If you’re searching for Phoenix Life insurance reviews, you’ve come to the right place. Now known as Nassau Re, they are one of the many companies we’ve reviewed that are available to you. It’s smart to compare companies to find the best deal based on your goals, hobbies, health and more. Our Phoenix insurance review will go over the advantages and disadvantages of their company so you can make an informed decision before you apply.
Phoenix Life Insurance Company
Review Summary
The Phoenix Life Insurance Company provides shoppers with an easy application, great customer service, and several policy options for a variety of coverage goals. They should be looked at closely by final expense shoppers looking for a quick no medical exam policy.
Phoenix Life Insurance Company Review
Phoenix Life has a focus on life insurance policies and retirement annuities. Their insurance and retirement products are provided by independent agents, financial advisors and from their subsidiary, Saybrus Partners. Although not as well known as some other insurance companies, Phoenix Life provides consumers excellent product choices and customer service.
Phoenix Life Insurance Products
Phoenix provides shoppers a variety of insurance products. They provide consumers some of the best no medical exam options as well as a great final expense product. They’re also one of the best final expense companies in the marketplace.
Phoenix Term Life Insurance
Term life insurance is a type of temporary insurance that covers the insured for a specific amount of time (term). Term is often the least expensive insurance policy that you can purchase. Phoenix Life offers a great term product. It’s called Phoenix Life Safe Harbor Term and is a pretty unique product.
Safe Harbor Term Life
Phoenix Life’s Safe Harbor Term Life allows you to choose a death benefit of 10, 15, 20 or 30 years. Safe Harbor Term is actually 2 different products. Phoenix offers this product as:
- Phoenix Safe Harbor Term
- Phoenix Safe Harbor Term Express
Both of the Phoenix Safe Harbor Term products include living benefit riders. These provide you additional flexibility and coverage for a variety of unexpected events that may occur. These riders are available at no additional cost and offer coverage for:
- Critical Illness
- Chronic Illness
- Terminal Illness
- Unemployment
Safe Harbor Term Life product details:
- Available for ages 18-80
- No Exam required
- Term Length: 10, 15, 20 and 30 Year term. Availability will be based on age.
- Coverage Amounts of $50,000 to $500,000. Availability will be based on age.
Safe Harbor Term Life Express product details:
- Available for ages 18-80
- No Medical exam required
- Term Length: 10, 15, 20 and 30 Year terms. Availability will be based on age.
- Coverage Amounts of $25,000 to $400,000. Availability will be based on age.
Phoenix Final Expense Insurance
Final expense insurance is a type of permanent insurance that covers the insured for their entire life. Final expense is often the least expensive type of permanent policy, but the coverage amounts are relatively low. They offer a great final expense product. It’s called Phoenix Life Remembrance Life.
Phoenix Remembrance Life
Similar to their term policy, their final expense policy provides extra coverage with 3 riders at no additional cost.
With their easy and fast application process, Phoenix Remembrance Life is a final expense insurance policy with living benefits. It provides coverage for burial expenses and gives you financial flexibility if a serious illness or accidental death were to occur.
Phoenix Remembrance Life details:
- $10,000–$100,000 coverage amounts for ages 30 to 59.
- $10,000–$75,000 coverage amounts for ages 60 to 69.
- $10,000–$50,000 coverage amounts for ages 70 to 80.
- No Medical Exam required
- Simplified issue Whole life policy
- Critical illness rider included
- Terminal illness rider included
- Accidental death rider included. You must be under 65 and terminates at 75
phoenix life insurance quotes
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About Phoenix Life
Phoenix began as the America Temperance Life Insurance Company in 1851. The company was founded by a group of civic, religious, and business leaders. An interesting fact about Phoenix is that their initial focus was to insure individuals who abstained from alcohol.
In 1861, the company merged with Phoenix and is the 1st company to be approved by the New York Insurance Department to conduct business in the state. In 2018, Phoenix was rebranded as Nassau Re.
Phoenix Life Insurance Financial Ratings
Shoppers want to know that a company isn’t going bankrupt now or anytime in the near future. Phoenix is rated by several of the leading insurance rating agencies. Phoenix has been rated by Comdex, A.M. Best and Standard & Poor’s. Phoenix has a stable outlook and has received the following ratings:
- A.M. Best rating – B
- Fitch – (N/A)
- Standard & Poor’s – B+
- Moody’s – (N/A)
- Comdex – 34
What's Good About Phoenix Life?
Even with Phoenix Life rebranding to Nassau Re, they continue to provide competitive rates for their insurance policies. When we provide quotes for shoppers, Phoenix is often one of the top choices due to their price.
Their rates is not the only thing we like about them. They also offer one of the best and most convenient applications in the marketplace.
Their application can be completed over the phone. For the majority of applications, it should take approximately 15 minutes. We’ve also heard great things about their customer service.
What's Bad About Phoenix Life?
We haven’t found anything bad about Phoenix Life, but there are a few things to be aware of.
First, Phoenix is just one of many insurers available to you. The best company for you will depend on your specific health, age, hobbies and coverage goals.
Secondly, if you purchase a policy from them, your options will be limited. Phoenix used to sell more types of insurance policies, but they’ve shaved down the amount of products they offer. Shoppers are now limited to Phoenix’s two plans.
Lastly, with Phoenix you may have a longer than average time to be accepted. Their application process is fast, but their underwriting can sometimes be slow. We’ve read that some shoppers waited as long as 60 days to get their policy approved. This is not uncommon in the insurance industry, but there are many carriers that can get you approved much faster. If you want insurance faster, you’ll need to pick a different carrier. See our review on the fastest insurance companies.
Phoenix Life – Final Thoughts
Make sure you’re getting a policy that meets your needs and budget. It’s very easy to be under or overinsured. You also need to know if you can qualify for the policy. There is nothing worse than applying and getting denied or rated up with a more expensive plan.
Phoenix is a great company, but there are many more carriers to choose from.
Searching and shopping for all of these options by yourself is going to be stressful. You’ll end up spending countless hours trying to find information that typically isn’t available to consumers. Underwriting guides and access to company underwriters to name a few. Instead of running in circles searching for the right plan, let LIB help you.
Our independent licensed agents will answer all your questions. We never use pushy sales tactics- just friendly honest advice. This is due to our ability to shop your case from over 60 top rated carriers. We don’t work for the insurance companies. We work for you!
We don’t just sell policies from Phoenix. We sell a lot of other companies too. We aren’t hand cuffed to one company like a lot of agents you may speak to. We recommend each company based on your unique situation. The company that is best for your neighbor could be the worst company for you.
Thanks for reading our Phoenix Life Insurance Company Reviews. Contact us if you have any questions or need any help with your insurance needs.
