Though it may not be well known to the public, there are hundreds of life insurance companies available.
That’s good news for consumers because more choices mean you’re much more likely to find the life insurance policy you need at a price you can afford.
In this review, we’re going to take a look at Phoenix Life Insurance, a Nassau RE Company.
They may or may not have the policy you’re looking for, but it’s a company you should know about—just in case they do.
Like most insurance companies, they’re not the best across-the-board.
But they do have their niche products, one of which can easily be the right policy for you.
In This Review:
About Phoenix Life Insurance
Once an independent insurance company, Phoenix Life Insurance is now a part of Nassau RE.
Nassau RE isn’t exactly a household name, even in the insurance industry.
But along with its affiliated companies, it has $24.5 billion in combined assets, and nearly a half-million policies and contracts outstanding.
The company—or more specifically, Phoenix Life Insurance—traces its roots all the way back to its founding in 1851 as American Temperance Life Insurance Company. The company was and still is, based in Hartford, Connecticut.
Over the years, the company has steadily grown in both revenues and through mergers with other insurance companies. The company officially took on the Phoenix name in 1861.
Nassau RE was founded in 2015, then acquired Phoenix and several other insurance companies.
All the companies acquired, including Phoenix Life Insurance, have been rebranded as Nassau RE.
So, in this review, we will be talking about Phoenix Life Insurance and Nassau RE interchangeably.
Nassau RE has a financial strength rating of B+ from the insurance industry rating firm, A.M. Best.
It also has a Standard & Poor’s rating of BB, and a Better Business Bureau rating of “A+”, the highest rating on a scale of A+ to F.
Life Insurance Products Offered
Phoenix Life Insurance is a full-service life insurance company, offering most types of policies available in the industry.
That includes all life insurance, universal life insurance, indexed universal life insurance, and several different annuities to provide you with a stable income.
But where they really stand out is with term life insurance.
They offer two primary term life insurance plans, including Phoenix Safe Harbor Term and Phoenix Safe Harbor Term Express.
Phoenix Safe Harbor Term Life Insurance
The term under this plan is available at spans of 15, 20 or 30 years.
It’s available for applicants between the ages of 18 and 80, and no medical exam will be required.
Coverage amounts range from $50,000 to $500,000, with the specific amounts based on your age at the time of application.
Since there is no medical exam and the application process is fully digital, your application can be approved in 7 to 14 days.
What’s more, the policy also comes with valuable living benefit life insurance riders at no additional cost. These include:
- Critical Illness Rider: Provides for the payment of part of your death benefit while you are still alive if you experience a major health event, such as a heart attack, stroke, renal failure, cancer, or a major organ transplant.
- Chronic Illness Rider: This is a provision that enables you to access part of your death benefit while you are still alive if you contract an illness that requires extended care. This can include physical or occupational therapy, medications, or medical treatments for the rest of your life. The policy will advance up to 95% of your death benefit.
- Terminal Illness Rider: Sometimes referred to as an accelerated death benefit, this allows you to access some of your death benefit to pay the cost of medical fees and living expenses if you are diagnosed with an illness or condition and are expected to live less than 12 months.
- Unemployment Rider: This rider provides for a waiver of premium on your life insurance while you are unemployed. Premiums can be waived for up to six months, during which time your policy will remain in force.
Phoenix Safe Harbor Term Express Life Insurance
The Phoenix Safe Harbor Term Express Life Insurance is a variation of the Phoenix Safe Harbor Term Life Insurance.
It is similarly a no-medical-exam term policy, but it offers approval in as little as one day.
Policy terms are 10, 15, 20, and 30 years, with coverage amounts ranging from $25,000 to as high as $400,000.
Phoenix Final Expense Insurance
If you’re unable to get traditional life insurance due to a serious health condition, you may be eligible for Phoenix Life Remembrance Life.
It’s a final expense policy that offers coverage even with a serious (though not immediately terminal) illness.
The death benefit will be greatly reduced, and there will be a waiting period during which no death benefit will be paid.
For example, if you die within the first two years of taking the policy, no death benefit will be paid.
But after that waiting period, your beneficiaries will be eligible to receive the full death benefit.
Phoenix Life Insurance Costs
Phoenix Life Insurance doesn’t publish premium quotes for their life insurance products.
But, those policies are reputed to be some of the lowest cost, no-medical-exam policies available, especially when the four living benefit riders are included automatically with the term policies.
The amount of the death benefit varies based on your age. The menaced minimum policy amount is $10,000 but can be as high as $100,000 up to age 59, $75,000 up to age 69, and $50,000 up to age 80.
The policy also comes with the four living benefit riders offered on the other policies.
Phoenix Life Insurance Company Pros and Cons
- Phoenix Life has one of the easiest to qualify for no-medical-exam policies, with approval in as little as one day.
- Final expense coverage is available with a higher death benefit than is typical for this policy type. Phoenix Life Remembrance Life offers a benefit as high as $100,000. Many competing life insurance companies offer final expense coverage of no more than $25,000.
- Despite reorganization under Nassau RE, the company has been in business for more than a century and a half.
- The company offers cash value policies, such as whole life and universal life, as well as several annuity options.
- The application process is all digital, streamlining both application and approval.
- Customer reviews of the company are generally favorable.
- While no-medical-exam policies are attractive, they are more expensive than fully medically underwritten policies, and not available to all applicants.
- Though policy approval is fast, it can take up to 60 days to receive your policy documents.
Alternatives to Phoenix Life insurance
For all its advantages, Phoenix Life Insurance is only one of the hundreds of life insurance providers.
You owe it to yourself to check out policy options from several other life insurance companies as well.
Fabric Life Insurance
Fabric Life Insurance is one of the fast-rising number of “fintech” life insurance companies, offering an all-online application process and limited health review. If you’re young and healthy, you may qualify without a medical exam. But, if the company determines any health issues in your background, an exam may be required.
Allstate Life Insurance
Allstate Life Insurance is a well-established, traditional insurance company, providing all types of insurance coverage, including life insurance. The company is highly rated, and unlike many life insurance providers in today’s market, they provide all types of policies—not just term policies. That includes cash value policies like whole life and universal life. And, if you watch much TV, you know only too well they’re one of the major players in the auto insurance and homeowners insurance spaces.
USAA Life Insurance
USAA Life Insurance offers life insurance policies to members of the US military and their immediate families. Both its customer service and its rates are among the best in the industry, but its products are reserved for military personnel. What’s more, USAA not only offers the full range of life insurance products, but they also provide almost every financial product available, including investments, auto insurance, and other services.
Ladder Life Insurance
Ladder Life Insurance is another fintech life insurance provider, offering a streamlined online application with low premiums. But, what stands out about this company is in the name itself—Ladder. They offer a unique life insurance arrangement where you can adjust the amount of the death benefit, based on your financial needs and budgetary constraints. For example, you can start with a large amount of inexpensive term coverage when you are younger, then reduce the benefit as you get older and your need for life insurance decreases. This will also give you an opportunity to reduce the premiums, since term renewals are based on your age at the time of renewal.
Is Phoenix, a Nassau Re Company, Best for You?
If you’re looking for life insurance, particularly term insurance, and you want both quick approval and no medical exam, Phoenix Life Insurance should be on your list of considerations.
Their Safe Harbor term policies are easy to qualify for—if you are healthy. And the final expense policy does offer some of the most generous death benefits in the entire industry.
But, if you are not in good or excellent health, or you have any other issues that might complicate the life insurance application process – like a high-risk occupation or high-risk hobbies, we’d love to work with you.
We are life insurance brokers who worked with dozens of life insurance companies, and we specialize in providing coverage for anyone who is having difficulty getting life insurance from the lowest-cost providers.
We can place your application with the companies most likely to provide the type of policy you’re looking for, and at an affordable rate. And, our services won’t cost you anything over and above what you would pay if you made direct application to a life insurance company.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.