Phoenix Life provides life insurance to many people who may not have heard of this relatively unknown company. However, as more people become familiar with it, Phoenix Life has gained their trust. In fact, Phoenix Life is one of our top choices for no-exam life insurance companies.
In this review, we will discuss the positive and negative aspects of choosing Phoenix Life Insurance Company for a term or permanent life insurance policy. By understanding the advantages and disadvantages of working with Phoenix Life, you can make an informed decision about whether they are the right fit for your life insurance needs.
Compare over 50 top life insurance companies instantly.
Review of Phoenix Life
About Phoenix Life
To begin this review of Phoenix Life, it’s important to provide some background information about the company. Phoenix is a group of companies based in Hartford, Connecticut, that has been providing individuals and families with various types of insurance since 1851.
Throughout their long history, life insurance has always been their primary focus. In September 2015, the parent company, The Phoenix Companies, was acquired by Nassau Reinsurance Group.
Phoenix Life Insurance’s Ratings
There are independent and unbiased rating agencies who help consumers to assess the financial strength and reliability of financial institutions before making an investment.
These organizations also rate life insurance companies. Phoenix Life has been rated by two of the most prominent rating organizations: A.M. Best and Fitch Ratings.
Nassau Life Insurance ratings:
- A.M. Best rating: B+
- Fitch rating: BB+
- Comdex ranking: 36
It is safe to say that Phoenix Life is not a top rated life insurance company. However, they do offer some unique product niches that make them an option to consider when you fall into certain categories.
Life Insurance Policies offered by Phoenix Life
Safe Harbor Term Life Express:
This is a no medical exam term life insurance policy.
- Eligibility: 18-80 years
- Term Lengths Available: 10, 15, 20, and 30 years.
- Death Benefit: $25,000-$400,000
- Riders: Accelerated riders available in some locations (includes: critical, chronic, and terminal illness benefit riders)
- Option to convert to another policy later
Phoenix Life also offers the following policies:
Permanent Life Insurance: permanent life insurance is coverage that will be valid for your entire life so long as you make your payments. There are different permanent coverage types, including:
Universal Life Insurance: Flexible policy that has cash accumulation
Indexed Universal Life Insurance: have more control over your policy as it is indexed to a market, such as the NASDAQ or S&P 500.
Variable Universal Life Insurance: This is a riskier life insurance policy since a portion is invested in the stock market, but high risk also means the potential for greater returns
Term Life Insurance: Get great coverage for the crucial years where your loved ones would really need the extra financial support. Level term life insurance is a great option for parents looking to protect their children’s needs until a certain age or someone whose spouse would need supplementary income.
Suvivorship Life Insurance: Get a second-to-die policy from Phoenix Life. The person who dies first will be covered, and the survivor will gain access to the death benefit.
Joint Life Insurance: This is similar to survivorship life insurance, only it covers more people. For example, business partners who would need the insurance to keep the business afloat should one of them die.
Phoenix Life: Is it for you?
If you’re reading this Phoenix Life review, chances are you’re looking for the best life insurance company that meets your needs. While we do like Phoenix Life and believe you’ll be satisfied with their product, we understand that satisfaction isn’t the only factor to consider when choosing a life insurance policy. You want the most coverage, the lowest premiums, and the most benefits that fit within your budget.
Every life insurance company has its own underwriting guidelines and pricing strategies, which means that the best policy for you may not necessarily be the best policy for someone else. For example, a certain medical condition that is considered high risk by one insurance company may not be a big deal to another. That’s why it’s important for us to get to know you – your lifestyle, health, medical history, and risk factors – before recommending a life insurance company.
As an independent agency, we work with dozens of life insurance companies and have a deep understanding of their policies and pricing. Our goal is to match you with the best policy that meets your specific needs and budget. We won’t pressure you into buying a product that doesn’t suit you, because we don’t have to. We know that the right policy is out there for you and we’ll help you find it.
So, while we believe Phoenix Life is a great option, we won’t know for sure if they’re the right fit for you until we learn more about your unique situation. Rest assured that we’ll recommend the best life insurance company that meets your needs and gives you peace of mind knowing that you have the best policy possible