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Pacific Life Insurance Review 2019 // Lowest Rates & Fast Underwriting

Jun 16, 2019 (0) comment

pacific life insurance reviews

Use: Buy ​Term Life Insurance

Process

​Application to approval can take up to 10 Days.

Price

One of the most affordable on the market.

​Customer Service

​Pacific ​Life has​great customer service. 

AM Best Rating

​Pacific Life rated A+ (​Superior) By A.M. Best

​Simply Insurance Overall Star Rating:

We Like

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

We Don't Like

  • ​N/A

Summary: ​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.

This is why I put this ​Pacific Life Insurance Review together, to help you understand if this product is best for you and how it works.

To help you see how ​easy and affordable they make it for you to apply for life insurance ​and get covered.  Enjoy!

Rates From $10.00/month (30-Day Free Look Period)

*Premium for a 30 year old female, Select Preferred Non-Tobacco rate, 10 year term, $250,000 policy. ​


​​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.

​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

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.

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. 

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.

10 Year Term Life ​ 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 ​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 ​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.

​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 ha​s 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 PROMISE 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


$2​1.32/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.

How ​​Pacific Life's Claims Process Works

Claims can be filed over the phone by calling the customer service line: 1.800.347.7787​Monday – 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.

​​Pacific Life 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.

Thanks For Reading My Review... Before You Go!

What did you think of my review?  Did I miss anything?

Summary
Review Date
Reviewed Item
Pacific Life Insurance
Author Rating
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Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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