Pacific Life Insurance Review 2021 // Lowest Rates & Fast Underwriting

By Sa El

Updated September 3, 2021

pacific lie logo

Our Verdict

4.0

Pacific Life has very competitive underwriting for a range of health conditions, however, they have more favorable ratings for people without any health issues.  However, they do have an above average approval speed and some of the most affordable rates in the industry.

I put this Pacific Life Insurance Review together to help you understand how their product works and if it's a good fit for you.

Pros

  • Most Affordable Rates Under 45 y/o
  • Electronic Application
  • Policy Delivered via Email
  • Best Rates For Smokers
  • Short Application Form

Cons

  • N/A

I am a huge advocate of the no medical life insurance option; however, there are some situations where the "no physical exam" option is out of the question and a fully underwritten option is best.

Especially if you have pre-existing conditions such as diabetes, or need more than $1 Million in life insurance.

pacific life insurance review

The best way to speed the underwriting process up will be to get your exam completed as early as possible so that your results get back to the insurance company faster.

If you need the most affordable rates and are fine with a 2 to 3 week turn around, then getting term life insurance rates and coverage from Pacific Life is the best answer.

Who Is Pacific Life Insurance?

Pacific Life was founded in 1885 which makes it over 150 years old.

Age is essential when it comes to a life insurance company because it shows that they aren't going anywhere and have longevity.

pacific life 150 years

Pacific Life is the 4thlargest U.S. life insurance company in sales and with a motto of “the power to help you succeed,” Pacific Life has an A+ (Superior) ranking with A.M. Best

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

Why Should You Care About A.M. Best?

I like to think of A.M. Best like the JD Power of the insurance industry, they have been around for over 117 years.

They rate companies based mainly on their financial strength, which can be an indicator or claims-paying ability.

Claims Paying Ability "in plain English":   A Life Insurance Company's ability to pay out on a policy.

am best

What Makes Them Different?

What makes Pacific Life Insurance Company different is that they offer you the ability to bypass an exam if you already have completed one with your primary doctor.

If you have taken an exam in the last 18 months and need less than $500,000 in coverage you can bypass the exam.

Pacific is offering over $1 Million in life insurance coverage with a short online application and multiple term life options.

INSURANCE WHERE YOU LIVE

Life insurance by state.

How Does Pacific Life Insurance Work?

Pacific Life is focused on affordable life insurance rates with solid underwriting for people that are generally in good health.

Their life insurance process works like this:

Electronic Application

The application process is electronic, simple and short, it will usually take less than 5 to 10 minutes to complete all the information and submit your application.

Fast Underwriting

Pacific Life's underwriting process is a bit faster than most insurance companies if you use either the no exam option or the Smooth Sailing Underwriting option.

Once you complete the electronic application you can have your approval either instantly with the no-exam option, within a few days with the smooth sailing option, or a few weeks with traditional underwriting.

Policy Delivered Via Email

Once your policy has been approved and issued you will receive a copy of it directly to your email address. 

This is great because you don't have to remember where you left your policy and will always have easy access to it. 

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

What Does Pacific Life Insurance Cover?

Pacific life offers a few different policy options for you to choose from.

Each policy comes with coverage options from $50,000 up to $10,000,000.

pacific life insurance

10 Year Term Life Insurance Policy

The ten year term life option is going to cover you for 10 years before it's time to purchase a new policy.

This policy is going to be the most affordable option with low-range pricing and will be best for people who are looking at both their  short term and long term needs.

The amount of life events that can happen in 10 years is massive and being prepared for them is very important.

A 10 year term is a great starting point and locking your low rates in is going to be essential.

15 Year Term Life Policy

The fifteen year term life option is going to cover you for 15 years before you have to purchase a new policy.

This policy is going to be the second most affordable and be best for people who are in the middle of life events like having a baby or switching jobs.

20 Year Term Life Insurance Policy

The twenty year term life policy will be the second most expensive of the 4; however, it will still be very affordable.

This term length is going to be best for someone focused very much so on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the twenty year term option, then I would suggest you go with the 20 year term option.

30 Year Term Life Insurance Policy

The thirty year term life policy will be the most expensive of the 4; however, it will still be affordable.

This term length is going to be best for someone focused on their future and want to be covered for the most extended period of time with the maximum amount of savings.

The longer a term length a policy has, the more expensive it will be up-front; however, the more savings you will get over time.

If you know what you want and can afford the thirty year term option, then I would suggest you go with it.

It's a really good option if you just purchased a home.

All Cause Death Benefit

All of these policies will pay out for all types of death from accidental death, terminal illness, critical illness or chronic illness.

With all insurance policies, there are some limitations so be sure to read the policy for things that aren't covered.

INSURANCE WHERE YOU LIVE

Life insurance by state.

Pacific Life Insurance Products

Pacific life has two primary term products, the Pacific PRIME and the Pacific PROMISE and we detail them below:

Pacific PRIME Term

The Pacific PRIME Term product has a simplified issue option with terms between 10-30 years.

They offer a no medical exam option for ages 18-60 and face amounts between $100,000 - $249,999.  

This is well below the average range of $500,000 for no exam that most companies offer however.

You can also convert this policy into a whole life policy by following the below guidelines:

Conversion is allowed during the first five years for the 10-year plan.  The conversion period is the earlier of 10 years or attained age 65 for the 15-,20-, and 30-year plans.

Some of the optional riders available are:

Waiver Of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 180 day waiting period). Rider ends at age 65.

Accelerated Death Benefit Rider - You can accelerate up to 75% of the death benefit if you've been diagnosed with a qualifying terminal illness.

The Pacific Prime Term is going to be the best option for you if you want a no exam product. If you are fine with an exam or want to add a child rider, then you might want the Pacific PROMISE Term.

Pacific PRIME Term

The PL PROMISE Term product offers a 10, 15, 20, 25, and 30 year term option with the ability to apply for Smooth Sailing Underwriting. 

If you are between the ages of 50 - 69, want less than $500,000 in life insurance,  and have completed an exam and medical records with your doctor in the last 18 months, then you qualify for Smooth Sailing Underwriting.

Smooth Sailing Underwriting lets you bypass having to complete a new medical exam and allows the insurance company to use records you already have to complete the approval process. 

If you need more than $500,000 in coverage then you can qualify for the fully underwritten product.

You can also convert this policy into a whole life policy by following the below guidelines:

The policy is convertible until the earlier of the end of the term or to age 70

Some of the optional riders available are:

Child Protection Rider - Provides life insurance coverage for all eligible children from 15 days to 18 years old.

Waiver Of Premium Rider - If you become totally disabled as a result of a qualifying event, premiums are waived (after a 180 day waiting period). Rider ends at age 65.

Accelerated Death Benefit Rider - You can accelerate a portion of the death benefit if you've been diagnosed with a qualifying terminal illness.

Pacific Life Rates & Comparisons

Just to give you an idea, below I wanted to compare Pacific life rates with the top 10 term life insurance companies.

A 20 Year, 500,000 Term Policy for a 30 year old male in perfect health and a non-tobacco user, see the results below:

Company Name

Plan Name

$500,000 Quote

protective life logo

Classic Choice Term

$20.21/month

pacific life logo

Pacific PROMISE Term

$20.84/month

lincoln financial logo

TermAccel

$21.00/month

aig logo

Select-A-Term

$21.11/month

sbli logo

Level Premium Term

$21.32/month

banner life logo

OPTerm

$21.44/month

mutual of omaha logo

Term Life Answers

$21.66/month

haven life logo large

Haven Term

$22.48/month

bestow life insurance logo

Bestow No Exam Term

$26.25/month

As you can see, Pacific Life's rates are the second most affordable of all the insurance products.

If you want the lowest price and best value then the Pacific PRIME product is your best option.

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us.

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get home insurance coverage within minutes of getting your quotes and applying.

How Pacific Life's Claims Process Works

Claims can be filed over the phone by calling the customer service line: 1.800.347.7787Monday – Friday, 5am – 5pm Pacific Time.

After calling to file the claim, you will need to send appropriate documentation to Pacific Life.

The exact documentation required will be explained by the customer service representative handling the claim.

Once these documents are reviewed and any policy exclusions are ruled out, the death benefit will be released to the beneficiaries on the policy.

Are There Any Claim Exclusions

There are a few exclusions when paying out on a life insurance claim.

The exclusions include death from suicide (within the first 2 years of coverage), which is standard for almost all life insurance policies.

As always, please read the policy specifics when it arrives in the mail; however, those are some general exclusions which is industry standard for most policies.

Banner Life's Availability & Policy Options

To qualify for the Pacific Life term life insurance policy, you must:

  • Be a U.S. citizen or Permanent Resident between the ages of  18 - 80
  • Looking For Term Options Of 10 - 30 Years
  • Need Between $50,000 to $10,000,000 in coverage
  • Need Less Than $250,000 If You Want No Exam Coverage
  • Pacific Life is available in all states

How To Take Action

No other Pacific Life Insurance Reviews are as long as mine; however, I wanted to make sure that I gave as much detail as possible.

Don't hold off on buying life insurance for any reason,  I say give the 30-day free look period a shot.

If you need less than $250,000 in coverage you can apply for their no-exam option.

And guess what, if you don't qualify for the no exam underwriting process that is perfectly fine, you will still be able to get the lowest rates when you complete an exam.

Just click on the link below to get started.


Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 13 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.

Sa El

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