Pacific Mutual Life Insurance Review

Pacific Mutual Life Insurance Review

Pacific Mutual Life Insurance, headquartered in Newport Beach, California, was founded in the year 1868. The company focuses on providing financial services, expanding its portfolio since 150 years of its experience in this industry. It is dedicated to offering its customer’s life insurance, retirement solutions and investment options. Pacific Mutual Life Insurance also includes accident insurance, annuity pensions, investment management subsidiary, commercial real estate and a wide range of several investment products and retirement solutions.

Pros of Pacific Life Insurance

Pacific life has had expertise in providing financial services for a long time. Its solid financial rating boosts confidence among the customers. The company provides a range of investment options to choose from. It offers all types of life insurance along with options that are less common among each other. Navigating strategies, including management of account’s cash value, becomes accessible with Pacific mutual life insurance.

Cons of Pacific Life Insurance

One of the major cons of Pacific life insurance is that it doesn’t offer online applications. Unlike other competitors, it offers less affordable coverage. The company doesn’t provide its insurance products in every state. However, unlike other insurance companies that have a consumer-friendly approach, Pacific life assumes financial literacy at the consumer’s end. This, in turn, can affect the customer’s trust as well as their satisfaction levels.

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Plans offered by Pacific life insurance

Pacific life insurance offers three main types of insurance policies: term life, whole life, and universal life. 

Term Life Insurance

Pacific life offers two options in Term life insurance, Promise term and Elite term. Both of these policies are offered in terms of 10 to 30 years.

Promise term: This term policy has an upper age limit of 80, 70, 65, 60 and 55 for premium levels of 10, 15, 20, 20, 25 and 30 years, respectively. The coverage starts at $50,000 and has five-year increments. Riders available under this policy are:

  • Children’s level term insurance rider.
  • Terminal illness rider.
  • Waiver of premium rider and Accelerated death benefit rider.

Elite term: This policy comes with an upper age limit of 75, 65 and 50 for premium levels of 10, 20 and 30 years, respectively. Its coverage starts at $750,000 and has a ten-year increment. Riders available with this policy are Waiver of premium rider and Terminal illness rider.

Whole Life Insurance

Pacific Mutual life insurance provides only one whole life insurance, Flex 16. However, the age restrictions and coverage offered can be known only through a Pacific life agent. This policy has a lifetime payment period which comes with a fixed premium. It also provides death benefit protection. The only rider available with Flex 16 is the Conversion rider.

Universal Life Insurance

Pacific life provides eight types of universal life insurance products. These products are only available through its agents. These eight types of universal life insurance products include two universal life policies, Versa-Flex venture UL and PL Promise GUL; four indexed universal life policies, Pacific discovery Xcelerator IUL 2, Pacific indexed accumulator 6, Pacific discovery protector IUL and Pacific indexed estate preserver three and two variable universal life policies. In addition, Pacific select VUL 2 and Pacific select harbor VUL. However, coverage amount and the applicant’s age require to be discussed with a Pacific life insurance agent. The additional riders which come with universal life policies are:

  • Short-term no-lapse guarantee rider.
  • Lifetime No-lapse guarantee rider.
  • No-lapse guarantee rider.
  • Terminal illness benefit.
  • Children’s term rider.
  • Return of premium and Disability benefit.

Pacific life indexed universal life policies have riders including Flexible duration no-lapse guarantee rider, Scheduled annual renewable term rider, Lifetime no-lapse guarantee rider, Terminal illness benefit rider and Return of premium. At the same time, variable universal life policies offer numerous riders compared to the other two universal policies. These riders include SVER term insurance rider coverage, Terminal illness rider, Flexible duration no-lapse guaranteed rider, Annual renewable term rider, Overload protection three rider and Premier living benefit rider.

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Buying Pacific Mutual life insurance

The customers require speaking to a Pacific insurance agent to discuss most life insurance policies and options. Pacific mutual provides online resources through which you can find and pick an insurance agent with the help of your ZIP code. Further, applicants might need to appear for a medical exam for most of the policies. Your chosen insurance agent will determine your age, risk factor and coverage requirements. Since most of the insurance products are not available in every state, so you’ll have to check the products available in your state. You can also contact Pacific mutual life insurance if you’re seeking detailed information regarding any policy.

Reviews and ranking of Pacific life insurance

Pacific life insurance comes with a wide range of insurance products that suit the best for fulfilling the requirements of potential customers. The company provides term life, whole life, universal life, variable universal life and indexed universal life. It also offers long-term care benefits to its customers. In addition to this, several riders are also offered for easy customization of the policy.

Although, unlike other insurance competitors, Pacific life doesn’t offer online resources and online applications. Easy online quotes and online tools are also not available. Pacific Mutual life insurance has been ranked fifth in the Best life insurance companies of 2021. Also, it has been ranked second in the Most affordable life insurance companies of 2021. The company has a financial rating of A+ from AM Best.

If you are looking for an insurance company which had been serving its customers since history, then Pacific Mutual life insurance can be the right choice for your financial stability.

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