Aug. 18, 2009 (Business Wire) -- The Phoenix Companies, Inc. (NYSE: PNX) today introduced Phoenix Joint Advantage Universal Life (UL), a first-to-die universal life insurance product for two lives that features flexible premiums and cash accumulation, giving customers vital insurance protection and the opportunity to grow their cash values.
Phoenix Joint Advantage UL, the first of its kind, is designed to appeal to couples or small business partners who are concerned about cash flow or liquidity on the first death. For businesses, its primary use is protecting each partner’s interest for buyout purposes.
This policy covers two lives under one policy and one premium payment. It pays a death benefit on the first death, and, if clients add the Survivor Purchase Option Rider to their policy, the surviving spouse or business partner will be able to buy a new Phoenix policy at that time with no need for medical evidence of insurability. With a Phoenix Joint Advantage UL policy, customers can meet their need for dual income replacement and stable accumulation at a cost they can afford.
"Phoenix Joint Advantage UL is an important addition to our product portfolio because, for many clients, it's a significantly cost-effective alternative to the expense of two standard UL policies," said Tom Buckingham, senior vice president, Product Development, Life and Annuity. "At a time when conserving your working capital is especially important, a life insurance solution that actually saves money is truly a valuable asset.”
"We heard from advisors that in today’s volatile markets, their clients want insurance products that offer an economical approach coupled with flexibility and an opportunity for steady cash accumulation. Phoenix Joint Advantage UL delivers on both counts," Buckingham said.
Phoenix Joint Advantage UL is highly cost effective compared to two individual UL policies. For example, a male and a female, both age 45 with face amounts of $1 million and a preferred plus risk class, would pay an annual premium cost of $12,103 for two individual UL policies. The annual premium cost for one Phoenix Joint Advantage UL Policy with Survivor Purchase Option Rider is $10,193, creating annual savings of 16 percent over two individual policies*.
Phoenix Joint Advantage UL is also very flexible, with features that include flexible premiums that allow clients to decide when and how much they want to pay. Depending on their needs, couples or business partners can elect to have different amounts of coverage on the two people being ensured. Clients can also choose either a fixed death benefit equal to the policy’s face amount or an increasing death benefit that equals the policy’s face amount added to its cash value.
