Pacific Life Insurance Review 2023

Looking to see if Pacific Life is a good insurance company?

If so, then you came to the right place.

Everything you could want and need to know is right here in this Pacific Life Insurance review.

In our Pacific Life review 2023, we’ll show you their rates, available polices and details, ratings, underwriting and everything else you could want to know about Pacific Life Insurance Company.

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About

Founded: 1868 (been in business for 155 years)

Website: pacificlife.com

Phone: (800) 800-7646

Address: 700 Newport Center Drive, Newport Beach, CA 92660-6397

J.D. Power Ranking: 793

Claims: $3.4 billion insurance and annuity benefits paid out in 2021

Assets: $206 Billion

Donations: $7.5 million in annual contributions to impact communities

Life Insurance In force: $1.2 trillion

Awards: Pacific Life was also named named one of the 2022 World’s Most Ethical Companies by the Ethisphere Institute and named a 2021 Best Customer Service Company in Newsweek’s annual “Best of Customer Service” awards. PacLife also recently received the DALBAR Insurance Service Award in 2022 for providing the highest customer service to life insurance policyholders. Pacific Life was named to Life Health Ward 50 Companies. Pacific Life is also the Official Life Insurance Sponsor of the PGA TOUR and PGA TOUR Champions.

Rankings: Pacific Life is one of the largest life insurance companies in America.

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Pacific Life Insurance Ratings 2023

Rating Agency	Strength Ratings
A.M. Best	A+ (Superior)
Fitch	AA- (Very Strong)
Moody’s	Aa3 (Good)
S&P Global	AA- (Very Strong)
Comdex	95

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Pacific Life Insurance Company Underwriting

Preferred Best Health Class

• Build (height/weight): Ages 0-64 with Body Mass Index (BMI) ≤ 33, Ages 65+ with BMI ≤ 35.
• Total Cholesterol: Treated or untreated total cholesterol of 150-300.
• Blood Pressure: Treated or untreated.

Preferred Health Class

• Anxiety/Depression: Preferred available for mild to moderate depression or anxiety with stability on up to 2 medications (cannot be 3rd line drugs or antipsychotics) with limited time off work and no hospitalizations.
• Sleep Apnea: Preferred available for Mild Sleep Apnea (Apnea-Hypopnea Index (AHI) or Respiratory Disturbance Index (RDI) of 10-30 and oxygen saturation better than 80%).
• Asthma: Preferred available for mild to moderate asthma (exercise induced, seasonal, etc.) with less than 2 attacks per week, treated with preventive oral bronchodilators or self-administered inhaled bronchodilator and/or inhaled steroids.
• Gastrointestinal Disorders: Ulcerative Proctitis–Preferred available when limited to rectum and sigmoid colon for at least 3 years, normal weight, and treatment limited to rectal administration of steroid/salicylate preparations or oral sulfasalazine/salicylate drugs only.
• Foreign Travel: Preferred available for travel up to 4 consecutive weeks.
• Active Military: No exclusion for military duty. They only rate for hazardous duty (e.g. demolition expert). Maximum amount that can be considered is $1 million.
• Aviation: Preferred without a flat extra available for private pilots who hold an instrument flight rating (IFR), fly 26-150 hours per year (personal pleasure flying, no business flying for pay), and are between issue ages 20 and 70.

Pacific Life Underwriting Rate Class Criteria Up To Age 64

Pacific Life Underwriting Rate Class Criteria For Seniors Over Age 65

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Pacific Life Underwriting Requirements By Age & Amount

• $0 to $99,999k
• $100,000 to $250,000
• $250,0001 to $500,000
• $500,000 to $1,000,000
• $1,000,000 to $2,000,000
• $2,000,001 to $3,000,000
• $3,000,001 to $5,000,000
• $5,000,001 to $10,000,000
• $10,000,001 and up

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Pacific Life Insurance Height/Weight Guidelines

Pacific Life has the best height/weight (build), BMI guidelines in the entire country for life insurance. Take a look at how favorable their build chart is below for those between the ages 18-64.

Pacific Life Insurance Height/Weight Guidelines For Ages 18-64 Year Old

Pacific Life Insurance Height/Weight Guidelines For Seniors Over 65 Year Old

Pacific Life has the best life insurance height/weight (build), BMI guidelines in the entire country for seniors over age 65. Take a look at how favorable build chart is below for seniors over 65 years old.

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Maximum Coverage Amount Available By Age & Income

Age Maximum Amount

21-40 30 x annual income

41-50 20 x annual income

51-60 15 x annual income

61-70 10 x annual income

70 and over Individual Consideration (typically 5x annual income)

Non-Working Spouse

Up to 100% of the income-earning spouse/domestic partner’s coverage to a maximum of $3 million. Individual consideration if over $3 million.

Estate Conservation

Usually based on projected net worth x 55%; projected net worth based on current net worth grown at 6% annual rate, for lesser of 15 years or life expectancy. Coverage in excess of guideline amounts on individual consideration basis

Charitable Giving

The average of the last 3 years’ history of charitable gifts x the lesser of 50 years or remaining life expectancy. Coverage in excess of guideline amounts on individual consideration basis.

Debt Repayment–Business

Debt repayment coverage can be considered in addition to Key Person coverage, but cannot exceed 100% of the debt and cannot exceed 50% of the amount allowed by key person multipliers. Lines of Credit may be insured if they have been used during the 2 years immediately preceding the application date. Policy term cannot exceed remaining term of the loan by more than 10 years.

Key Person– Business

5-10 x annual wages (depending on involvement in the business operations and circumstances); higher amounts will be considered on an individual basis. Up to 100% of non-wage benefits may be included, at the underwriter’s discretion.

Buy-Sell -Business Continuation- Business Succession

Owner and beneficiary must be the person or entity that will (or has the option to) buy the insured’s interest in the business. Coverage amount will be determined based on the evaluation of the case, including ownership and business valuation.

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Pacific Life Term Life Insurance Product Details

Pacific Life’s term life insurance is excellent for:

• Replace your lost income for your family’s financial well-being
• Pay off mortgage for family home
• Pay final funeral expenses
• Cover tuition for your children’s education
• SBA Loan life insurance requirement
• Key person coverage
• Divorce agreement
• Buy-sell agreement

Product Name: PL Promise Term

Competitive Rates: Pacific Life often has the best term life insurance rates in the country.

Term Lengths: 10, 15, 20, 25, and 30 year level terms. Fluidless underwriting for older ages, no rate class restrictions.

Minimum Amount: $50k ($50,000)

Maximum Amount: $10 million +

Conversion: Pacific Life has an excellent conversion option to permanent insurance on their term product. At any time during your level premium period (not to exceed your attained age 70), you may convert all or a part of the PL Promise Term policy’s death benefit to a new universal life insurance policy that Pacific Life makes available at the time of conversion. There is no additional underwriting approval required.

Accelerated Death Benefit Rider:

Free rider that allows the ability to accelerate a portion of the policy’s death benefit via the Accelerated Death Benefit Rider if you become terminally ill.

Additional Services:

•Choice of premium payment mode: annually, semi-annually, quarterly, or monthly

•Choice of electronic policy delivery for ease and convenience

.•Choice of electronic application for potentially faster turnaround times

Pacific Life Term Life Insurance Brochure

Pacific Life Term Life Insurance Premiums

Age	10 Year Term $500k	15 Year Term $500k	20 Year Term $500k	25 Year Term $500k	30 Year Term $500k
25	$13	$14	$19	$25	$29
30	$13	$15	$20	$26	$31
35	$14	$16	$21	$30	$36
40	$18	$20	$29	$43	$51
45	$28	$36	$47	$68	$79
50	$40	$54	$70	$107	$126
55	$68	$85	$115	$193	$232
60	$109	$145	$201	$385	N/A
65	$191	$258	$385	N/A	N/A
70	$317	$475	N/A	N/A	N/A
75	$639	$1,209	N/A	N/A	N/A
80	$1,568	N/A	N/A	N/A	N/A

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Pacific Life Insurance No Medical Exam Option

Pacific Life offers a great no exam option called Pacific Accelerated+, which is meant to streamline the underwriting process for those who qualify. It is an accelerated underwriting program that waives the the traditional medical exam if the following qualifications are met:

• You are between the ages of 18-60 years old (nearest birthday)
• Qualify for Preferred Plus to Standard class
• Can go up to $3 million of total life insurance inforce with Pacific Life, currently applying for and including existing coverage with PacLife.
• Pacific Life also offers the possibility of bypassing the medical exam for for applicants 70 and under if they had a physical with labs with their doctor in the last 12 months

Pacific Life Permanent Life Insurance Product (GUL) Details

Pacific Life has one of the best no-lapse GUL policies in the country. It starts at $25k which makes it a great chose for final expenses in addition to estate planning.

• Estate planning
• Income replacement
• Final expenses
• Pass wealth to children, grandchildren or charitable organizations income tax free
• Guaranteed protection for life
• Debts that may last your lifetime such as a mortgage or a loan
• A special needs dependent
• Buy-sell agreement to have an orderly business succession
• Key person coverage

Product Name: PL Promise GUL

No-Lapse Guarantee Protection Options To: Age 90, Age 95, Age 95, Age 100, Age 105, Age 110 or Age 121

Minimum Face Amount: $25k

Maximum Amount: $10 million +

Issue Ages: 18 to 80 years old

Pacific Life Permanent Life Insurance (PL Promise GUL) Brochure

Pacific Life Insurance GUL Premiums

**Rates and policy amount are both fixed until age 121**

Age	Male $25k	Female $25k	Male $1,000,000	Female $1,000,000
25	$34	$32	$259	$217
30	$34	$33	$315	$268
35	$36	$35	$394	$341
40	$39	$38	$508	$443
45	$43	$41	$648	$569
50	$49	$46	$849	$748
55	$55	$52	$1,087	$947
60	$65	$57	$1,442	$1,257
65	$80	$71	$1,982	$1,667
70	$102	$89	$2,742	$2,297
75	$133	$117	$3,849	$3,274
80	$198	$172	$6,153	$5,231

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Final Thoughts

Pacific Life is one of the oldest, largest and best life insurance companies in America in 2023. One of the reasons for their longevity and success is that they put their customers first and have served families and businesses successfully for over 150 years and never failed to pay a valid claim.

Pacific Life often has the lowest rates in the country for term life and permanent life insurance (GUL). PacLife has excellent conversion options on their term life policy as well as an excellent ROP feature on their PL Promise GUL policy.

Not only is Pacific Life one of the most well-known and respected life insurance companies in the country, but they are one of the most financially secure with an A+ (Superior) financial rating from A.M. Best and a 95 Comdex score.

Also, Pacific Life has great underwriting guidelines, including one of the best build charts (height & weight guidelines) in the industry making the a top choice for many of our clients.

Also, as part of a mutual holding company structure, PacLife has no publicly-traded stock, so they can focus on long-term strategies, financial strength, and the best interest of their policy owners.

We hope our Pacific Life Insurance Review 2023, has provided you the necessary information to assist you in choosing the right policy to protect your family or business.

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Frequently Asked Questions (FAQ)