Pacific Life Insurance Review (2025)

Pacific Life brings over 155 years of experience to you with its excellent products and services. In fact, we think so highly of Pacific Life that it makes our honorable mention list in our top 10 best life insurance companies article. In this Pacific Life review we will examine the company’s history, strong ratings, products and services, life insurance policies, and the additional features offered.

About Pacific Life

Pacific Life is part of Pacific Mutual Holding Company (Pacific Mutual). The company has been in operation since 1868. Policyholders of Pacific Life Insurance Company are members of Pacific Mutual. Despite its parent company maintaining a mutual holding company structure, Pacific Life Insurance Company is a stock life insurance company.

Here is a brief comment from the company on its current structure:

Although our new structure allows us access to capital funding if needed, Pacific Life currently has no publicly traded stock and no outside investors. The company is operated for the benefit of our policyowners and clients, so we can and do take a long-term view in our strategies and investments. Our policyowners are all members of Pacific Mutual Holding Company, which ultimately owns and controls Pacific Life.

Pacific Life is available in all states except New York. For New York residents, policies are offered through Pacific Life and Annuity, a subsidiary of Pacific Life Insurance Company.

Known for its strong financial stability, innovation, and broad product portfolio, Pacific Life continues to be a leading provider of life insurance and annuities in the U.S. The company is recognized for effective risk management and maintains a leading market position in life insurance, annuities, and structured settlements.

Pacific Life Ratings & Financial Strength

Pacific Life remains in very strong financial standing, as reflected by its high ratings from the major rating agencies. These ratings demonstrate the company’s solid capital levels, effective risk management, and strong market position.

Pacific Life’s current ratings as of 2025:

• A.M. Best: A+ (Superior)
• Fitch: A+ (Strong)
• Moody’s Investor Service: Aa3 (Excellent) with a stable outlook (affirmed November 2024)
• Standard and Poor’s: AA- (Very Strong)
• Comdex Ranking: 90

Moody’s recent affirmation of Pacific Life’s Aa3 insurance financial strength rating with a stable outlook cites the company’s solid capital levels, effective risk management, and leading market position in life insurance, annuities, and structured settlements. This strong financial foundation enables Pacific Life to meet its ongoing policyholder obligations and pursue continued innovation in its product offerings.

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2025 Product Updates

Pacific Legacy Survivorship VUL

In July 2023, Pacific Life launched the Pacific Legacy Survivorship VUL, a competitively priced survivorship variable universal life insurance product designed for cost-effective legacy and estate planning. This innovative product allows couples or business partners to insure two lives under one policy, offering several key features:

• Flexible premium patterns, including short-pay and single-pay designs
• Range of available riders to customize the policy based on specific needs
• Adaptability to evolving estate planning requirements
• Positioned to help clients maximize wealth transfer, especially important as trillions of dollars are projected to be passed to heirs over the next 25 years

This product represents an important addition to Pacific Life’s portfolio, addressing the growing need for efficient estate planning solutions in an environment of significant intergenerational wealth transfer.

Pacific Protective Growth RILA

In a significant expansion of its annuity offerings, Pacific Life entered the Registered Index-Linked Annuity (RILA) market in August 2024 with the launch of Pacific Protective Growth. This new product is designed to balance growth potential and risk management with several distinctive features:

• Five index options, including two that track index-based ETFs
• Multiple crediting strategies, including unique options not found together in other RILAs
• Income Guard: An optional lifetime withdrawal benefit that allows owners to increase future income by delaying withdrawals for up to 10 years, with the ability to reset the income base annually if the account value grows

This product positions Pacific Life strongly in the fast-growing RILA market segment, offering customers a blend of growth potential and downside protection not previously available in the company’s annuity lineup.

Underwriting Enhancements

Pacific Life made significant underwriting updates to improve customer experience and expand market reach:

• Elimination of routine EKG requirements for all ages and face amounts, streamlining the application process
• Increased coverage capacity for professional athletes (up to $20M) and entertainers/celebrities (up to $46M for term, $20M for GUL)
• Expanded eligibility for applicants with two-year green cards
• Updated guidelines for cannabis users, reflecting evolving societal norms

These enhancements make Pacific Life’s products more accessible to a broader range of clients while maintaining prudent risk management standards. The updates reflect the company’s commitment to modernizing its underwriting approaches to better serve today’s consumers.

Pacific Life Insurance Products

Pacific Life offers a comprehensive array of life insurance solutions designed to meet diverse protection and financial planning needs. The company’s products include:

Term Life Insurance

Pacific Prime Term

Term life insurance offers an initially low premium, with fixed rates for the life of the term. Pacific Life offers 10, 15, 20, and 30-year term lengths. It offers annual renewable term to age 95 upon original term expiry.

Pacific Life’s competitively priced convertible term life insurance includes the option to convert all or a portion of the policy to cash value life insurance prior to the end of the first 10 years, or 5 years if the 10-year term was elected.

The advantage of choosing term with a conversion option is that you can get affordable coverage while your income is lower, and then the option to convert that coverage to a superior policy down the road once your finances allow.

Simplified underwriting is available for ages 18-60 on face amounts ranging from $100,000 to $249,999. Simplified underwriting includes the conversion option mentioned above.

Benefits of Term Life Insurance:

• Lower Initial Cost
• Income Protection
• Mortgage Protection
• Conversion Option

Universal Life Insurance

Pacific Life’s universal life policies provide flexible premium options, death benefit protection, and cash value growth potential. These policies feature guaranteed minimum interest crediting rates and various customization options, including no-lapse guarantees up to age 121 (depending on policy structure).

Universal life insurance offers permanent coverage but with flexible premium payments and death benefit options. Your cash value can grow via interest credited based on investment returns in the company’s general account. Pacific Life offers strong guarantees and competitive interest rates on their universal life products.

Indexed Universal Life Insurance

Pacific Life offers several indexed universal life (IUL) products designed to provide both death benefit protection and cash value growth potential linked to market indexes.

Current IUL offerings include:

• Pacific Indexed Accumulator 5
• Pacific Indexed Performer LT 2
• Pacific Indexed Protector 2
• Indexed Pacific Estate Preserver

Pacific Indexed Accumulator 5

Pacific Indexed Accumulator (IUL) is designed for high cash value growth, rather than the death benefit protection. If you pay the Short Term No-Lapse Guarantee Premiums stated in your policy, then the no-lapse protection that comes with the policy will prevent a policy lapse from 4 to 20 years depending on your age at issue. You can extend your no-lapse guarantee with the additional no-lapse guarantee rider.

Fixed account and 6 indexed accounts, including:

• S&P 500
• MSCI Emerging Markets
• EURO STOXX 50

3 Death benefit options:

• Option A: fixed death benefit
• Option B: increasing death benefit
• Option C: death benefit plus return of premium, less any policy withdrawals

Variable Universal Life Insurance

Pacific Life’s variable universal life (VUL) products offer the potential for higher returns through direct market participation, along with flexible premium and death benefit options.

Current VUL offerings include:

• Pacific Select VUL
• Pacific Select VUL – Accumulation
• Pacific Select Survivorship VUL
• Pacific Legacy Survivorship VUL (launched in 2023)

Indexed Universal Life vs Variable Universal Life

Both IUL and VUL policies offer permanent coverage, pay a death benefit, and accumulate cash value. Both policies provide flexibility, allowing you to adjust your premium payments and your death benefit protection to accommodate lifestyle changes.

The primary difference between IUL and VUL is how your cash value is utilized within the policy:

• With IUL policies: The cash value is applied to the policy’s fixed account, where it will earn interest based on what Pacific Life is currently offering. From there, you have the option of transferring from the fixed account to a combo of indexed accounts. The indexed accounts track the performance of major indexes, such as the S&P 500. The accounts are indexed to, but not invested in, the stock market. You are insulated from market volatility thanks to a floor and a cap. The floor is the lowest your account can be credited, typically around 0-2% depending on which account the money is in. The cap is the maximum you can gain, typically around 12-14%.
• With VUL policies: The cash value is also applied to the policy’s fixed account, but you can also choose from many variable investment options, much like mutual funds. The VUL variable accounts are directly participating in the stock market. There is no maximum floor or cap. Your cash value account will increase (or decrease) in step with the variable accounts you participate in.

Whole Life Insurance

Flex 16 (Whole Life Insurance)

Pacific Life’s only currently available whole life insurance offering, Flex 16, is designed mostly for use as a funding source for long-term employee benefits.

Flex 16 is primarily marketed to business owners and executives and comes with the standard benefits ordinarily associated with whole life—permanent coverage, level premiums, and cash-value accumulation.

The idea is that cash-value growth, which is credited at a guaranteed rate of at least 2%, helps fund the policyholder business’s long-term benefit obligations that will eventually be owed to the insured. Or, if the policy is triggered, the death benefit helps ease the financial impact of losing a key person.

Flex 16 comes with a six-year surrender period during which Pacific Life will assess surrender charges if the policy is surrendered. After six years, no further surrender charges are applicable. Flex 16 also includes an Extended Insurance Option, which lets a policyholder opt to cease premium payments as long as sufficient cash value is available to cover policy charges.

Or, a conversion rider gives policyholders the right to trade a Flex 16 policy for another permanent policy from Pacific Life during the eighth and ninth policy years.

Annuity Products

Pacific Life is recognized for its diverse and customizable annuity offerings, which have been expanded with the addition of the Pacific Protective Growth RILA in 2024. The company’s annuity lineup includes:

Fixed and Multi-Year Guaranteed Annuities (MYGAs)

• Pacific Expedition II and Pacific Harbor: Multi-year guaranteed annuities with competitive rates (up to 5.05% as of March 2025), $25,000 minimum premiums, and flexible withdrawal features.

Indexed Annuities

• Pacific Index Foundation and Pacific Index Edge: Indexed annuities with multiple crediting options, enhanced lifetime income and death benefit riders, and no annual contract, M&E, or administrative fees.

Registered Index-Linked Annuity (RILA)

• Pacific Protective Growth: Pacific Life’s newest annuity offering, providing a balance of growth potential and downside protection through market-linked returns with buffer protection.

Income Annuities

• Pacific Income Provider: Single premium immediate annuity offering customizable payout options and inflation protection features.

Variable Annuities

• Pacific Innovations Select: Flexible premium deferred variable annuity with a range of optional living and death benefit riders, designed for long-term retirement income planning.

Pacific Life’s annuities are widely praised for their flexibility and competitive rates, making them attractive options for retirement planning and income needs.

Long-Term Care Solutions

Pacific PremierCare Choice

Every sound wealth preservation strategy should at least weigh the pros and cons of long term care insurance. If you suffer from deteriorating health, including diminished cognitive ability or being unable to accomplish 2 of 6 activities of daily living (ADLs), a long term care insurance policy would help provide relief from the costs of long term care.

Certain companies offer long term care insurance as part of a life insurance policy. The advantage is you get a life insurance policy, with all the benefits of cash value life insurance, that also provides LTC benefits. These hybrid LTC+LIFE combination policies are only offered by a handful of the best long term care insurance companies. One such company is Pacific Life.

Pacific PremierCare Choice

Pacific Life offers life insurance with long term care through its PremierCare Choice line of LTC insurance products. The policies are a hybrid combination which includes whole life insurance plus long term care insurance in one. You can choose from the following premium schedules:

• Single pay
• 5 Pay
• 10 Pay
• 15 Pay
• 20 Pay

The policy provides income benefit periods of 2 to 8 years. The base policy includes an Accelerated Benefit Rider (ABR) with a benefit of 2 years. An optional Extended Benefit Rider (EBR) can extend the benefit an additional 2-6 years.

The elimination period for in-home care is zero days. For care in a facility, the required elimination period is 90 days.

Due to the rising costs of long term care, an inflation protection rider is recommended. You can choose from no inflation protection rider or 3% or 5% simple inflation growth or 5% compound inflation growth.

If you are considering adding your spouse to your policy, you can get a spousal discount when both you and your spouse elect long term care insurance coverage.

One of three possible outcomes:

1. You die and your policy pays a lump sum death benefit to your beneficiaries
2. Your policy provides reimbursement income to help you pay for long term care
3. You access your asset through the return of premium option upon surrender

Benefits of Pacific Life Permanent Insurance

Although not exhaustive, below are some areas where permanent life insurance from Pacific Life can be extremely beneficial when combined with a diversified asset portfolio:

Tax-Free Life Insurance Policy Loans

Tax-free life insurance loans are available from the carrier by using your cash value as collateral. These loans provide a flexible way to access your policy’s value without triggering tax consequences, making them valuable for supplementing retirement income, funding education, or handling unexpected expenses.

Tax-Deferred Cash Value Growth

IRC 7702 cash value life insurance. This section of the Code allows your cash value to grow tax-deferred. And if you utilize the policy correctly, using loans and avoiding coverage lapses or surrenders, you will never need to pay taxes on the cash value growth.

This tax-advantaged growth can provide a significant benefit over time, especially for those in higher tax brackets or those seeking to maximize the efficiency of their wealth accumulation strategy.

Tax-Free Death Benefit

Your beneficiary receives the death benefit income tax-free. However, one way a death benefit is taxed is if your estate exceeds the federal estate tax exemption limit. If you have a large estate, careful asset protection planning is necessary.

This tax-free benefit can provide important financial security for your loved ones, business partners, or other beneficiaries while minimizing the impact of taxes on your estate.

Pacific Life Insurance Policy Riders

The following life insurance riders are not available on all types of policies.

• Children’s Term Rider – add life insurance for children to your policy.
• Terminal Illness Rider – allows access to a portion of your death benefit if you have a life expectancy of 12 months or less due to illness.
• Waiver of Premium Rider – premium is waived if you become totally disabled before age 65. If disability occurs before age 60, premium is waived for the life of the policy. If disability occurs after age 60, premium is waived for the length of the disability to age 65, or two years if longer.
• Guaranteed Insurability Rider – guarantees the addition of more coverage at certain ages and life events with no evidence of insurability.
• Long-Term Care Riders – available with certain policies to provide benefits for long-term care needs.
• Accelerated Death Benefit Rider – allows access to a portion of the death benefit while still living under qualifying conditions.
• Extended No-Lapse Guarantee Rider – provides additional protection against policy lapse.

How Pacific Life Compares to Competitors

When evaluating Pacific Life against other major life insurers, several distinctions stand out:

• Financial Strength: Pacific Life’s ratings (including A+ from A.M. Best and Aa3 from Moody’s) place it among the most financially secure insurers in the market, providing peace of mind for long-term planning.
• Product Innovation: The company’s recent entry into the RILA market and launch of specialized survivorship products demonstrate a commitment to evolving with market needs.
• Underwriting Flexibility: Recent enhancements, including the elimination of routine EKG requirements and expanded coverage for specific professions, show Pacific Life’s willingness to adapt underwriting to serve a broader range of clients.
• Long-Term Care Solutions: The Pacific PremierCare Choice product offers a strong hybrid solution with flexible premium options and extensive benefit periods, making it competitive in the hybrid LTC market.
• Annuity Portfolio: With competitive rates on fixed annuities and the new RILA offering, Pacific Life provides comprehensive retirement income solutions that compare favorably with other major carriers.

The right choice depends on your specific situation, needs, and priorities. Pacific Life’s combination of financial strength, product diversity, and innovation makes it worth considering for a wide range of insurance and retirement planning needs.

Highlighting Pacific Life’s Market Position

Pacific Life has established itself as a leader in several key market segments:

• Estate Planning: With the introduction of the Pacific Legacy Survivorship VUL in 2023, Pacific Life is well-positioned to address the significant intergenerational wealth transfer expected in the coming decades. This product is particularly relevant as trillions of dollars are projected to be passed to heirs over the next 25 years.
• Retirement Income: The company’s strong annuity lineup, now enhanced with the Pacific Protective Growth RILA, provides comprehensive solutions for those seeking to secure guaranteed lifetime income with growth potential.
• Long-Term Care Planning: Through its hybrid LTC solutions, Pacific Life addresses one of the most significant financial risks facing aging Americans, offering protection without the “use it or lose it” concern of traditional LTC policies.
• Cash Value Accumulation: Products like the Pacific Indexed Accumulator 5 provide strong growth potential with downside protection, making them attractive for those seeking tax-advantaged wealth accumulation.

This market positioning reflects Pacific Life’s understanding of evolving consumer needs and its commitment to providing relevant solutions across the financial planning spectrum.

Looking Forward: The Future of Pacific Life

Pacific Life’s recent product innovations and underwriting enhancements suggest a forward-thinking approach that bodes well for the company’s future. The expansion into new market segments, such as the RILA space, demonstrates a willingness to evolve with changing consumer preferences and market conditions.

The company’s mutual holding company structure allows it to maintain a long-term perspective without the pressure of quarterly earnings that publicly traded companies face. This structure, combined with Pacific Life’s strong financial foundation, positions the company to continue delivering value to policyholders while pursuing strategic growth opportunities.

For consumers considering Pacific Life products, this long-term orientation and financial stability provide confidence that the company will be there to deliver on its promises decades into the future – a critical consideration when purchasing life insurance and retirement products designed to last a lifetime.

Whether you’re planning for retirement, protecting your family, or developing strategies for business continuation or estate planning, Pacific Life offers solutions worth considering as part of your comprehensive financial plan.

Give us a call today for a complimentary life insurance consultation with an advanced markets professional who can help you evaluate whether Pacific Life is the right fit for your unique circumstances.