Pacific Life Insurance Company Annuities Review

Pacific Life offers consumers variable annuities, fixed indexed annuities, fixed annuities, immediate annuities, and deferred annuities. The company’s variable annuities include the Pacific Choice annuity, the Pacific Odyssey annuity, and Pacific Value annuity. The Pacific Choice annuity allows consumers to access their funds after five years without withdrawal charges. With the Pacific Odyssey annuity, consumers can access their funds anytime without withdrawal charges, and it is designed for those who want to work with a fee-based financial advisor. The Pacific Value Select allows consumers to access their funds after eight years without withdrawal charges and offers an immediate boost to the contract value with a credit enhancement.

Pacific Life’s fixed indexed annuities include the Pacific Index Foundation annuity, the Pacific Index Edge annuity, and the Pacific Index Advisory annuity. These annuities offer consumers interest-crediting options based on different indexes. The Pacific Index Foundation follows the S&P 500 and MSCI EAFE index. The Pacific Index Edge and the Pacific Index Advisory annuities follow the S&P 500 and BlackRock EnduraTM index, but the Pacific Index Advisory allows consumers to work with a fee-based financial advisor.

The Pacific Expedition and the Pacific Frontiers II annuities are the company’s fixed annuity products. The Pacific Expedition annuity offers consumers an interest rate guaranteed for the entire term and a purchase payment guarantee. The Pacific Frontiers II annuity offers consumers the option to choose the number of years they can lock in their guaranteed interest rate. The Pacific Income Provider is the company’s immediate annuity that allows consumers to fund it with a single payment, and immediately begin receiving income on a regular basis. The Pacific Secure Income is a deferred income annuity designed to supplement other income sources in the future, by making payments now.

Pacific Life annuities offer several income options such as life only, life with period certain, joint and survivor life, period certain only, single life or joint life cash refund, and single life or joint life with installment refund, among others, and consumers can choose among monthly, quarterly, semiannually, or annually payments. Additionally, the company offers several riders like Standard Death Benefit, Stepped-Up Death Benefit, Earning Enhancement Death Benefit, Lifetime Withdrawals, Principal Protection, and Inflation Protection. However, it should be noted that available income options and riders vary depending on the selected annuity product, so we encourage consumers to consult each product’s prospectus for additional information.

Pacific Life has been operating for 150 years, and it has some of the strongest financial ratings in the industry. The company has been rated AA- and A1 by Standard and Poor’s and Moody’s, respectively, and A+ by A.M. Best, and Fitch, meaning it has a solid and positive financial outlook. Additionally, the company appears to not have any complaints filed against it with the CFPB, which is also great. Pacific Life offers consumers customer support via email and over the phone, and online account management is also available through the company’s portal.