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Lincoln Financial vs Pacific Life
Both are advisor-sold IUL and VUL specialists; Pacific Life has AA- range ratings and no public shareholders, Lincoln has MoneyGuard and 30-year term to age 70.
Verdict
Lincoln Financial and Pacific Life are close rivals for the same buyer: someone working with an independent financial professional who wants indexed or variable universal life, often for cash value, estate planning or business needs. Neither sells individual life online. Lincoln ranked #5 by 2024 individual life premiums ($6.37 billion) and Pacific Life #8 ($5.17 billion), according to NAIC data.
The ownership and ratings gap is the main difference. Lincoln is a publicly traded company (NYSE: LNC) that, since 2023, has reinsured large blocks to Fortitude Re, sold its wealth management arm and taken a 9.9% investment from Bain Capital. Its profile lists AM Best A (Excellent, February 2026), S&P A+, Moody's A2 and Fitch A+. Pacific Life is controlled through a mutual holding company of policyholder members and lists AM Best A+ (Superior, December 2025), S&P AA-, Moody's Aa3 and Fitch AA-. Lincoln ranked 9th of 23 in the J.D. Power 2026 study (661 points) and Pacific Life 17th (630), reversing their 2025 order.
Product differences: Lincoln offers MoneyGuard, a life and long-term care hybrid, and term for 10, 15, 20 or 30 years with conversion until age 70, with no stated minimum in its profile. Pacific Life offers guaranteed universal life with no-lapse guarantees to ages 90 to 121 and Pacific Elite Term with a $250,000 minimum outside California. Lincoln stopped new sales of lifetime no-lapse universal life and faces cost-of-insurance litigation on older policies. Pacific Life's profile notes S&P flagged below-peer statutory returns on assets.
Choose Lincoln Financial if
- You want a hybrid life and long-term care policy.
- You want term below $250,000 or 15-year term, with conversion until age 70.
- You want an IUL or VUL with critical illness or long-term care riders.
- You are comfortable with A-range ratings in exchange for those features.
- Customer satisfaction scores matter to you; Lincoln ranked higher in J.D. Power's 2026 study.
Choose Pacific Life if
- You want the higher financial strength ratings of the two.
- You want guaranteed universal life with a no-lapse guarantee to an age of your choice.
- You prefer a company without public shareholders.
Key differences
| Lincoln Financial | Pacific Life | |
|---|---|---|
| Ownership | Public (NYSE: LNC) | Mutual holding company |
| 2024 individual life premiums | $6.37 billion (#5) | $5.17 billion (#8) |
| Hybrid life and LTC | MoneyGuard | Premier LTC rider on permanent policies |
| Term | 10, 15, 20, 30 years | 10, 20, 30 years; $250,000 minimum |
| AM Best | A (Excellent), February 2026 | A+ (Superior), December 2025 |
| S&P / Moody's | A+ / A2 | AA- / Aa3 |
| J.D. Power 2026 | 9th of 23 (661) | 17th of 23 (630) |
Before you decide
Ask each advisor for illustrations at the same premium, with the guaranteed column and a conservative index assumption. Check rating dates and ask what can change after issue. See how to compare life insurance quotes fairly, IUL pros and cons: what the sales pitch leaves out and AM Best, S&P, Moody's and Fitch ratings explained.
Side by side
| Lincoln Financial | Pacific Life | |
|---|---|---|
| Type | Shareholder-owned life insurers | Mutual life insurers |
| Customer service | 800-487-1485 | 800-347-7787 |
| Website | lincolnfinancial.com | pacificlife.com |
| NAIC group | Lincoln National group | Pacific Life group |
| Headquarters | Radnor, Pennsylvania | Newport Beach, California |
| Founded | 1905 | 1868 |
| Ownership | Public company | Mutual holding company structure: Pacific Mutual Holding Company, controlled by policyholder members, owns Pacific LifeCorp and Pacific Life Insurance Company |
| Parent company | — | Pacific Mutual Holding Company |
| Stock ticker | NYSE: LNC | — |
| Where it sells life insurance | — | All states and Washington, D.C.; New York policies are issued by Pacific Life & Annuity Company |
| New York company | Lincoln Life & Annuity Company of New York | Pacific Life & Annuity Company |
| How it sells | Independent financial professionals, broker-dealers, banks and other intermediaries, supported by its wholesaler arm Lincoln Financial Distributors | Independent financial professionals; no direct online sales |
| U.S. individual life rank (2024) | 5 | 8 |
| Individual life premiums (2024) | $6.37 billion | $5.17 billion |
| U.S. market share (2024) | 4.07% | 3.31% |
| AM Best financial strength | A (Excellent) | A+ (Superior) |
| S&P | A+ (Strong) | AA- (Very Strong) |
| Moody's | A2 (Good) | Aa3 (Excellent) |
| Fitch | A+ (Strong) | AA- |
| J.D. Power | Ranked 9th of 23 brands (661 points; study average 649) in the J.D. Power 2026 U.S. Individual Life Insurance Study | Ranked 17th of 23 brands (630 points; study average 649) in the J.D. Power 2026 U.S. Individual Life Insurance Study |
| Term lengths | Level term for 10, 15, 20 or 30 years (Lincoln LifeElements Level Term) | Pacific Elite Term in 10, 20 and 30 years (minimum $250,000); in California, PL Promise Term in 10, 15, 20, 25 and 30 years |
| Best suited to | Buyers working with an independent advisor who want indexed or variable universal life, or life insurance combined with long-term care coverage. | Higher-income buyers working with a financial professional who want indexed or variable universal life from a highly rated, non-public insurer. |
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Facts come from each insurer's profile, where every figure carries its source and review date. Premiums are personal: compare quotes for the same coverage, not just companies.
Last reviewed October 24, 2026