If you’re searching for Phoenix Life insurance reviews, you’ve come to the right place. Now known as Nassau Re, Phoenix Life is one of the many life insurance companies we’ve reviewed that are available to you. It’s smart to compare life insurance companies to find the best deal based on your goals, lifestyle, health and more. Our Phoenix Life 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
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 life 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 life insurance companies, Phoenix Life provides consumers excellent product choices and customer service.
Phoenix Life Insurance Products
Phoenix provides shoppers a variety of life 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 life insurance that covers the insured for a specific amount of time (term). Term life is often the least expensive life insurance policy that you can purchase. Phoenix Life offers a great term life 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 life insurance riders are available at no additional cost and offer coverage for:
- Critical Illness
- Chronic Illness
- Terminal Illness
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 life insurance is a type of permanent life insurance that covers the insured for their entire life. Final expense life insurance is often the least expensive type of permanent policy, but the coverage amounts are relatively low. Phoenix Life offers a great final expense product. It’s called Phoenix Life Remembrance Life.
Phoenix Remembrance Life
Similar to their term policy, Phoenix Life’s 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 life 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
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About Phoenix Life
Phoenix Life 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 Life 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. The Phoenix Life insurance company is rated by several of the leading life insurance rating agencies. Phoenix has been rated by Comdex, A.M. Best and Standard & Poor’s. Phoenix Life 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 life 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 Phoenix Life. They also offer one of the best and most convenient life insurance applications in the marketplace.
The Phoenix 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 Phoenix Life’s 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 Life is just one of many life insurance companies. The best company for you will depend on your specific health, age, lifestyle and coverage goals.
Secondly, if you purchase a policy from Phoenix Life, your options will be limited. Phoenix used to sell more types of life 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 life 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 life insurance industry, but there are many carriers that can get you approved much faster. If you want life insurance faster, you’ll need to pick a different carrier. See our review on the fastest life insurance companies.
Phoenix Life – Final Thoughts
Make sure you’re getting a life insurance 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 Life is a great life insurance 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 Life Insurance Blog 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 Phoenix Life policies, 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.
Contact us if you have any questions or need any help with your life insurance needs.