Pacific Life Insurance Company, Nebraska (NE): Overview, History, Leadership Team, Market Share, Pros and Cons, Renewal Policy

How Does Pacific Life Insurance Company, Nebraska Help You Protect Your Tomorrow?

Life is full of uncertainties and risks. Furthermore, you never know what might happen to you or your loved ones in the future. That’s why it’s important to have a reliable and trustworthy life insurance company that can help you protect your tomorrow.

One of the life insurance companies that you might want to consider is Pacific Life Insurance Company, Nebraska.

This company is a subsidiary of Pacific Life, a leading provider of life insurance, annuities, and mutual funds in the United States.

Pacific Life Insurance Company additionally offers a variety of life insurance products and services to individuals and businesses in Nebraska and other states.

In this article we will explore what Pacific Life Insurance Company, Nebraska is all about, what it does, where it is located, and how it can help you with your life insurance needs.

 

What is Pacific Life Insurance Company?

To begin with, Pacific Life Insurance Company, Nebraska is a life insurance company that operates as a subsidiary of Pacific Life.

This is a mutual holding company that was founded in 1868 in California. Pacific Life has over 150 years of experience in providing life insurance products and services to millions of customers across the country.

Furthermore, the company is headquartered in Omaha, Nebraska and has offices in Lincoln, Nebraska and Newport Beach, California.

Pacific Life Insurance Company is however licensed to sell life insurance products in all states except New York.

In New York, life insurance products are offered by Pacific Life & Annuity Company. The company also offers a wide range of life insurance products, such as term life insurance, universal life insurance, indexed universal life insurance, variable universal life insurance, survivorship life insurance, and group life insurance.

Pacific Life Insurance Company, Nebraska also offers annuities and mutual funds through its parent company Pacific Life.

Annuities are contracts that provide guaranteed income for a specified period of time or for life. Mutual funds are pools of money that are invested in various securities such as stocks, bonds, or money market instruments.

Pacific Life Insurance Company, Nebraska aims to help its customers achieve their financial goals and protect their loved ones from the unexpected. The company’s mission is to provide innovative products and solutions that help its customers grow and protect their wealth.

 

Image Illustration of Pacific Life Insurance
Pacific Life Insurance: Your Trusted Life Insurance Partner
Photo Courtesy :blogspot.com

 

Pacific Life Insurance Company Overview and History

Pacific Life Insurance Company, Nebraska is a well-established and reputable company that has a long history of serving its customers with excellence and integrity.

Here are some of the company details that you might want to know:

History and founding year: Pacific Life Insurance Company, Nebraska was founded in 1997 as a result of the merger between Pacific Mutual Life Insurance Company and PM Group Life Insurance Company.

However, the company’s parent company Pacific Life dates back to 1868 when it was founded as the Pacific Mutual Life Insurance Company of California.

 

Pacific Life Insurance Company Leadership Team

CEO and leadership team: The current CEO of Pacific Life Insurance Company is James T. Morris.

He has been the CEO since 2007 and has over 30 years of experience in the life insurance industry. He is also the Chairman of the Board of Directors of Pacific Life.

The leadership team of Pacific Life Insurance Company consists of several senior executives who oversee different aspects of the company’s operations such as finance, marketing, sales, distribution, product development, legal, compliance, risk management, human resources, information technology, and customer service.

Pacific Life Insurance Company Market Share

According to the latest data from S&P Global Market Intelligence, Pacific Life Insurance Company ranked as the 12th largest individual life insurer in the United States based on total direct premiums written in 2020.

The company had a market share of 2.4% among individual life insurers and wrote $4.6 billion worth of direct premiums in 2020.

Pacific Life Insurance Company Partnerships and Affiliates

Pacific Life Insurance Company has several partnerships and affiliates that help it deliver its products and services to its customers. Some of these include:

SS&C Technologies:

In October 20232, Pacific Life announced that it had teamed up with SS&C Technologies to create the first joint advisory trade management platform for variable annuities.

This platform will enable financial advisors to seamlessly manage their clients’ variable annuity portfolios on SS&C’s Black Diamond® Wealth Platform.

LPL Financial:

In June 20233, Pacific Life launched a new indexed universal life product called Flex Indexed Universal

Life (Flex IUL) that is exclusively available through LPL Financial, the nation’s largest independent broker-dealer.

Flex IUL is designed to provide flexible death benefit protection, cash value accumulation potential, and tax advantages for customers. – Pacific Funds. Pacific Funds is a family of mutual funds that are managed by Pacific Life’s asset management subsidiary, Pacific Asset Management.

Pacific Funds offers a variety of mutual funds that cater to different investment objectives, risk profiles, and time horizons.

These Funds are distributed by Pacific Select Distributors, LLC, a wholly-owned subsidiary of Pacific Life Insurance Company.

Pacific Global Asset Management: Pacific Global Asset Management is another asset management subsidiary of Pacific Life that provides investment solutions for institutional and retail investors.

Pacific Global Asset Management consists of three distinct investment teams: Cadence Capital Management, Pacific Asset Management, and Pacific Private Fund Advisors. – College Football Playoff Foundation: Pacific Life is a proud sponsor of the College Football Playoff Foundation, which is the charitable arm of the College Football Playoff.

The foundation supports education across the country by funding programs that enhance teacher recruitment, retention, recognition, and professional development. Pacific Life also sponsors the Extra Yard for Teachers Summit, which is an annual event that celebrates and empowers teachers.

 

What are some of the Insurance Services offered by Pacific Life Insurance Company ?

Pacific Life Insurance Company, Nebraska offers a variety of life insurance products and services that can help you protect your family, your business, and your legacy. Here are some of the services that the company offers:

Term life insurance:

This is a type of life insurance that provides coverage for a specified period of time, usually 10, 15, 20, or 30 years.

It is typically the most affordable and simplest form of life insurance. It pays a lump sum death benefit to your beneficiaries if you die during the term of the policy.

Term life insurance can be used to cover temporary needs such as mortgage payments, college tuition, debt repayment, or income replacement.

Universal life insurance:

This is a type of permanent life insurance that provides lifetime coverage and cash value accumulation. It allows you to adjust your premium payments, death benefit amount, and cash value growth rate according to your changing needs and goals.

Universal life insurance can be used to cover long-term needs such as estate planning, wealth transfer, business succession, or charitable giving.

Indexed universal life insurance:

This is a type of universal life insurance that links your cash value growth to the performance of one or more market indexes such as the S&P 500 or the Nasdaq-100.

This life insurance offers you the potential to earn higher returns than traditional universal life insurance while protecting your cash value from market downturns.

It can be used to achieve similar goals as universal life insurance while also providing additional growth potential and diversification.

Variable universal life insurance:

This is a type of universal life insurance that allows you to invest your cash value in a variety of subaccounts that are similar to mutual funds.

It offers you the highest growth potential among all types of universal life insurance but also exposes you to the highest risk.

Variable universal life insurance can be used to pursue aggressive growth goals while also providing flexible death benefit protection.

Survivorship life insurance:

This is a type of permanent life insurance that covers two people, usually spouses or partners, under one policy.

It pays a death benefit only after both insureds have died. Survivorship life insurance can be used to provide liquidity for estate taxes, preserve wealth for heirs, fund trusts or charities, or create a legacy for future generations.

Group life insurance:

This is a type of term life insurance that provides coverage for a group of people who share a common affiliation such as an employer, an association, or a union.

It is usually offered as an employee benefit or a membership perk. Group life insurance can be used to provide basic financial protection for your dependents or supplement your existing individual coverage.

How can you contact Pacific Life Insurance Company?

If you have any questions or comments about Pacific Life Insurance Company, Nebraska’s products and services, you can contact them through various channels such as phone, mail, email, or online. Here are some of the contact information that you might need:

To get in touch with the company, you have several options based on the type of service you need:

  1. life insurance: For inquiries related to life insurance, you can contact their dedicated line at (800) 347-7787. If you prefer to communicate by mail, you can send your correspondence to P.O. Box 2030, Omaha, NE 68103-2030.
  2. Annuities: If your questions or needs are related to annuities, you should reach out to (800) 722-4448. If you wish to send mail, use P.O. Box 2378, Omaha, NE 68103-2378.
  3. Mutual Funds: When it comes to mutual funds, contact (800) 722-2333. For written correspondence, the address is P.O. Box 9768, Providence, RI 02940-9768.

For added convenience, you can also use their website’s contact form to get in touch. Keep in mind that phone support is available from 6 a.m. to 5 p.m, so plan your inquiries accordingly.

 

Pacific Life Insurance Renewal and Cancelation Policy

The grace period for policy renewal is the amount of time you have to pay your premium after it is due without losing your coverage.

The grace period for policy renewal however may vary depending on your policy and insurance provider, but it is typically 30 days.

If you pay your premium within the grace period, your policy will be renewed and therefore remain in force. If you do not pay your premium within the grace period, your policy will lapse and you will lose your coverage.

You may be able to reinstate your policy by paying the overdue premium plus interest and proving that you are still insurable, but this may not be guaranteed.

Therefore, it is advisable to pay your premium on time or contact your insurance provider if you have any difficulties in making the payment.

How do you File a Claim at Pacific Life Insurance Company ?

To file a claim with Pacific Life Insurance Company, Nebraska, you will need to follow these steps:

Contact the company by phone, mail, email, or online to initiate the claim process. You can find the contact information for different products and services on the company’s website.

– Provide the required information and documents to verify the policyholder’s death and the beneficiary’s identity.

This may include a death certificate, a claim form, a copy of the policy, and a proof of identity. You can access some of the claim forms online or request them from the company.

– Wait for the company to review and process your claim. The company will notify you of the status and outcome of your claim.

If your claim is approved, you will receive the death benefit payment according to the policy terms and your chosen settlement option.

If your claim is denied, you will receive an explanation of the reasons and your rights to appeal.

– Contact the company if you have any questions or concerns about your claim. The company’s customer service representatives are available to assist you with any issues or inquiries that you may have.

Filing a claim with Pacific Life Insurance Company, Nebraska can be a simple and hassle-free process if you follow these steps and provide the necessary information and documents.

The company is committed to providing prompt and compassionate service to its customers and beneficiaries.

 

Pacific Life Insurance Customer Ratings and Reviews

– To begin with, Pacific Life has a high rating of 5 out of 5 stars from NerdWallet, which is based on consumer experience, complaint data, and financial strength ratings. NerdWallet considers Pacific Life as one of the best life insurance companies in the market.

-Secondly, Pacific Life also has a good rating of 3.6 out of 5 stars from Reviews.com, which is based on customer service, riders, and more. Reviews.com praises Pacific Life for its low rates, wide variety of products, and above-average customer satisfaction.

– Pacific Life also ranks above average in J.D. Power’s customer satisfaction study for life insurance, which measures how customers feel about their interactions with their life insurance providers. Pacific Life scored 789 out of 1,000 points, which is higher than the industry average of 763.

– However, Pacific Life also has some negative reviews from customers who have experienced issues with its website, billing, communication, and claim process.

For example, on Trustpilot, Pacific Life has a low rating of 2.1 out of 5 stars from 14 reviews. Some customers complain that Pacific Life does not notify them before scheduled payments, does not respond to emails, and moreover does not provide clear information about their policies.

 

 

What Are Some of the Pros and Cons of Pacific Life Insurance

Here are some of the pros and cons of Pacific Life Insurance Company, Nebraska that you might want to consider:

Pros:

First, Pacific Life Insurance Company in Nebraska receives high ratings across the board. NerdWallet awards it a perfect 5/5 stars, considering it among the top life insurance providers. Reviews.com gives it a solid 3.6/5, praising its competitive rates and product variety. In J.D. Power’s customer satisfaction study, Pacific Life surpasses the industry average with a score of 789/1,000.

Secondly, Pacific Life offers a diverse range of life insurance products, including term, universal, indexed universal, variable universal, survivorship, and group life insurance. Additionally, they provide annuities and mutual funds through their parent company.

Pacific Life furthermore stands out for its affordability, with term coverage ranking among the most cost-effective. In fact, they offer some of the lowest quotes in the industry, just behind Protective and Banner.

The company also caters to customers seeking high-coverage, no-medical-exam life insurance policies, offering up to $1 million in coverage without requiring a medical exam for eligible applicants based on age and health history.

With a rich history dating back to 1868, Pacific Life Insurance Company, Nebraska, has a long-standing reputation for serving customers with integrity and excellence.

 

Cons:

First, Pacific Life Insurance Company, Nebraska falls short when it comes to online and self-serve features. Unlike many other insurers that offer term life insurance, you can’t get a quote on the company’s website and you can’t apply for a policy without contacting an agent.

Furthermore, Pacific Life Insurance Company, Nebraska also has some negative reviews from customers who have experienced issues with its website, billing, communication, and claim process.

Pacific Life Insurance Company, Nebraska may not offer some of the policy features or riders that you are looking for.

For example, the company  however do not offer a return of premium rider for its term life insurance policies.

A return of premium rider allows you to get back some or all of the premiums you paid if you outlive your policy term.

 

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