The Phoenix Companies, Inc. (NYSE: PNX) today announced the launch of Phoenix Remembrance Life SM , 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 BenefitsPhoenix 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.