Do you know what to shop for when you’re looking for life insurance? If you’re like the majority of shoppers, you don’t know where to start or where you want to end up.
We want to help you as much as possible in this search.
One of the first choices you have to make is deciding which company to buy from. Every carrier has different perks and prices.
This article is going to explore one of the most popular companies, Phoenix Life.
Background of Phoenix Life Insurance Company
Phoenix has one of the longest histories of the “big name” insurance companies out there.
If you want to go to the start, you have to travel back all the way to 1851 when they were created as the American Temperance Life Insurance Company.
When they first opened, the goal of the company was to sell life insurance to applicants who didn’t drink alcohol.
Ten years later, the company changed its name to Phoenix Mutual Life Insurance Company.
As the values of the nation changed, the company evolved with it.
At this point, the country was facing the Civil War, and not long after, Phoenix Life protected Abraham Lincoln with an insurance plan.
After the assassination, they offer a plan to Andrew Johnson for one year for free.
Phoenix Life also has a long history of giving back to the community. In 1871, during the massive Chicago Fire, the company donated $,5000 to the survivors.
They continue to give back to the community. They have raised more than $10 million for United Way, ran hundreds of blood drives, and served in various soup kitchens.
Phoenix has always been on the cutting edge of the insurance industry.
They were the first company to use an agent training course, and they were also the first life insurance carrier to use direct mail pieces to gain leads.
They continued to lead the way by offering cheaper insurance rates for women in 1955. They saw that women tended to live longer, and started giving females more affordable premiums.
Similarly, in 1967, Phoenix began to offer lower rates for applicants who didn’t smoke, while charging smokers more.
In 1957, they expanded their insurance products even further by offering group life insurance policies and health insurance plans.
Fast forward to 2001, Phoenix makes the decision to go from a mutual company to a stock company. They were then known as The Phoenix Companies, Inc.
In 2018, the company saw another change. They were rebranded as Nassau Re. Nassau Re became “the consumer-facing brand for all insurance sales.”
Life Insurance Products from Phoenix Insurance
Even after the rebrand, they still sell the same quality insurance plans. They may have gone through some name changes, but their coverage is the same.
They sell two life insurance plans with the Phoenix name:
Let’s look at both of them in detail to determine if either is a good choice for you.
Phoenix Safe Harbor Term Life
Phoenix does an excellent job at explaining this plan, ‘a term life insurance policy specifically helps families get the most out of life,” and there are several ways that they help do this.
With this term plan, you can buy coverage for 10 to 30 years.
One of the interesting points of Phoenix life insurance is the additional coverage they give you for no extra cost. These policies have some free riders:
All of these riders are going to provide you with more protection. They are designed to give protection to policyholders while they are still living.
This plan also has an “express” version, meaning you’ll be able to get an application decision much faster.
Phoenix Remembrance Life
This policy is a simplified version of its traditional policy. It’s a very quick application process. No medical exam, answer a few questions and then you’ll have insurance coverage.
These policies are built to pay for basic funeral expenses or other small expenses after someone passes.
Not only is it easy to apply for, but you’ll also get a quick decision. You can have life insurance in a few days.
Phoenix includes three riders for free with the Remembrance Life policy, Accidental Death Benefit, Critical Illness Benefit, and Terminal Illness Benefit.
Phoenix Life No Exam Coverage, Is It Right For You?
Phoenix offers both a traditional policy (with a medical exam) and a no exam option. Deciding if you should take an exam is one of the biggest decisions when buying life insurance.
The choice is going to play a huge role in your coverage and your premiums.
Just about every insurance company offers a quicker no exam option. Here are the dirty details of no exam life insurance: they are more expensive, and you can’t get as much insurance.
No exam plans are a tricky product for the carrier. They have to decide how much risk you are for a plan without getting a full picture. This leads to higher rates.
If you’re considering buying a no exam plan, you will need to make some tough decisions.
Do you want life insurance quickly, or would you rather wait to save money? We rarely recommend buying no exam coverage because of the cost and limitations, but each person is different.
Maybe you’re the ideal candidate for no exam protection.
Other Products Sold By Phoenix Life (Nassau Re)
Aside from their life insurance, Phoenix also sells some annuity products. Annuities are an excellent way for customers to supplement their income as they reach retirement and beyond.
One of the biggest fears of a lot of Americans is running out of savings in retirement, annuities can help prevent this problem.
Annuity Products Offered By Phoenix Life
Each of these is different in the income and security they provide. If you’re looking for some additional income protection for your retirement, these annuities can provide that.
Advantages Of Phoenix Life
Even with the new name, Phoenix (or Nassau Re) continues to give good rates for their plans. When we get quotes for clients, they tend to be one of the top picks because of the price.
The cost is not the only advantage, they also have one of the easiest applications out there.
The whole application can be done through the phone. For most applicants, it shouldn’t take longer than 15 minutes.
We’ve also heard a lot of praise about the customer service. Most of the policyholders we’ve talked to have enjoyed working with their agents and customer service.
Disadvantages Of Phoenix Life
If you decide to buy a plan from Phoenix Life, you aren’t going to have a lot of options. Previously, they sold several more types, but they’ve whittled down the number of products they sell.
Now, applicants are limited to their two plans.
Another problem with Phoenix life is how long you could end up waiting to be accepted.
The application process is quick, the underwriting process might not be so fast. Some customers say they waited as long as two months to get approved for coverage.
For most companies, this is a standard underwriting period, but there are plenty of companies that will get you a decision much quicker.
If you want life insurance faster, you’ll need to pick a different carrier (this doesn’t include the Remembrance Life policy).
Picking The Perfect Phoenix Life Insurance Policy
Buying the best plan isn’t as easy as picking out a pair of shoes. You can’t simply walk into a store, take one off the shelf, and then try them on.
You need to do some searching beforehand. Otherwise, you’ll be stuck with a policy that doesn’t fit your needs and is too expensive.
There is nothing worse than paying too much for a life insurance plan which doesn’t have enough coverage.
Phoenix Life is an excellent company, but they are only one of the thousands of carriers out there. If they don’t fit your needs, that’s fine, there are handfuls of other options.
If you tried to search through those options on your own, you’re going to spend hours spinning your wheels. Instead of getting stuck in the mud looking for a good plan, let us give you a lift.
Our agents at InsuranceScored are more than a traditional agent trying to get you to buy an expensive policy for a commission.
We have the ability to shop your needs with dozens of carriers. Don’t waste all of your time talking to different agents.
We can help you find the best life insurance without the pushy sales pitch. It’s the best of both worlds.
Every year, we sell a lot of Phoenix Life insurance policies, but we also sell a lot of other carriers. We aren’t tied to one carrier, we treat every company equally and put our customers’ needs first.
Once upon a time, if you want to find the cheapest rate, you had to call each company one-by-one. Now, all you have to do is enter some basic info and then all the quotes come straight to you.
Because it’s easier than ever, you have zero excuses not to buy life insurance today.