Pacific Life Insurance is a well-known provider with over 150 years of service. They offer a wide range of life insurance and investment products, but how well do they work for seniors?
While their options work well for young adults and workers, Pacific Life doesn’t offer whole life insurance, the best type of life insurance for seniors. While Pacific Life is a weak option for seniors, Final Expense Benefits works with over 20 of the top life insurance companies and can help you find a great policy.
To learn more about your senior life insurance options, call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool for a personalized pricing estimate.
Key takeaways
Pacific Life Insurance is a quality insurer with multiple life insurance options, but their plans are poorly suited for seniors.
Pacific Life provides term and universal life plans that are good for young adults and workers, but don’t work as well for seniors.
Seniors seeking life insurance typically use whole life insurance, which Pacific Life doesn’t offer.
Burial insurance is an affordable and accessible life insurance option for seniors, but it’s not available through Pacific Life Insurance.
What is Pacific Life Insurance?
The Pacific Life Insurance Company is a longtime provider with diverse investment and life insurance options. Founded in 1868, Pacific Life’s initial purpose was to address issues west-coast residents had with life insurance companies, which were usually located on the U.S. east coast.
Pacific Life’s first headquarters was in Sacramento, making them one of California’s first life insurance companies.
Pacific Life’s headquarters moved across California through the late 1800s and 1900s. Since 1972, they’ve been located in Newport Beach, California. Now, Pacific Life provides a wide range of financial products, including varied life insurance options. annuities, and retirement income products for seniors. But how well does their life insurance work for seniors?
Pacific Life Insurance Coverage Options
Unfortunately, Pacific Life doesn’t offer any insurance options for seniors. They provide several term and universal life insurance plans, but none are tailored to seniors’ needs. Here’s more information about each:
1
Pacific Life Term Life Insurance
The simplest type of life insurance, term life covers for specified periods. Pacific Life term life insurance covers 10, 15, 20, 25 and 30 year terms, a standard range for term policies. Pacific Life term life death benefits are large, ranging from around $50,000 to over $3 million, perfect for use as long-term income replacement in case of death for young adults and high-risk workers.
Like most term policies, Pacific Life has restrictive term applicant requirements, only allowing applicants up to age 50 for 30-year plans. Though Pacific Life term policies can be converted to permanent insurance when terms end, this excludes many current seniors from longtime coverage.
It’s unclear how strict Pacific Life’s medical underwriting requirements are, but most term life policies require good health to qualify for competitive rates. Pacific Life’s term policies may be strong options for young adults, but with unclear pricing, age restrictions, and health requirements, most seniors won’t qualify.
2
Pacific Life Universal Life Insurance
Universal life insurance covers for life with an added savings component that invests a portion of paid premiums to grow cash value. This cash value can be used as a loan, to purchase additional coverage, or to reduce future premium payments.
Benefits are paid when the policyholder dies, and universal life insurance covers until the policyholder’s death, as long as premiums are paid. However, universal life premiums are usually higher than term life.
Pacific Life provides a variety of universal life insurance plans, each using different investment products to grow cash value. These include:
- Universal Life Insurance
Universal life insurance invests a portion of paid premiums in a savings account to gain cash value. Pacific Life offers a “Guaranteed” Universal Life insurance plan, which has additional protection for policyholders and can return paid premiums if policyholders no longer need their plan. - Indexed Universal Life Insurance
Indexed universal life insurance (IUL) is similar to universal life, but instead of investing premiums into a savings account, they are instead put into a managed index account. This means that they’re invested in indexes like Dow Jones or NASDAQ. Pacific Life offers four IUL products, each with different life insurance riders and customization options. - Variable Universal Life Insurance
Variable universal life insurance (VUL) invests premiums directly into managed stocks. These have significant investment upside, but can lose value if investments perform poorly. Pacific Life provides five VUL plans.
Universal life insurance is a great way to gain extra value if markets are performing well, but these accounts are complicated and may be too unreliable for seniors. Plus, universal life has notoriously strict health requirements that often exclude seniors from coverage.
3
Pacific Life Whole Life Insurance
Similar to universal life, whole life insurance provides lifetime coverage and cash value growth, but is generally less expensive and has more relaxed medical requirements. Death benefits are smaller than other types of life insurance but offer significant versatility; average payouts range from around $5,000 to $100,000. We recommend whole life plans because they’re simpler than universal life and are more accessible and affordable for seniors.
However, Pacific Life offers no whole life policies, leaving a major gap in their options. Whole life policies, like burial insurance, are some of the best ways for seniors to secure affordable and accessible coverage for end-of-life expenses, such as funeral, cremation, and burial plot costs.
Though Pacific Life offers no senior burial insurance options, Final Expense Benefits works with over 20 of the best burial insurance providers. Call us today to learn more about your burial insurance options, or try our free online quoting tool to check how much a quality policy could cost.
4
Pacific Life Insurance Riders
Life insurance riders give policyholders additional customization options, though usually at an extra cost. Pacific Life offers a variety of rider options, though some are included in their policies at no additional cost. Options include:
- Terminal illness rider
Pays up to 75% of the death benefit (up to $500,000) if the policyholder is diagnosed with a terminal medical condition. Included with most Pacific Life policies at no extra cost.
- Disability waiver of premium rider
Allows premiums to be waived if the policyholder becomes disabled before 65. Included with some plans at no extra cost.
- Children’s level term rider
Lets policyholders place a $10,000 term life policy on dependent children aged 15 days to 18 years at an extra cost.
- Chronic illness care rider
Pays up to $3 million of the death benefit as annual or monthly benefits if the policyholder is certified as chronically ill by a doctor.
- No-lapse guarantee
Exclusive to Pacific Life “guaranteed” universal life insurance at an extra cost, this rider ensures policies remain active until the policyholder turns 90. It also allows policyholders to extend guaranteed coverage up to age 121 at a higher premium rate.
How Much Does Pacific Life Insurance Cost?
A major issue with Pacific Life Insurance is a lack of transparency. They don’t provide any sample rates on their website, nor do they have an online quoting tool or application. They claim to offer competitive rates, but it’s tough to verify that without sample pricing.
Final Expense Benefits handles quotes differently; we believe transparency should be at the heart of any good life insurance company. We stand by our providers, and share sample rates so you know how much quality coverage costs.
Pacific Life Pros & Cons
Pros
- High financial stability ratings
Pacific Life is a longtime insurer with strong financial stability and likely won’t have any difficulty paying claims. - High customer service ratings
Their customer service is consistently praised and has a low amount of complaints. - Works with life insurance brokerages
Life insurance brokerages partner with multiple life insurance companies, allowing customers to find great rates and policies from a variety of providers. Pacific Life works with brokerages, giving more options and making it easier to compare their products with other providers. - Diverse rider options
Pacific Life offers several life insurance riders that allow policyholders to tailor coverage to their needs.
Cons
- No online rate chart
Many insurers provide a rate chart or sample rates so interested customers can assess general rates, but Pacific Life does not. With no online rate charts or sample quotes, it’s difficult to know how much Pacific Life Insurance policies cost. - No online application
Similar to online rate charts, most life insurance companies provide online applications, but Pacific Life doesn’t. They require applicants to contact sales agents, severely slowing down the application process. - No options for seniors
While Pacific Life’s term and universal life insurance options are strong for younger applicants, they aren’t as suitable to seniors. Whole life insurance matches seniors’ needs better.
Pacific Life Insurance Reviews: Third-Party Rating Services
AM Best Rating
1
AM Best assesses life insurance companies’ credit and ability to meet financial obligations to help protect consumers.
Pacific Life’s AM Best rating is A+, indicating strong, reliable finances.
NAIC Rating
2
The National Association of Insurance Commissioners (NAIC) tracks customer complaints against life insurance companies and rates them on their yearly complaint index. Ratings range from 0 to 10, and insurers should aim to be rated below the average of 1.
The NAIC’s rating for Pacific Life’s customer complaint index is just 0.04, an outstanding rating that indicates few customer complaints. Pacific Life’s annuity division’s NAIC rating is 0.25, which is also quite low, but does indicate more customer complaints than the life insurance side.
BBB Rating
3
The Better Business Bureau (BBB) helps customers find trustworthy businesses by tracking customer complaints and providing complaint resolution services for customers and businesses. Their rating scale ranges from F to A+.
Pacific Life’s BBB rating is B, and they are not BBB-accredited, indicating some difficulty with managing customer complaints. Their BBB customer ratings are as low as it gets, 1 out of 5.
Pacific Life Insurance Reviews: Customer Ratings
Leo N
1/5
I realized that the cash value of my account was significantly lower than what was expected. Upon further review, I was told that Pacific Life is charging me monthly insurance premiums ($2,590) which are higher than the monthly premiums I am paying ($2,083). They claim that they have to make up that difference by reducing the cash value of the policy. How can Pacific Life charge you premiums which are higher than what you put in and then deduct the difference from a projected cash value?I find this to be extremely fraudulent. The agent who explained the policy to me never disclosed this fact. Otherwise, I never would have signed up for it.
Clay W
1/5
While Pacific Life was checking to see if I qualified for their plan, they asked me questions about my kids, which I thought was strange, but answered them anyway. When they emailed me back to say I qualified, my quoted rate of $95/month was now $185/month. I asked them why the actual rate was doubled, and they said it’s because I added my kids as riders to the policy and there’s a “problem” with my liver.
So they used the answers to my questions about my kids to just add them without asking me if that’s what I wanted to do. They also lied about my health status. They said there was a “problem” with my liver. I then got a 2nd opinion from an actual legitimate doctor who said there was nothing wrong with my liver. So they added my kids to the policy without my consent and used unethical doctors to lie about my health status.
Bonnie P
1/5
Before my father passed he told me of two Pacific Life insurance policies. After his death I contacted Pacific Life multiple times and multiple times they told me there was only one. After so many calls and time wasted, I finally accepted what they said and redeemed the one policy. Nearly a year went by and I received a letter addressed to my dad notifying him of an RMD on a policy. Thankfully, I had his mail forwarded to my home. Again, I called Pacific Life and at first they denied it and I had to argue and argue. Finally they “found” the policy and made good on it. No admittance of error or apology. Don’t trust Pacific Life.
Burial Insurance: Better for Seniors than Pacific Life’s Options?
Burial insurance is a type of whole life insurance designed to provide seniors with accessible, affordable insurance. These policies offer rates locked at their start, lifetime coverage, and cash value growth.
Also called final expense insurance, burial insurance is more accessible to seniors than term and universal plans thanks to relaxed medical underwriting. Seniors with managed pre-existing medical conditions can qualify for policies with no waiting period.
Guaranteed acceptance policies are available to nursing home-bound seniors or those with more serious medical conditions like cancer, dementia, or terminal illness.
Burial insurance payouts are lower than other kinds of life insurance, ranging from around $5,000 to $50,000. This helps keep rates affordable for seniors on fixed budgets and is plenty to cover end-of-life expenses like funerals, cremations, and burial plot costs.
Sample Burial Insurance Rates for Seniors
Final Expense Benefits is proud to partner with over 20 of the best burial insurance companies and to help you make the best life insurance choice. Try our free funeral cost calculator to check how much coverage you need.
Unlike Pacific Life, our life insurance partners share their rates to help you make sure you’re getting the best deal. Here are sample quotes from our top partners for a $10,000 burial insurance policy for seniors:
| Company |
Male 50y/o |
Female 50y/o |
Male 60y/o |
Female 60y/o |
Male 70y/o |
Female 70y/o |
|---|---|---|---|---|---|---|
|
$34 |
$27 |
$50 |
$40 |
$70 |
$56 |
|
|
$31 |
$26 |
$43 |
$35 |
$71 |
$53 |
|
|
$31 |
$24 |
$44 |
$33 |
$75 |
$53 |
|
|
$34 |
$29 |
$45 |
$35 |
$79 |
$59 |
|
|
$33 |
$26 |
$48 |
$36 |
$82 |
$58 |
These figures are estimates only, based on a $10,000 burial insurance policy for a non-smoking applicant with no pre-existing conditions.
If you’re interested in these or any of our other great life insurance partners, contact Final Expense Benefits at (866) 786-0725, or check our free quoting tool for a pricing estimate.
Final Thoughts
Pacific Life is a quality provider with a long history and a great catalog of life insurance options, but they aren’t the best for seniors. Their universal and term life options are great choices for young adults, but don’t match seniors’ needs as well.
Because Pacific Life doesn’t provide burial insurance, we recommend seniors look elsewhere. Our partners like Aetna Accendo, Americo, and Mutual of Omaha offer burial insurance with low rates and high acceptance. Call us at (866) 786-0725 Monday through Friday, 9 a.m. to 5 p.m. ET, or check our free online quoting tool.
FAQ
How old is the Pacific Life Insurance Company?
The Pacific Life Insurance Company was founded in 1868 and celebrates nearly 160 years of providing quality life insurance.
Who owns the Pacific Life Insurance Company?
Pacific Life is owned by the Pacific Mutual Holding Company, a financial company that manages all of Pacific Life’s insurance, annuity, and investment products.
Where is Pacific Life Insurance located?
Pacific Life Insurance’s current headquarters are in Newport Beach, California.
Is Pacific Life Insurance good?
Pacific Life Insurance is good for young adults seeking term and universal life options. However, they don’t offer burial insurance and their other products line up poorly with seniors’ needs.
What is First Penn-Pacific Life Insurance?
First Penn-Pacific Life Insurance is a separate company from Pacific Life and is a subsidiary of Lincoln Financial.
What is term life insurance?
Term life insurance covers specific periods, usually 10 to 30 years. Once the term ends, the policy must be renewed to continue coverage. These policies offer large death benefits and are usually used by young adults as income replacement in case of death.
What is burial insurance?
Burial insurance is a low-cost type of whole life insurance designed to offer seniors accessible, affordable coverage. Average benefit payouts range from around $5,000 to $50,000 and are typically used to cover costs for funerals, cremations, burial plots, and other end-of-life expenses.
How much does a funeral cost?
In 2025, average funeral costs in the U.S. are around $10,000, which is why most sample burial insurance quotes are for $10,000 policies. Check our free funeral cost calculator to see how much coverage you need.