Pacific Life Insurance Review

The Pacific Life Insurance Company was founded by the late Leland Stanford in 1868. He was also the founder the Stanford University. This company was formally known as the Pacific Mutual Life but the company dropped mutual from it’s name in 1997. This represented the changes of the company from being a mutual ownership to a mutual holding company.

By: admin Posted: September 28, 2010 Filed under: Life Insurance

The Good

A+ Ratings from A.M. Best, Standard & Poor’s, Fitch and Moody’s. • Wide Range of Life Insurance Products • Numerous Awards for Outstanding Customer Service Received from DALBAR

The Bad

Product Availability May Be Limited to Different U.S. States

Overview

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Policies / Plans

The Pacific Life Insurance Company offers four life insurance plans:

Variable Universal Life Insurance

This plan offers two types of product which are the Pacific Select Exec V and the Pacific Select Estate Preserver VI. The Pacific Exec V offers a permanent life insurance protection and tax-deferred growth potential. The Pacific Exac V is also the one of the only variable universal life products in this industry to offer three types of investment options which are 62 Variable Investment Options, 1-Year Indexed Option and the 2 Fixed Options. On the other hand, the Pacific Select Estate Preserver VI insures two people who would like to protect and preserve their legacy with only one product. One can help protect and preserve the assets that have been built with one life insurance product provided by the Pacific Life Insurance Company.

Indexed Universal Life Insurance

The Indexed Universal Life Insurances provides two types of product which are the Pacific Indexed Accumulator III and the Indexed Pacific Estate Preserver. The Pacific Indexed Accumulator III provides death benefit protection for oneself, one’s family and one’s business. This product allows one to have the flexibility to choose all four accounts or just one or two. This flexibility allows one to shift from one account to another. The other product which is the Indexed Pacific Estate Preserver insures two lives and pays the death benefits. Like the Pacific Indexed Accumulator III, this product offers four types of accounts.

Universal Life Insurance

In this policy, the Universal Life Insurance offers four types of products. Those products are the Versa-Flex PRO II, Versa-Flex NLG 2010, Pacific Estate Preserver III and Pacific Prime UL-NGL. All the offered products provides a flexible plan for everyone according to their needs, whether it is college tuition or retirement.

Term Life Insurance

This Pacific Term Life Insurance series offers a 10-year (Pacific-10), 20-year (Pacific-20) or an annual renewable term life insurance with increasing premiums (Pacific-ART). The series also offers a One Year Term, Last Survivor One Year Term and Pacific Income Term. Two of the product, the One Year Term and Last Survivor One Year Term, expires at the end of the year and non-renewable. The Pacific Income Term provides an income-protection when one needs it the most. The premium rates of the Term Life Insurance vary on the risk classification.

A decent selection of plans/policies and all in all, we can safely say that their offer plan is very well put together.

Pricing / Rates

Pricing and rates vary between each insurance product. Premium rates could as low as $50 for the Indexed Universal Life Insurance products or $500,000 for the Term Life Insurance products.

Getting A Quote

Quotations can be requested via contact form on the official website or through the phone. Pacific Life Insurance Company has a “Request to be Contacted” form for the customer on the official website so that a Pacific Life representative give a call back to the potential customer. Not only that, there is also two contact numbers directly linked to the Life Insurance Division as stated on the official website.

Customer Service

The Pacific Life Insurance Company has been honored 10 times by the Boston-based financial services market research company for an outstanding customer service. Not only that, Pacific Life Insurance Company was also ranked #1 in the Financial Intermediary Post-Sale Service Award category for registered representative for inbound phone calls.

Summary

Policies / Plans Rating:

7.5

Policies / Plans:

The Pacific Life Insurance Company offers four life insurance plans: Variable Universal Life Insurance This plan offers two types of product which are the Pacific Select Exec V and the Pacific Select Estate Preserver VI. The Pacific Exec V offers a permanent life insurance protection and tax-deferred growth potential. The Pacific Exac V is also the one of the only variable universal life products in this industry to offer three types of investment options which are 62 Variable Investment Options, 1-Year Indexed Option and the 2 Fixed Options. On the other hand, the Pacific Select Estate Preserver VI insures two people who would like to protect and preserve their legacy with only one product. One can help protect and preserve the assets that have been built with one life insurance product provided by the Pacific Life Insurance Company. Indexed Universal Life Insurance The Indexed Universal Life Insurances provides two types of product which are the Pacific Indexed Accumulator III and the Indexed Pacific Estate Preserver. The Pacific Indexed Accumulator III provides death benefit protection for oneself, one’s family and one’s business. This product allows one to have the flexibility to choose all four accounts or just one or two. This flexibility allows one to shift from one account to another. The other product which is the Indexed Pacific Estate Preserver insures two lives and pays the death benefits. Like the Pacific Indexed Accumulator III, this product offers four types of accounts. Universal Life Insurance In this policy, the Universal Life Insurance offers four types of products. Those products are the Versa-Flex PRO II, Versa-Flex NLG 2010, Pacific Estate Preserver III and Pacific Prime UL-NGL. All the offered products provides a flexible plan for everyone according to their needs, whether it is college tuition or retirement. Term Life Insurance This Pacific Term Life Insurance series offers a 10-year (Pacific-10), 20-year (Pacific-20) or an annual renewable term life insurance with increasing premiums (Pacific-ART). The series also offers a One Year Term, Last Survivor One Year Term and Pacific Income Term. Two of the product, the One Year Term and Last Survivor One Year Term, expires at the end of the year and non-renewable. The Pacific Income Term provides an income-protection when one needs it the most. The premium rates of the Term Life Insurance vary on the risk classification. A decent selection of plans/policies and all in all, we can safely say that their offer plan is very well put together.

Pricing / Rates Rating:

Getting A Quote Rating:

Getting A Quote:

Customer Service Rating:

8.5

Overall Rating:

8.00

Based on the given review, the Pacific Life Insurance Company has scored 8 out of 10. Overall, the Pacific Life Insurance Company did quite good as they were not lacking much in any of the areas.