Phoenix Life Review – Lesser Known for Insurance But Has History on Its Side
- What is Phoenix?
- Phoenix’s life insurance features
- How does Phoenix work?
- How much does Phoenix life insurance cost?
- Who is Phoenix/Nassau life insurance best for?
- Who shouldn’t use Phoenix/Nassau life insurance?
- Pros & cons
- Phoenix vs. competitors
- The bottom line
What is Phoenix?
Phoenix’s life insurance features
Nassau Safe Harbor Term & Nassau Safe Harbor Term Express
- 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
- 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?
How much does Phoenix life insurance cost?
- 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
People with debts
Who shouldn’t use Phoenix/Nassau life insurance?
Financially independent people
Pros & cons
- 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.
- 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
|Insurer||Products Offered||Online quote|
|Phoenix, now acquired by Nassau||Annuities, term life insurance, whole life insurance||Yes|
|Penn Mutual||Annuities, term life insurance, whole life insurance||No|
|Fidelity Life||Term life, permanent life||Yes|
The bottom line
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