Lincoln Financial vs Pacific Life
Lincoln Financial vs. Pacific Life: Best Affordable Life Insurance Comparison
When comparing life insurance options that balance affordability with financial strength, Lincoln Financial and Pacific Life often stand out. Both are reputable insurers with diverse offerings — but which one delivers more value for budget-conscious policyholders?
Life Insurance Calculator
Share This
Customer Reviews
Company Overviews
Lincoln Financial Group, founded in 1905, is a long-standing provider of insurance, retirement, and investment products. Known for its strong underwriting and flexible term and universal life policies, Lincoln is widely available through independent agents.
Pacific Life, established in 1868, is a mutual holding company with a strong reputation for innovation and value. It offers a full spectrum of life insurance products, often favored for its cost-effective term life and high-quality universal life policies.
Financial Strength & Ratings
| Rating Agency | Lincoln Financial | Pacific Life |
|---|---|---|
| AM Best | A+ (Superior) | A+ (Superior) |
| Moody’s | A1 | Aa3 |
| S&P | AA– | AA– |
| Fitch | A+ | AA– |
✅ Both companies show very strong financial stability. Pacific Life edges slightly ahead with better Moody’s and Fitch scores.
Policy Types Offered
| Policy Type | Lincoln Financial | Pacific Life |
|---|---|---|
| Term Life | ✅ | ✅ |
| Whole Life | ❌ | ❌ (Limited availability) |
| Universal Life | ✅ | ✅ |
| Indexed UL | ✅ | ✅ |
| Variable Life | ✅ | ✅ |
| Survivorship Life | ✅ | ✅ |
🟨 Neither focuses heavily on whole life insurance, but both excel in universal and indexed universal life, with strong customization options.
Coverage Options & Flexibility
Lincoln Financial offers term life policies from $100,000 up to several million, with flexible riders and conversion features.
Pacific Life is known for low-cost term coverage and indexed UL policies with strong cash value growth potential.
Both companies provide:
Level term options (10, 15, 20, 30 years)
Conversion to permanent life within a set period
Customization through riders and flexible benefit structures
Underwriting & Application Process
| Feature | Lincoln Financial | Pacific Life |
|---|---|---|
| No-Med Exam Option | ✅ Yes (up to $2.5M) | ✅ Yes (up to $3M) |
| Accelerated Underwriting | ✅ Available | ✅ Available |
| Online Quote Availability | ⚠️ Limited (agent-driven) | ⚠️ Limited (agent-driven) |
| Policy Issue Speed | 1–6 weeks | 1–5 weeks |
Both companies offer accelerated underwriting for healthy individuals, but quotes and applications generally go through licensed agents or brokers.
Pricing & Affordability
Pacific Life is frequently praised for offering some of the lowest term life rates in the industry — particularly for 20- and 30-year policies.
Lincoln Financial also offers competitive term pricing, especially with TermAccel, their streamlined term product.
💡 If affordability is the top priority, Pacific Life often comes out slightly ahead, while Lincoln provides better flexibility in product design.
Alternatives to Consider
Banner Life – Extremely affordable term life insurance with quick approvals
Protective Life – Great blend of pricing and product variety
Mutual of Omaha – Solid for no-exam options and simplified underwriting
Transamerica – Competitive for term and IUL products
Riders & Customization
| Rider | Lincoln Financial | Pacific Life |
|---|---|---|
| Accelerated Death Benefit | ✅ | ✅ |
| Waiver of Premium | ✅ | ✅ |
| Children’s Term Rider | ✅ | ✅ |
| Disability Income Rider | ⚠️ Limited | ❌ |
| Long-Term Care Rider | ✅ | ✅ |
| Return of Premium Rider | ❌ | ✅ (Select term) |
🔧 Lincoln provides strong rider options for permanent life, while Pacific Life offers better ROP term riders on select policies.
Best For…
Lincoln Financial is best for:
People wanting flexible, customizable coverage
Buyers looking for IUL or VUL policies
Those interested in higher face amounts with rider enhancements
Pacific Life is best for:
Term life shoppers on a budget
People focused on cash value growth via IUL
Clients needing affordable long-term protection
Pros and Cons (Comparison Table)
| Feature | Lincoln Financial | Pacific Life |
|---|---|---|
| Financial Strength | ✅ Strong & Stable | ✅ Slightly Higher Ratings |
| Term Life Affordability | ✅ Competitive | ✅ Often Industry-Leading |
| Whole Life Availability | ❌ Not Offered | ❌ Limited Access |
| Indexed Universal Life | ✅ Excellent Customization | ✅ Strong Growth Potential |
| Digital Tools | ⚠️ Limited | ⚠️ Limited |
| No-Exam Underwriting | ✅ Fast & Flexible | ✅ Generous Face Amounts |
Customer Experience & Support
Lincoln Financial offers excellent service through licensed agents and digital account management tools, but online quoting is limited.
Pacific Life relies heavily on advisor-driven sales, with a good reputation for policy transparency and client support, especially for investment-linked products.
Both companies are not direct-to-consumer friendly, so expect to work with a licensed agent or financial advisor.
Final Verdict: Which Is Better for Affordable Life Insurance?
If you want low-cost term life and strong indexed UL options, Pacific Life may be the better value. For clients seeking more flexibility, custom rider configurations, or advanced UL/VUL coverage, Lincoln Financial is an excellent choice.
Both are highly rated, but your best pick depends on your budget, health, and long-term goals.
How to Get a Quote or Apply
Lincoln Financial: Work with a licensed insurance agent or broker who offers Lincoln products. Visit lincolnfinancial.com for product overviews.
Pacific Life: Quotes are available through financial professionals. Visit pacificlife.com to explore products and get connected to a rep.
💡 Tip: Use a licensed independent broker who works with both companies to help compare quotes side by side — especially if you’re prioritizing affordability without sacrificing long-term options.
🔗 Related Insurance Comparisons
Liberty Mutual vs Progressive
Compare these two top auto insurance providers to find the best value for your budget and coverage needs.
Compare NowMolina Healthcare vs UnitedHealthcare
Explore the pros, cons, and key differences between Molina and UnitedHealthcare for health insurance shoppers.
View ComparisonCigna vs Blue Cross Blue Shield
Side-by-side comparison of Cigna and BCBS to help you choose the right health plan for your family or business.
See DetailsAmerican Family vs Progressive
Compare auto and home insurance coverage, customer service, and pricing between these well-known providers.
Learn More💬 Frequently Asked Questions
Which company is cheaper for life insurance, Lincoln Financial or Pacific Life?
Pacific Life is typically more affordable for term life coverage, especially for longer terms and larger face amounts.
Does Lincoln Financial offer no-medical-exam life insurance?
Yes, Lincoln offers no-exam term policies through its TermAccel product, for qualified applicants up to $2.5 million in coverage.
Which company has better indexed universal life (IUL) options?
Both insurers are strong in the IUL market, but Lincoln may offer more customization while Pacific Life is known for better growth potential.
Can I apply online with either company?
Neither company offers a fully digital direct-to-consumer application. Quotes and policies must be obtained through licensed agents.
Which is better for high coverage amounts?
Lincoln Financial is often preferred for large, complex policies due to its flexible underwriting and strong advisor network.
Does Pacific Life have whole life insurance?
Pacific Life focuses primarily on term, universal, and indexed universal life. Traditional whole life is not a core offering.
Can I convert term to permanent coverage with either company?
Yes, both Lincoln and Pacific Life allow term policyholders to convert to permanent coverage within a specified period, without a medical exam.
Who should choose Pacific Life over Lincoln Financial?
Clients looking for low-cost term coverage or strong IUL performance with competitive pricing may benefit more from Pacific Life.
What riders are available with Lincoln or Pacific Life policies?
Both offer common riders such as accelerated death benefits, child term, and long-term care riders. Pacific Life also offers return of premium (ROP) riders on select term products.
Are both companies financially stable?
Yes, both Lincoln Financial and Pacific Life have strong financial ratings from AM Best, S&P, Moody’s, and Fitch, making them reliable for long-term coverage.
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed
Blake Nwosu
Owner & Principal Agent