Pacific Life Insurance
Pacific Life Insurance is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the TermLifeInsuranceQuotes.com website.
The Pacific Life Insurance company can trace its history back to 1868 and the city of San Francisco. Founded by Leland Stanford, a United States Senator, Pacific Mutual Life's first insurance policy was issued on May 9, 1868 to Stanford himself. The busy Stanford also founded Leland Stanford, Jr. University in memory of his one and only son, which is now known simply as Stanford University. Three weeks after the commencement of the 1893 school semester, however, the elder Stanford passed away. At the time, the University was completely dependent on money from the Stanford fortune, and there was a great outcry over how and when the professors would be paid and indeed if the University itself would remain open. Luckily, Stanford was insured by Pacific Life term life insurance and his widow used the money received from his term life insurance settlement to pay the professors and keep the University afloat.
This company began as a life insurance provider, and has retained that focus over the one hundred and forty years of its existence. However, Pacific Life has also recognized the need to diversify, and added its first automobile coverage in 1885. The second claim ever filed with the company was from a poor fellow who had become a client not fifteen minutes before injuring himself in a wagon brake accident. The claim was paid out for $50. In 1906, the company merged with Conservative Life, a new insurance company operating out of Los Angeles. In April of that year, a massive earthquake rocked San Francisco, and the Pacific Life offices were used as a firebreak in the resulting destructive aftermath. Quick thinking by a Pacific employee, Richard Mier, saved several valuable bonds, and soon after the earthquake the company elected to move to a new Los Angeles location.
The great depression proved difficult for Pacific Life, in large part because its non-cancellable disability policies were too popular. These policies, all suddenly coming into force at roughly the same time, almost bankrupted the company, but a transition to a shareholder-owned model saved the business. In the 1950's, Pacific Life made the jump to computer technology, becoming one of the first Western American firms to use the Univac I operating system.
Pacific Life and Pacific Life term life insurance are represented even today by their signature humpback whale logo. In addition to protecting a magnificent creature that lives in the ocean which is the company's namesake, Pacific also is committed to embodying the spirit of the whale, including a dedication to strength of will and protection of its clients.
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Pacific Life Insurance is not affiliated with, nor does it endorse or sponsor, the contents of this webpage or the TermLifeInsuranceQuotes.com website.
The Pacific Life Insurance company can trace its history back to 1868 and the city of San Francisco. Founded by Leland Stanford, a United States Senator, Pacific Mutual Life's first insurance policy was issued on May 9, 1868 to Stanford himself. The busy Stanford also founded Leland Stanford, Jr. University in memory of his one and only son, which is now known simply as Stanford University. Three weeks after the commencement of the 1893 school semester, however, the elder Stanford passed away. At the time, the University was completely dependent on money from the Stanford fortune, and there was a great outcry over how and when the professors would be paid and indeed if the University itself would remain open. Luckily, Stanford was insured by Pacific Life term life insurance and his widow used the money received from his term life insurance settlement to pay the professors and keep the University afloat.
This company began as a life insurance provider, and has retained that focus over the one hundred and forty years of its existence. However, Pacific Life has also recognized the need to diversify, and added its first automobile coverage in 1885. The second claim ever filed with the company was from a poor fellow who had become a client not fifteen minutes before injuring himself in a wagon brake accident. The claim was paid out for $50. In 1906, the company merged with Conservative Life, a new insurance company operating out of Los Angeles. In April of that year, a massive earthquake rocked San Francisco, and the Pacific Life offices were used as a firebreak in the resulting destructive aftermath. Quick thinking by a Pacific employee, Richard Mier, saved several valuable bonds, and soon after the earthquake the company elected to move to a new Los Angeles location.
The great depression proved difficult for Pacific Life, in large part because its non-cancellable disability policies were too popular. These policies, all suddenly coming into force at roughly the same time, almost bankrupted the company, but a transition to a shareholder-owned model saved the business. In the 1950's, Pacific Life made the jump to computer technology, becoming one of the first Western American firms to use the Univac I operating system.
Pacific Life and Pacific Life term life insurance are represented even today by their signature humpback whale logo. In addition to protecting a magnificent creature that lives in the ocean which is the company's namesake, Pacific also is committed to embodying the spirit of the whale, including a dedication to strength of will and protection of its clients.
