The Phoenix Companies announced it has added term life insurance to its product offerings, Phoenix Safe Harbor Term Life and Phoenix Safe Harbor Term Life Express.
It also announced expansion into call center distribution through LifeQuotes.com for Term Life Express, complementing its traditional distribution through independent marketing organizations (IMOs).
"Adding term life to our middle market insurance portfolio is an important step for Phoenix as we also launch a call center distribution capability," said Thomas M. Buckingham, executive vice president, Product and Operations.
Phoenix Safe Harbor Term Life includes riders that can provide accelerated death benefits in case of chronic illness, critical illness or terminal illness, and a waiver of premium in case of unemployment. An optional accidental death benefit rider is also available for an additional premium. It is available in 10-, 15-, 20- and 30-year term periods to insureds from age 18 to between 50 and 80 at the time of issue, depending on the term length and tobacco use.
Term Life Express offers the same benefits but uses simplified issue underwriting, with immediate underwriting decisions available via a teleunderwriting service. Face amounts for Phoenix Safe Harbor Term Life range from $50,000 to $1 million depending on issue age and underwriting band, while Term Life Express offers face amounts ranging from $25,000 to $400,000 depending on issue age.
Features of Phoenix Safe Harbor Term Life and Term Life Express include:
Critical illness, chronic illness and terminal illness riders, available at no additional premium, that give insureds the option to advance up to 95% of their death benefit in the event of a serious illness. The death benefit is reduced by the benefit amount that is accelerated, and future premiums are reduced proportionally to the remaining death benefit. The actual amount received is discounted based on the insured’s condition and life expectancy.
Unemployment rider, automatically included for issue ages 18 to 60 at no additional cost, waives six months worth of premium if the insured becomes unemployed for at least four weeks. This rider is subject to a 24-month waiting period from the date of issue and must be elected within 90 days of qualifying, which is defined as receiving state or federal employment benefits.
Optional accidental death benefit rider, which requires additional premium, must be elected at issue and is available to insureds under age 65 at time of issue and terminates at the insured’s age 70.
Phoenix Safe Harbor Term Life and Term Life Express are being distributed through select Independent Marketing Organizations including Brokers Alliance, Inc., Shoreline Financial Group and National Agents Alliance.