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While the provider formerly offered stand-alone long-term care policies, Pacific Life has moved to include long-term care benefits as part of their life insurance policies. In addition to the benefits of whole, universal, or term life insurance, these policies can cover a wide range of long-term care services.
So while premiums for Pacific Life long-term care insurance policies will be significantly higher than stand-alone policies, the benefits –– particularly death benefits –– will make them a viable option for many people anticipating care.
Did You Know: To learn more about our favorite long-term care insurance providers, read our guide to this year’s best long-term care insurance.
As of 2023, Pacific Life no longer offers stand-alone long-term care insurance policies; however, they do offer three hybrid policies –– that is, life insurance policies –– that include extensive coverage for long-term care services.
The benefit of obtaining long-term care insurance in this fashion boils down to the chance that you might never need long-term care. If you pass away without ever using your benefits, then your loved ones will still receive a death benefit, as opposed to letting that money go to waste.
A universal life insurance policy with long-term care benefits, PremierCare Advantage provides tax-free death benefits to beneficiaries in addition to a surrender policy option. Once you make a one-time premium payment, you’ll receive the policy’s long-term care benefits, along with death proceeds for your beneficiaries, and Return of Premium benefit. This policy is great for seniors who want the satisfaction of a money-back option if they decide they don’t need long-term care services.
You can choose between either a 0-day or a 90-day elimination period, depending on the facility you choose for long-term care services. This policy also has optional inflation benefit options of five percent compound, five percent simple, or three percent simple interest, all of which will help your coverage rise to meet the rising costs of care. In addition to being reimbursed for the cost of your long-term care (up to your policy’s monthly maximum benefit amount), you can also receive a couples discount for policyowners who are in civil unions or domestic partnerships.
A whole life insurance policy with long-term care benefits, PremierCare Choice 100 offers guaranteed death benefits that are paid to your beneficiaries should you pass away. Additionally, you have the option of surrendering your policy with a 100 percent Return of Premium benefit.
The policy also offers tax-free, long-term care benefits and death proceeds, in addition to a couples discount for your premiums. The elimination period for this policy is similar to Pacific PremierCare Advantage, which consists of an elimination period of 0 to 90 days.
PremierCare Choice Multi-Pay provides both life insurance and long-term care benefits for seniors, with level premiums over a duration of five or 10 years. The elimination period for this policy is similar to the other two policies: 0-90 days, depending on the services you choose.
Additionally, this policy offers a couple’s discount for those that are in a marriage, civil union, or domestic partnership. The discount will be applied to your premiums and doesn’t require both individuals to purchase separate policies. As for the residual death benefit, your beneficiaries will be guaranteed to receive an amount that’s equal to the lesser of five percent of your initial face amount, or a total of $5,000.
Under this policy, you’ll receive three guarantees.
With Pacific Life, a standard long-term care policy with a $5,000 benefit for a period of 4 to 5 years may cost an estimated $250-$300 per month in premiums for a 55-year-old male, and possibly more for a 55-year-old female at $350 per month. These amounts may vary depending on the state that you’re in and the monthly benefit amounts.
To use Pacific Life Long-Term Care Insurance, you’ll need a licensed health care practitioner to certify that you either can’t perform at least two of six activities of daily living or that you are severely cognitively impaired. For assistance on how to access your long-term care benefits, Pacific Life offers free care coordination services.
To receive your long-term care benefits through Pacific Life, you have the choice of choosing benefit periods of two to eight years, or 24 to 96 months, with your choice of inflation benefit options to grow your monthly benefits. These inflation benefit options range from five percent, compound, five percent simple, or three percent simple interest.
For most long-term care insurance policies through Pacific Life, you will need to undergo a telephone interview. Once approved, the long-term care policy that you choose will reimburse you for the cost of care that you receive once premiums are paid. Keep in mind, however, that the reimbursement for covered long-term care expenses is subject to an elimination period, which is based on the benefit options you initially selected for your policy.
Pacific Life offers tax-free long-term care benefits with your choice of inflation benefit options to grow your monthly benefits. You will be reimbursed for the cost of long-term care services received on a monthly basis. Once you pay a one-time premium payment, your beneficiaries will get a guaranteed death benefit and Return of the Premium benefit. (Keep in mind that the policy benefits might be reduced by policy loans, terminal illness paid under your policy, or withdrawals).
If you decide you don’t need long-term care, you can get a money-back option, also known as the Return of Premium Benefit, or have the money go to your beneficiaries. If long-term care services are used, then the death proceeds and Return of Premium benefit will be reduced.
Other benefits of the Pacific PremierCare Advantage policy include:
To purchase an insurance policy through Pacific Life, we recommend first visiting their website and requesting a quote on long-term care coverage. We also recommend contacting their toll-free life insurance number at (800) 347-7787 to learn more about long-term care coverage from their life insurance products.
The BBB gives Pacific Life a C- for customer satisfaction and notes that it is not BBB-accredited. On their public business profile page, Pacific Life has had 11 complaints closed in the last three years and eight complaints closed in the last 12 months. According to Consumer Affairs, the overall satisfaction rating for their annuities offerings was 4.1 out of 5.
With many long-term care insurance providers folding in recent years, it’s important to look into an insurance provider’s financial strength and overall portfolio to gauge whether you want to stick with them long-term. AM Best, a global credit rating agency, gave Pacific Life an A+ (Superior) rating for financial strength.
Additionally, S&P Global Ratings affirmed the AA- (very strong) rating for financial strength, and Aa3 (excellent) by Moody’s Investors Service, making them a financially reliable company to purchase insurance and financial products from.
Overall, Pacific Life has a solid financial portfolio with a streamlined application process for long-term care coverage as well as guaranteed benefits. As long as you pay your premiums on time, you’ll have access to benefits for long-term care. Although the company itself is not BBB- accredited, and many of its long-term care products have been discontinued, the company continues to honor policies that are still in effect.
If you’re looking for life insurance or long-term care insurance with a streamlined underwriting process and affordable premiums with couples discounts, then we’d recommend Pacific Life.
To learn more about our favorite long-term care insurance providers, check out our helpful guides:
With Pacific Life, you can expect to pay between $200-$300 in monthly premiums, and this price is more expensive for females.
Yes, they offer a couples discount for married policyowners, or in a civil union, or domestic partnership.
The maximum age for purchasing a Pacific Life Long-Term Care Insurance policy is 75 years of age.
Yes, you can choose reimbursement or cash indemnity benefits.