pressure: Treated or untreated – 135/85 up to age 60 – 140/85 age 61 and over.
Pacific Life Insurance Co
Pacific Life Insurance will occasionally give clients “Best Class” for high blood pressure, but for the most part will issue a “Standard” rating class or higher. The same applies to high cholesterol levels.
This company will not consider you to be insurable if you have had a heart attack and are still using tobacco products.
(Note) – Specific underwriting guidelines were not available online for Pacific Life Insurance.
Ok Chris, Give Me Pacific Life Insurance Company’s Underwriting Policy in a Nutshell!
Pacific Life Insurance underwriting policy compares favorably in some areas, but is generally more conservative when it comes to rating individuals – especially if you are a smoker or have high cholesterol.
As you can see these three companies vary greatly in terms of how they look at perspective clients.
Health issues and pre-existing conditions can dramatically impact your life insurance rating AND your premiums.
That’s why it’s vital that you use the services of an independent agent. In the end, they will be able to best assess the factors that specifically impact your personal situation.
Contact the independent agents here at Huntley Wealth. We are here to help you get the best rating and lowest premium.
Show Me the Money: Pacific Life Insurance Company
Cut to the chase Chris! Where can I get the most value for my $$?
This is truly what it all comes down to! Let’s take a look…
So what about the cost? Come on, I know that it’s the premiums that really hit home in these reviews.
For the sake of continuity, I’m going to continue to use Sagicor Life and SBLI as a barometer to see how Pacific Life Insurance compares price-wise.
Here’s a quick snapshot of what premiums might look like for men and women with a Preferred Non-Tobacco rating in their 20’s 30’s, 40’s, 50’s & 60’s.
(NOTE): The following quotes for all 3 life insurers are not an offer of insurance and are for research purposes only. They were taken from Term4sale.com on January 9, 2018.
Sagicor Life Insurance – Quotes
20 Year Term Life Insurance Quotes
Please check out Sagicor’s underwriting policies above. Your health rating is far more important than sample rates.
Pacific Life Insurance Co – Quotes
20 Year Term Life Insurance Quotes
Please check out Pacific Life Insurance Company’s underwriting policies above. Your health rating is far more important than sample rates.
SBLI – Quotes
20 Year Term Life Insurance Quotes
Please check out SBLI’s underwriting policies above. Your health rating is far more important than sample rates.
So one thing that should leap out to you is that SBLI does not offer 20 year term life insurance for men and women who are 65. They stop 20 year term after 60 years of age.
Both Sagicor and Pacific Life Insurance Company offer coverage later in life.
So if you are older and looking for coverage, SBLI may fall outside your needs.
As you can see the prices are fairly close. Yes, premiums go up and down depending on age – but really they are admittedly pretty similar. Although a few dollars here and there do add up over 20 – 30 years.
This is probably why people think that all life insurance companies have the same offerings.
There is a catch! You need to qualify for the health rating and not all underwriting policies are the same.
Did you know that men pay a LOT more for life insurance than women? Yes they do. It’s a little shocking when you factor the numbers out over time.
A healthy 35 year old man will pay about $12,117.60 over 20 years. A female will pay about $9,873.60. The disparity grows as they age because male life expectancy is less than female.
THIS IS WHERE HEALTH RATINGS COME IN.
….and why I constantly reiterate how important it is to consult an independent life insurance agent BEFORE you buy a life insurance policy.
Some companies are more lenient when it comes to specific medical conditions than others. Let’s take a look at how this works so you can see with your own eyes what a big difference this can make to your bottom line.
Life Insurance CompanyRates Based on Health and Lifestyle
35 Year Old, Smoking Male, Standard Rating 30 Year Term, 500K
35 Year Old, Smoking Male, Preferred Rating, 30 Year Term, 500K
35 Year Old, Smoking Male, Preferred Rating, 30 Year Term, 500K
Pacific Life Insurance Company:
$197.52Per Month $149.51Per Month $149.51Per Month
$194.01Per Month $153.23Per Month $153.23Per Month
NA NA NA
- Smoking is a BADDD thing when it comes to life insurance. They charge you WAYYYY more than if you don’t. BTW this DOES NOT mean you shouldn’t get life insurance. It’s simply means you should quit if you want to pay less.
- Please note – there is virtually no differentiation between the gentleman who is an athlete and smokes and someone in good shape.
- It’s imperative that you work with an independent life insurance agent if you’re a smoker because none of these companies are going to give you the best possible deal. It also depends on how much you smoke – occasional smokers may qualify for better ratings. If you are someone who falls into this category, I’ve got a great company for you.
* $71,107.20 Pacific Life Insurance Company: Standard Rating
* $55,162.80 SBLI: Preferred Rating
Savings of $15,944.40 Savings Over 30 Years!
****Now Take Smoking out of the Equation!****
Life Insurance CompanyRates Based on Health Rating
35 Year Old, Non Smoking Male, Standard Rating 30 Year Term, 500K
35 Year Old, Non Smoking Male, Preferred Rating, 30 Year Term, 500K
35 Year Old, Non Smoking Male, Preferred Plus Rating, 30 Year Term, 500K
Pacific Life Insurance Company:
$75.22Per Month $44.45Per Month $38.21Per Month
$79.75 Per Month $45.89Per Month $39.50Per Month
NA NA NA
- Wow what a difference. Non-smokers pay WAYYY less.
- As you can see the premiums are pretty similar despite different health classifications.
- What’s NOT similar are the underwriting guidelines.
- There’s a pretty STEEP difference between Standard rates and Preferred Plus!
- So what if your condition kept you in a standard rate for for SBLI as opposed to preferred rate at Pacific Life Insurance Company?
* $16,002.00 Pacific Life Insurance Company: Preferred Rating
* $28,710.00 SBLI: Standard Rating
Savings of $12,708.00 Savings Over 30 Years!
THE BOTTOM LINE?
Well I’d have to say Pacific Life Insurance Company is a GREAT insurer. There’s no ifs, ands or buts about it!
They typically show up in the top 20 lowest quotes and often break into the top 10. Which means ultimately there are less expensive insurers out there.
Based on the availability of products, underwriting criteria and premium costs, Pacific Life Insurance Company has:
• A superb mix of life insurance products and riders; • Is relatively competitive for some health issues but less so for others; • Offers competitive premiums,but is definitely not the cheapest
Who do we recommend as the top 10 life insurance companies? Read this article: “The Top 10 Life Insurance Companies” for insider information that could save you thousands.
Why Huntley Wealth?
So you’ve read my article and think Pacific Life Insurance Company is the best choice for you and you’re family.
STOP RIGHT NOW and call Huntley Wealth.
My guess is we can find you a better option.
Your premiums really do hinge on qualifying for the BEST possible health rating. If you have any medical concerns at all, you need to review all your options.
Heck, I would recommend this to virtually anyone looking for coverage. Doing your homework ALWAYS helps your final results.
High blood pressure, elevated cholesterol, diabetes or simply old age all require review to find the company that will be most lenient for your personal circumstances.
Huntley Wealth is the “GO TO” independent life insurance agency when it comes to PRE-EXISTING health conditions!
We have access to over 40 life insurers and work tirelessly to get you the best rating and lowest premiums.
Remember, our agents work for YOU, NOT the life insurance companies.
Call Huntley Wealth right now at 888-603-2876 if you need affordable life insurance.
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