If you have been shopping for life insurance coverage without much luck, we don’t blame you. It is incredibly difficult to find a life insurance company that is offering you with the exact products you want at affordable rates. There are so many different variables you must consider, including the amount of coverage you are buying. However, that is where we come in with out in-depth company reviews for some of the leading life insurance companies operating in the country.

If you are looking to buy coverage from a life insurance carrier, you must read out reviews. We conduct complete research on all life insurance companies, so that we can share complete information with all our readers. Here is our review of Phoenix Life Insurance Company:

Company Overview

Phoenix Life Insurance Company was established in mid 1850s, and has been delivering outstanding insurance protection to customers ever since that time. The company was founded as The Phoenix Companies, Inc in 1851, and is headquartered in Hartford, Connecticut. The life insurance company is committed to helping people in the middle-income market, who have been struggling to obtain affordable life insurance with great coverage.

The main products offered by Phoenix Life Insurance Company are retirement annuities and life insurance. They use licensed financial advisors to offer their products throughout the United States, along with a distribution subsidiary of the company known as, Saybrus Partners.

Phoenix Life Insurance Company’s Ratings

Phoenix Life Insurance Company has been rated by the leading insurance agency rating companies, which include Standard & Poor, and A.M. Best. The company was given the following ratings:

• A.M. Best rating — “B, Fair”
• Standard & Poor’s rating — “B+”
• Comdex ranking: “34”

While the ratings given to Phoenix Life Insurance Company aren’t outstanding by any stretch, they have been given a “STABLE” rating by A.M. Best, with a solid credit rating of BB+. Phoenix Life Insurance Company isn’t BBB rated, and the company hasn’t had any customer complaints over the past 3 years.

What Phoenix Life is all about

Phoenix Life Insurance Company has a long and colorful history in the life insurance industry, and is a traditional life insurance service provider. They have been in the industry for more than 150 years, and provide top-notch quality products, along with outstanding customer service. Their strong point is customer service, and they are well-known for their focus on the middle-income market.

All their insurance products are geared towards the middle-level earners, and their dedication towards providing exceptional customer service makes them special. The company is focused on making life insurance affordable to more Americans, and that shows in the features and coverage of their products.

Phoenix Life Insurance Products

One of the best things about Phoenix Life Insurance products is that they provide no-exam life insurance coverage. This feature can be availed with both the term and permanent life insurance products offered by the company. Most of the life insurance policies of the company don’t require a medical exam, and have short applications for coverage.

• Term Life Insurance

You get death benefit coverage, but no investment or cash buildup, but it is the most affordable life insurance product offered by Phoenix. It is ideal for younger people applying for life insurance.

• The Phoenix Safe Harbor Term Life and the Phoenix Safe Harbor Term Life Express

These life insurance policies are designed for facilities to help them make the most out of their life, and come with coverage lengths of 10, 15, 20, or 30-years.

All policies come with 4 living benefit riders, which offers additional flexibility and coverage to policyholders for unexpected health events. The riders don’t have any additional premium cost, and offer protection for:

• Critical Illness
• Chronic Illness
• Terminal Illness
• Unemployment

• Permanent Life Insurance

Phoenix Life Insurance Company provides different permanent life insurance options, provide death benefits, and a cash value and investment buildup. The funds of the policy can grow on a tax-deferred basis, and that helps the money grow and compound exponentially.

• Phoenix Simplicity Index Life policy

You don’t need lab tests or a medical exam for this policy, and it offers death benefit, and increased flexibility for major illnesses. Policyholders can use the plan to generate retirement income or supplement savings through withdrawals or loans.

Policyholders can also allocate their cash value in two indexed accounts or a fixed account. This policy is beneficial for people who:

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

• Phoenix Remembrance Life policy

This policy covers the cost of a funeral and other final expenses, which are expensive. The proceeds of the policy help eliminate additional stress on loved ones and the family. This is a whole life insurance policy, and offers a guaranteed death benefit, along with a set rate for cash value growth. The premiums remain fixed throughout the life of the policy, and the cash in the policy can be withdrawn or borrowed for any reason. The policy also pays for unexpected medical emergencies.

The simple application processes, no medical exams for approval required, the life insurance policies offered by Phoenix Life allow people with adverse health issues to qualify for policies.

The Bottom Line

The best product offered by Phoenix Life Insurance Company is the Safe Harbor Term Life Insurance product. They have a simplified and fast application process, and offer amazing flexibility in their underwriting guides. Even though Phoenix isn’t the highest rated life insurance company in the market, it offers exceptional customer service, and has an amazing range of life insurance products.

There are very life insurance companies that are geared towards helping middle-income earning people, which is why Phoenix Life Insurance Company is a special life insurance service provider.  

Contact Information

To find out about membership benefits, insurance products and services offered through Phoenix, you can visit the Phoenix website or call (860) 403-5000.