Are you considering some ways to help your loved ones financially when you pass away?
A life insurance policy can be an effective way to do just that.
The Pacific Life Insurance Company was established in 1868 and has been offering clients affordable life insurance policies for nearly 150 years.
In general, a policyholder is charged a premium in exchange for a larger cash benefit payable upon death to their beneficiaries. But there are many different options when it comes to life insurance.
Because of the cash benefit to your loved ones, making the right choice about life insurance is an important one for you and your family.
Read on to learn more about Pacific Life and what sort of life insurance policy options they offer in 2017.
A Unique History of Success
They do this by offering a unique range of life insurance policies. They also have high ratings by some of the most reputable rating companies in the country.
Moody’s rates Pacific Life as A1. This means they have found the insurance company to be upper-medium grade and a low credit risk. Standard & Poor’s has also rated Pacific Life, AA — meaning it has a “very strong capacity to meet its financial obligations.”
The Pacific Life Insurance Company is also a Fortune 500 company with approximately $800 billion worth of life insurance in force. In 2016 alone, the company paid out $2.3 billion in insurance and annuity benefits.
This can be encouraging for a potential buyer. This is because they can be confident an insurance company is able to pay out on their policies when due.
Indexed Universal Life Insurance Products
An indexed universal life insurance policy offers a unique way to allocate some of your fixed account assets to leverage popular indexes like the S&P 500.
The Pacific Indexed Accumulator 5 is a popular option offered by the Pacific Life Insurance Company.
This indexed universal life insurance product is designed for high cash value growth. As you pay your premium, this money is added to your fixed account.
These accounts have a guaranteed floor. This means there is a certain rate set for your fixed account. This helps you guard against some of the risks of investing in the stock market.
After the required time (which often ranges from one to two years), Pacific Life compares the indexed value to the original value. They use a pre-determined formula to decide how much money to credit to your fixed account. This credit will also include any interest due on the original amount.
Looking for other indexed options? Check out the Pacific Indexed Protector 2 and the Indexed Pacific Estate Preserver 2.
Pacific Term Life Insurance Products
The Pacific Life Insurance Company also offers a wide range of term life policies. These are the least expensive and cover you for vulnerable periods in your life. These events include a recent heart attack, weight loss or sleep apnea diagnosis.
Some term policies offer a renewal at the end of the term. Others offer a policyholder the option to convert it to permanent life insurance. Term life insurance varies based on the company and policy. This means you should educate yourself before making a decision to buy.
Here’s a closer look at two term life insurance products you can choose from with Pacific Life.
Pacific Prime offers time life insurance to individuals ranging in age from 20 to 75 years old. With term options of 10, 15, 20 and 30 years, these can be an appealing option for people of all ages, depending upon their circumstances.
But what if it expires unused?
After the expiration of the term, a policyholder has the option to convert it to any permanent life insurance policy offered by Pacific Life.
Pacific – ART Term Insurance
A Pacific ART term life insurance policy provides short-term coverage for you. A unique feature of this policy is that it can be purchased without undergoing a medical exam. But remember, a policy is usually cheaper after a favorable medical exam.
The Pacific Life Insurance Company also allows you to renew the policy after the term. But these policies will become more expensive as you get older and your health declines.
The Importance of Shopping Around
Life insurance offers you a unique way to help provide for your family financially when you die.
Since this is such a big decision with long-lasting consequences, it’s important to take the time to shop around and learn as much as you can about all options.
The Pacific Life Insurance Company offers some good policies, but with life insurance, there is no “one size fits all” product. You should find a policy that fits best with your unique situation. This includes your age, health, financial position and the needs of any beneficiaries in the future.
For example, when you begin to consider life insurance, it’s important to ask yourself how much insurance you need. This means taking a realistic look at your financial situation and what your beneficiaries will need for their care down the road.
If your beneficiary is your elderly significant other, you won’t need as much life insurance as you would for a child or young adult.
Wrapping Up: The Pacific Life Insurance Company is One of Many Options
The Pacific Life Insurance Company offers unique life insurance products. But it also just one of many options you have when choosing to buy life insurance.
These include universal, indexed universal and term life insurance, among others. These are all different products with various benefits. Because of this, you need to speak with someone who can help you navigate the world of life insurance.
At Top Quote Life Insurance, our goal is to help you find the best life insurance product for your situation. We will also offer competitive quotes with an affordable premium. Contact us today to learn more about how we can assist you with your life insurance needs.