Pacific Life At a Glance: Rates, Products and Reviews

Established In 1997, Pacific Life may be best known for its logo bearing its signature humpback whale, but it is also a popular provider of life insurance and annuities. From its home in Newport Beach, California, signature Pacific Life retirement planning includes annuities and life insurance solutions. Pacific Life Insurance Company issues products in all states except New York, where Pacific Life & Annuity Company issues its products.

Today, Pacific Life holds $217 billion in assets, with $1.3 trillion in life insurance and $18 billion in benefits paid in 2023. It is active in the community, contributing $8.4 million in donations to community improvement. It also serves as the Official Life Insurance Sponsor of the PGA TOUR and PGA TOUR Champions.

Pacific Life offers two fixed annuities including a multi-year guaranteed annuity, four fixed index annuities, five variable annuities and one deferred annuity.

Pacific Life offers two fixed annuities.

Pacific Life offers four fixed index annuity options: Pacific Index Foundation, Pacific Index Edge, Pacific Index Advisory and Pacific Advisory.

The Pacific Index Foundation is a deferred fixed index annuity that provides lifetime income with tax-deferred growth and a beneficiary benefit. Its initial guaranteed period is five, seven or 10 years, and the option for a fixed and/or index-linked account based on the S&P 500 Index and MSCI EAFE Index is available.

The Pacific Index Edge is a deferred fixed index annuity with several interest-crediting options designed to provide lifetime income. It is linked to two market-based indexes, the S&P 500 Index and the BlackRock Endura Index1, but it also includes protection against market downturns and a beneficiary benefit.

The Pacific Index Advisory annuity provides tax-deferred growth linked to market-based indexes. It offers a fixed account and/or index-linked option with a term of five or seven years. A beneficiary benefit is also included.

The Pacific Advisory Fixed Index Annuity takes a more conservative approach, providing tax-deferred growth and lifetime income with protection against market downturns. The term is short, lasting only five years, with fixed and index-linked options. A death benefit is included.

Pacific Life offers a choice of five variable annuities.

Pacific Life has one deferred income annuity available.

The immediate annuities Pacific Life offers come from its Pacific Income Provider product. The Pacific Income Provider uses a single payment to provide guaranteed lifetime income through a series of annuity income options. A future adjustment option keeps the annuity flexible enough to cover changes in your life, while the inflation protection option helps protect against market losses. A joint version is available for those who want to cover two people.

Pacific Life annuities feature tax-deferred growth with market protection, flexible withdrawals and multiple income options. A death benefit generally comes included with the contract, and a joint life option is often available. Most annuities are highly flexible, allowing the annuitant to adjust its structure to best suit personal needs.

Pacific Life annuities carry fees, which vary depending on your chosen product. They often carry a mortality and expense risk fee, an administrative fee and an annual contract fee, but other fees, such as an investment platform fee, may also apply.

A licensed financial advisor can help outline fees based on your annuity product.

Pacific Life remains one of the highest-rated annuity companies in the industry.

It rates extremely high for financial strength, earning an AA- rating from S&P Global and an A+ from Fitch Ratings. From AM Best, both Pacific Life Insurance Company and Pacific Life & Annuity Company earn an A+ (Superior) rating.

Pacific Life’s customer satisfaction scores are just as impressive. The National Association of Insurance Commissioners (NAIC) reports a company complaint index of 0.03 based on the average 1.00 rating based on just nine complaints. This accounts for only 0.63% of market complaints.

In the J.D. Power 2023 U.S. Individual Life Insurance Study, Pacific Life ranks above average, beating out other popular providers like New York Life and Northwestern Mutual. In the J.D. Power 2023 U.S. Individual Annuity Study, it makes an even more impressive showing, ranking fourth overall. It shows that Pacific Life doesn’t just promise excellent customer service but actually delivers, too.

Founded in 1997, Pacific Life Insurance Company is one of the newer life insurance and annuity companies available, but it certainly does not disappoint. It is generous in its annuity offerings, giving investors a wide range of options to meet their retirement needs. From fixed annuities to deferred income annuities, there are several solutions for Pacific Life retirement planning. With highly flexible products and bonus protections, Pacific Life offers a well-rounded solution for annuities and life insurance.