I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent

UPDATED: Aug 10, 2020

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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.

YES indeed!

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.

Table of Contents:

More About Pacific Life Insurance Company

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 Review

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Pacific Life Insurance Company: A Mutual Insurance Company

Not only that, but 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!

Financial Ratings

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?

Let’s take a look to see how they have been assessed by the nation’s leading rating companies such as AM Best, FitchMoody’s & Standard & Poors.

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!

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Pacific Life Insurance: 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!

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?

Is Whole Life Insurance The Safer Option For Me?

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.

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 purchased 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.

What Life Insurance Riders Are For

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 covered. 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.

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Permanent Life Insurance:  Pacific Life Insurance Company

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!

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…

Pacific Life Insurance Underwriting

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 Insurance
  • SBLI
  • 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 InsuranceHeight & 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.This company will not consider you to be insurable if you have had a heart attack and are still using tobacco products.

(Note) – Specific underwrite online for Pacific Life Insurance.

Pacific Life Insurance Company’s Underwriting Policy

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 prospective 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.

Pacific Life Insurance Company Life Insurance Cost

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.

Pacific Life Insurance Quotes

20 Year Term Life Insurance Quotes

Age $250,000 $500,000 $1 Million
25: Male $17.92  $29.54 $49.55
35: Male $18.31 $30.31 $52.42
45: Male $37.96  $69.61 $127.34
55: Male $86.63 $166.95 $326.53 
65: Male $310.49 $614.67 $1,116.49
25: Female $14.73 $23.16 $36.36
35: Female $16.08 $25.86  $42.17
45: Female $29.95  $53.60 $99.21
55: Female  $72.05   $137.81  $266.09 
65: Female $200.28 $394.26 $744.70

Please check out Sagicor’s underwriting policies above. Your health rating is far more important than sample rates.

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Life Insurance 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.

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.

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.

Health Ratings and Life Insurance

….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 Health Rating

30 Year Term, 500K Pacific Life Insurance Company: $197.52Per Month  $149.51Per Month  $149.51Per Month

SBLI: $194.01 Per Month $153.23 Per Month $153.23 Per Month

Sagicor: Not Available.

  • 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 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:  Savings of $15,944.40 Over 30 Years!

Life Insurance Company Rates Based on Health Rating 35-Year-Old, Non-Smoking Male, Standard Rating to Preferred

Pacific Life Insurance Company: $75.22 Per Month $44.45 Per Month $38.21 Per Month

SBLI: $79.75 Per Month $45.89 Per Month $39.50 Per Month

Sagicor: Not Available

  • 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 SBLI as opposed to the preferred rate at Pacific Life Insurance Company?

* $16,002.00 Pacific Life Insurance Company:  Preferred Rating* $28,710.00

Savings of $12,708.00 Over 30 Years!

 They typically show up in the top 20 lowest quotes and often break into the top 10.ly there are less expensive insurers out there. Based on the availability of products, underwriting criteria, and premium costs, the company has:

  • A superb mix of life insurance products and riders;
  • competitive for some health issues but less so for others;
  • Offers competitive premiums, but is definitely not the cheapest

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.