Like most consumers seeking out life insurance, you’re presumably searching for a company with competitive rates, as well as superb customer service. Knowing that this is most likely true, we’re going to continue with our life insurance review series so that consumers will be provided with the most accurate information in order to make a well-informed decision prior to purchasing life insurance.
In this series, we will offer a genuine review of Pacific Life Insurance Company, which is one of the highest-rated and most well-established insurance providers.
About Pacific Life Insurance Company
Established in 1868 by California’s former governor, Leland Stanford, Pacific Life was formed with the goal of keeping its promises to its clients. These policyholders have relied on the company to govern their daily risks and their financial futures.
The promise that Pacific Life keeps for its policyholders is the same as the company’s mission, which is to provide financial security through its enduring services and products.
Together, Pacific Life’s management team and board of directors keep the company moving forward in terms of innovation while remaining accountable for the products they offer and for the excellent customer service they provide. Only the most reputable financial professionals represent them.
Financial Strength Ratings for Pacific Life
Savvy consumers know that promises made are not always promises kept, except in cases when the promises made are by a company that has the financial integrity to pay on the majority of claims made by its consumers.
Fortunately, consumers are able to search out that information by way of the national rating services that publish the financial ratings yearly of the insurers that agree to be audited.Here are the financial ratings for Pacific Life Insurance Company:
|Rating Company||2019 Rating|
|Moody’s Investors Service||A1|
|Standard & Poor’s||A+|
Insurance and Financial Products from Pacific Life
Pacific Life offers a complete portfolio of life insurance and financial products that can accommodate anyone who needs life insurance or investment products to solidify their financial future.
- Term Life Insurance – Term Life Insurance is generally used to cover temporary financial risks if the insured should die unexpectedly. Risks typically include replacement income, mortgage payoff, college expenses, personal debts, final expenses.
- Whole Life Insurance – Whole Life Insurance is typically purchased by consumers who want the guaranteed death benefit and the consistency of level premiums and a cash-value component that earns a guaranteed minimum interest. Whole Life is also used in corporate plans, life insurance trusts, and infinite banking plans.
- Universal Life Insurance – Universal Life (UL) is the insurance product that consumers choose when looking for a guaranteed death benefit combined with a cash-value component but also the flexibility to alter monthly premiums and/or death benefit to accommodate life events.
- Indexed Universal Life (IUL) – Indexed Universal Life is a very popular life insurance product and investment product. The cash account in the policy can be linked to the performance of stock market indices and the cash account earns money based on that performance but never loses money because of market very poor performances like what happened in 2008.
- Variable Universal Life (VUL) – The VUL is a popular choice for investors wanting the ability to allocate their cash account among purely market-driven guaranteed investment options. The flexibility of the VUL allows the investor to regulate his or her policy allocations to meet lifetime investment goals.
Each of the above-mentioned insurance products can also be enhanced by using various insurance riders that will broaden the policy’s coverage and provide living benefits. Depending on your state, there are various optional coverages that can truly help you customize your insurance coverage according to your circumstances and budget.
For individuals and families who wish to plan for their financial future using a conservative investment strategy, Pacific Life offers an assortment of annuities and mutual funds.
- Variable Annuities – Variable annuities are designed to provide a monthly income during retirement years but can also provide for surviving loved ones through a guaranteed death benefit.
- Fixed Annuities – Fixed annuities are a popular choice for investors looking for certainty. The money you invest will grow at a fixed interest rate and you will not lose any money because you are not invested in the markets.
- Fixed Index Annuities – Fixed indexed annuities offer tax-deferred growth due based on market indices each year without the risk of losing money because your indices did not perform well.
- Deferred Income Annuities – Deferred Income Annuities are designed to provide a reliable income stream that begins on a future date and cast last for a lifetime.
- Immediate Annuities – An immediate annuity is for an investor who prefers to invest a large amount of money and begin taking withdrawals as soon as the following year.
- Mutual Funds – Pacific Life has a group of mutual funds referred to as Pacific Funds that are designed for growth, diversification and income generation.
What customers are saying about Pacific Life
Most consumers ask family members and friends who they recommend for life insurance and investment products, and that’s a good thing. However, if you prefer not to share that you are considering life insurance or are doing some financial planning, why not take a look at what others are saying online? Here’s what we found out about Pacific Life:
- J.D. Power – Rated 3 out of 5 stars for customer satisfaction survey
- Finder.com – Pacific Life ranked #1 for IUL (4 out of 5 stars)
- Consumer Affairs – Rated 3 out of 5 stars
- Consumers Advocate – Rated 4.6 out of 5 stars for Annuities
The Bottom Line for Pacific Life
Pacific Life is a well-known and highly rated insurance provider with an impressive portfolio of affordable life insurance products. As a national independent life insurance brokerage, we consider Pacific Life one of our go-to resources for life insurance solutions.