Phoenix Life Insurance Review 2019

Written by Rob Pinner

nassau life Phoenix Life Insurance Review 2019

Phoenix Life Insurance

When you are looking to buy life insurance it is very important to choose the insurance company that best fits your situation. A lot of agents try to put consumers in a box when it comes to life insurance by only offering one company. This is a disservice to you and could up costing you money in the long run.

At EasyQuotes4You we try to give you as much information as possible on each life insurance carrier, so you can make an informative decision. Today we are going to review Phoenix Life Insurance Company.

History of Phoenix Life Insurance Company

Phoenix Life Insurance started covering Americans back in 1851 when they were called American Temperance Life Insurance Company. When they first opened there goal was to sell life insurance to applicants who didn’t use alcohol.

In 1901 the company changed its name to Phoenix Mutual Life Insurance Company. As the values of the nation changed, Phoenix Life Insurance evolved with it and started covering consumers who drank alcohol.

Phoenix Life also offered Andrew Johnson a policy for one year free after Lincoln was assassinated.

In 1955, Phoenix Life Insurance led the way by offering cheaper rates to women because they saw that women tended to live longer than men. This still holds true today.

Phoenix Life Insurance also began offering group life insurance and health insurance plans in 1957.

In 1967, they began to offer lower rates for consumers who didn’t smoke. They also raised rates on smokers, knowing the health risks smoking poses.

In 2001, Phoenix Life Insurance made the decision to become a stock company. In 2018, they were bought by Nassau Re, which became “the consumer-facing brand for all insurance sales.”

nassau life insurance company

In 2019 Nassau Re started rebranding Phoenix Life and now they are called Nassau Life Insurance Company. For this article we will still refer to them as Phoenix Life Insurance.

Phoenix Life Insurance Company Ratings

While most companies that we do reviews on are “A” rated by insurance rating agencies, Phoenix Life Insurance is not. Due to some recent financial issues, hence that is why they were sold.

Phoenix Life Insurance has the following ratings:

  • Standard and Poor: B+ (Rating of 14 out of 21)
  • A.M. Best: B (Stable) Rating of 7 out of 16
  • Better Business Bureau: A+

Phoenix Life Insurance has been fulfilling it’s financial obligations to its policy holders for years despite their ratings, and we have no reason to believe this will end.

Phoenix Life Insurance Products

Even after becoming Nassau Life Insurance Company, Phoenix Life still offer quality life insurance products and annuities. The coverage has remained the same throughout the name change.

Phoenix offers 2 types of life insurance plans:

  • Phoenix Safe Harbor Term Life
  • Phoenix Remembrance Life

Phoenix Life Safe Harbor Term Life

This is a no exam life insurance policy with coverage from 10-30 years. Phoenix Life is unique in that they offer multiple riders for free. They are:

  • Critical Illness
  • Chronic Illness
  • Terminal Illness
  • Unemployment Rider

These riders give you added protection to your term life policy that you can benefit from while you are still alive.

Phoenix Remembrance Life

This is Phoenix Life permanent life insurance product. It has simplified underwriting which means fast approval. These policies are used to for funeral costs or minor debt left behind after you pass.

Face amounts range from $10K-$50K with guaranteed premiums and death benefit to age 120.

This policy includes three free riders:

  • Accidental Death Benefit Rider
  • Critical Illness Rider
  • Terminal Illness Rider

Phoenix Life Annuity Products

While Phoenix Life Insurance offers competitive life insurance products, they also have a portfolio of retirement products to help with retirement and beyond.

Annuity Products Offered

  • Phoenix Personal Income Annuity- A single premium fixed indexed annuity with a 10 year back end surrender charge.
  • Phoenix Personal Protection Choice – A single premium fixed indexed annuity with a suite of optional riders.
    • Guaranteed Withdrawals for Life
    • Enhance Death Benefits
    • Accelerated Benefits for Chronic Care
  • Nassau MyAnnuity 5X, 7X: Single premium, multi-year guaranteed that offers protection from market uncertainties. You can have a choice of 5 years of guaranteed interest or 7 years.
  • Nassau Simple Annuity: A single-premium, multi-year guaranteed annuity that provides you protection from market uncertainties. You are given the choice of 4 years of guaranteed interest or 6 years.
  • The Phoenix Personal Retirement Choice – The Phoenix Personal Retirement Choice is a deferred annuity that provides its holder with the ability to build up long-term savings over time on a tax deferred basis. Deposits can be made into the annuity over time, prior to converting the annuity to an income stream. This annuity has several different income options to choose from as well.

All of Phoenix Life annuities come with withdrawal options.

Advantages of Phoenix Life Insurance Company

One of the main advantages with Phoenix Life Insurance Company are their rates. Phoenix is always in the top 5 when it comes to their term life insurance product.

Phoenix Life also has an easy application process and can be done over the phone in less than 15 minutes.

Also, Phoenix Life Insurance has great customer service which is why they boast an “A+” with the BBB.

Disadvantages of Phoenix Life Insurance Company

The main disadvantage of Phoenix Life Insurance Company is they just don’t have a lot of products to choose from. Applicants are now limited to just two plans.

While Phoenix Life has an easy application, their underwriting sometimes can be lengthy. Some of our applicants have had to wait over two months to get approved.

The standard time with most life insurance companies is 1 month if the case is fully underwritten.

Our Thoughts

Now that you know the history, ratings, and products offered from Phoenix Life, it’s our turn to tell you what we think. We like Phoenix Life Insurance, but think they do have some room for improvement. We would like to see them get there ratings up with the credit agencies first.

Next we would like them to add more products. With only two products, consumers are limited and usually purchase elsewhere.

We do like the application process and the two products they do offer work well with some of our clients. Overall Phoenix is good company to have a policy with, but it’s important to look at all the companies.

At EasyQuotes4You we do the shopping for you. If you need a quote or have questions, please give us a call.

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Rob Pinner
Rob Pinner

My name is Rob Pinner and I own EasyQuotes4You. At EasyQuotes4You we aim to make your life insurance buying process a smooth and stress free transaction.  We are independent life insurance agents servicing all 50 states. I have over 15 years of experience and have focused solely on life insurance for the past 5 years. If you have any questions or comments please don’t hesitate to give us a call.

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