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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.
Life insurance products with Legal & General and Pacific Life
 Legal & General |  Pacific Life | |
|---|---|---|
| Term |  | |
| Whole | | |
| Universal | | |
| Variable | ||
| Variable universal | | |
| Indexed universal | | |
| Final expense | | |
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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.
| Gender | Age | Legal & General | Pacific Life |
|---|---|---|---|
| Male | 20 | ||
| Male | 30 | ||
| Male | 40 | ||
| Male | 50 | ||
| Male | 60 |
| Gender | Age | Legal & General | Pacific Life |
|---|---|---|---|
| Female | 20 | ||
| Female | 30 | ||
| Female | 40 | ||
| Female | 50 | ||
| Female | 60 |
*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. Best | A+ (Superior) | A+ (Superior) |
| Moody’s | N/A | A1 (Good) |
| Standard & Poor’s | AA- (Very strong) | AA- (Very strong) |
| Fitch | AA- (High quality) | AA- (High quality) |
| J.D. Power | N/A | 3 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.
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