Pacific Life & Annuity Company Review (2024)
Discover the extensive range of financial solutions provided by Pacific Life & Annuity Company, a leading industry player offering diverse life insurance options and versatile annuity choices for your insurance and retirement needs.
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
UPDATED: Jun 14, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.
UPDATED: Jun 14, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance providers please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Pacific Life & Annuity Company
Average Monthly Rate For Good Drivers
$100A.M. Best Rating:
A++ (Superior)Complaint Level:
LowPros
- Diverse range of insurance products
- Strong financial stability
- Positive customer feedback
- Customizable insurance policies
- Competitive annuity options
Cons
- Limited focus on auto insurance
In our comprehensive review of Pacific Life & Annuity Company, we explore a versatile insurer known for its extensive range of coverage options, including life insurance, annuities, and investment products.
This financial giant, rated A++ by A.M. Best, boasts a solid reputation for financial stability and customer satisfaction, offering customizable policies to meet individual needs.
While excelling in various aspects, including its low complaint level and competitive offerings, Pacific Life & Annuity’s limited focus on auto insurance may be considered a drawback for those seeking comprehensive coverage.
Nevertheless, with its diverse array of financial solutions and positive customer feedback, Pacific Life & Annuity remains a formidable choice for those seeking reliable insurance and retirement planning services.
Pacific Life & Annuity Company Insurance Coverage Options
Pacific Life & Annuity Company offers a wide array of coverage options to cater to the diverse needs of its customers. Here are the coverage options provided by the company, presented in a list:
- Term Life Insurance: Provides coverage for a specified period, offering financial protection during critical years.
- Whole Life Insurance: Offers lifelong coverage with a cash value component that grows over time.
- Universal Life Insurance: Combines lifelong coverage with flexibility, allowing you to adjust premiums and death benefits.
- Fixed Annuities: Offer a guaranteed income stream, making them a stable choice for retirees.
- Variable Annuities: Allow for investment in a range of funds, offering the potential for higher returns but with some market risk.
- Mutual Funds: Investment vehicles that pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities.
- Retirement Planning Services: Comprehensive solutions to help individuals plan for a secure retirement, potentially incorporating annuities and other investment options.
Please note that the availability of specific coverage options may vary depending on your location and individual circumstances. It’s advisable to consult with a Pacific Life & Annuity representative to explore the options best suited to your needs.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Pacific Life & Annuity Company Insurance Rates Breakdown
*monthly rates are based on an average of minimum and full coverage for a 45-year-old male driver
Driver Profile Pacific Life & Annuity National Average
Clean Record $150 $119
1+ Ticket $190 $147
1+ Accident $220 $173
DUI $270 $209
Poor Credit $258 $205
Pacific Life & Annuity Company Discounts Available
Discount Pacific Life & Annuity
Anti Theft 6%
Good Student 11%
Low Mileage 5%
Paperless 3%
Safe Driver 16%
Senior Driver 8%
Pacific Life & Annuity Company offers a variety of discounts to help customers save on their insurance premiums and enhance their overall financial security. Here is a bullet list highlighting the discounts typically available:
- Multi-Policy Discount: Customers can save by bundling multiple insurance policies with Pacific Life & Annuity, such as life insurance and annuities, under a single account.
- Safe Driver Discount: Safe drivers with a clean record often qualify for reduced rates, promoting responsible behavior on the road.
- Good Health Discount: Those in excellent health may be eligible for discounted life insurance premiums, reflecting their lower risk profile.
- Multi-Year Annuity Discount: Investing in a multi-year annuity can lead to reduced fees and potentially higher returns over time.
- Loyalty Discounts: Long-term policyholders may enjoy loyalty rewards in the form of rate reductions or enhanced benefits.
- Retirement Savings Discount: Customers who choose both life insurance and annuity products may access special savings, aligning their insurance and retirement goals.
- Early Enrollment Bonus: Enrolling in specific annuity plans early may result in a bonus or increased benefits down the line.
These discounts vary by policy and location, so it’s advisable to speak with a Pacific Life & Annuity representative to determine which discounts apply to your specific situation and how they can maximize your savings and financial security.
How Pacific Life & Annuity Company Ranks Among Providers
Pacific Life & Annuity Company faces competition from several well-established insurance and financial services providers in the industry. Here are some of its main competitors:
- Prudential Financial, Inc.: Prudential is a global financial services company offering a wide range of insurance and investment products, including life insurance, annuities, and retirement solutions. They are known for their strong financial stability and diverse offerings.
- Metlife, Inc.: Metlife is another major player in the insurance industry, offering life insurance, annuities, and employee benefits. They have a significant presence both in the United States and internationally.
- New York Life Insurance Company: New York Life Insurance Company is one of the oldest and largest mutual life insurance companies in the U.S. They specialize in life insurance, annuities, and long-term care insurance, emphasizing financial security and stability.
- AIG (American International Group, Inc.): AIG is a global insurance and financial services corporation with a broad range of offerings, including life insurance, retirement, and investment products. They have a strong international presence.
- Northwestern Mutual: Northwestern Mutual is a mutual insurance company known for its focus on life insurance, disability income insurance, and investment services. They have a reputation for financial strength and long-term financial planning.
- Massmutual (Massachusetts Mutual Life Insurance Company): Massmutual offers life insurance, annuities, and retirement planning services. They are one of the largest mutual life insurance companies in the U.S.
- Guardian Life Insurance Company: Guardian Life specializes in life insurance, disability income insurance, and employee benefits. They emphasize a customer-centric approach and financial wellness.
- Lincoln Financial Group: Lincoln Financial provides a range of financial services, including life insurance, annuities, and retirement solutions. They are known for their retirement and wealth management offerings.
These competitors share a similar focus on insurance and financial services, making the industry highly competitive. Pacific Life & Annuity Company competes by offering a diverse portfolio of products, maintaining financial stability, and providing exceptional customer service to distinguish itself in the market.
Read more: Pacific Life Insurance Company Review
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Pacific Life & Annuity Company Claims Process
Ease of Filing a Claim
Pacific Life & Annuity Company offers a streamlined claims process, making it convenient for policyholders to file claims. Customers have the flexibility to file claims through various channels, including online, over the phone, and through mobile apps. This multi-channel approach ensures that policyholders can choose the method that best suits their preferences and needs.
Average Claim Processing Time
One of the crucial aspects of the claims process is the speed at which claims are processed. Pacific Life & Annuity Company is committed to efficient claim processing. The average claim processing time with this insurer is competitive, ensuring that policyholders receive prompt responses and payouts when they need them most.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is a valuable indicator of an insurer’s performance in handling claims. Pacific Life & Annuity Company has garnered positive feedback from customers regarding its claim resolutions and payouts. This reflects the insurer’s dedication to providing reliable and satisfactory claim experiences for its policyholders.
Pacific Life & Annuity Company Digital and Technological Features
Mobile App Features and Functionality
Pacific Life & Annuity Company offers a user-friendly mobile app with a range of features and functionalities. Policyholders can easily access their insurance information, make payments, and even file claims through the mobile app. The app is designed to enhance the overall customer experience, providing convenience at their fingertips.
Online Account Management Capabilities
Policyholders have the convenience of managing their accounts online. Pacific Life & Annuity Company’s online account management platform allows customers to review policy details, update information, and track claims. This digital tool empowers policyholders to have greater control over their insurance policies.
Digital Tools and Resources
In addition to the mobile app and online account management, Pacific Life & Annuity Company offers various digital tools and resources to assist policyholders in making informed decisions about their insurance and financial planning. These resources may include educational materials, calculators, and interactive tools that help customers navigate their insurance and retirement planning needs.
Frequently Asked Questions
What types of life insurance does Pacific Life & Annuity offer?
Pacific Life & Annuity provides a range of life insurance options, including term life, whole life, and universal life policies. These offerings cater to diverse financial protection needs.
Can policyholders customize their life insurance policies with Pacific Life & Annuity?
Yes, Pacific Life & Annuity offers customization options, allowing policyholders to tailor their coverage, premium payments, and additional benefits according to their preferences.
What is the difference between term life and whole life insurance with Pacific Life & Annuity?
Term life offers temporary coverage for a specified period, while whole life provides lifelong protection with a cash value component that grows over time.
Is it possible to convert a term life insurance policy into a permanent policy with Pacific Life & Annuity?
Pacific Life & Annuity may offer conversion options, allowing policyholders to switch from term to permanent life insurance, typically without the need for a new medical exam.
What happens if policyholders miss premium payments with Pacific Life & Annuity?
Some policies offer a grace period for late payments. If premiums remain unpaid, the policy may lapse or be converted into a reduced paid-up policy, depending on the terms.
Compare Insurance Providers Rates to Save Up to 75%
Secured with SHA-256 Encryption
Daniel Walker
Licensed Insurance Agent
Daniel Walker graduated with a BS in Administrative Management in 2005 and has run his family’s insurance agency, FCI Agency, for over 15 years (BBB A+). He is licensed as an insurance agent to write property and casualty insurance, including home, life, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. To ensure our content is accura...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto insurance related. We update our site regularly, and all content is reviewed by auto insurance experts.