Phoenix Life Insurance Company Review

There are any number of reasons why someone should consider purchasing life insurance. This is true, regardless of one’s age, income, or stage of life. For example, while many people feel that those who have a spouse and/or child depending on them financially are the only ones who need this type of coverage, the reality is that anyone could leave their loved ones with financial hardship in case of the unexpected.

One of the ways that this can happen is with final expenses. Today, the average cost of a funeral and other related costs – such as a burial plot, headstone, flowers, and transportation – can exceed $8,500.

There are many families who just simply don’t have this amount of money readily available. But the proceeds from a life insurance policy can help. Even if an individual has certain health issues, buying life insurance may be possible. This is where a no exam life insurance policy can come in.

Before you commit to purchasing a no exam – or any – life insurance policy, though, it is important that you make sure you are moving forward with the right amount of protection. You should also check to ensure that the insurance company you are getting the policy through is strong and stable financially and that it has a good reputation for paying out its policyholder claims. One insurer that meets these criteria is Phoenix Life.

The History of Phoenix Life Insurance Company

phoenix life insurance reviewPhoenix Life has a long history of serving its customers and policyholders. This company was originally founded in 1851 by a group of prominent business, religious, and civic leaders in Hartford, Connecticut. Initially, the company was referred to as the American Temperance Life Insurance Company – and it held strong to its mission of insuring “only those who abstain from alcohol.”

Throughout the years, the company grew and expanded, due to the addition of new product offerings, as well as through mergers and acquisitions. For instance, Home Life Insurance Company – which eventually merged with Phoenix – was founded in Brooklyn, New York, and is the first life insurer approved by the then-newly founded New York Insurance Department to do business in that state.

Phoenix also has numerous accolades to its name – such as tendering premiums for life insurance coverage to President Abraham Lincoln, as well as Vice President Hamlin and Speaker Colfax. After Abraham Lincoln was assassinated, the company issued a policy to the new U.S. President, Andrew Johnson, free for one year.

Following the famed Chicago fire in the early 1870s, Phoenix Life contributed $5,000 to a fund that was set up for the survivors. This was the company’s first of many major acts of corporate giving. Today, Phoenix Life is focused on helping people to meet their basic needs for food, housing, and education. The company also supports numerous programs that enrich people’s lives overall. Phoenix Life Insurance Company is still headquartered in Hartford, Connecticut.

Phoenix Life Insurance Company Review

Phoenix Life today has two primary insurance company operating subsidiaries. These are Phoenix Life Insurance Company (PLIC) and PHL Variable Insurance Company (PHLVIC). In 2016, Phoenix became a wholly owned subsidiary of Nassau Re. This holding company has contributed a substantial amount of new equity capital, in turn, improving Phoenix Life’s strength and liquidity.

As of December 2016, the combined results of all affiliated insurance entities included the following:

  • $86.9 billion of gross life insurance coverage in force (this includes 380,000 policies and contracts)
  • $5.4 billion of annuity funds under management
  • $19 billion in total statutory assets
  • $18.4 billion of statutory reserves and other liabilities
  • $754.6 million of statutory surplus and asset valuation reserve

Phoenix Life offers its products and services via more than 18,000 independent insurance and financial advisors.

Insurer Ratings and Better Business Bureau Grade

Due in large part to its financial stability and its positive reputation for claims paying, Phoenix Life has received a B rating (Stable) from A.M. Best Company, and a rating of BB (Stable) from Standard & Poor’s. (These ratings are as of February 2017).

In addition, even though Phoenix Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of A+ by the BBB (on an overall grade scale of A+ to F). Over the past three years, Phoenix Life has not had to close out any customer complaints.

No Exam Life Insurance Coverage Offered Through Phoenix

Phoenix Life Insurance Company offers both term and permanent life insurance solutions. Many of the company’s life insurance policies have short applications for coverage and do not require a medical exam as a part of the underwriting process.

With term life insurance, there is death benefit coverage, and no cash or investment build up. Because of its simple chassis, term life insurance can be very affordable – even for a large amount of insurance coverage. This is especially the case for those who are younger at the time of application.

The Phoenix Safe Harbor Term Life and the Phoenix Safe Harbor Term Life Express plans are policies that are designed to specifically help families get the most out of life. These policies offer a choice of either 10, 15, 20, or 30-year coverage lengths.

Each of these policies also offer four living benefit riders that can provide policyholders added flexibility and coverage for a number of unexpected health-related events. These riders are available at no additional premium cost, and they can include protection for the following situations:

  • Critical Illness
  • Chronic Illness
  • Terminal Illness
  • Unemployment

Phoenix Life offers a variety of permanent life insurance options, too. With a permanent life insurance policy, there is no set time limit on the coverage. This means that, as long as the premium is paid, the plan will remain in force – even if the insured contracts an adverse health condition. The amount of the premium can often also be locked in, not to increase, even as the insured ages.

In addition to death benefit protection, permanent life insurance policies offer a cash value or investment build up. The funds that are in this part of the policy are allowed to grow on a tax-deferred basis. This means that there is no tax due on the growth of these funds unless or until they are withdrawn – and, because of this, the money can essentially grow and compound exponentially over time.

One option for permanent life insurance coverage through Phoenix Life is the Phoenix Simplicity Index Life policy. This policy does not require a medical exam or lab tests as a part of the underwriting and approval process.

In addition to knowing that they are covered with a death benefit, policyholders of this policy can also have increased financial flexibility in case of a major illness, and they can also use the plan to help with supplementing savings and generating retirement income through loans and/or withdrawals.

With Phoenix Simplicity Index Life, policyholders can choose to allocate their cash value in a fixed account and/or two indexed accounts. Given all of its many benefits, this policy could be a viable option for those who:

  • Want permanent death benefit protection
  • Want the opportunity to accumulate cash for future goals
  • Want the potential to earn higher cash value crediting rates than current assumption universal life insurance
  • Want to have protection from market downturns

Phoenix Life also offers the Phoenix Remembrance Life policy. Because the cost of a funeral and other related final expenses can be quite expensive, having proceeds from an insurance policy can be helpful in eliminating added stress on family and other loved ones.

Remembrance Life is a whole life insurance policy. This means that it has a guaranteed death benefit, as well as a set rate for cash value growth. The amount of the premium will never go up – even as the insured gets older. And, if desired, the cash that is in the policy could be borrowed or withdrawn for any reason. Plus, should an unexpected medical emergency occur, this policy can also help to pay for such expenses.

With its simple application process, there is no medical exam required for approval – and, an applicant may still be able to qualify, even if he or she has certain types of adverse health issues.

Other Products and Services Available

In addition to life insurance coverage, Phoenix Life offers retirement annuities. Because people are living longer lives today (on average), running out of money in retirement has become a key concern. An annuity can help to alleviate this fear, though, as these financial vehicles provide a stream of income that can last for the remainder of an individual’s lifetime – regardless of how long that may be.

In addition, with a deferred annuity, the money that is in the account is allowed to grow tax-deferred, meaning that there is no tax on the gain while the money remains in the account. This can help boost the return.

Phoenix Life offers a variety of annuity products, including the:

  • Phoenix Personal Income Annuity – The Phoenix Personal Income Annuity is a single premium deferred product that allows its owner to receive income now, or alternatively to start their income stream at a time in the future. Because it is an indexed product, the funds in the account can grow based on the performance of an underlying market index (up to a set cap). The money in the account is, however, safe from market loss. The underlying index options that are available here include the S&P 500 and the CS Tactical Multi-Asset Index.
  • Phoenix Personal Protection Choice – The Personal Protection Choice is also a single premium annuity that allows you to opt for a guaranteed income stream, as well as protection from unplanned health care costs. With this product, an individual or a couple may choose to receive guaranteed withdrawals for life, as well as an enhanced death benefit should the owner or annuitant die.
  • Phoenix Personal Retirement Choice – Another single premium annuity, the Phoenix Personal Retirement Choice, can help individuals to address savings shortfalls, as well as to manage future inflation, guard against market losses, and also to generate an income for the remainder of their lives.

How to Get the Best Premium Rate on No Exam Life Insurance Coverage

If you have been seeking the best premium rates on no exam life insurance coverage from Phoenix Life Insurance Company – or any insurance carrier – then it is typically recommended that you work with an independent life insurance agency or brokerage that can provide you with details on many different options. That way, you can compare the coverage and the price, and from there you can determine which will be the best for you and your specific needs.

When you are ready to see which policies may be available to you, we can help. We are an independent insurance brokerage, and we work with many of the top life insurance carriers in the industry. We can provide you with all of the key information that you require for making a well-informed decision – and we can do this for you quickly, easily, and conveniently – all from your computer. If you are ready to proceed with this process, then all you have to do is just simply fill out the quote form on this page.

Should you find that you still have any additional questions or concerns regarding life insurance, please feel free to reach out to us directly, and one of our experts will be happy to assist you. We can be contacted via phone, toll-free, by calling 800-277-3098.

We understand that the purchase of life insurance can be somewhat overwhelming. This is particularly true you have a health condition, and you have been turned down for coverage in the past. The good news is that today, there are many possible options that are open to you through no exam life insurance coverage. We can help you to find the right coverage. So, contact us today – we’re here to help.


Susan Wright holds a BA from Michigan State University and an MBA from St. Louis University. Having over 20 years of working experience in the insurance and financial services industry, she has trained more than 10,000 financial services representatives. Susan has had licenses in real estate, insurance, and NASD Securities, and she has earned nine industry professional designations, including CLU, ChFC, RHU, REBC, CSA, CLTC, CCFC, CSS, and ADPA. Read more about her on Google+

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