The Phoenix Companies has announced that through its subsidiary, Phoenix Life Solutions, it will enter the life insurance settlements business with a focus on customer value and full transparency on commissions and fees.
Phoenix Life Solutions will work with four brokerage general agencies across the country to originate life settlements, or purchase unwanted or unneeded life insurance policies from policy owners in exchange for an immediate cash settlement.
Dona Young, chairman, president and CEO of Phoenix Companies said that Phoenix Life Solutions will adhere to strict industry guidelines and settle only those policies that were purchased to meet insurance needs and insurable interest standards. The company will not settle ‘investor-initiated’ policies.