Pacific Life Insurance
2018 marks the 150th anniversary of Pacific Life, which was founded in 1868 as the Pacific Mutual Life Insurance Company of California. The company offers a variety of life insurance policies to this day, including the PremierCare Advantage policy discussed below, as well as annuities and mutual funds. They are licensed to sell insurance in all 50 states. As their original name suggest, Pacific Life is a mutual company, meaning that they are owned by policyholders rather than shareholders. This allows them to focus their attention on understanding and addressing the needs of their clients and providing the best service possible.
Life Insurance with Long-Term Care Benefits
While there are still plenty of traditional long-term care insurance policies out there, recent years have seen increased interest in what are known as hybrid policies. The hybrid policy available through Pacific Life is called Pacific PremierCare Advantage and is a universal life insurance policy with added long-term care benefits. Policies like this one are designed with flexibility in mind, allowing policyholders to put a portion of their death benefit towards long-term care while they are still alive. Any funds not used for this purpose will then go to their heirs as usual after the policyholder passes away. PremierCare Advantage also offers a return of premium benefit, which allows you to surrender the policy at any time and get your money back. While a hybrid strategy such as this is typically more expensive than traditional long-term care insurance, it also helps to ensure that you are getting the most out of your investment.
Additional features and options available with this policy include inflation protection, a variety of benefit periods to choose from, a terminal illness benefit, a residual death benefit, and an international benefit. Discounts for couples are also available.
Reputation and Financial Strength
Pacific Life is a financially sound company with solid scores from all four major independent ratings agencies: an A+ (superior) from A.M. Best, an AA- (very strong) from Standard & Poor’s, an A1 (good) from Moody’s Investors Service, and an A+ (good) from Fitch Ratings. While a company should not be judged on financial strength alone, these scores are important because they help to predict the company’s ability to pay out claims in the future. Customers also generally seem satisfied with their Pacific Life policies, and the company has relatively few negative reviews.
Be sure to take a look at our other articles to learn more about the various companies offering LTC insurance and LTC/life insurance hybrids. You can find further information on the benefits and drawbacks of hybrid policies in our first article on alternatives to traditional long-term care insurance. Remember – these policies and the companies that issue them can differ greatly, so it really does pay to do your research and shop around.
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State Life Insurance