Pacific Life Insurance | A Comprehensive Guide

Pacific Life Insurance is a leading company providing life insurance, annuities, and mutual funds to individuals and businesses. The company was founded over 150 years ago and is headquartered in Newport Beach, California. Pacific Life Insurance is consistently ranked highly by financial rating agencies, such as Moody’s and Standard & Poor’s, due to its financial strength and stability.

History of Pacific Life Insurance

Pacific Mutual Life Insurance Company was founded in 1868 by former California Governor Leland Stanford, who also founded Stanford University. The company grew rapidly and by 1906, it had become one of the largest life insurance companies in the world. Throughout the twentieth century, Pacific Life Insurance continued to expand its offerings and acquire other insurance companies.

In 1997, Pacific Mutual Life Insurance Company became Pacific LifeCorp, a holding company for Pacific Life Insurance Company and other subsidiaries. Today, Pacific Life Insurance is a Fortune 500 company with over 3,000 employees and more than $150 billion in assets under management.

As of 2021, Pacific Life Insurance offers a variety of life insurance products, including term life insurance, universal life insurance, and variable universal life insurance. The company also provides annuities, such as fixed annuities and indexed annuities, as well as mutual funds.

In addition to its insurance and financial products, Pacific Life Insurance is also committed to giving back to the community through charitable donations and volunteer work. The company’s philanthropic efforts focus on education, health, and the environment.

Types of Life Insurance Offered by Pacific Life Insurance

Pacific Life Insurance offers several types of life insurance to meet the needs of different individuals and families. These include:

Term Life Insurance

Term life insurance provides coverage for a specified period, typically 10, 20, or 30 years. If the insured dies during the term of the policy, the death benefit is paid to the beneficiaries tax-free. This type of life insurance is often the most affordable option for those who want to provide financial protection for their loved ones.

Pacific Life Insurance offers several options for term life insurance, including Pacific PRIME Term, Pacific ART (Annual Renewable Term), and Pacific LifeTerm. These policies can be customized with features such as conversion options, accelerated death benefit riders, and more.

Universal Life Insurance

Universal life insurance provides both a death benefit and a savings component. The policyholder can adjust the amount of premiums paid and the death benefit amount, making it a flexible option. The savings component can grow tax-deferred and can be accessed by the policyholder during their lifetime.

Pacific Life Insurance offers several options for universal life insurance, including Pacific Indexed Accumulator UL, Pacific Estate Preserver III UL, and Pacific PremierCare Advantage. These policies can be customized with features such as long-term care riders, waiver of premium riders, and more.

Variable Universal Life Insurance

Variable universal life insurance combines a death benefit with investment options. The policyholder can choose from a variety of investment options, such as mutual funds, stocks, and bonds, to grow their cash value. With this type of policy, the death benefit and cash value can fluctuate based on the performance of the investments.

Pacific Life Insurance offers several options for variable universal life insurance, including Pacific Select VUL and Pacific Venture Variable Annuity. These policies can be customized with features such as death benefit guarantees, income riders, and more.

Annuities Offered by Pacific Life Insurance

In addition to life insurance, Pacific Life Insurance also offers annuities to provide guaranteed income in retirement. Annuities are contracts between the policyholder and the insurance company, and can be either fixed or variable.

Fixed Annuities

Fixed annuities provide a guaranteed return on investment for a specified period, often ranging from one to ten years. The interest rate is set at the time of purchase and does not change for the life of the contract. Fixed annuities can be a good option for those who want a predictable income stream in retirement.

Pacific Life Insurance offers several options for fixed annuities, including Pacific Frontiers II, Pacific Income Provider, and Pacific Secure Income. These annuities can be customized with features such as income riders, death benefit guarantees, and more.

Indexed Annuities

Indexed annuities provide a return on investment that is tied to the performance of a stock market index, such as the S&P 500. The policyholder’s principal is protected from market downturns, but there is a cap on the amount of interest that can be earned. Indexed annuities can be a good option for those who want the potential for higher returns but also want to protect their principal.

Pacific Life Insurance offers several options for indexed annuities, including Pacific Index Foundation and Pacific Index Advisory. These annuities can be customized with features such as lifetime income riders, surrender charge waivers, and more.

FAQs about Pacific Life Insurance

Q: What is the financial rating of Pacific Life Insurance?

A: Pacific Life Insurance is consistently rated highly by financial rating agencies, such as Moody’s and Standard & Poor’s. As of 2021, Pacific Life Insurance has an A+ rating from both agencies.

Q: How do I get a quote for life insurance or annuities from Pacific Life Insurance?

A: To get a quote from Pacific Life Insurance, visit their website and fill out the online form. You can also call their customer service number to speak with a representative.

Q: Does Pacific Life Insurance offer any discounts or special offers?

A: Pacific Life Insurance offers discounts for bundling life insurance and annuities, as well as for healthy habits such as not smoking. They also offer special offers from time to time, such as waived fees for certain products.

Q: What is the process for filing a claim with Pacific Life Insurance?

A: To file a claim with Pacific Life Insurance, you will need to provide documentation such as a death certificate or annuity contract. You can start the process by contacting their customer service center.