Finder may earn compensation from partners, but editorial opinions are our own. Advertiser Disclosure

Legal & General vs. Pacific Life: Which life insurance company is better?

The choice between these budget-friendly insurers comes down to their policy options.

In the life insurance market, these insurers are known for low rates and a relaxed approach to underwriting. While the riders are similar, Legal & General — formerly known as Banner Life — has a tighter product lineup.

Legal & General
Pacific Life
Term
checkmark
checkmark
Whole
checkmark
Universal
checkmark
checkmark
Variable
Variable universal
checkmark
Indexed universal
checkmark
Final expense
checkmark
Protect your loved ones
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.

Need help? Talk to a customer specialist

X

Costs

Your premium is a product of your age, gender, occupation and lifestyle. But based on our sample rates, you can expect to be quoted a similar price from Legal & General and Pacific Life.

If you’re a healthy nonsmoker, here’s what you might pay monthly for a $250,000, 20-year term life policy.

GenderAge
Legal & General
Pacific Life
Male20
$15.81
$15.66
Male30
$15.95
$15.91
Male40
$21.61
$21.48
Male50
$47.79
$47.24
Male60
$124.70
$123.29
GenderAge
Legal & General
Pacific Life
Female20
$12.98
$12.99
Female30
$13.48
$13.47
Female40
$18.54
$18.57
Female50
$37.15
$36.95
Female60
$88.15
$87.12

*Based on sample rates from Policygenius, August 2019.

Policy riders

Legal & General Riders

  • Waiver of premium rider
  • Accelerated death benefit rider
  • Conversion rider
  • Child rider
  • Term laddering rider
  • Flexible payment schedule rider

Pacific Life Riders

  • Waiver of premium rider
  • Accelerated death benefit rider
  • Conversion rider
  • Child rider
  • Long-term care rider

Financial strength

When you’re researching life insurance companies, factor in financial strength. Legal & General and Pacific Life score top-tier ratings with the major agencies, which means they have the cash reserves to pay out claims.

In J.D. Power’s latest life insurance study on customer satisfaction, Pacific Life ranked ninth of 23 insurers surveyed. Legal & General wasn’t part of the sample study.

Legal & General
Pacific Life
A.M. BestA+ (Superior)A+ (Superior)
Moody’sN/AA1 (Good)
Standard & Poor’sAA- (Very strong)AA- (Very strong)
FitchAA- (High quality)AA- (High quality)
J.D. PowerN/A3 out of 5 circles or “about average”

Customer reviews and reputation

Both insurers have a good reputation with customers. Legal & General has an A+ rating with the Better Business Bureau for its customer service and interaction, while Pacific Life has an A- rating. The insurers have three complaints apiece, which is relatively low among insurance companies. Most customers complained about billing issues or expressed frustration with the claims process.

Bottom line

Legal & General and Pacific Life stand out for their reasonable rates and competitive underwriting. They’re both financially strong with loyal customer bases, though Legal & General has a limited product line — only offering term, universal and final expense insurance.

If you want access to more riders, compare life insurance companies.

Compare life insurance companies

Name Product Issue age Minimum Coverage Maximum Coverage Term Lengths Medical Exam Required
Sproutt
18 - 60 years old
$50,000
$4,000,000
5, 10, 15, 20, 25 and 30 years
No
Compare 40+ insurers and apply online to get the lowest possible price — no medical exam required.
Policygenius - Life Insurance
18 - 85 years old
$50,000
$10,000,000
10, 15, 20, 25, 30 years
Depends on provider and policy
Compare 12+ top insurers side-by-side to get the best possible deal, and shop return of premium policies online.
Bestow
18 - 60 years old
$50,000
$1,500,000
10, 15, 20, 25, 30 years
No
Get a quote in less than 10 minutes with on-the-spot approval and no medical exam.
Everyday Life
20 - 75 years old
$100,000
$10,000,000
10, 15, 20, 25, 30, 35 and 40 years.
No
Ladder multiple life insurance policies to save on the coverage you need for all your debts.
Ladder
20 - 60 years old
$100,000
$8,000,000
10, 15, 20, 25 or 30 years
No, for coverage up to $3M
Apply for term life insurance online without the medical exam. Get an instant decision and adjust your coverage at no charge.
loading

Compare up to 4 providers

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site