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The Pacific Life Insurance Company is the most well-known name in the industry, providing financial security to people through life insurance, annuities, and mutual funds. Its products and services give financial assistance to both individuals and businesses. Pacific Life is an investment company with a strong brand and is well-known for its investment plans. Rather than shareholders, the company’s owners are policyholders. The Pacific Life Insurance Business is headquartered in Newport Beach, California, in the United States. Pacific Life has $171.5 billion in assets, 3,301 employees, $11.8 billion in revenue, and 242.5 million website views.
The humpback whale is a symbol of company power and stability in Pacific life. Its unique location in the Pacific Ocean has an impact on customers’ minds, and one of the company’s strategic projects is to maintain the sustainability of marine mammals, whale preservation, and the health of the oceans. People, Accountability, Customer, Focus, Integrity, Financial Strength, Innovation, and Community express the company’s goal and pride in its brand, PACIFIC. It is one of the top-ranking insurance businesses due to its financial support system and product affordability.
General Information
| HQ: | Newport Beach, California |
| Parent: | Pacific Mutual |
| Type: | Financial services |
| Founded: | 1868 |
| Industry: | Insurance; life insurance, annuities, mutual funds, investment products |
| Website: | www.pacificlife.com |
What is Pacific Life and how does it work?
Pacific Life insurance company is a financial services provider founded in 1868. The company initially provided life insurance policies; now, they provide three types of products: mutual funds, life insurance, and annuities.
Pacific Life has a policyholder structure and offers more benefits than stockholder companies. It focuses on long-term goals to make the working environment more welcoming and friendly. It works like any other insurance company. When a contractual event occurs, or a policyholder dies, the premiums received as revenue uses as a benefit payment.
Where are Pacific Life headquarters located?
Pacific life is headquartered at five locations first location in Newport Beach (H.Q.), C.A. United States 700 Newport Center Dr, the second location in Aliso Viejo, CA, the United States 45 Enterprise third location.
Address: Lincoln, NE The United States 777 Research Dr #219 fourth location Omaha, NE United States 6750 Mercy Rd 5th Floor, and the fifth pacific life insurance company address is Westborough, MA United States 4400 Computer Dr.
How do I contact Pacific Life corporate?
Customer service is available just a call away to guide you from 6 a.m. to 5 p.m. Monday through Friday.
Contact number: (800) 800-7646
You can also mail to the pacific life insurance company address at 700 Newport Center Drive, Newport Beach, CA 92660-6397.
Does Pacific Life have chat support?
Pacific Life Insurance Company does not offer live chat assistance. Calling customer service is the only way to get information, or you can mail them to the following address:
Address: P.O. Box 9000, Newport Beach, CA 92658-9030.
How do I open a support ticket with Pacific Life?
Pacific Life insurance company has announced an accelerated underwriting program that would use digital techniques to provide life insurance coverage more efficiently. After submitting an electronic ticket through Vive, you will receive an email from Pacific Life with a link to a questionnaire about the client’s health information. Call 1-800-792-6795 with any questions you may have during this process. The total amount of Pacific life insurance will not exceed $1 million.
Pacific Life History
Simon Schreiber and Josiah Howell founded Pacific Life in Sacramento in 1868. Leland Stanford, the founder of Stanford University, was the company’s president and the first policyholder. After Stanford’s death, his policies saved Stanford University from financial ruin. The company’s headquarters were relocated from San Francisco to Los Angeles and finally to Newport Beach. The risk factors, assets, financial goals, and beneficiaries for your family after your death are all discussed with a Pacific life agent. Pacific Life’s aim is to work on five primary components that provide a legal, demographic, technical, economic, and environmental framework that is favorable.
Pacific Mutual Life started issuing accident insurance policies in 1885, which was a brilliant move for the insurance company at the time. The age of the policyholder must be at least 18 years old. Pacific Life has a financial stability score of 801 out of 1000, making it preferable to other insurance providers. The Ethisphere Institute declared Pacific Life as one of the World’s Most Ethical Companies from 2018–2021. It develops a smart strategy by following Porter’s five forces: competitive rivalry, buyer’s bargaining power, supplier’s bargaining power, substitute threat, and new entrant threat. The firm combined with a conservative life insurance company in Los Angeles in 1906. In 1997, Pacific Mutual Life removed the word “mutual” from its name and became the Pacific Life insurance company. The equity value was $3.6 billion in 2019. Pacific Life donated $7.25 million to charity in 2021.
Pacific Life CEO and Key Executive Team
| Names | Designations |
| James Morris | Chairman, President, and Chief Executive Officer |
| Carol Sudbeck | Executive Vice President, Chief Administrative Officer |
| Adrian Griggs | Executive Vice President, Chief Operating Officer |
| Darryl D. Button | Executive Vice President and Chief Financial Officer |
| Sharon A. Cheever | Senior Vice President and General counsel |
| Source: pacificlife.com | |
Pacific Life Business model
Pacific Life has the highest financial strength rating and offers universal life, indexed universal life, whole life products, and variable life as permanent life plans. Standard term life insurance policies usually cost $50,000 and last between 10 and 30 years. Standard term life insurance policies can be applied online, while permanent life insurance policies can be obtained from authorized agents. Individual life insurance policies are determined by the age, location, and overall health of the policyholder. Any medically unfit condition, such as diabetes, cancer, or heart disease, will disqualify you from the coverage or cause you to pay a high premium. Pacific Life insurance company competes with the huge environment.
Life Insurance Policies Available from Pacific Life
Term life, whole life, and universal life are the three main types of insurance plans offered by Pacific Life. These are the main categories you can also purchase policies that are more specific to your needs.
- Term Life Insurance Options from Pacific Life:
Promise term and Elite term are two types of policies offered by term life insurance policies. Promised term coverage starts at $50,000, and elite term coverage starts at $750,000.In the policy’s promised term, the 10-year level-premium period for a maximum of 80 years, the 20-year premium period for the age of 65, and the 30-year premium period for the age of 55. In an elite term policy, there is a 10-year premium period for the age of 75, a 20-year term for 65, and a 30-year term for the age of 50.
- Whole Life Insurance Options from Pacific Life:
A whole life insurance policy is only obtained through an authorized agent after discussing your age and following age-related limits and coverage amounts. It has a payout duration of a lifetime and a tax-free death benefit.
- Universal Life Insurance Options from Pacific Life:
Universal life policies can be bought only through pacific life agents. There are eight different types of life insurance policies available. Versa-Flex Venture U.L. and P.L. Promise GUL are two universal life insurance policies. There are two variable universal life policies and four indexed universal life policies. Lifetime term periods, flexible premiums, death benefit protection, and tax-free death benefits are all included in all policies.
How to Buy Life Insurance Service from Pacific Life?
Pacific Life policies can be obtained by locating an agent in your area. Term life insurance is now available through an online method. Other than P.L., speak with a Pacific Life agent directly to discuss all available life insurance products and purchase the most reliable and appropriate policy.
Pacific Life insurance customer and claims satisfaction:
The National Association of Insurance Commissioners reports consumer complaints, which are used to calculate the overall complaint index score. In 2020, the Pacific Life Index score will be 0.11, with a median score of 1.00. In comparison to other competitors, this is a fantastic score.
Other insurance products:
The Pacific Life insurance company has a higher financial strength rating and high customer satisfaction. Pacific Life provides many policies that fit individual needs and finances. Other than policies, Pacific Life offers annuities. An annuity is an insurance product that is designed as a retirement fund. You can pay annuity just one payment or a series of payments.
Top 5 biggest Pacific Life competitors or Alternative
The top five competitors of pacific life are given below with all stocks details.
1. Lincoln Financial
Financial services, life insurance, annuities, and retirement plan services are all provided by Lincoln Financial. The corporation was formed in 1905 and is headquartered in Strafford, Pennsylvania, United States. The Lincoln Museum was the second largest museum in the country, and after closing the Lincoln Museum of Fort Wayne on June 30, 2008, the Abraham Lincoln Museum in Springfield, Illinois, is the world’s largest museum. It employs 10,966 people and generates $17.4 billion in revenue. The overall number of monthly website visits is 622.5k.
2. Prudential Financial
Prudential Insurance is a life insurance, mutual fund, and annuity firm based in the United States. It provides financial products and services to retail and institutional customers in the United States and 40 other countries.
The principal products and services are life insurance, annuities, mutual asset management, retirement-related investments, and security brokerage services. John F. Dryden created the corporation in 1875, and its headquarters are in Prudential Plaza in Newark, New Jersey. In 2020, the company’s total sales were $57.033 billion.
3. Allstate
Allstate is an insurance firm based in the United States that provides coverage for homes, condos, landlords, and businesses. The corporation was established in 1931 and is headquartered in Northbrook, Illinois, United States. In 2019, the company had 45,780 employees and generated $44.675 billion in revenue.
The total revenue in 2018 was $39.8 billion. In the 2019 Fortune 500 list, which is the largest U.S. corporation list, Allstate was ranked 79th.
4. Progressive
Progressive is the third-largest insurance firm in the United States. Mayfield Village, Ohio, is the company’s headquarters, which was formed in 1937. The total assets and revenue in 2020 were $64.098 billion and $42.658 billion, respectively.
The company offers insurance policies for passenger vehicles, motorcycles, R.V.s, retailers, and PWC and also provides home and pet insurance for selected companies. In the 2021 Fortune 500 lists of the largest American corporations, Progressive Corporation ranked No. 74.
5. Brighthouse Financial
Brighthouse financial company offers people financial security through life insurance and annuity.2million customers buy an annuity from Brighthouse financials. The official headquarters are located in Charlotte, North Carolina. The company has $245 billion in assets. The company offers services in three segments: annuity, run-off, and life. The monthly website visits in December 2021 were 359.5k, and the share price was $57.3.
FAQ’s
What does life insurance from Pacific Life cover?
Pacific Life provides both term and permanent life insurance. The customer’s insurance is dependent on his or her age and financial situation. Pacific Life provides lifetime coverage as well as coverage at predetermined intervals for 30 years. Whole life insurance gives death benefits in exchange for certain premiums. Universal life insurance is permanent insurance with variable premiums and death benefit options.
Is Pacific Life a good annuity?
Pacific Life is one of the oldest annuity-producing life insurance companies. Pacific Life’s financial analysis showed $171 billion in assets in 2019. Fixed and variable annuities are available. If you’re unsure about which annuity will work best for your retirement income plan, talk to a Pacific advisor. The minimum initial premium for non-qualified annuities is $10,000, while the minimum initial premium for qualified annuities is $2,000. An annuity’s maximum issue age is 85 years old.
Who owns Pacific Mutual?
Pacific Mutual Holding Company works as a holding company. It offers financial, investment, mutual funds, and life insurance policies. It has clients in the United States. Pacific Life insurance company is its parent company. Pacific Life’s policyholder is also a Pacific Mutual member. These individuals are invited to the annual meeting, where the board of directors is elected.
What riders are available from Pacific Life?
The riders vary for each insurance policy. Some permanent life insurance products include some riders with no additional cost, while some of them pay coverage fees. The universal life policy, Promise Gul, allows you to use 75% of your death benefits due to a terminal illness benefit rider. The riders included in insurance policies may be different in different states.
How long do you have to file a life insurance claim with Pacific Life?
You can acquire more information about your life insurance claim by contacting the Pacific Life agent directly. Because insurance companies are restricted by state rules that limit the amount of time you can claim benefits.
How much can you borrow from a life insurance policy with Pacific Life?
Policyholders of Pacific Life request a loan from the available cash value of the policy.
Do all life insurance policies from Pacific Life pay dividends?
The Pacific Life Insurance Company is a mutual fund company. Some of the insurance policies may provide a dividend. But all the term life insurance policies are not eligible for dividends.
Do life insurance policies from Pacific Life pay for suicidal death?
State laws bound insurance companies to pay for suicidal deaths. The policyholder is eligible for the claim if he held the policy for two years and more than two years. The National Suicide Prevention Line provides confidential support to people contemplating suicide. You can call anytime for free at 800-273-8255.
Can you get life insurance with Pacific Life if you have cancer?
Some people with a history of cancer may be eligible for Pacific Life insurance company. However, a patient who has received chemotherapy in the previous year is ineligible for the policy.
Does life insurance from Pacific Life cover a drug overdose?
State law bounds insurance companies to pay for a drug overdose. You can get more information by calling Pacific Life or directly contact with the Pacific Life agent for more information.
What is an annuity Pacific Life?
Pacific Life is the highest-rated life insurance company, according to AM Best. An annuity is a long-term investment that converts your purchase policy into consistent and reliable payments for the rest of your life. Variable and fixed annuities and fixed index annuities are the three basic types of annuities. Through structural settlements, annuities can be cashed out when needed. An annuity is the safest option to invest in for people who want to have a consistent income in retirement. The money invested is factored in by the investor’s age at the time of purchase and the time before the annuity pays out.
Conclusion
Pacific Life insurance company offers plans that are both financially and aesthetically appealing. Pacific Life has been providing insurance to its policyholders for over 150 years. It offers a variety of insurance products that are well-received by customers, as well as insurance providers for $3 million to qualifying applicants. Insurance policies, mutual funds, and annuities are the company’s core focus. Pacific Life helps policyholders manage financial risk and establishes a long-term relationship with them.
If you want additional information about the availability of plans directly discussed with a Pacific representative, compare all the available possibilities with the Pacific policies for life insurance.
