2024 Phoenix Life Burial Insurance Review – Pros & Cons
last updated on July 22, 2024If you’re looking for a Phoenix Life burial insurance review, you’ve come to the right place. Phoenix Life, now known as Nassau Re, offers burial insurance plans.
If you’re interested in learning more about their burial insurance product and what options are available depending on your health, keep reading.
Our Phoenix Life burial insurance review will help you learn the positive and negative aspects of their final expense product, Phoenix Remembrance Life. Ultimately, you can decide if their product is right for you.
| PHOENIX LIFE FUNERAL FUNDS 5-STAR RATING | |
|---|---|
| First-day Coverage | ★★★★★ |
| Ease of Approval | ★★★ |
| Coverage Amount | ★★★★★ |
| Pricing | ★★ |
| Riders | ★★★★★ |
FOR EASIER NAVIGATION:
- Does Phoenix Life Offer First-day Coverage?
- Pros of Phoenix Life Burial Insurance
- Cons of Phoenix Life Burial Insurance
- Phoenix Life Burial Insurance Products
- Phoenix Life Burial Insurance Riders
- When Does Phoenix Life Burial Insurance Make the Most Sense?
- Phoenix Life Underwriting Guidelines
- Phoenix Life Pricing Examples
- Getting Approved for Phoenix Life Burial Insurance
- The Best Payment Option
- Phoenix Life Company Overview
- How Can Funeral Funds Help Me?
Does Phoenix Life Offer First-day Coverage?
YES, Phoenix Life has a burial insurance plan that offers first-day coverage, but they tend to be more expensive than other companies.
If you qualify, their Phoenix Remembrance final expense plan will cover you from day one. Once approved, the company will pay a 100% death benefit when you pass away.
Pros Of Phoenix Life Burial Insurance
Higher face amount option – maximum coverage depends on your age
First-day full coverage – to some medical impairments like mental disorders such as anxiety disorders, Bipolar disorder, depression, nervous disorder, and seizures.
Simplified application process – the whole application can be made over the phone in less than 15 minutes.
Cons Of Phoenix Life Burial Insurance
Not competitively priced – compared with other non-medical exam burial insurance companies. Other companies are priced much lower than this plan.
Five years lookback period – on alcohol and drug use
Designed for healthier individuals – significant medical conditions will not qualify for a first-day coverage plan.
Phoenix Life Burial Insurance Products
The Phoenix Life burial insurance product is called Phoenix Remembrance Life. It is whole life insurance with simplified underwriting. Applicants are not required to take a medical exam or submit a blood or urine sample.
Phoenix Remembrance is offered to people ages 30 to 80. The age is based on your last birthday. The amount of coverage ranges from $10,000 to 100,000. The coverage amount decreases by age. This burial insurance plan offers complete coverage from the first day and no waiting period.
PHOENIX REMEMBRANCE LIFE FEATURES:
Simplified issue – no medical exam required
Whole life – coverage does not expire
First-day coverage – no waiting period
Coverage Amount Available:
- Ages 30–59 can get $10,000–$100,000
- Ages 60–69 can get $10,000–$75,000
- Ages 70–80 can get $10,000–$50,000
Premium payment options: Monthly bank draft, Quarterly, Semi-annual, or Annual.
Phoenix Remembrance is a whole life policy with a cash value component accumulating over time. Your plan will not expire as long as you keep paying the premium. Most burial insurance companies’ coverage amounts max at $35,000, but Phoenix offers a maximum of $100,000 to younger applicants.
Phoenix Life Burial Insurance Riders
Terminal Illness Rider – this accelerated death benefit rider is included in the burial insurance at no additional fee. You can accelerate a portion, usually up to 95% of your death benefit, if you get a terminal illness diagnosis or a life expectancy of 12 months or less.
Critical Illness Rider – advances up to 95% of the death benefit amount if you are diagnosed with any critical illness such as stroke, heart attack, kidney failure, cancer, ALS, or major organ transplant.
Accidental Death Benefit Rider – this rider will pay an additional lump-sum amount equal to 100% of your face amount if you die from an accident. To be eligible, you must be under age 65 when applying. This benefit ends when you turn 75 years old.
OPTIONAL RIDERS
Education Benefit Rider – helps pay college education expenses for children or grandchildren after the insured’s death. This rider provides up to 4 annual installments between the beneficiary’s 18th and 22nd birthday.
To receive payments, the beneficiary must provide annual written verification of attendance at a federal-aid eligible college or university. Full-time active-duty enlistment in the military may also meet the attendance requirement.
Payment will stop if the beneficiary fails to provide annual verification or after the four-yearly payments have been made. You can add up to 5 education benefit riders.
Income Protection Lifetime Income Rider – this rider will provide the beneficiary with a reliable lifetime income after the insured’s death. Monthly payments begin after the insured dies and continue until the beneficiary passes away.
Income Term Rider – for younger age clients during their working years. This rider helps replace employment income lost due to the insured’s death. This rider provides a monthly income stream to the beneficiary until age 65. Monthly payments begin after the end of the insured life or the beneficiary’s 65th birthday or death.
Continuing Family Traditions Legacy Rider – this rider helps to keep birthday traditions between the insured and their children or grandchildren. It provides annual birthday gift money to the beneficiary.
The payments begin until the beneficiary’s birthday after the insured’s death and continue until the beneficiary’s 22nd birthday or death. You may choose to add five legacy riders to your policy.
OTHER BENEFITS:
POLICY LOANS – you can borrow up to 100% of your cash value. This is tax-free. Loans reduce your cash value amount and are subtracted from your death benefit. The interest on policy loans varies by state.
When Does Phoenix Life Burial Insurance Make The Most Sense?
Buying Phoenix Life makes the most sense if you have some of these medical impairments:
- Mental disorders include anxiety disorders, bipolar disorder, depression, and nervous disorder.
If you have any of these conditions, you will still qualify for a first-day coverage plan with Phoenix Life.
Phoenix Life’s burial insurance excels over the other companies by providing extra riders at no additional cost. Terminal and critical illness riders are essential, especially for seniors.
Phoenix Life Underwriting Guidelines
Applicants are required to answer health questions as part of the underwriting process.
Your answers to the health questions will be validated through:
- Prescription history record
- Medical Information Bureau file
- Department of Motor Vehicle record
- TeleInterview response
Phoenix Life also has a height and weight chart to provide their final expense product’s maximum height and weight ratio. If the applicant is near the high end of these limits and has other health issues, they may not qualify for coverage.
HEALTH QUESTIONS
If any of the following answers YES, the application should not be completed or submitted.
1. Are you currently hospitalized, or do you require the assistance of another person in performing any of the following activities of daily living: bathing, dressing, toileting, eating, walking, or continence? (Yes – No)
2. In the past 12 months, have you been confined to a nursing facility or received hospice care, or have you used oxygen equipment to assist in breathing? (Yes – No)
3. Have you been diagnosed by a licensed member of the medical profession as having a terminal illness (life expectancy of 12 months or less)? (Yes – No)
4. Have you ever been diagnosed, treated, tested positive for, taken medications, or been prescribed medications for, or been given medical advice by a licensed physician or other health care provider for:
a. Acquired Immune Deficiency Syndrome (AIDS), or any immune deficiency-related disorder or tested positive for Human Immunodeficiency Virus (AIDS Virus)? (Yes – No)
b. Alzheimer’s, Parkinson’s disease, muscular dystrophy, schizophrenia, dementia, Lou Gehrig’s disease (ALS), Huntington’s disease, or Down syndrome? (Yes – No)
c. Aneurysm, stroke/TIA, cirrhosis, cystic fibrosis, hemophilia, systemic Lupus, amputation due to disease, hepatitis B or C, organ transplant, non-Hodgkin’s lymphoma, or kidney (renal) failure or dialysis? (Yes – No)
d. Angina (chest pain), coronary artery disease, heart attack/myocardial infarction, congestive heart failure (CHF), cardiomyopathy, pulmonary hypertension, pulmonary fibrosis, heart disease, heart surgery (including bypass, angioplasty, heart valve replacement, or defibrillator) or any other type of heart or circulatory disease? (Yes – No)
e. Leukemia, multiple myeloma, or more than one occurrence of metastasis (spreading) of cancer (excluding basal cell or squamous cell skin cancer)? (Yes – No)
5. In the past two years, have you been diagnosed, treated, tested positive for, taken medications, or been prescribed medications for, or been advised by a licensed physician or other health care provided for:
a. Any form of cancer (excluding basal cell or squamous cell skin cancer)? (Yes – No)
b. Insulin shock, diabetic coma, eye or kidney (renal) problems due to complications from diabetes? (Yes – No)
6. In the past 12 months, have you been scheduled or advised by a licensed member of the medical profession to have any diagnostic tests (excluding Human Immunodeficiency Virus or Acquired Immune Deficiency Syndrome test) or surgery that has:
a. Not yet been performed? (Yes – No)
b. Been performed but for which the results have not been received? (Yes – No)
c. Resulted in abnormal results but for which no diagnosis has been received? (Yes – No)
7. In the past five years, have you received medical treatment or counseling for, or been advised by a physician to discontinue, the use of alcohol or prescribed or non-prescribed drugs? (Yes – No)
8. In the past five years, have you used heroin, cocaine, a narcotic, a barbiturate, a hallucinogen, methamphetamine, or any other illegal drug except as prescribed by a licensed physician or medical practitioner? (Yes – No)
9. In the past five years, have you been convicted or pled guilty to any felony charge? (Yes – No)
10. Are you currently under the supervision, custody, or control of any state or federal authority as the result of a felony conviction or guilty to felony charges? (Yes – No)
11. Are you presently involved in a bankruptcy that has not yet been discharged? (Yes – No)
Phoenix Life asks about tobacco or nicotine product use in the application. The tobacco or nicotine products used, including e-cigarettes in the previous 12 months except for occasional cigar or pipe less than six times a year, will put you in the tobacco rate.
Phoenix Life Pricing Examples
| FEMALE AGE | $10,000 | $15,000 | $20,000 | $25,000 | |
|---|---|---|---|---|---|
| 50 | $30.00 | $37.88 | $49.12 | $56.22 | |
| 55 | $31.86 | $42.01 | $54.63 | $63.10 | |
| 60 | $36.46 | $52.62 | $68.78 | $80.79 | |
| 65 | $43.47 | $63.13 | $82.80 | $98.31 | |
| 70 | $55.26 | $80.82 | $106.37 | $127.78 | |
| 75 | $75.09 | $110.56 | $146.04 | $177.36 | |
| 80 | $110.24 | $163.29 | $216.34 | $265.24 |
| MALE AGE | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| 50 | $31.33 | $43.16 | $56.16 | $65.02 |
| 55 | $35.72 | $51.51 | $67.50 | $78.94 |
| 60 | $43.27 | $62.84 | $82.40 | $97.82 |
| 65 | $55.84 | $81.68 | $107.53 | $129.23 |
| 70 | $72.74 | $107.04 | $141.34 | $171.49 |
| 75 | $100.76 | $149.07 | $197.39 | $241.55 |
| 80 | $146.92 | $218.30 | $289.69 | $356.93 |
Getting Approved For Phoenix Life Burial Insurance
| BURIAL INSURANCE APPLICATION PROCESS | |
|---|---|
| Rates & coverage | Agent can help provide help with this |
| Underwriting | Agent will help you qualify for the best plan |
| Beneficiary | You determine who will get your death benefit |
| Application | Agent submits application to insurance company |
| Approval | Congratulations on your new policy! |
| Policy start date | Policy active after 1st payment date |
| Policy delivery | 7-10 business days after first draft date |
The Best Payment Option
| PAYMENT METHOD | RECOMMENDED? |
|---|---|
| Savings Account | Best way to pay |
| Checking Account | Best way to pay |
| Cash | Not recommended |
| Money Order | Not recommended |
| Cashier's Check | Not recommended |
| Debit Card | Not recommended |
| Credit Card | Not recommended |
| Direct Express | Not recommended |
| PAYMENT FREQUENCY | RECOMMENDED | ACCEPTED BY |
|---|---|---|
| Monthly | Recommended | All Companies |
| Quarterly | Not Recommended | Some Companies |
| Semi-annually | Not Recommended | Some Companies |
| Annually | Not Recommended | Some Companies |
Phoenix Life Company Overview
The Phoenix Companies, Inc. started as an American Temperance Life Insurance Company in Hartford, Connecticut, in 1851. They initially provided life insurance to those who abstained from drinking alcohol.
In 1860, American Temperance changed its name to Phoenix Mutual Life Insurance and began to offer life insurance to everyone else. They started providing affordable insurance rates for women in 1955 when they said women live longer than men.
In 1957, they offered group life insurance and health insurance plans.
By 1967, they began offering lower rates for non-smoker applicants. Phoenix Life and Home Life merged in 1992, making them in the top 25 life insurance companies in the U.S.
Phoenix became a stock company in 2001, known as The Phoenix Companies, Inc. In 2015, Nassau Re. acquired the company, improving the liquidity and financial strength of the organization. By 2018, Phoenix rebranded as Nassau Re. Phoenix Life continues to provide insurance solutions for the middle market.
PHOENIX LIFE FINANCIAL RATINGS
One of the most important things to consider when buying burial insurance is the company’s financial ratings. This rating shows the company’s financial stability and ability to pay policyholders’ claims promptly.
Here’s Phoenix Life’s financial rating from top rating agencies in the country:
- A.M. Best rating – B or stable
- Standard and Poor’s rating – B+
- Better Business Bureau rating – A+
Even though Phoenix Life is not an A-rated company, they had a long history of satisfying its financial obligations to its policyholders. Their high ratings from BBB indicate superior customer service.
How Can Funeral Funds Help Me?
Finding a policy if you want Phoenix Life burial insurance needn’t be frustrating; working with an independent agency like Funeral Funds will make the process easier and quicker.
We will work with you every step to find the plan that fits your financial requirements and budget. You don’t have to waste your precious time searching for multiple insurance companies anymore because we will do the work for you.
We work with many A+ rated insurance carriers that specialize in covering high-risk clients like you. We will search all those companies and match you with the best burial insurance company that gives the best rate.
We will assist you in securing the coverage you need at a rate you can afford if you are looking for Phoenix funeral insurance, Phoenix burial insurance, or Phoenix life insurance.
Fill out our quote form on this page or call us at (888) 862-9456, and we can give you an accurate quote.
