Phoenix Life Insurance

Planning for your future | Life Insurance

Phoenix Life Insurance Company Review

It can be challenging and exhausting to find the right insurance company in the United States. There are so many options out there, and all the companies look so similar! So, how does anyone manage to buy life insurance in this market? By reaching well-informed and researched company reviews. We are committed to helping inform people about the brilliant life insurance policies offered by some of the biggest insurance companies in the United States.

We know that there are separate variables that must be considered, and that is why we ensure that we don’t leave any stone unturned. One of the biggest insurance companies in the United States is Phoenix Life Insurance. The company has been around for a long time and has proven itself as a top-rated insurance company with excellent customer services and an extensive variety of insurance products.

If you are interested to learn more about Phoenix Life Insurance, their products, their policies, financial strength, and customer service ratings, you have come to the right place. Here is our company review on Phoenix Life Insurance Company.

Phoenix Life Insurance review

Company History

Established sometime in the 1850s, Phoenix Life Insurance Company is one of the biggest names in the insurance industry. The corporation has a long track record of delivering exceptional insurance products, policies and protection to consumers for over a century. The company is headquartered in Hartford, Connecticut and was founded in 1851 under the name The Phoenix Companies, Inc.

There are a lot of different life insurance companies around in the market, but no one has made a bigger impact than Phoenix Life on the middle-income market. The company has come out with affordable life insurance policies that offer great coverage to people less fortunate than others. That is one of the main reasons why the company is extremely popular, and its product range has impressed many.

Phoenix Life Insurance Company offers an extensive array of products, which includes life insurance and retirement annuities. The company has employed various licensed financial advisors who help sell their products to consumers all over the United States. Phoenix Life also has various subsidiaries that distributes their products, and one of them is, Saybrus Partners.

In 2016, Phoenix Life was taken over by Nassau Re, which meant that it became its life insurance platform in the United States. This was a landmark moment for the organization, since it helped improve the liquidity and financial strength of the corporation. The move was a resounding success because it catapulted Phoenix Life right to the top of the industry and ensure that it met the needs of its business partners and policyholders.

Company Overview

There aren’t many life insurance companies that are offering as many exceptional insurance products at affordable rates as Phoenix Life. The company has had a lengthy and celebrated history in the life insurance industry and is regarded as an old-school life insurance service provider. One of the major strengths of Phoenix Life is that it has been around since before the life insurance industry began in the United States. The company has been around for over 150 years and as one of the first major life insurance providers, it managed to deliver outstanding customer service and top-notch insurance products at affordable rates.

The strongpoint of Phoenix Life is their customer service, and they are renowned for helping people in the middle-income market acquire affordable life insurance coverage. Most of their insurance products are designed to help middle-level earners afford life insurance coverage to secure the financial future of their family and loved ones. The company goes the extra mile to deliver great customer service, and their focus on ensuring that life insurance products are affordable for the average American is what makes them special. That is why they are highly rated and ranked in the insurance industry.

Financial Stability Ratings and Customer Service Ratings

Every major life insurance company is judged by the financial stability and customer service ratings it has acquired from the 4-top insurance agency rating institutions in the United States. Phoenix Life Insurance was given the following the ratings from ratings agencies:

  • A.M. Best rating — “B, Fair”
  • Standard & Poor’s rating — “B+”

These ratings clearly indicate the superior customer service and financial strength of the corporation. Phoenix Life isn’t rated by the BBB, but it should be noted that the company hasn’t had any new customer complaints in the last 3 years. This clearly shows that they take customer service seriously, and are without a doubt one of the best insurance companies in the United States.

Insurance Products Offered

Phoenix Life Insurance Company offers exceptional insurance products, which encompass a plethora of coverage options. They are renowned for their non-medical underwriting coverage for life insurance, which is offered in term and permanent life insurance products offered by the company. Most of the life insurance policies of the company have applications for coverage, and don’t require a medical exam.

The best thing about the insurance products offered by Phoenix Life is that most of their life insurance coverage options come with unique features. They also customize the coverage offered to every customer, which ensures that you don’t have to shop around at different providers, so that you can find suitable coverage. Another great benefit that you get due to the different options is that you will easily find different types of coverage easily.

This is what makes Phoenix Life Insurance Company one of the best in the industry and the extensive range of insurance products and policies they offer include:

Ø  Whole Life Insurance

This insurance product is guaranteed for life, meaning that it runs for the duration of your life, and your beneficiaries gain a guaranteed life benefit along with a cash value component.

Ø  Universal Life Insurance

This is a more flexible life insurance product, which allows you to choose whether your premium will pay into the cash value component or into the death benefit.

Ø  Indexed Universal Life Insurance

The indexed universal life insurance offers you with a cash value component and a death benefit. However, the major difference in this policy is that the cash value component isn’t tied with your premium, but with an index (like the S&P 500).

Apart from these insurance products, Phoenix Life offers you the chance to take advantage of different life insurance policies, which include:

Ø  Term Life Insurance

You get death benefit coverage, but no investment or cash buildup, but it is the most affordable life insurance product offered by Phoenix. It is ideal for younger people applying for life insurance, since it covers expenses like short and long-term debts, college tuition, medical bills, and protects the family.

Ø  The Phoenix Safe Harbor Term Life and the Phoenix Safe Harbor Term Life Express

These life insurance policies are designed for facilities to help them make the most out of their life, and come with coverage lengths of 10, 15, 20, or 30-years.

All policies come with 4 living benefit riders, which offers additional flexibility and coverage to policyholders for unexpected health events. The riders don’t have any additional premium cost, and offer protection for:

  • Critical Illness
  • Chronic Illness
  • Terminal Illness
  • Unemployment

This policy is recommended to anyone that wants affordable life insurance coverage.

Ø  Permanent Life Insurance

Phoenix Life Insurance Company provides different permanent life insurance options, provide death benefits, and a cash value and investment buildup. The funds of the policy can grow on a tax-deferred basis, and that helps the money grow and compound exponentially.

Ø  Phoenix Remembrance Life policy

The Phoenix Remembrance Life Policy, is a whole life insurance policy, and offers a guaranteed death benefit, along with a set rate for cash value growth.This policy covers the cost of a funeral and other final expenses, which are expensive. The proceeds of the policy help eliminate additional stress on loved ones and the family. The premiums remain fixed throughout the life of the policy, and the cash in the policy can be withdrawn or borrowed for any reason. The policy also pays for unexpected medical emergencies.

The simple application processes, no medical exams for approval required, the life insurance policies offered by Phoenix Life allow people with adverse health issues to qualify for policies.

Phoenix Life Insurance products and features

Other Products and Services

Phoenix Life Insurance Company is renowned for its life insurance products and coverage, but the company has also made a name for its retirement annuity products. These are in high-demand among baby boomers, since most of them are reaching the age of retirement, and with rising inflation rates, they are worried about if they would manage to save enough money to last their lifetime. This is also because life expectancy has risen over the past decade/

Annuity products are highly sought, because they offer a set, and guaranteed income to the annuity holder, who can choose the option to get lifetime income. These people can also receive an income stream that will keep paying out throughout their life. However, it is imperative that you conduct your research and get the best annuity rates.

All annuity products that Phoenix Life offers are designed to provide great flexibility, which is dependent on the requirements of the client. The most popular annuity products they offer include:

Ø  The Phoenix Personal Retirement Choice

This annuity product is a deferred annuity, which offers the holder to build-up long-term savings, which are tax-deferred. All deposits can be made in the annuity, but that must be done before the annuity is converted into an income stream. You also have several income options you can choose with this annuity product.

Ø  The Phoenix Personal Income Annuity

This annuity product is a type of fixed indexed annuity, which offers cash growth that is tied with an underlying index. However, if the index performs negatively every time, there will be no losses incurred.

Ø  The Phoenix Personal Protection Choice

This annuity product allows clients to deposit upfront single premiums. It is a type of fixed indexed annuity, which protects the cash from market downturns, and offers them the chance to grow, based on the performance of the market index. You also get plenty of options to build an income stream after converting this annuity product.

Phoenix Life Insurance company summary

The Bottom Line – Phoenix Life Insurance Review

In our view, there are very few life insurance companies that can match the high ethical standards set by Phoenix Life. The company has made life insurance products and policies more affordable for the middle-class American, and their simplified and fast application process is well appreciated. They also provide outstanding underwriting guides and amazing flexibility, which is another reason why they are highly regarded in the insurance industry.

The Safe Harbor Term Life Insurance product offered by Phoenix Life is extremely popular, and has allowed the company to match the best insurance corporations in the United States. Phoenix Life isn’t the highest rated company in the market, but their range of products and outstanding customer service is one of the main reasons why we recommend them to anyone searching for life insurance policies.

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