Phoenix Launches Remembrance LifeSM with Innovative Benefits Designed to Replace Income and Carry on
Mar 12th 2013 10:21AM
Updated Mar 12th 2013 10:26AM
Phoenix Launches Remembrance Life SM with Innovative Benefits Designed to Replace Income and Carry on Family Traditions
Whole Life Insurance Product Designed for Middle Market Consumers
HARTFORD, Conn.--(BUSINESS WIRE)-- The Phoenix Companies, Inc. (NYS: PNX) today announced the launch of Phoenix Remembrance LifeSM, a whole life insurance product with innovative benefits designed to protect the futures of loved ones and carry on traditions for families.
Phoenix Remembrance Life provides final expense coverage and an income stream death benefit for a beneficiary as well as three included riders that can advance benefits in case of critical or terminal illness or increase benefits in the case of accidental death. It also offers optional riders that can help insureds continue to be part of children's and grandchildren's lives even after they have passed and provide extra income to surviving spouses.
"Launching Remembrance Life is a major step for Phoenix as we continue building out our life insurance product portfolio for middle market consumers," said Thomas M. Buckingham, executive vice president, product development and operations. "After establishing ourselves in the fixed indexed annuity arena over the last several years, we are now able to leverage that middle market presence and expertise and apply it to our life insurance business. This product continues a long tradition of product innovation and also marks a significant expansion to our life distribution and administrative capabilities."
Product Features Include Standard and Optional Benefits
Phoenix Remembrance Life offers permanent death benefit protection with a unique menu of standard and optional benefits that provide a number of ways to leave a legacy to family members. The offering comes with a traditional lump sum death benefit that can be used for final expenses and an additional income coverage rider that provides monthly income payments to a specified beneficiary after the insured's death. It is available to insureds ages 30 to 80 at the time of issue. The insured chooses one of three coverage allocation options between the lump sum and income coverage: 75%/25%, 25%/75%, or 50%/50%. Total coverage can be as low as $10,000 and as high as $50,000 to $100,000 depending on age.
Other features of Phoenix Remembrance Life include:
- Three riders included at no additional cost: advance up to 50% of the lump sum death benefit for a critical illness; advance up to 95% of the lump sum death benefit for a terminal illness; and an accidental death benefit of 100% of the lump sum death benefit. Discounting for interest and fees may apply upon exercise.
- Two optional riders to help carry on family traditions after the insured's death: an education benefit rider that can help children and grandchildren with higher education expenses by providing four consecutive annual payments of up to $5,000 per year if the beneficiary attends a qualifying institution starting between ages 18 and 22; and a legacy rider that provides annual "birthday gifts" of up to $500 per year until the child or grandchild reaches age 22. Both the education benefit rider and legacy rider can be elected for up to five individuals. Additional premium is required for each rider.
- Two optional riders to provide extra income protection of up to $1,000 per month for spouses upon death of the insured: a lifetime income rider that generates a monthly income stream for the lifetime of the beneficiary; and an income term rider, designed for families in their working years, that provides a monthly income stream until the beneficiary turns 65. Additional premium is required for each rider.
For the additional income coverage rider as well as the optional riders, the specified rider beneficiary must be alive to receive each rider benefit payment and cannot be changed after the policy is issued. This design allows these riders to offer meaningful death benefits at an affordable price.
"Our goal for Phoenix Remembrance Life was to provide a variety of benefit options that would be attractive to middle market consumers," said Michael A. Donovan, vice president and product officer. "We structured the product in some unique ways, including flexibility up front between lump sum and income death benefits as well as innovative riders, such as the education benefit. The result is a permanent life insurance policy that can address multiple needs and remain affordable to consumers in this demographic."
Technology Tool Supports Agent Sales Process
The company established a simplified underwriting process for Phoenix Remembrance Life and launched a new dynamic quote tool to make it even easier for agents to help their clients customize the most appropriate benefit and rider combination for their needs and their budgets. Agents and their clients can choose from three easy ways to apply, including "point of sale" and "drop ticket" models, which both include tele-underwriting and often end with an underwriting decision at the end of the phone interview, as well as "traditional" paper submissions.
Phoenix Remembrance Life is being distributed through select Independent Marketing Organizations (IMOs). To learn more about Phoenix Remembrance Life and other Phoenix life insurance and annuity products, agents, financial advisors and other distributors can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.
The Phoenix Companies, Inc. (NYS: PNX) is a boutique life insurance and annuity company serving customers' retirement and protection needs through select independent distributors. Headquartered in Hartford, Connecticut, Phoenix has a history of keeping its promises since 1851. Saybrus Partners, a subsidiary, represents Phoenix's life and annuity portfolios in key channels including independent marketing organizations and brokerage general agencies. Saybrus Partners offers solutions-based sales support and strategies for income planning and other retirement needs, as well as life insurance protection. For more information, visit www.phoenixwm.com and www.saybruspartners.com.
Phoenix Remembrance Life whole life insurance (ICC12FEWL) is issued by PHL Variable Life Insurance Company (PHLVIC) (Hartford, CT). PHLIVC is not authorized to conduct business in New York and Maine. In New York and Maine, Phoenix Remembrance Life is issued by Phoenix Life Insurance Company (PLIC) (East Greenbush, NY). These insurers are separate entities and each is responsible only for its own financial condition and contractual obligations. Saybrus Partners does not provide tax or legal advice. For California residents: Saybrus Partners, Inc. (dba Saybrus Partners Insurance Agency in California), CA License # 0G81229. Members of The Phoenix Companies, Inc.
Product features, rider options and availability may vary by state. Riders may have other age-based limitations, qualifying conditions and/or administrative fees upon exercise.
Guarantees are based on the claims-paying ability of the issuing insurance company.
KEYWORDS: United States North America Connecticut
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