Phoenix No Exam Life Insurance Review

Written by The Life Insurance Blog

The need for life insurance can be common in many financial plans. That is because these financial vehicles can help loved ones and survivors to avoid financial hardship in case of the unexpected.

Some who need life insurance are able to easily qualify, due to having good health, along with other low-risk factors in the eyes of the insurance company. Others, though, may not be able to secure the coverage they need – at least not through a fully underwritten policy. For these individuals, however, a no exam life insurance policy could offer the coverage that they need to provide themselves and those they care about with peace of mind.

Prior to making a long-term commitment on a life insurance policy, it is recommended that you make sure that you are going with the proper type and amount of protection. It can also be beneficial for you to review the insurance carrier to determine whether it is strong and stable from a financial standpoint, and that it has a good reputation for paying out its policyholders’ claims. One insurance carrier that has a long history of doing this is the Phoenix Life Insurance Company.

About Phoenix Life Insurance Company

phoenixPhoenix Life Insurance Company was originally founded in 1851, and for more than 165 years, the company has been helping its clients to protect their families, and to provide for the income that they will need in retirement.

In 2016, Phoenix Life became a wholly owned subsidiary of Nassau Re, and today the company serves as its parent company’s U.S. life insurance and annuity platform. (Nassau Re owns and manages insurance, asset management, and reinsurance firms, and it is committed to meeting the needs of its policyholders and its business partners).

Phoenix Life is headquartered in Hartford, Connecticut. The company has two primary operating subsidiaries. These are Phoenix Life Insurance Company (PLIC), and PHL Variable Insurance Company (PHLVIC).

As you year-end 2016, the Phoenix companies had nearly $87 billion of life insurance in force and $5.4 billion of annuity funds under management. This is inclusive of roughly 380,000 policies and contracts. The company holds more than $18 billion in statutory reserves and other liabilities and more than $800 million in statutory surplus and asset valuation reserve. The Phoenix products are sold via a network of more than 18,000 independent producers.

Phoenix Life Insurer Ratings and Better Business Bureau Grade

Given its financials, Phoenix has earned the following ratings from the insurer rating agencies:

  • B from A.M. Best Company (as of February 2017)
  • BB from S&P (as of August 2017)

In addition, due to its strong financial footing, Phoenix Life Insurance Company has been given a grade of A+ by the Better Business Bureau (although the company is not currently an accredited company of the BBB). Over the past three years, Phoenix Life has closed out a total of 0 customer complaints.

No Exam Life Insurance Offered by Phoenix Life

Phoenix Life Insurance Company offers a variety of different life insurance product to choose from. These include both term and permanent plan alternatives. With a term life insurance policy, there is only death benefit protection offered, with no cash value or investment build up. Because of the simplicity of term, these policies can often be very affordable – even for high amounts of coverage – particularly if the insured is in good health.

For example, the Phoenix Safe Harbor Term Life Express is a term life insurance policy that offers living benefits, and that is designed to protect the future of loved ones and to plan financially for the unanticipated.

This policy can be purchased for a time period of 10, 15, 20 or 30 years – and both the death benefit and the premium amount will remain level during this time. This plan also includes four “living benefit” riders, which offer added flexibility and coverage for many different, unexpected events. These riders are available at no additional premium charge, and they offer protection for:

  • Critical Illness
  • Chronic Illness
  • Terminal Illness
  • Unemployment

There is also an optional accidental death benefit rider that may be purchased (this must be elected at the time of policy issue). This benefit will pay out an additional amount of proceeds if the insured dies as the result of a covered accident. There is an added charge for this particular rider.

Permanent life insurance offers death benefit coverage, as well as a cash value component. The cash in this portion of the policy is allowed to grow on a tax-deferred basis, which means that there is no tax due on the gain unless or until the money is withdrawn.

Phoenix Life offers choices in their no exam permanent life policies. These include the Phoenix Simplicity Index Life policy and the Phoenix Remembrance Life plan. The Phoenix Simplicity Index Life policy protects loved ones with permanent life insurance coverage, and it can also help to increase financial flexibility in the case of major illness. Plus, given its ability to build up cash value, the money in the policy could be used for a variety of needs, like paying off high-interest debt, supplementing retirement income, or even taking a nice vacation. There are no medical exams or lab tests required in order to qualify.

The Phoenix Remembrance Life plan is a whole life insurance policy that is geared primarily for the payment of one’s funeral and other final expenses. Today, on average, the cost of a funeral – along with one’s burial plot, headstone, and other related needs – can be in the range of $8,500. Because many families do not have this much money readily on hand, it can help to have a final expense insurance policy in place.

Because this is a permanent life plan, the cash value is allowed to grow tax-deferred, and the money may be withdrawn or borrowed for any need that the policyholder sees fit. Plus, once approved, the policy cannot be canceled by the insurance company, other than for non-payment of the premium.

Other Products and Services Available

While some of the Phoenix Life Insurance Company’s life insurance products do not require an applicant for coverage to undergo a medical exam, there are others that are “fully underwritten.” This means that the applicant will typically need to submit a blood and urine sample for testing prior to being approved. In return for this, it is possible that the premium charged will be lower than a comparable no exam policy. The Phoenix Safe Harbor Term Life insurance policy is available as a fully underwritten plan.

In addition to life insurance policies, Phoenix also offers a variety of retirement annuities. These products offer the flexibility to provide predictable income, as well as protection for loved ones – and in some cases, the ability to help with paying health care and/or nursing home costs.

The annuity portfolio at Phoenix Life Insurance Company includes the following products:

  • Phoenix Personal Income Annuity – The Phoenix Personal Income Annuity is a single premium deferred annuity that provides the option of receiving a guaranteed income for life that starts either right away or in the future.
  • Phoenix Personal Protection Choice – The Personal Protection Choice annuity from Phoenix is also a single premium product. This deferred annuity allows you to choose benefits such as a guaranteed income stream and protection from unexpected health care expenses.
  • Phoenix Personal Retirement Choice – The Phoenix Personal Retirement Choice is a single premium deferred annuity that can help with addressing savings shortfalls, managing inflation, guarding against market losses, and generating income for life.

How to Get the Best Premium Rates on No Exam Life Insurance Through Phoenix Life

If you have been in search of the best premium rates on no exam life insurance through the Phoenix Life Insurance Company – or from any other insurer – it can be beneficial to work in conjunction with an independent life insurance agency or brokerage that can show you a variety of options from various insurers. Once you have reviewed these, you can then decide which will work the best for you needs, as well as for your budget.

When you are ready to move forward with the purchase of a no exam life insurance policy, we can help. We are an independent life insurance brokerage, and we can assist you with getting all of the key details that you need. We can do this for you very easily and conveniently, right from your computer, and without you having to meet with an insurance agent. In order to start this easy process, just simply take a moment to fill out the needed information on the quote form.

Should you find that you still have any additional questions or concerns, our experts are here and ready to assist you. We can be reached directly via phone, toll-free, by calling 800-277-3098.

The purchase of the right life insurance policy may seem a bit overwhelming. This is particularly true if you have every been turned down for coverage in the past. So, contact us today – we’re here to help.

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