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.
Technology Tool Supports Agent Sales ProcessThe 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. About Phoenix The Phoenix Companies, Inc. (NYSE: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. BPD38655