Phoenix Life Insurance Review [2021]

Nassau Re repurchased the Phoenix Life Insurance Company in 2015, but you can still access Phoenix Life insurance quotes. Phoenix Life provides annuities, permanent life, and term life insurance. You can buy affordable Phoenix Life insurance quotes under the right conditions. The company's current A.M. Best rating is B+.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Jul 19, 2021

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Quick Facts

  • Phoenix Life was sold to Nassau Reinsurance Group in 2015
  • You can buy annuities, term life, and permanent life insurance from Phoenix Life
  • Phoenix Life Insurance Company has a B+ rating under A.M. Best

If you were searching for the Phoenix Life insurance website, you won’t find it. Nassau Reinsurance Group acquired Phoenix Life after purchasing the insurance company in 2015. However, you can still buy Phoenix Life insurance from Nassau Reinsurance.

Some Phoenix Life agents are still around, which gives you an opportunity to get Phoenix’s term life insurance quotes. Our guide explains everything you need to know about Phoenix Life insurance products, monthly rates, third-party ratings, and more.

Comparing life insurance companies is important, but why stop at just the Phoenix Life Insurance Company? Enter your ZIP code in our free comparison tool to compare rates from the best companies in your area.

What does Phoenix Life offer?

As the name suggests, Phoenix Life provides life insurance. In addition to term life and permanent life insurance, you can buy annuities. However, you can’t buy annuities directly from Phoenix Life since it was acquired by Nassau Reinsurance Group.

Phoenix Life insurance quotes are still available through agents across the United States. Therefore, you’ll likely receive a brochure, email, or policy under the Nassau name.

Here are the life insurance policies that are available at Phoenix Life.

  • Nassau Re / Phoenix Simplified Issue (SI) Safe Harbor Term
  • Nassau Re / Phoenix Remembrance Life

SI Safe Harbor Term has two different versions: Non-Express and Express. Non-express means your life insurance application can be approved between three and 14 days. On the other hand, Express will issue a term life policy within 24 hours.

Phoenix Life (Nassau Re) policies are no-medical-exam life insurance policies with living benefits. However, express and non-express term life policies have different limits.

While both companies provide up to 30 years for term life policies, the express option has a minimum coverage limit of $25,000 and a maximum coverage limit of $400,000. Non-express limits are $50,000 minimum and $500,000, respectively.

The Remembrance Life policy is Phoenix Life’s version of permanent life insurance. There aren’t dividends with this policy, but it does generate a guaranteed cash value that increases every year.

Are there any additional features to Phoenix Life insurance policies?

When you buy a Phoenix Life policy, you receive accelerated benefits and unemployment riders. The accidental death benefit rider is optional. If you have Phoenix Life’s Remembrance policy, you’ll get a critical illness & terminal illness rider and an accidental death benefit rider.

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How much are Phoenix Life insurance rates?

Affordable Phoenix Life insurance is probably what you’re targeting when you search for the company. Cost-efficient life insurance is essential. A policy that’s too expensive makes it difficult for your finances.

Accordia Life vs. SBLI Average Monthly Life Insurance Rates for Women (Non-Smokers)
Age of Female Non-SmokerAccordia Life Average Monthly Rates $100,000/20-yearSBLI Average Monthly Rates $100,000/20-year
25$10.68$8.67
30$10.77$8.75
35$11.57$9.07
40$13.71$11.05
45$17.53$14.05
50$23.85$19.31
55$33.38$26.76
60$52.51$39.41
65$95.68N/A
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These are just sample rates, but how these rates are determined is universal across life insurance companies. Smokers pay more for life insurance, while non-smokers pay less expensive rates.

Is Phoenix Life a good company?

That depends on your point of view. We compiled some advantages and disadvantages you could face with a Phoenix Life insurance provider. Let’s compare them before we go into the company’s third-party ratings.

Accordia Life vs. SBLI Average Monthly Life Insurance Rates for Men (Non-Smokers)
Age of Male Non-SmokerAccordia Life Average Monthly Rates $100,000/20-yearSBLI Average Monthly Rates $100,000/20-year
25$11.93$9.50
30$12.28$9.50
35$12.28$9.72
40$16.02$11.64
45$422.16$17.14
50$30.79$23.59
55$46.10$36.31
60$75.38$61.63
65$166.88N/A
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Since Phoenix Life Insurance Company was sold in 2015, it’s difficult to determine whether it’s a good company or not. When it was a stand-alone company, it carried an A.M. Best rating of B+. The S&P rated Phoenix Life as BB.

According to A.M. Best, these are good ratings. However, the ratings may appear shabby to customers when you compare Phoenix Life to other companies.

Although these ratings reveal Phoenix Life’s financial strength and credit ratings, it also shows how Phoenix Life responds to insurance obligations. Many Phoenix Life Insurance Company reviews detail how the life insurance provider had issues in the past as well.

What is Phoenix Life Insurance Company’s history?

Phoenix Life was known as American Temperance Life Insurance Company, which was established in 1851. By 1860, American Temperance Life changed its name to Phoenix Mutual Life Insurance Company.

From 1906 to 1992, Phoenix Life grew its assets to $11 billion when it merged with Home Life Insurance Company. Phoenix continued merging with other subsidiaries until 2011.

In 2015, Nassau Re bought the company for $217.2 million.

Who is Nassau Re? Nassau Life Insurance Company is relatively new. It started in 2015. Most of the Phoenix companies are under the Nassau Insurance Group Holdings, L.P.

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Phoenix Life Insurance: The Bottom Line

Nassau Re holds all Phoenix Life assets and operations. Therefore, your Phoenix Life policies will be attached to Nassau. The company is still based in Hartford, Connecticut. Nassau hasn’t made any significant changes since buying Phoenix Life companies.

If you’re having second thoughts about Phoenix life insurance, you can compare multiple companies by entering your ZIP code in our free online quote tool to find reliable life insurance policies in your area.

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