Pacific Life Long-Term Care Insurance Reviews and Costs

Pros and Cons of Pacific Life

Policy Options

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.

Pacific PremierCare Advantage

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.

Pacific PremierCare Choice 100

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.

Pacific PremierCare Choice Multi-Pay 100

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.

• Return of premium: If you change your mind and don’t want long-term care coverage, you can surrender your policy at any time and opt for the Return of Premium benefit.
• Guaranteed full protection: If you need long-term care while you’re simultaneously paying your premiums, your policy’s benefits will be available to use from day one of your policy in effect. During this time, no premiums will be due (as long as you paid all previous premiums).
• Lockable benefits: Your benefits will be locked away in the event that you need to stop paying premiums.

Pacific Life Long-Term Care Insurance Costs

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.

How Pacific Life Long-Term Care Insurance Works

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 Long-Term Care Insurance Additional Benefits

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:

• Easy application process: All of Pacific Life’s long-term care coverage policies feature an easy, streamlined application process that just requires a telephone interview and an approval decision in less than a week.
• Inflation benefit option: You can choose from a five percent compound, five percent simple, or three percent simple Interest rate to grow your benefits, given inflation and rising long-term care costs in the future. Choosing this option helps you grow your benefits over time, especially when you need it.
• Care coordination services: Pacific Life offers free care coordination services to help you navigate your policy and figure out where you should receive care and how to access your long-term care benefits.
• Couples discount: Eligible couples that are policyholders (state-sanctioned civil unions, married couples, or domestic partners) can receive discounted premiums. It doesn’t require getting each person insured to redeem the discount.
• 0-90 day waiting periods: Pacific Life offers flexible waiting periods of 0-90 days. All covered services received in a home setting have a 0-day waiting period for benefits that can be reimbursed, whereas nursing home facilities, assisted living facilities, facility hospice care, and international benefits require 90-day waiting periods.
• Residual death benefit: If you do use your long-term care benefits, then your beneficiaries will be guaranteed to receive additional reimbursement upon your passing.
• Terminal Illness benefit: If you’re terminally ill with 12 months or less to live, you can access benefit amounts of up to the lesser of $500,000 or 75 percent of the policy’s face amount.

How to Buy a Pacific Life Insurance Policy

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.

Pacific Life Performance

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.

Financial Strength

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.