Phoenix Life Insurance Company Review

With life insurance, there are many choices. Although the task of selecting one may seem daunting, obtaining adequate information is the first step.

Ensuring a good understanding of the competing companies is one of the best ways to find an ideal policy. Now, you can find a trustworthy company for your individual needs. Here is our Phoenix Life Insurance Company Review.

What information should a person seek when selecting a life insurance company? What should clients look for beyond great rates and comprehensive coverage?

I found a connection with Phoenix.
A connection that extends far beyond their long and interesting history. Here is what drew me to Phoenix Life Insurance company.

But, is Phoenix the right life insurance company for you?

In the article below, you can learn in-depth information on the company and their policies. Then, you can submit your own quotes below. This way our friendly underwriting experts to further guide you.

Phoenix Company Overview

Phoenix is has remained headquartered in the United States since its beginning. They’ve established their business over 150 years ago.

Nassau Re
One American Row
P.O. Box 5056
Hartford, CT 06102-5056

Financial Ratings for Phoenix Life Insurance Company

When choosing a life insurance company, it is important to choose one that is financially strong and sound. Phoenix is a solid, stable, and established company with competitive policy offerings.

The insurance industry relies on the firm of A.M. Best . A M. Best is the most trusted in rating the financial stability of insurance carriers. The company consistently ranks Phoenix with a fair (B) rating and deems them stable.

Phoenix has consistently maintained this rating with A.M. Best. This rating firm recognizes the longevity and consistency of products that Phoenix offers. Due to this, Phoenix is a trusted and competent insurance provider in the industry.

Phoenix Life Insurance Company History

It’s easy for a company to operate during good times. When I was researching information for Phoenix, one review stood out to me. It says, “We stay true to our purpose through good times and bad.” Although simple, the statement spoke to me personally. In fact, it pushed me to look more into the company.

Phoenix is an old company. Throughout its long colorful history, they have maintained an unwavering commitment to social issues that affect their clients.
The company was first named the American Temperance Life Insurance Company. They were founded in 1851, and only insured those abstained from alcohol.

During that period, abstaining from alcohol consumption was a controversial crossroad in society. This withdrawal mattered to the culture. This company even chose to include the words in their company name. This is to show their potential clients where their beliefs and morals were rooted.

Ten years later, society’s attention shifted away from temperance and shifted toward the Civil War. In response, the company changed its name to Phoenix Mutual Life Insurance Company.

Phoenix Life Insurance Company even insured Abraham Lincoln. Following his assassination, issued a free one-year policy to new President Andrew Johnson.

Since then, they’ve survived the ups and downs of the American economy. They remained committed to the issues of the people during each period of history.

You can tell a lot about an insurance company by looking at their corporate giving practices. Some companies do nothing, while Phoenix, has a long history of reaching out. Phoenix is known for providing financial support during economic struggles.

The company’s first recorded example of corporate giving was in 1871 during the devastating Chicago fires. Phoenix started a $5,000 fund to help victims of the disaster. This is a substantial amount of money for the time. Particularly, as the country recovered from the Civil War. It says a lot about who the company is, what they stand for, and what is important to them.

Phoenix is also a progressive company. They offer policies with better rates to women. This is because of the realization that women have a longer life expectancy than men overall.

Just as they had done with alcohol abstinence, they dedicated themselves to helping even more. A century later, in the 1960s, Phoenix Life paid attention to harmful tobacco use. They also rewarded non-smokers with lower premiums.

For a period of time, the company was publicly traded on the NYSE. But, Nassau Reinsurance Group Holdings L.P. acquired the company and made it private. The private investment firm Golden Gate Capital founded Nassau RE in 2015.

Throughout a long history through many tough times in United State’s history, Phoenix has never wavered. They never strolled away from the original values of the company founders. They still operate based on core values and beliefs. Now, it remains a strongpoint in the decision to select this life insurance company.

Phoenix Life Insurance Products Offered

Nassau RE capabilities include life insurance and annuities. Phoenix is one of its affiliates, and they offer these services. When you buy life insurance, the proceeds to your beneficiaries are tax-free. They can also be used towards the variety of needs that must be met by those left behind. Therefore, it is important to choose a carrier that offers a wide selection of coverage options.

Phoenix doesn’t disappoint. They offer so many options that in effect allow you to build your own custom life insurance plan. This becomes a part of your overall financial portfolio.

The company offers term life for everyone from age 18 to 80. They also offer permanent life insurance protection. Term options ranging from 10-30 years are available based on your age for amounts of $25,000 to $400,000 (also based on age).

Permanent life insurance options include a cash value that grows over time. These policies are tax-deferred; tax is only due on capital gains upon withdrawal of funds. They also include a death benefit protection plan.

The company offers accelerated benefit riders for chronic or terminal illnesses. These riders allow you to receive an accelerated lump-sum payment in advance of the death benefit. Phoenix also offers convertible life insurance policies. These policies allow you to change your policy from the ordinary term life to a permanent life insurance option.

Their main insurance product is the Phoenix Safe Harbor Term Life Express. This is a no-medical exam policy with competitive rates. Phoenix is competitive in price, consistently ranking at the top in nearly every policy scenario. Phoenix distinguishes itself greatly among competitors in the market. It is because this plan does not require a medical exam.

While a life insurance policy that requires a medical exam is always the least expensive option, this no-exam policy is a great option for certain potential customers. It provides living benefit options and customer peace-of-mind. They are assured to be guaranteed the coverage they need.

Phoenix offers several other desirable policy options

Many customers opt for term life instead of whole life insurance to get a very affordable term life insurance policy. They seek coverage during a crucial time. Many customers choose these to ensure financial security for surviving dependents.

In addition to term insurance, they also offer permanent life insurance options that offer a tax-free death benefit. The company offers universal policies that have flexible premiums. These include fixed account policies for better returns.

Phoenix offers whole life insurance policies with guaranteed fixed premium. This includes variable policies with flexible premiums and options for accumulating interest over time. These policies typically return higher gains than universal life or whole life, but they are higher risk options.

If you’ve been considering a survivorship or first to die plan, the company also offers these options. These unique policies cover both spouses. The survivor receives the benefit upon the death of the first person.

This sets Phoenix apart from their competitors because they are one of the few to offer this type of policy. They also offer first-to-die. Also called joint life policies, these can cover more than two people. Lastly, it helps to ensure money for long-term medical care.

Phoenix Customer Service

An underwriter will work with you during the application process. This process aims to determine your health class and to determine the type of policy you are looking for. They have an amazing underwriting system. This ensures you get the maximum coverage possible. Therefore, the process takes a few days. If you’re declined, it’s usually because you have not disclosed something in one of these three areas.

There’s no higher Better Business Bureau (BBB) rating than A+. A+ is the rating Phoenix has consistently earned. BBB doesn’t endorse a company or its products. Instead, they hold the company to a commitment to resolve consumer complaints. The BBB scale runs from A+ and F, but what does this scale mean? What exactly is a company graded on? Here are the BBB criteria.

  • Trust: Establish and maintain a positive track record in the marketplace.
  • Honesty: Adhere to established standards of advertising and selling. Honestly represent products and services. This includes clear and adequate disclosures of all material terms.
  • Transparency: Openly identify the nature, location, and ownership of the business. Clearly disclose all policies, guarantees, and procedures that bear on a customer’s decision to buy.
  • Honor Promises: Abide by all written agreements and verbal representations.
  • Responsiveness: Address marketplace disputes quickly, professionally, and in good faith.
  • Safeguard Privacy: Protect any data collected against mishandling and fraud. Collect personal information only as needed. Finally, respect the preferences of customers regarding the use of their information.
  • Integrity: Approach all business dealings, marketplace transactions, and commitments with integrity.

In summary, there is no clear downside to choosing Phoenix as your life insurance provider. They’re an established and trusted company. Phoenix offers certain options not uniformly offered across the industry.