Phoenix Life Insurance Company Review 2018

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If you have never heard of a life insurance company called Phoenix Life, you came to the right page. Finding the right company for your specific life insurance needs may be one of the most annoying things to try to accomplish by yourself. This is why I wrote this independent review about Phoenix Life, so you as a consumer will have the opportunity to look at Phoenix Life just like an insurance broker would before they recommend or advise against the product.

I will compare Phoenix Life against the best in the industry when it comes to rates, underwriting process, and products. Phoenix Life is also on our top 20 final expense companies list.

Phoenix Life Insurance Company History

In 1851, a group of religious and business leaders in Hartford, Connecticut established the American Temperance Life Insurance Company, a company who only insured those who abstained from drinking alcohol. In 1860, American Temperance decided to insure everyone else, and so changed its name to Phoenix Mutual Life Insurance Company. In 2016, Nassau Re purchased Phoenix Life Insurance, and it serves as their U.S. life insurance and annuity platform. Nassau contributed greatly to increasing the financial strength and liquidity of Phoenix Life Insurance.

Phoenix Life Insurance Financial Ratings

According to A.M. Best, a leader in ratings in the insurance industry, Phoenix Life has a B (fair) rating, with a stable outlook.

Phoenix Term Life Insurance Review

As you aware by now, term life insurance is the most economical protection you can have, and is also the simplest to understand. The word “term” refers to the length of time that you buy a policy for, such as 10, 20 or 30 years. During that time, your premium and death benefit stay the same. If you die during that time, your beneficiaries will receive the death benefit. If not, when the term is up, you can renew it annually until a certain age (most commonly 95), or drop the policy altogether.

Safe Harbor Term Life Express & Non-Express

Phoenix Life has a very unique term life insurance product. Their term product is a simplified-issue life insurance packed with 4 riders at no additional cost. Simplified-issue means that there is no invasive paramedical exam, and an APS (attending physician statement) is not needed in some cases. Safe Harbor Life is split into 2 products: express and non-express.

They both offer a no-exam life insurance policy, however, the non-express death amounts are higher and the underwriting process will be longer. They will order medical records in certain cases, which tends to take longer to issue your policy. The good news is that the non-express costs less than the express, much like other things in life. The faster you want it, the more you will pay for it. Phoenix’s advantage over the other term products out there is with the riders included in the policy.

These riders allow the policyholder to tap into the death benefit without dying. For instance, if you were diagnosed with a terminal illness and given 12 months or less to live, you could accelerate 95% of the policy value and use the money as you wish while you are still alive.  This means you could take your family on a dream vacation, supplement your partner’s income while he/she cares for you, or even pay your mortgage – the choice is yours. Contrary to the belief that money from a life insurance policy is something that the policyowner will never see in their lifetime, it isn’t true in this case. With this added rider, you don’t have to die to use your policy.

Safe Harbor Term Life Highlights

  • Ages: 18-80
  • Terms offered: 10-, 15-, 20-, 30-year, depending on age
  • Death benefit: $25,000-$400,000 (express)
  • $50,000-$500,000 (non-express)
  • No-exam life insurance
  • Option to continue the policy until age 100
  • Chronic illness rider included
  • Critical illness rider included
  • Terminal illness rider included
  • Unemployment rider included
  • Optional accidental death benefit rider

Related: What are life insurance riders?

Phoenix No-Exam vs Other Carriers’ Sample Monthly Rates

Male 20-year Term $100,000

Company Age 30 Age 40 Age 50 Age 60
 SBLI  $9.92  $12.67  $24.63  $64.34
 Sagicor  $11.41  $14.26  $32.03  $90.03
 American National $14.69  $19.35  $38.62  $95.39
 Phoenix Safe Harbor  $17.43  $26.15  $51.69  $119.78
 Phoenix Safe Harbor Express $24.08  $36.85  $79.31  $189.43

Female 20-year Term $100,000

Company Age 30 Age 40 Age 50 Age 60
 SBLI  $9.14  $12.12  $20.16  $42.26
 Sagicor  $10.05  $12.18  $23.52  $60.09
 American National $12.96  $17.37  $29.89  $66.53
 Phoenix Safe Harbor  $16.14  $22.52  $42.11  $89.06
 Phoenix Safe Harbor Express $22.27  $32.36  $61.36  $154.22

Male 20-year Term $250,000

Company Age 30 Age 40 Age 50 Age 60
 SBLI  $14.79  $21.67  $51.68  $147.70
 Sagicor  $18.12  $25.80  $57.18  $198.51
 American National $28.94  $40.61  $88.78  $230.69
 Phoenix Safe Harbor  $34.26  $56.05  $119.91  $290.14
 Phoenix Safe Harbor Express $50.87  $82.80  $188.95  $464.25

Female 20-year Term $250,000

Company Age 30 Age 40 Age 50 Age 60
 SBLI  $13.31  $18.99  $36.46  $90.37
 Sagicor  $15.34  $20.88  $48.73  $138.24
 American National $24.62  $35.64  $66.96  $158.54
 Phoenix Safe Harbor  $31.02  $46.99  $95.97  $213.33
 Phoenix Safe Harbor Express $46.34  $71.59  $144.08  $376.22

Male 20-year Term $400,000

Company Age 30 Age 40 Age 50 Age 60
 SBLI  $21.32  $30.91  $78.93  $232.57
 Sagicor  $29.94  $37.49  $87.71  $313.84
 American National NA  NA NA NA
 Phoenix Safe Harbor  $51.09  $85.95  $188.13 $460.50
Phoenix Safe Harbor Express $77.67  $128.76  $298.60  NA

Female 20-year Term $400,000

Company Age 30 Age 40 Age 50 Age 60
 SBLI  $17.54  $26.62  $54.58  $140.84
 Sagicor  $20.76  $29.63  $74.19  $217.40
 American National NA  NA  NA  NA
 Phoenix Safe Harbor  $45.91  $71.46  $149.82  $337.61
 Phoenix Safe Harbor Express $70.42  $110.81  $226.80  NA

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Feb 2018 and are subject to underwriting approval.*

Phoenix Final Expense Insurance Review

Final expense policies are whole life policies that have a cash value component that accumulates during the policy’s life. There is no expiration date, and as long as premiums are paid, the policy cannot be cancelled. It’s also worth mentioning that final expense policies have a smaller death benefit when compared to term life. There are a few companies who will cover you up to $100,000, but most stop at $50,000. The policies are simplified issue without the need for an exam or blood work.

Phoenix Remembrance Life

Just like the term product, Phoenix final expense excels over the others by providing extra riders within the policy without an additional cost. While I usually think most riders aren’t necessary, I do think that terminal and critical illness are definitely imperative to have. As mentioned before, they allow the policy owner to use the death benefit while still alive, instead of watching loved ones crumbling financially due to his/her condition. Death can be a slow process, and having this rider can be a great benefit.

They also include an accidental death benefit rider which will pay an additional lump-sum amount equal to 100% of the purchased death benefit. In other words, if you bought a $50,000 policy and died as a result of an accident, the policy will pay $100,000 in benefit.

Phoenix Remembrance Life Highlights

  • Ages 30-59 can get $10,000-$100,000 in coverage
  • Ages 60-69 can get $10,000-$75,000 in coverage
  • Ages 70-80 can get $10,000-$50,000 in coverage
  • Simplified issue
  • Whole life
  • Critical illness rider included
  • Terminal illness rider included
  • Accidental death rider included, insured must be under 65 and terminate at 75

Phoenix Final Expense vs Other Carriers’ Sample Monthly Rates

Male $10,000 Whole Life

Company Age 50 Age 60 Age 70 Age 80
 Assurity  $28.82  $41.65  $73.05  $155.57
 Mutual of Omaha  $29.16  $42.76  $73.70  $132.65
 Americo  $32.06  $43.68  $72.93  $145.65
 Liberty Bankers Life  $30.51  $45.80  $73.31  $146.80
 Phoenix $30.15  $43.27  $72.74  $146.92
 American-Amicable  $30.80  $45.76  $76.57  $151.36
 United Home Life  $31.02  $44.69  $74.63  $138.60
 Settlers  $31.45  $45.31  $72.85  $153.80
 Transamerica  $30.73  $43.85  $74.66  $140.22
 Foresters  $32.00  $45.19  $72.91  $216.09

Female $10,000 Whole Life

Company Age 50 Age 60 Age 70 Age 80
 Assurity  $25.48  $34.74  $56.41  $113.89
 Mutual of Omaha  $24.67  $32.87  $53.24  $98.43
 Americo  $24.56  $33.93  $53.43  $112.77
 Liberty Bankers Life  $25.57  $34.67  $54.79  $109.16
 Phoenix $26.63  $36.46  $55.26  $110.24
 American-Amicable  $25.96  $37.22  $58.70  $110.44
 United Home Life  $26.06  $35.42  $73.28  $141.58
 Settlers  $26.01  $36.38  $55.76  $113.48
 Transamerica  $25.32  $33.72  $71.59  $104.11
 Foresters  $26.05  $35.41  $83.41  $111.08

Male $20,000 Whole Life

Company Age 50 Age 60 Age 70 Age 80
 Assurity  $55.44  $81.10  $143.90  $308.93
 Mutual of Omaha  $55.11  $82.31  $144.20  $262.11
 Americo  $60.33  $83.56  $142.06  $287.51
 Liberty Bankers Life  $56.39  $86.97  $141.99  $288.97
 Phoenix $56.16  $82.40  $141.34  $289.69
 American-Amicable  $58.96  $88.88  $150.50  $300.08
 United Home Life  $57.68  $85.03  $144.91  $272.05
 Settlers  $62.90  $90.61  $145.69  $291.13
 Transamerica  $57.89  $84.05  $145.74  $276.88
 Foresters  $60.85  $87.22  $142.66  $290.33

Female $20,000 Whole Life

Company Age 50 Age 60 Age 70 Age 80
 Assurity  $48.77  $67.28  $110.62  $225.58
 Mutual of Omaha  $46.14  $62.53  $103.28  $193.66
 Americo  $45.32  $64.07  $103.06  $221.75
 Liberty Bankers Life  $46.51  $64.71  $104.95  $213.69
 Phoenix $49.12  $68.78  $106.37  $216.34
 American-Amicable  $49.28  $71.81  $114.75  $218.24
 United Home Life  $47.76  $66.49  $100.59  $204.87
  Settlers  $52.02  $72.76  $111.52  $226.95
 Transamerica  $47.07  $63.87  $104.41  $204.65
 Foresters  $48.95  $67.67  $103.69  $219.01

Male $30,000 Whole Life

Company Age 50 Age 60 Age 70 Age 80
 Assurity  $82.06  $120.55  $214.75  $462.30
 Mutual of Omaha  $81.06  $121.86  $214.69  $391.56
 Americo  $88.59  $123.44  $211.19  $429.36
 Liberty Bankers Life  $82.27  $128.14  $210.67  $431.14
 Phoenix $82.17  $121.53  $209.94  $432.47
 American-Amicable  $87.12  $132.00  $224.43  $448.80
 United Home Life  $84.35  $125.38  $215.19  $407.10
 Settlers  $94.35  $135.92 $218.54  $461.81
 Transamerica  $85.04  $124.29  $216.83  NA
 Foresters  $89.70  $129.26  $212.42  $433.91

Female $30,000 Whole Life

Company Age 50 Age 60 Age 70 Age 80
 Assurity  $72.05  $99.83  $164.82  $337.27
 Mutual of Omaha  $67.60  $92.20  $153.31  $288.89
 Americo  $66.07  $94.20  $152.68  $330.72
 Liberty Bankers Life  $67.45  $94.76  $155.11  $318.23
 Phoenix $71.61  $101.10  $157.49  $322.43
 American-Amicable  $72.60  $106.39  $170.81  $326.04
 United Home Life  $69.47  $97.55  $148.71  $305.13
 Settlers  $78.03  $109.14  $167.28  $340.43
 Transamerica  $68.82  $94.02  $154.84 NA
 Foresters  $71.85  $99.93  $153.96  $326.94

Phoenix Indexed Universal Life Review

Indexed universal life is another form of permanent coverage with greater flexibility than a traditional whole life policy. You can adjust the payments, death benefit, and even skip payments (as long as the policy has the value). There is also a tax-deferred growth potential because this is tied to a stock market index. Most indexed policies allow the policyholder to choose a bucket or account option to park the money, so the account can be less or more risky based on his/her needs and comfort level.

Phoenix Simplicity Index Life

Just like the other products, Phoenix index life requires no exam or lab tests. It provides the three accelerated benefit riders at no extra cost. This policy also provide 3 accounts you can choose from based on your risk level: two indexed accounts tied to the S&P 500, and one fixed account that earns a 1% guaranteed minimum rate.

Phoenix Simplicity Index Life Highlights

  • Ages 18-50 can get $50,000-$400,000 in coverage
  • Ages 51-60 can get $50,000-$300,000 in coverage
  • Ages 61-70 can get $50,000-$200,000 in coverage
  • Living benefits included

Phoenix Life Pros

phoenix life insurance pros
  1. Those who want to skip the exam and get a no-exam policy.
  2. Phoenix offers living benefit riders included in the purchased plan whether you buy final expense or term life.
  3. Their final expense policies are more inline with the market price-wise, and also offer death benefits up to $100,000 (depending on age), while most other carriers stop at $50,000.

Phoenix Life Cons

phoenix life insurance cons
  1. Let’s talk about the elephant in the room. Their A.M rating is B. For most individuals, this isn’t a reason to be concerned, but it is something to pay attention to. Other companies, such as Globe Life, have A+ ratings, but I wouldn’t get it even if they offered it to me for free.
  2. At the time of this post, Phoenix no-exam term policies are not competitive price-wise. Other companies that offer no-exam policies, such SBLI or Sagicor, are priced much lower than Phoenix Life.
  3. When it comes to their convertibility option, I don’t like the fact that they only allow you to convert the policy based on the duration of your policy, instead of when the term expires. Let me explain – if you bought a 30-year policy, you can only convert it to whole life at the first 10 policy years. Unlike other companies, such as Banner, who let you convert it at the end of the term, and not just 10 years into it. If you choose not to convert it and decide to keep it after 30 years, your policy will cost an exuberant amount of money and it will be renewed on an annual basis.

Last Word

So here you go, our review on Phoenix life. Just like any other insurance company out there, they are one of many. The fact that conversion is not available at the end of the term, combined with their higher pricing compared to similar plans from other companies is a turn-off for me personally. Even though the plans include a lot of riders, remember that at the end of the day, these are calculated into the premium price, you just don’t have the option to decline them. Most people may not need all these bells and whistles and would be better served with simple protection at a better price.

Getting the best life insurance policy is more than just getting a low price; it’s more about which company will actually approve your policy at the lowest possible price. Your best chance of getting the best policy for your specific needs is to run the rates on this page, or just sit and dial 866-326-3053 and let us work for you. You will be presented with all the options, not just one.

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2018-04-10T06:30:03+00:00 April 9th, 2018|Categories: Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has 2 amazing rescued pit bull puppies. He also enjoys real food, heavy squats, critical thinking, and reading.

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