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Comprehensive Pacific Life Insurance Review – Trusted Insights

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Insurance Quotes 2 Day Team

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University, a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA and Top of the Table member of the Million Dollar Round Table (MDRT). Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

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Pacific Life Insurance Company has been a trusted name in the insurance industry for over 150 years. With a solid reputation for customer service and financial stability, Pacific Life offers various insurance products designed to meet the needs of individuals and businesses alike. In this review, we’ll explore Pacific Life’s range of term life insurance and universal life insurance products, competitive pricing, and streamlined underwriting options.

Pacific Life Insurance Products

Pacific Life offers a variety of insurance products that cater to different needs:

  • PL Promise Term Life Insurance – Offers competitive pricing with level premiums for 10, 15, 20, 25, or 30 years.
  • PL Promise GUL – No-lapse guarantee universal life insurance with a guaranteed death benefit.
  • PL Promise Conversion UL – Allows for the conversion of term life policies to permanent coverage without requiring additional medical exams or underwriting.
  • Pacific Discovery IULIUL policies designed for both protection and supplemental retirement income.
  • Flex Protector II – Interest-sensitive whole life insurance with lifelong protection and potential cash value growth.

Pacific Life Insurance Products Summary

Product Name Type Key Features
PL Promise Term Life Term Life Insurance – Level premium term with 10, 15, 20, 25, 30-year options.
– Competitive pricing, especially for non-nicotine users.
PL Promise GUL Universal Life (No-Lapse) – Guaranteed death benefit with no-lapse protection.
– Flexible payment options and coverage up to $3M.
PL Promise Conversion UL Universal Life (Conversion) – Convert term policies to permanent without medical exams.
– Allows up to 2 partial conversions per policy.
– Guaranteed death benefit with affordable premiums.
Pacific Discovery IUL Indexed Universal Life – Provides life insurance protection with potential for cash value growth.
– Suitable for wealth accumulation and supplemental retirement income.
Flex Protector II Whole Life Insurance – Lifelong protection with cash value accumulation.
– Interest-sensitive whole life insurance, designed to meet long-term financial needs.

Pacific Life’s Competitive Pricing and Key Features

When it comes to pricing, Pacific Life stands out in competitive rankings for many age groups and coverage types. For example:

  • Male, Age 30, $1M Death Benefit: Pacific Life PL Promise Term costs $349.21 annually, ranking #1.
  • Female, Age 40, $1M Death Benefit: Pacific Life PL Promise Term costs $476.62 annually, also ranked #1.

This competitive pricing, coupled with value-added features like Accelerated Death Benefit Riders and Waiver of Premium Riders, makes Pacific Life a top choice for cost-conscious consumers.

Top 3 Life Insurance Companies for a 30-Year-Old Male

Company Annual Premium Monthly Premium
Pacific Life (PL Promise Term 20) $349.21 $29.68
Protective (Classic Choice Term 20) $349.23 $29.68
American General (Select-a-Term 20) $349.40 $29.52

Top 3 Life Insurance Companies for a 40-Year-Old Female

Company Annual Premium Monthly Premium
Pacific Life (PL Promise Term 20) $476.62 $40.51
Banner (OPTerm 20) $476.76 $40.52
Protective (Classic Choice Term 20) $476.87 $40.53

Underwriting Made Easy: Pacific Life’s PAL+ (Accelerated Underwriting Program)

Pacific Life offers a seamless underwriting process called Pacific Accelerated Life+ (PAL+). It provides three underwriting pathways—accelerated, modified, and traditional. This flexibility allows your application to be intelligently routed based on the least invasive requirements needed.

  • Accelerated Underwriting: For those ages 18-60, with up to $3M in coverage, this process involves no medical exams for qualified individuals.
  • Modified Underwriting: This option may require a physical exam and lab work within the past 12 months but still offers up to $3M in coverage for term life insurance.

Pacific Life’s Underwriting Strengths

Pacific Life stands out in the insurance industry not only for its competitive products but also for its streamlined and flexible underwriting process. Their underwriting approach is designed to ensure a smooth and efficient experience for policyholders while offering flexibility to accommodate a variety of health and lifestyle situations. Here are some of Pacific Life’s key underwriting strengths:

  1. Accelerated Underwriting:

    • Pacific Life’s Pacific Accelerated Life+ (PAL+) process offers up to $3 million in term coverage without requiring medical exams for qualified applicants aged 18-60. This simplified process allows for faster approvals and less invasive requirements.
  2. Flexible Underwriting Pathways:

    • Pacific Life offers three underwriting pathways—accelerated, modified, and traditional—which are intelligently chosen based on the applicant’s profile. If you don’t qualify for the accelerated pathway, your application can pivot to the modified or traditional pathway without needing to restart the process.
  3. Liberal Underwriting Guidelines:

    • Pacific Life is known for its liberal underwriting on common health conditions. For example, policyholders with conditions like controlled blood pressure, cholesterol, and even those on medications for anxiety or depression can still qualify for competitive rates.
    • The company also offers flexible underwriting guidelines for older applicants, particularly those aged 65 to 80, in areas like weight and height standards.
  4. Nicotine and Marijuana Use:

    • Pacific Life provides non-nicotine rates for occasional cigar smokers, as long as they have fewer than 12 cigars per year and test negative for nicotine during the underwriting process. Additionally, occasional marijuana use can still qualify for preferred rates.
  5. Fewer Requirements for Health History:

    • Pacific Life minimizes unnecessary medical requirements. For example, applicants aged 18-70 with a recent physical and lab work may be eligible for modified underwriting without further medical exams.
  6. Smooth Conversion Process:

    • For policyholders looking to convert their term life policies to universal life, Pacific Life allows for a seamless conversion with no additional underwriting or medical exams. This is particularly beneficial for individuals whose health might have changed since the inception of their term policy.

Financial Stability and Industry Reputation

Pacific Life has a long history of financial stability, as evidenced by its excellent ratings from major credit rating agencies:

  • A.M. Best: A+ (Superior)
  • Moody’s: A1 (Good)
  • Standard & Poor’s: AA- (Very Strong)
  • Fitch: A+ (Strong)

Frequently Asked Questions

What types of life insurance does Pacific Life offer?

Pacific Life offers a range of life insurance products, including term life, universal life (UL), indexed universal life (IUL), and whole life insurance. Each product is designed to meet different financial and protection needs, such as wealth accumulation, retirement income, and estate preservation.

How much life insurance coverage can I get with Pacific Life?

Pacific Life offers policy limits of up to $3 million for term life and universal life insurance policies through their accelerated underwriting process. Higher limits may be available with traditional underwriting, making it suitable for individuals with higher coverage needs.

Can I convert my Pacific Life term policy to a permanent policy?

Yes, Pacific Life’s PL Promise Conversion UL  allows you to convert your term life policy into a universal life policy without undergoing any additional medical exams or underwriting. This ensures lifelong protection with guaranteed death benefits.

Does Pacific Life offer no-medical-exam life insurance?

Yes, through Pacific Life’s Pacific Accelerated Life+ (PAL+) program, you can qualify for up to $3 million in life insurance coverage without a medical exam, depending on your age, health, and other qualifying factors.

What makes Pacific Life’s underwriting process unique?

Pacific Life’s underwriting process is highly flexible, offering three pathways: accelerated, modified, and traditional. The Pacific Accelerated Life+ (PAL+) program simplifies the process, allowing for quick approvals with minimal requirements, while their liberal underwriting guidelines accommodate a wide range of health conditions.

Conclusion: Why Choose Pacific Life?

Pacific Life’s robust product offerings, competitive pricing, and industry-leading financial stability make it a top choice for life insurance. Whether you’re looking for affordable term life insurance or more comprehensive universal life coverage, Pacific Life has options to suit every need.

Get a personalized life insurance quote today by using our quoter tool.

author avatar
Doug Mitchell, CLU Independant Advisor
Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent almost 30 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance and home and auto insurance. Doug is a Top of the Table Million Dollar Round Table member (MDRT).  MDRT is a global, independent association of the world's leading life insurance advisors.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table. He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award. Later in his career with New York Life he was an Executive Council Member. Doug currently serves as President of Ogletree Financial, a managing general agency serving life insurance agents and clients in all parts of the United States. Today, Doug’s main focus is servicing 1000s of policyholders.

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