Anytime consumers shop for life insurance coverage; there are several variables that must be kept in mind. An important variable that we will discuss here is the information about the insurance company you are considering and whether they are worthy of your business which could be for a lifetime. Let’s look into Phoenix Life Insurance Company.
About Phoenix Life Insurance Company
Phoenix Life Insurance Company has been in the business of offering insurance coverage to its clients since the mid-1850s. The organization was founded in 1851, as the Phoenix Companies, Inc. and was originally established to offer life insurance to consumers who abstained from drinking alcohol in any form.
With their primary headquarters located in Hartford, Connecticut, this company’s principal focus is to assist individuals who are in the middle-income market, and individuals who are considered affluent, in obtaining the ideal insurance protection for their needs.
At present, the principal products that are provided by Phoenix Life are life insurance products and annuities. Their products are offered through trained financial advisors and insurance professionals throughout the United States, as well as through the company’s distribution subsidiary, Saybrus Partners.
While Phoenix Life Insurance Company has their principal headquarters in Hartford, Connecticut, the organization also has a customer service hub in East Greenbush, New York. The insurance company takes pride in its outstanding customer service – and makes it painless for its customers to contact its service representatives.
Additionally, there is considerable information which is readily available on the Phoenix Life Company website, such as insurance policy forms, claim forms, service documents, and even prospectuses, which can be viewed and downloaded by policyholders and prospective clients.
Phoenix Life has approximately 600 home office staff members – which makes it a fairly small company as compared to most of the other life insurance companies in the industry.
Company Ratings and BBB Grade
Although Phoenix Life has been in the insurance business for numerous years, the ratings continue to remain stable with A.M. Best Rating Services. The company continues to financial obligations to its clients on a timely basis and the company continues to meet its statutory surplus requirements.
The company has been awarded a grade of A+ (on an overall grade scale of A+ to F). And, during the past three years, the insurer has closed one complaint through the Better Business Bureau. This particular complaint centered on issues with the company’s product/service.
Products Offered by Phoenix Life
Phoenix currently offers a variety of affordable insurance products that can meet the needs of their prospective clients because of their simplified underwriting and issuance. They are especially used for covering final expenses of the applicant.
Safe Harbor Term and Safe Harbor Term Express
These two term products are simplified-issued term policies that have living benefits that were to designed to protect the future of loved ones and plan for the unexpected. No medical exams are required.
- Lump sum death benefit paid to policy beneficiary(ies)
- Term periods and issue ages (last birthday):
10 year: Ages 18-80
15 year: Ages 18-70
20 year: Ages 18-65
30 year: Ages 18-55 (non-tobacco) -Ages 18-50 (tobacco)
|Issue Ages||Express Face Amounts||Non-Express Face Amounts|
|18-50||$25k – $400k||$50k – $500k|
|51-60||$25k – $300k||$50k – $400k|
|61-70||$25k – $200k||$50k – $300k|
|71-80||$25k – $100k||$50k – $150k|
Phoenix Safe Harbor Term Life Express
- Simplified issue underwriting: no para medical exam or Attending Physician Statement (APS);
- Non-Tobacco and Tobacco risk classes (standard through table 4)
Phoenix Safe Harbor Term Life (non-Express)
- Non-medical underwriting: no paramedical exam; APS in certain cases
- Standard Non-Tobacco and Tobacco risk classes
- Substandard ratings are available
Conversions – Conversions are available depending on the term of the policy purchased.
Free Look – All policies include a free look period so that policy documents can be reviewed by the insured and returned for a full refund for any reason during the free look period.
Whole Life Insurance
For consumers who prefer lifetime and guaranteed life insurance coverage, Phoenix Life offers its simplified-issue whole life policy that has living benefits and several rider options that allow for policy customization.
Life Insurance Coverage
- Lump-sum Death Benefit
- Coverage extends for the insured’s lifetime, beyond age 121
- Accelerated Benefit Riders – option to accelerate a portion of the death benefit in the event of a serious illness:
- Critical Illness – Terminal Illness
- Accidental Death Benefit Rider
- Non-Tobacco (Preferred) / Tobacco (Standard) risk classes
Issue Ages and Coverage Amounts
|Insured’s Age||Rider Beneficiary’s Age||Total Coverage Amount|
As a simplified issue Whole Life Insurance Policy, Phoenix’s Remembrance life coverage offers several option coverages that can be used to broaden the coverage, 100% policy loans of the policy cash value, and a thirty day free look guarantee.