Phoenix Life Review – Lesser Known for Insurance But Has History on Its Side

Insurance can offer protection and peace of mind in several key areas of your life. Whether you want financial protection if you face a health crisis, lose your home, get in an accident, or protect your family after you pass away, insurance can be a huge asset. But insurance isn’t all built the same, and that’s why it’s important to choose an insurance provider that you trust. Here’s what you need to know about what the Phoenix Companies, Inc. has to offer.

What is Phoenix?

The Phoenix Companies, Inc. is a financial services company with a long history dating back to the 1800s. It was acquired by Nassau Financial Group in 2016. Today, the company issues life insurance policies under the names Nassau Life and Annuity Company and Nassau Life Insurance Company. The company is headquartered in Hartford, Connecticut, and has an A.M. Best Rating of B+. It also has a Better Business Bureau (BBB) rating of A+ and a BB+ insurer financial rating from Fitch Ratings.

Phoenix’s life insurance features

The features that come with Phoenix's life insurance plans through its Nassau affiliations can vary by state. If you decide to purchase one of its products, it’s important to keep that in mind and review the product disclosures that are offered to you.
That being said, here’s a general overview of some of the products and features that you may be eligible for.

Nassau Safe Harbor Term & Nassau Safe Harbor Term Express

This is a simplified issue term life insurance policy with premiums that do not increase during the term period. It also includes the option to either continue your coverage or convert to a permanent life insurance policy after your term ends.
  • Accelerated benefit rider. This allows you to accelerate your death benefit early in the event of a covered chronic, critical, or terminal illness. The accelerated benefit rider is included in the policy and you can accelerate any amount up to 95% of the death benefit.
  • Accidental death benefit rider. This is an optional rider that you can add to your policy for an additional cost. If the policyholder’s death occurs due to a covered accident, this rider pays an additional lump-sum death benefit.
  • No medical exam required. The Nassau Safe Harbor Term Express product has simplified issue underwriting. It does not require a paramedical exam or Attending Physician Statement(APS). The Safe Harbor Term life insurance product has non-medical underwriting and doesn’t require a paramedical exam, but it may require an APS in some cases.

Nassau Remembrance Life

This is a simplified-issue whole life insurance policy that includes benefits while you’re living.
  • Accelerated benefit rider. This allows you to accelerate your death benefit early in the event of a covered critical or terminal illness.
  • Accidental death benefit rider. If the policyholder’s death occurs due to a covered accident, this rider pays an additional lump-sum death benefit equal to 100% of the lump-sum death benefit.
  • Simplified underwriting. There are no medical exams or tests required for this life insurance product.

Nassau Simple Annuity

  • Guaranteed interest rate. The Nassau Simple Annuity product comes with a guaranteed interest rate during your chosen guarantee period, which can be either 4 or 6 years. When you finalize your contract, the interest rate that you’re offered is locked in for the entire guarantee period.
  • Minimum guaranteed interest rate (MGIR). Throughout the life of your contract, the company will credit at least the minimum guaranteed interest rate, or MGIR. The company will also never offer a guaranteed interest rate that is less than the MGIR for all future guarantee periods.
  • Annuitization options. After the first contract year, you can choose to annuitize by choosing from seven annuity payment options. There is no penalty to annuitize.
  • Free withdrawal. You can withdraw up to 5% of your contract’s required minimum distribution (RMD) annually for free. This withdrawal will not incur a surrender charge or market value adjustment.
  • Nursing home & terminal illness waivers. The insurer offers nursing home and terminal illness surrender charge waivers that become available after the first contract year. This allows you to waive the surrender charge if the policyholder is admitted into a licensed nursing home or diagnosed with a terminal illness that is expected to result in death within a specified period.
  • Available spousal continuation. If a policyholder passes away and their spouse is the beneficiary, the spouse can elect to continue the contract as the new policyholder. In some cases, the surviving spouse must be the sole beneficiary of the policy to do this.

How does Phoenix work?

Since Phoenix has been acquired by Nassau Financial Group, you can access its products by visiting the Nassau Financial Group website.
From here, you can learn more about the life insurance coverage that is available to you. If you find a product that you’re interested in, you can apply using one of two ways.
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If you click the “online” button, as I did, another tab will automatically open in your web browser. You’ll want to click on the “start now” button.
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This will take you to the Dashboard. First, you’ll see today’s rates for the product that you chose to apply for.
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Assuming that you want to go ahead with applying, you’ll click on the “Apply” button under today’s rates. This will bring you to the start of the application. You’ll need to enter your email address and agree to the Terms and Conditions as well as the Privacy Policy to continue.
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If you were given a referral code by an insurance agency or agent, you can enter it on the next page. If you don’t have a code, you can just click the “next” button and continue the process without it.
The nice thing here is that you’re told ahead of time what to expect. So before you continue the process, it might be a good idea to get this information ready and at your side:
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You’re also told what to expect, so you can make sure you have enough time available to go through the sign-up process before you begin.
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Now, it’s time to decide which product you’re interested in.
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You can explore these options further before deciding by clicking on the green + sign button.
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Next, you’ll enter your approximate income as well as your monthly expenses. This will allow the company to determine whether its product is affordable for you.
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You’ll then be asked a series of ‘yes’ or ‘no’ questions regarding your plans for your annuity.
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Your step is to enter information that will confirm your identity. You can either scan your driver’s license or passport, or you can enter your data manually.
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If you choose to enter your data manually, you’ll be brought to a page with fields for you to fill out. You’ll need to provide your name, birth date, gender, home address, and either your driver’s license or passport information to continue.
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Then you’ll need to provide your phone number, occupation, social security number, and military status.
Now that that’s done, it’s time to add your beneficiaries. Beneficiaries are the people or entities that are eligible to receive the benefit of your life insurance policy. This can be one or more people, the trustee of your trust, a charity, or even your estate. If you don’t name a beneficiary, the death benefit will automatically be paid to your estate.
You don’t need to have a lot of information to add a beneficiary. In this case, you can enter the names, dates of birth, genders, and relationships for each beneficiary. You’ll also need to choose whether the beneficiary is primary or contingent. A primary beneficiary gets the death benefits if they can be located after you’ve passed away. Contingent beneficiaries can receive the death benefit if the primary beneficiary cannot be found. It’s important to understand this distinction before you set up your beneficiaries because if you designate incorrectly, your life insurance policy may not be distributed as you had planned.
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After you’ve finished entering your beneficiaries, you’ll move onto the final review of your application. In some cases, you may need to schedule a phone call to complete your application.
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The final step is to submit your application. You’ll also need to agree to sign your application electronically and to receive the required disclosures electronically.
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However, if you’re not ready to go through the application process now, that’s okay! Choosing a life insurance product is a major decision, and you may want to talk it over first. Fortunately, there are a few ways that you can get in contact with the company’s licensed insurance agents.
If you stay on the website long enough, you may see a pop-up appear on your screen, allowing you to schedule a conversation with a licensed insurance agent. This free session allows you to talk to an agent with whom you can review your retirement goals, ask questions, and learn more about the company’s products.
If you don’t see the pop-up, you can also call the designated phone number to get help or ask questions about life insurance products.
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Alternatively, you can click on the “Chat Now” option in the bottom right-hand corner of the screen. This will start a live chat with an agent.

How much does Phoenix life insurance cost?

As with any insurance product, Phoenix's life insurance products vary in cost depending on your chosen insurance product as well as your personal factors. To give you an idea of how much it might cost, Nassau Simple Annuity lists a premium range of $5,000 to $1,000,000.
Your life insurance premium can depend on the following factors:
  • Mortality: When an insurance company sells a policy, it does so assuming a risk. For example, when you purchase an auto insurance policy, you probably already know that the insurer calculates the risk of you getting into an accident to determine your premium. The risk for the insurance company is that it may have to pay out for a claim on the policy if the policyholder dies. The companies will calculate the risk for all of their policyholders and use that to estimate how much money it will need to pay out for death claims each year.
  • Interest: Insurance companies invest your insurance premiums into things like stocks, bonds, and real estate. The estimated interest earnings from these investments can help a company determine its interest rates.
  • Expenses: Insurance companies need to pay their bills, too. Each company has to consider their employee’s salaries and compensation, legal fees, operating costs, and rent or mortgage payments. A company’s expenses also come into play when determining your interest rates.

Who is Phoenix/Nassau life insurance best for?

People with dependents

If you have dependents such as children or other family members who rely on you financially, life insurance may be able to offer them financial stability if you pass away.

People with debts

It may seem counterintuitive to add another cost to your monthly or annual bills if you’re already in debt, but life insurance can be a worthwhile investment. If you owe large debts that would fall to someone else if you passed away, having a life insurance policy to help cover your financial commitments could ease the burden on your loved ones.

Who shouldn’t use Phoenix/Nassau life insurance?

Single people

If you’re single and no one else relies on you for money, you probably don’t need a life insurance policy at this time.

Financially independent people

Even if you’re in a partnership, there are some cases where life insurance may not be worth the investment. If you and your partner are financially independent of one another, your passing would not impact their finances. In this case, your partner wouldn’t need the financial security that a life insurance policy can offer.

Pros & cons

Pros
  • The application process is straightforward with ample opportunity to reach out to an agent for help.
  • You can purchase a life insurance policy without undergoing a medical exam.
  • Many of the life insurance products include useful riders with the option to add on other riders.
Cons
  • While there are some good policies, there aren’t as many to choose from as you might find from other insurers. For example, you may not be able to find a universal life insurance policy from this insurer.
  • Compared to other insurers, the Nassau website doesn’t make it easy to find information about all of the life insurance products that it offers.
  • Since Phoenix was acquired in 2016, the rebrand under the Nassau name is still relatively new.

Phoenix vs. competitors

InsurerProducts OfferedOnline quote
Phoenix, now acquired by NassauAnnuities, term life insurance, whole life insuranceYes
Penn MutualAnnuities, term life insurance, whole life insuranceNo
Fidelity LifeTerm life, permanent lifeYes

Penn Mutual

Penn Mutual’s life insurance products include term life insurance, permanent life insurance, and annuities. One of the better features that its website offers is its chart comparison between term and permanent life insurance policies. This includes information about the cash value component of a permanent life insurance policy as well as its tax-deferred status. It also offers comparisons between the types of annuities that it offers. As far as customer support goes, you may not find as much here since it does not offer a live chat feature. However, you can use the website to find a financial professional or to reach out to Penn Mutual directly.

Fidelity Life

Fidelity Life offers both term and permanent life insurance policies. It makes it easy to compare policies by feature, including affordability, tax-free death benefits, riders, eligible age, and cash value. This company also offers easy-to-compare summaries of its products, including term periods, starting rates, and coverage amounts. You can get a quote from Fidelity Life starting by selecting your status — single, in a partnership, parent, or in a partnership with kids. After you select your status, you can input your basic information and receive a quote for policies that are recommended based on your answers. If you need additional help, you can utilize the chat feature on the website or contact the Fidelity Life office during its business hours.

FAQs

How do I find the best insurance rates?
No two companies are the same, which is why it’s important to get quotes and compare your options. This will help you ensure that you get not only the best rate but the best policy for your needs.
Does Phoenix offer the best life insurance?
That depends. The best life insurance policy is the one that meets your needs for a price that fits your budget. Whether or not this is the best company for you will depend on what you’re looking for, so only you can answer that.
Which type of life insurance is right for me?
If you’re considering life insurance, it’s important to understand the difference between policies. Term life insurance policies are generally the most affordable options, but the benefits that come with permanent life insurance policies can be worth the extra expense in some cases. Before you purchase any life insurance product, you should be sure to read all of the policy documents and make sure you understand what comes with your policy.

The bottom line

There are a lot of life insurance companies out there, and it’s always good to know your options. Phoenix, now issuing its policies under the names Nassau Life and Annuity and Nassau Life Insurance Company, is just one among many options. There are several great things about this company, including its no-medical exam policies and accessible customer service. However, it’s not the only good life insurance company out there.
Before you go any further, it’s important to consider whether you need life insurance at all. Think about what would happen to your financial obligations if you were to suddenly pass away. If those financial obligations would fall to someone else, then life insurance may be a good investment for you. The next step is to consider the types of life insurance and which one makes the most sense at this point in your life. It’s also important to consider whether you can purchase a new policy or convert a life insurance policy later in life.
Whether you’re interested in annuities, term life insurance, or whole life insurance, Phoenix’s policies may be a great fit for you.

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