Pacific Life Insurance Review

Pacific Life brings over 155 years of experience to the table with excellent products and elite financial strength ratings that few carriers can match — a Comdex ranking of 90, A+ from AM Best, AA- from both S&P and Fitch, and recognition as Bankrate’s Best Universal Life Insurer for 2025. With $1.5 trillion of life insurance in force, a Fortune 500 ranking, and a spot on Insure.com’s top 5 best life insurance companies for 2026, Pacific Life has earned serious consideration — especially from those evaluating IUL and VUL products.

Below we examine the company’s financial strength, life insurance products — including the new Pacific Horizon IUL 2 and the State Farm strategic alliance — and the riders and features that matter most when choosing the right policy for your goals.

About Pacific Life

One of our top life insurance companies, Pacific Life is part of Pacific Mutual Holding Company (Pacific Mutual). Despite its parent maintaining a mutual holding company structure, Pacific Life Insurance Company is technically a stock life insurance company. However, it has no publicly traded stock and no outside investors — the company is operated for the benefit of policyholders and clients.

As Pacific Life describes its 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.

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

This distinction matters: because Pacific Life doesn’t answer to Wall Street shareholders, it can make long-term decisions that prioritize policyholder value over quarterly earnings — similar to the advantages you’ll find with mutual insurance companies.

Pacific Life Ratings & Financial Strength

Pacific Life maintains some of the strongest financial ratings in the entire insurance industry — a reflection of its solid capital levels, effective risk management, and leading market position across life insurance and related products.

Pacific Life’s current ratings:

• A.M. Best: A+ (Superior), reaffirmed December 2025 with stable outlook
• Fitch: AA- (Very Strong)
• Moody’s Investor Service: Aa3 (Excellent), stable outlook
• Standard and Poor’s: AA- (Very Strong)
• Comdex Ranking: 90
• NAIC Complaint Index: Lower than expected for a company of its size

A Comdex ranking of 90 means Pacific Life scores higher than 90% of all rated insurance companies — placing it in the top tier of the industry. In A.M. Best’s December 2025 review, the agency specifically cited Pacific Life’s very strong balance sheet, strong operating performance, favorable business profile, and very strong enterprise risk management (ERM), noting recent de-risking of the product liability structure and strong sales expansion across key product lines.

In terms of customer satisfaction, Pacific Life ranked 7th out of 21 companies in J.D. Power’s 2024 U.S. Individual Life Insurance Study, scoring above the industry average. Insure.com ranked Pacific Life #4 overall for 2026, noting its combination of affordability, financial strength, low complaint levels, and reliable long-term support — with 95% of customers saying they would recommend the company and 100% trust and renewal rates.

2025-2026 Product Updates

Pacific Horizon IUL 2

In 2024, Pacific Life launched Pacific Horizon IUL 2 — a new flagship indexed universal life product that consolidates multiple prior IUL products into one versatile platform. This is a significant streamlining move that benefits both advisors and clients:

• Three coverage design options: Choose between higher early-year cash surrender values, greater long-term accumulation potential, or a balance between the two
• Three rider designs: Including the new “Plus” design with a level rider charge rate for a potential boost to policy performance
• Multiple index options: Including fixed and indexed accounts with downside protection (0% or 1% guaranteed floors)
• Versatile planning use cases: Legacy planning, income supplementation, and business planning — all within one product

Pacific Horizon IUL 2 replaces several prior IUL offerings (Pacific Indexed Accumulator 5, Indexed Performer LT 2, etc.), giving financial professionals one comprehensive product to work with instead of navigating multiple options.

Pacific Protector Plus VUL & State Farm Alliance

In June 2025, Pacific Life launched Pacific Protector Plus VUL — a new, streamlined variable universal life product designed specifically for their strategic alliance with State Farm. Key features:

• Designed for ages 30-55 with market-based risk tolerance
• Streamlined variable investment options that reduce complexity while providing a holistic mix for various goals and risk tolerances
• Choice of indexed and fixed options to hedge against market volatility
• Optional living benefit riders for chronic and terminal illness

This alliance is notable — two Fortune 500 companies with strong financial ratings and long histories bringing Pacific Life’s VUL expertise to State Farm’s massive network of over 19,200 agent offices serving 96 million policies and accounts.

Pacific Legacy Survivorship VUL

Launched in 2023, the Pacific Legacy Survivorship VUL is a competitively priced survivorship variable universal life insurance product designed for cost-effective legacy and estate planning:

• Flexible premium patterns, including short-pay and single-pay designs
• Range of available riders to customize based on specific needs
• Positioned for wealth transfer as trillions of dollars are projected to pass to heirs over the next 25 years

This product addresses the growing need for efficient estate planning solutions, particularly for couples and business partners who want to insure two lives under one policy.

Underwriting Enhancements

Pacific Life has made significant underwriting updates to improve accessibility:

• Elimination of routine EKG requirements for all ages and face amounts
• Increased coverage capacity: Up to $20M for professional athletes; up to $46M term / $20M GUL for entertainers and celebrities
• Simplified underwriting available for term life, ages 18-60, on face amounts from $100,000 to $249,999
• Expanded eligibility for applicants with two-year green cards
• Updated cannabis guidelines reflecting evolving societal norms

Pacific Life Life Insurance Products

Pacific Life’s strength is in universal life insurance — IUL and VUL specifically. They are widely recognized as one of the best in the industry for these product categories. Here’s the full life insurance lineup:

Indexed Universal Life Insurance

Pacific Life’s IUL products are the cornerstone of their life insurance portfolio, offering death benefit protection and cash value growth potential linked to market indexes with downside protection.

Pacific Horizon IUL 2 (Flagship)

The new consolidated IUL platform offers:

• Fixed account option with guaranteed minimum interest rate (at least 1%)
• Multiple indexed accounts including S&P 500 strategies
• 0% floor on indexed accounts — your cash value never goes backward due to market losses
• Three coverage designs: early cash value focus, long-term accumulation focus, or balanced
• Three death benefit options: fixed, increasing, or return of premium
• Short-term no-lapse guarantee with option to extend
• Age 90 No-Lapse Protection rider available

Indexed Pacific Estate Preserver

A survivorship IUL designed for estate planning with index-based performance, guaranteed floors, and a no-lapse guarantee included at no additional cost.

For a detailed comparison of IUL products across carriers, see our best universal life insurance companies guide.

Variable Universal Life Insurance

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

Current VUL offerings:

• Pacific Select VUL — choose from fixed accounts (1% minimum) or variable investment options from firms like American Century, Fidelity, and Lord Abbett, plus indexed options
• Pacific Select VUL – Accumulation — designed for higher cash value growth
• Pacific Protector VUL — fixed and variable options with Age 90 No-Lapse Guarantee
• Pacific Protector Plus VUL (NEW) — streamlined product offered through State Farm
• Pacific Select Survivorship VUL — two-life coverage for estate planning
• Pacific Legacy Survivorship VUL — cost-effective survivorship for legacy planning

IUL vs. VUL: What’s the Difference?

Both IUL and VUL policies offer permanent coverage, a death benefit, and cash value accumulation with flexibility to adjust premiums and death benefit protection. The primary difference is how your cash value grows:

• IUL: Cash value is indexed to — but not invested in — market indexes. You’re insulated from volatility by a floor (0-2%) and a cap (the maximum gain). You can’t lose money due to market downturns, but your upside is limited.
• VUL: Cash value is directly invested in variable subaccounts similar to mutual funds. There is no floor or cap — your account rises and falls with the market. Higher potential upside, but also the possibility of loss.

Universal Life Insurance

Pacific Life’s universal life policies provide flexible premium options, death benefit protection, and cash value growth potential with guaranteed minimum interest crediting rates. These policies feature no-lapse guarantees up to age 121 (depending on structure), making them attractive for those who want permanent coverage with premium flexibility.

Term Life Insurance

Pacific Prime Term / PL Promise Term

Pacific Life offers term life insurance with 10, 15, 20, and 30-year term lengths, with annual renewable term to age 95 upon original term expiry. Key features:

• Conversion option: Convert all or a portion to cash value life insurance prior to the end of the first 10 years (or 5 years for 10-year terms), up to age 70 — no additional evidence of insurability required
• Simplified underwriting available for ages 18-60 on face amounts $100,000 to $249,999
• Coverage bands: $750K-$999K (band one), $1M-$2.99M (band two), $3M+ (band three)

The conversion option is especially valuable — you get affordable coverage now with the ability to move into a superior permanent policy later. For more on this strategy, see our guide on best convertible term life insurance companies.

Whole Life Insurance (Flex 16)

Pacific Life’s only currently available whole life offering, Flex 16, is designed primarily as a funding source for long-term employee benefits — not as a traditional consumer whole life product. Key details:

• Permanent coverage with level premiums and cash value accumulation
• Guaranteed minimum interest crediting rate of 2%
• Six-year surrender period
• Extended Insurance Option — cease premiums if sufficient cash value covers charges
• Conversion rider available in policy years 8 and 9 to other Pacific Life permanent products

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:

• Business Succession Planning
• Buy Sell Agreements
• Key Person Insurance
• Estate Planning
• Executive Bonus Plans
• Retirement Planning (LIRP)
• Wealth Building
• High Net Worth Life Insurance

Tax-Free Life Insurance Policy Loans

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

Tax-Deferred Cash Value Growth

Under IRC 7702, cash value life insurance grows 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 overfunded life insurance strategy. Just be careful not to exceed the modified endowment contract (MEC) limit.

Tax-Free Death Benefit

Your beneficiary receives the death benefit income tax-free. The only way a death benefit is taxed is if your estate exceeds the federal estate tax exemption limit. If you have a large estate, careful planning — potentially using an irrevocable life insurance trust (ILIT) — is necessary.

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. Pacific Life offers a hybrid whole life + long-term care combination through its PremierCare Choice line — one of the strongest hybrid LTC products on the market.

• Premium options: Single pay, 5-pay, 10-pay, 15-pay, or 20-pay
• Income benefit periods: 2 to 8 years
• Base policy: Includes Accelerated Benefit Rider (ABR) with 2-year benefit
• Extended Benefit Rider (EBR): Optional rider adding 2-6 additional years
• Elimination period: Zero days for in-home care; 90 days for facility care
• Inflation protection: 3% or 5% simple growth, or 5% compound growth
• Spousal discount available when both spouses elect coverage

Three possible outcomes with PremierCare Choice: (1) you die and your beneficiaries receive the lump sum death benefit, (2) you need long-term care and the policy provides reimbursement income, or (3) you surrender the policy and receive a return of premium. This “use it or get your money back” design eliminates the primary concern with traditional LTC policies.

Policy Riders & Options

The following life insurance riders are not available on all types of policies — availability varies by product:

• Terminal Illness Rider: Access a portion of your death benefit if you have a life expectancy of 12 months or less due to illness.
• Accelerated Death Benefit Rider: Access a portion of the death benefit while still living under qualifying conditions.
• Chronic Illness Rider: Available on select products for qualifying chronic illness.
• Children’s Term Rider: Add life insurance for children to your policy.
• 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.
• Guaranteed Insurability Rider: Add more coverage at certain ages and life events with no evidence of insurability.
• Extended No-Lapse Guarantee Rider: Additional protection against policy lapse — particularly important for IUL and VUL where cash value fluctuations could otherwise cause a lapse.
• Age 90 No-Lapse Protection Rider: Guarantees coverage stays in force regardless of cash value performance, provided minimum premiums are paid.
• Long-Term Care Riders: Available with certain policies for LTC needs.

Pacific Life Review Conclusion

Pacific Life is a best-in-class choice for universal life insurance — full stop. Their IUL and VUL products are among the most versatile and well-designed in the industry, backed by elite financial strength ratings (Comdex 90, A+ AM Best, AA- from both S&P and Fitch) and a long-term policyholder-first orientation that comes from their mutual holding company structure.

The company’s recent innovations — Pacific Horizon IUL 2 consolidating the IUL lineup, the State Farm strategic alliance expanding distribution, and the Pacific Legacy Survivorship VUL for estate planning — demonstrate a forward-thinking approach that bodes well for policyholders.

Strengths:

• Industry-leading IUL and VUL product lineup with flexible design options
• Elite financial strength ratings — Comdex 90, among the highest in the industry
• Low complaint levels and strong customer satisfaction
• Hybrid LTC solution (PremierCare Choice) that eliminates “use it or lose it” concerns
• Strong underwriting flexibility, including no-exam options and high coverage limits for specialty markets
• Named one of 2025 World’s Most Ethical Companies

Areas for consideration:

• No traditional consumer whole life insurance product — Flex 16 is business-focused
• Not available in New York (must use Pacific Life and Annuity Company subsidiary)
• No online quotes — must work through a financial professional
• BBB rating of B- due to complaint response issues, despite low NAIC complaint index

Is Pacific Life the best company for meeting your specific needs, goals, and objectives?

If you’re looking for IUL, VUL, or hybrid LTC solutions backed by elite financial strength, Pacific Life absolutely deserves a spot at the top of your list. If you want traditional dividend-paying whole life insurance, you’ll want to look at carriers like MassMutual, New York Life, or Guardian.

The best approach is always to compare illustrations from multiple top-rated companies side by side — and that’s exactly what we help our clients do every day.

Frequently Asked Questions

Is Pacific Life a good life insurance company?

Yes. Pacific Life holds an A+ (Superior) rating from A.M. Best (reaffirmed December 2025), AA- from both S&P and Fitch, and Aa3 from Moody’s — placing it among the most financially strong insurers in the industry. They manage $1.5 trillion of life insurance in force and were ranked the #4 best life insurance company for 2026 by Insure.com.

What types of life insurance does Pacific Life offer?

Pacific Life offers term life insurance (10, 15, 20, and 30-year options), universal life, indexed universal life (IUL), variable universal life (VUL), survivorship VUL, and a business-focused whole life product (Flex 16). Their strength is in IUL and VUL.

Does Pacific Life offer whole life insurance?

Only in a limited capacity. Pacific Life’s Flex 16 whole life product is designed primarily for business use — funding long-term employee benefits and key person coverage. If you’re looking for traditional dividend-paying whole life insurance, consider mutual companies like MassMutual, New York Life, or Penn Mutual.

Does Pacific Life require a medical exam?

Not always. Simplified underwriting is available for term life (ages 18-60, face amounts $100,000 to $249,999). For larger policies or permanent coverage, traditional underwriting may apply — but Pacific Life has eliminated routine EKG requirements for all ages and face amounts.

Is Pacific Life available in New York?

Pacific Life Insurance Company is not available in New York. However, New York residents can access coverage through Pacific Life and Annuity Company, a subsidiary. Product availability may vary.

What is Pacific Life’s best life insurance product?

It depends on your goals. For cash value accumulation with downside protection, Pacific Horizon IUL 2 is their flagship product. For direct market participation and higher growth potential, their VUL lineup offers flexibility. For estate planning with two lives, the Pacific Legacy Survivorship VUL is purpose-built. For hybrid life + long-term care, PremierCare Choice is one of the best in the market. Request a personalized comparison to find the right fit.

How does Pacific Life compare to other universal life insurance companies?

Pacific Life won Bankrate’s Best Universal Life Insurer award for 2025 — a strong endorsement of their UL/IUL/VUL product quality. Their Comdex ranking of 90 puts them in the top 10% of all rated insurers. For a broader comparison, see our guides on the best universal life insurance companies and top 10 best life insurance companies.