Phoenix Life Insurance: Company & Plan Reviews

Written by Jeff Root

Given how many companies today are offering life insurance it can be incredibly difficult to find a company that offers the best plan for you.

About Phoenix Life

Originally the Phoenix life insurance company was called the American Temperance life insurance company back in 1851. They started to focus on clients who did not drink alcohol, hence the name.

The name was changed to the Phoenix Mutual Life Insurance Company in 1861. They have been doing business for so long that on their site you can see that they issued a policy to Abraham Lincoln in 1865.

Over the years, Phoenix Life has been very highly regarded in terms of their financial ratings, showing strength and stability for policyholders, for over 150 years.

Company Financial Rating
A.M. Best B
Moody’s N/A
Fitch N/A

Term Life insurance

Phoenix has 3 term life insurance policies perfect for anyone on a budget all of which are labeled “Safe Harbor”.

Safe Harbor Term High Band

This product gives you a level term life insurance policy between 10 years and 30 years. You can enjoy up to $1,000,000 in coverage up to age 70 and up to $500,000 in coverage between ages 71 and 80.

For this Term Policy, you only have to undergo a simplified medical exam which does not include blood samples or urine samples. It only takes oral swabs, blood pressure, weight, and height measurements. You can get preferred rates for this underwriting policy.

With this policy, you cannot convert at the end but there is an annual renewable option, so you get the option of renewing your Term Policy on a guaranteed basis without having to undergo any type of additional Health exams.

The downfall to this is obviously that as you get older the premium prices go up so each year you might end up facing higher and higher rates. Of course, if you have a serious medical concern you will still get the same health rating that you had at the beginning of your policy with no one the wiser. Your health concerns will not impact the premiums, only your age.

Safe Harbor Term Low Band

This product is similar to the product listed above but it is differentiated by its underwriting class.

Most life insurance companies set up benchmarks which are referred to as “bands” in order to indicate the rates and qualifications you receive for your policy based on things like the coverage amount, the length of the term, and your health.

This product, as a result, offers level term policies which means the premium you pay on a monthly basis will not change for the duration of the policy. You can enjoy policies between 10 and 30 years. There are caps however on the coverage amounts you can get.

  • $400,000 for people between the ages of 18 and 50
  • $300,000 for people between the ages of 50 and 60
  • $200,000 for people between the ages of 61 and 70
  • $100,000 for people between the ages of 71 and 80

This policy does not require any medical exam when you apply, and it also has the option to annually renew your coverage at the end of the term. You cannot convert it, but you can renew on a case-by-case, annual basis.

This is great for people who might have higher coverage needs when they initially get a life insurance policy, like somebody who has a new family and a new mortgage to cover.

But then at the expiration of that policy the needs might have changed, kids might have grown up and a mortgage might be paid off such that the coverage amount being dropped based on age coincides with the nice dropping based on age.

You also do not have to undergo another medical exam when you extend or renew annually which, again is good for people who have been diagnosed with medical conditions that would otherwise increase their premiums.

Safe Harbor Term Low Band Rates

The sample below is for a 40 year old male who is a non-smoker and fit into the preferred plus category:

Coverage Amount 10 Year 20 Year 30 Year
$500,000 $22.40 $30.62 $54.84
$1,000,000 $37.54 $54.84 $101.55
$2,500,000 $85.55 $128.80 $245.57
$5,000,000 $165.56 $252.06 $485.61

How Does Age Affect My Life Insurance Rates?

So, how does age impact the changes to your policy? Below you can see the difference just a few years makes for the preferred plus category:

Coverage Amount Age 10 Year 20 Year 30 Year
$500,000 40 year old $22.40 $30.62 $54.84
$500,000 45 year old $92.00 $118.00 $145.00
$500,000 50 year old $121.00 $171.00 $265.00

Safe Harbor Term Life Express

One of the primary products they offer is the term life insurance policy called The Phoenix Safe Harbor term life Express. This offers competitive rates and has no exam requirement.

Features

  • Available for anyone between the age of 18 and 80
  • Term length availability is based upon age but ranges from 10 years to 30 years.
  • Face amounts vary based on age but range from $25,000 to $400,000.
  • There are accelerated benefit Riders available such as critical illness, chronic illness, terminal illness, and unemployment.
  • There is a conversion option at the end of the term.

This product is designed to provide life insurance with living benefits specifically to people who don’t want to take a medical examination.

Most term policies on the market only offer death benefit protection but this simplified policy combines the death benefit with living benefits, so you can enjoy a lot of protection long before you pass away.

Safe Harbor Term Life Express Rates

Below are some term life insurance rates offered by Phoenix through their Term Life Express policy.  These rates are for people 61 years of age in good health.

Coverage Amount Male Monthly Rate Female Monthly Rate
$10,000 $45.33 $37.50
$11,000 $49.50 $40.91
$12,000 $53.58 $44.25
$13,000 $57.75 $47.66
$14,000 $61.90 $51.00
$15,000 $66.00 $54.33

Below are more samples year by year, indicative of how quickly prices can change the longer you wait:

Age Monthly Cost Coverage Amount
61 $66 $15,000
62 $68 $15,000
63 $74 $15,000
64 $75 $15,000
65 $78 $15,000
66 $85 $15,000
67 $89 $15,000

Due to the low amount of coverage offered in this life insurance policy, it is often used as burial insurance. Comparatively speaking, these rates are fairly competitive with the best market rates.

However, because so many factors are taken into place when it comes to life insurance rates, it is best to speak with a professional to compare the best life insurance rates for your situation.

Phoenix Life Insurance for Smokers and Diabetics

With all three of these term policies, smokers and diabetics, in particular, stand to benefit tremendously in terms of premiums and coverage.

The coverage amounts provided by the first two-term policies can be annually renewed without undergoing any medical exam, as mentioned.

People who have been diagnosed with diabetes or who have taken up smoking will not have their premium rate increase at any point regardless of how well their health is doing or how poorly their health is doing.

The guaranteed coverage will not require any exam and therefore can allow smokers and those with diabetes to receive more affordable premiums then they would with other companies that require a medical exam.

Permanent Life Insurance

Permanent life insurance plans are designed for anyone who needs permanent coverage, might stand to get better rates because of their above average health, and does not want to deal with changing premiums due to changing health.

Phoenix offers many permanent life insurance policies which all have a tax-free death benefit.

Features

  • Phoenix Life also offers a universal life insurance policy which has flexible premiums, gains cash value, and has a flexible death benefit.
  • They have an indexed universal life insurance policy where your policy is in an index account, so you have the potential of earning higher returns than you would with a regular Universal policy
  • Phoenix Life offers a variable universal life insurance policy with flexible premiums. This one accumulates interest by investing directly into the sub-accounts that they have so, while it does have the potential to make you a great deal of extra cash value it also has the potential to lose it.
  • They also provide whole life insurance plans with guaranteed fixed premiums for the life of your policy, cash value accumulation, and death benefits.

Survivorship Life Insurance

Phoenix also offers survivorship life insurance policies as well as first to die life insurance policies.

The survivorship life insurance policy is also called a second-to-die life insurance policy which offers coverage to two life partners or a married couple. The second person to die receives the death benefit after the first one passes away. Not every company offers this.

They have a joint life insurance policy, which is often referred to as first to die. This policy, unlike the policy above, can cover more than two people. This is great for business partners who need to protect the company or for siblings who are responsible financially for their elderly parents.

In these cases, if one sibling passes away prior to their parents then the joint life policy makes sure that the remaining siblings are still able to afford long term or medical care for their surviving parents.

Survivorship Life Insurance Rates

Below is a survivorship life insurance sample rate for whole life coverage for a 45 year old couple.

Coverage Amount Monthly Premium
$150,000 $106.00
$250,000 $166.50
$300,000 $199.83
$400,000 $266.41

How to Find the Best Life Insurance Company

Picking the right plan is obviously contingent upon your needs. If you are a diabetic or you smoke, getting a guaranteed policy without undergoing and basic medical exams might actually earn you lower premiums compared to getting a substandard underwriting class from another insurance company or another term policy.

On the other hand, those with better health might stand to benefit financially from taking a comprehensive medical exam and getting a lower rate, permanently locked in.

It is important to work with a third-party broker or agent in order to have access to multiple quotes from different companies and figure out whether a permit plan is better or a term plan, and whether it is in your best interest given your personal health, age, and activities to opt for a no medical exam policy versus a medical exam policy.

Use our online quoting engine to compare life insurance from dozens of providers instantly.  Or, give us a call today, and speak with one of our independent life insurance agents who will get to understand your specific needs in order to find the best life insurance policy to protect you and your family.

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