Looking for an in depth Phoenix Life Insurance Review that’s up to date with everything you need to know?
Tired of reading the rest of the Phoenix Life Insurance Reviews on the internet? Here it goes. We want to start by letting you know that Phoenix Life is emerging as one of the best no exam life insurance companies in the U.S. and will soon be added to our top ten list for 2019.
Let’s see what Phoenix Life Insurance has to offer.
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 such as this one. At Good Life Protection we are committed to helping inform people about the all life insurance policies offered by some of the biggest insurance companies in the United States.
Yes, we review the good and the bad companies and always give you the honest opinion and must know facts.
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 bigger life insurance companies in the United States is Phoenix Life Insurance which has recently changed it’s name to.
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 Reviews of-Company History
Established in 1851, 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.
In 1865, Phoenix Life’s board of directors voted that the premiums on policies issued to President Abraham Lincoln, Vice President Hannibal Hamlin and Speaker Schuyler Colfax “be tendered to them as a gratuity.”
After Lincoln is assassinated, Phoenix issues a policy to the new president, Andrew Johnson, “free for one year.”
Phoenix Life Merges With Home Life
In 1992, Phoenix Life and Home Life merge together. The merger catapulted Phoenix life to be a top-25 life insurance carrier in the United States.
Just a few years later, Phoenix began the process of demutualization and successfully launched its IPO as a stock company in order to create more growth opportunities.
In 2015, Phoenix Life was acquired by Nassau Re. 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.
In 2018, Phoenix Life was rebranded as Nassau Re for all consumer-facing insurance sales. As Nassau Re, Phoenix is still comminuted to providing reliable insurance solutions for the middle-market and quality service for years to come.
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.
Phoenix Life Insurance Review-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
Here’s Good Life Protections Overall Grade Report and View of Phoenix Life Insurance Company.
We gave Phoenix Life an Overall Grade of 93%. The only thing that brought the score down 7% was due to the B rating for financial strength.
As soon as this rebounds as it’s predicted to, we will adjust this score accordingly. Keep in mind we represent Phoenix Life in no way and do NOT work directly for them. We are an Independent Rating Agency and represent 60 plus life insurance carriers.
Phoenix Life Insurance Reviews of-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: This is just short of Investment grade but still considered stable so nothing to fret or to get worked up over.
- 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.
Why was Phoenix Life Insurance Downgraded on Financial Rating?
This is no reason to panic or assume the worst about the company but if the A+ rating is what your after, obviously you will need to look at another company.
According to Fitch, Phoenix was downgraded due to an expected 300 Million to be paid in death claims as well as needing a more risk adverse portfolio for long term investing.
This simply means that these ratings agencies believe they should re think the strategy of the investments they have to stablize future growth.
The 300 Million in claims isn’t really something to be upset about consider that means that they are paying that sum that is rightly due to policyholders.
Around the financial crisis of 2008, the Phoenix Life insurance rating was downgraded by major credit rating agencies like A.M Best and Standard and Poor’s (S&P). According to A.M. Best, these rating downgrades were largely driven by Phoenix repositioning its business distribution channels for its core insurance offerings and risk exposure in its general investment account.
In the past few years, Phoenix restructured its business and stabilized its investment portfolio, and the acquisition by Nassau Re in 2016 infused capital into Phoenix Life’s operations.
However, it is important to note that nowhere along the way has Phoenix Life not made good on its promises to its policyholders.
Today, things are trending upwards. Most recently, A.M. Best affirmed its ratings and stable outlook of Phoenix on March 29, 2018.
However, A.M. Best did say that it expects a general improvement of Phoenix’s operating performance in the medium-term. S&P upgraded the ratings of Phoenix LIfe to BB and assigned a stable outlook on August 25, 2017.
Insurance Products Offered- A review of Phoenix life and the products they offer.
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 and very robust 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 especially for no exam life insurance. These policies comes stacked with robust features such as living benefits.
Living Benefits With Phoenix Life Insurance Company
Living benefits are simply when you can accelerate a portion usually up to 90% while still living if you trigger a qualified medical event such as.
It’s a great additional benefit to have to save you from the massive financial burden that these medical bills could eventually stack on you in the event of an catastrophe.
and the extensive range of insurance products and policies they offer include:
A Review of Whole Life Insurance Plans with Phoenix 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.
Universal Life Insurance 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.
Phoenix Life 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:
Phoenix Life Insurance- Term Life Insurance Review
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.
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:
This policy is recommended to anyone that wants affordable life insurance coverage.
Here’s a deeper Review of Phoenix Life Term Life Insurance Options
Phoenix Life offers two non-medical underwriting options (Safe Harbor Term and Safe Harbor Term Express). The Safe Harbor Term option is an accelerated underwriting that will waive the medical exam for qualified applicants up to $500,000 of death benefits, but the underwriter reserves the right to order medical records if needed. In practice, this rarely occurs.
This option is great for applicants who are looking for higher death benefit amounts with no medical exam at an affordable rate. Also, by reserving the right to order medical records, Phoenix can assume greater underwriting risk that may not qualify for express issue contracts.
Phoenix’s Safe Harbor Term Express is non-medical underwriting for qualified applicants that waives both the medical exam and medical records up to $400,000 of death benefits. This contract is designed for applicants with great health or minor medical impairments who need coverage fast.
In addition to the ease of underwriting, Phoenix stacks robust living benefits into all of their contracts. Both term insurance contracts offer accelerated benefits for critical, chronic and terminal illness. Also, Phoenix offers a conversion option to permanent coverage, but the option is limited to 5-10 years depending on the term length selected.
Additionally, Phoenix offers a built-in unemployment rider as well. If you become unemployed for a period of at least 4 weeks and are receiving state or federal unemployment benefits, this benefit waives six months of premium. This offers valuable protection against lapse due to unpaid premiums when clients need it the most.
Phoenix Life Insurance Whole Life and Remembrance Life policy (Final Expense Life Insurance)
Phoenix Life offers a whole life insurance solution called Remembrance Life for up to $100,000 of death benefits without a medical exam or medical records. We are seeing approvals in some cases instantly!
Phoenix Life’s whole life policy is a non-participating policy, which means it is not eligible to receive dividends annually. However, the policy does accrue guaranteed cash values, which can be accessed through tax-advantaged policy loans.
Phoenix Life’s whole life policy comes with built-in living benefits for critical and terminal illness but no chronic illness surprisingly. These living benefits allow you to accelerate a portion of the death benefit while you are still alive for certain medical events, such as a major heart attack.
Another nice feature of Phoenix Life’s whole life policy is the built-in accidental death benefit rider. This rider carries no additional premium cost and pays an additional lump-sum amount equal to 100% of the death benefit for accidental death.
Phoenix Life Customer Service and Contact Information
Other Products and Services- A review of other Products and Features from Phoenix Life Insurance.Yes, we are aware that these are not life insurance products but we figured we had readers searching for other products with Phoenix Life or wanted other products reviewed more in depth.
You know how we roll, we like to give you everything you need to know. Your welcome.
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:
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.
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.
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.
How Do I Apply for Phoenix Life Life Insurance Online?
The first step to filling out your Phoenix Life Life Insurance application online is requesting a quote.
One of our veteran agents will qualify you over the phone to be sure that you are eligible for Phoenix Life’s no-exam life insurance and provide you with a quote.
You can do this by filling out the form on the right. Phoenix Life Insurance rates will display under No exam options after entering your desired coverage amounts and information.
After your agent has pre-qualified you, they will assist you in filling out your Phoenix Life Insurance application. The entire application can be completed securely online through email. Once you are approved, Phoenix Life will mail you your policy for your record within 5-10 business days on average.
If you have any questions during the process, you can contact Good Life Protection or the company directly. The Phoenix Life Insurance phone number is 1-800-541-0171 or you can visit the Phoenix Life website.
Phoenix Life Company Contact Information
- Company Name and Subsidiaries- The Phoenix Companies, INC. – Nassau RE
- Company Rating- B, but currently on the quick rise after a new strategy was implemented.
- Headquarters- One American Row- Hartford Connecticut 06103
- Phoenix Life Contact Phone Number- (860)- 403-5000
- Website- Phoenix.nsre.com
Good Life Protections Standpoint- Any Phoenix Life Complaints on our End?
Besides that, we love Phoenix Life and the products they offer and will continue to use them as one of our top no exam life insurance options for the consumer.
As far as pricing, competitive products and customer service, Phoenix Life Insurance is still a top pick if you ask us.
The Bottom Line – Did Our Phoenix Life Insurance Review Give you the 411 You Were Searching For?
In our eyes, 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 they have since re-built a strong portfolio and we them rising to the top quickly.
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.
Did you enjoy our Phoenix Life Insurance Review? Comment Below. We would love to hear from you.
FILED UNDER – INSURANCE COMPANY REVIEWS
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.