The Phoenix Companies Inc. (NYSE: PNX) has unveiled indexed universal life insurance product that uses a streamlined application process and simplified issue underwriting.
Called Phoenix Simplicity Index Life, the policy is issued by two Phoenix member companies–PHL Variable Life Insurance Company, Hartford, and, in New York and Maine, by Phoenix Life Insurance Company, East Greenbush, N.Y.
The contract is a flexible-premium UL policy offering permanent death benefit protection, cash value buildup, and interest crediting linked to the performance of the S&P 500 Index.
The simplified application and underwriting process allows the policy to be issued faster than a full medically-underwritten policy, says the company. Eligibility for coverage is based on answers to questions on a short form, the company says.
Other features:
- Interest and crediting rates are declared by Phoenix at the beginning of each index "segment" and are subject to change.
- The policy offers access to the cash value through tax-free withdrawals or fixed policy loans for up to 100% of cash surrender value.
- The surrender charge schedule declines over the first 10 years.
- Premiums can be allocated to one fixed and two indexed account options.
