Today, life insurance buyers have a wide array of choices in the type of coverage that they can purchase. Many years ago, life insurance policies were fairly basic in that an individual would pay his or her life insurance policy premium, and then their beneficiary would have the benefit of knowing that they would receive the death benefit proceeds should the insured pass away while the policy was still in force.
Now, although life insurance still works in the same manner, policies are oftentimes purchased for certain purposes, such as for paying off one’s mortgage, the funding of a college education, or the payment of final expenses.
Final expense life insurance – also known as burial insurance – is a type of life insurance protection that is designed to pay out to one’s beneficiary so that the cost of the insured’s funeral and other related expenses can be paid off quickly, without putting one’s survivors into financial hardship.
Over time, the cost of a funeral has become quite expensive, and today it can oftentimes exceed $10,000 – especially when factoring in all of the related costs such as a burial plot, a headstone, flowers, transportation, and the memorial service itself. These are expenses that are typically due upon receipt – but that families and loved ones may not have on hand. This can make for a difficult situation, at an already emotional time. But by having a burial insurance policy, the expenses can be paid off immediately.
When buying burial life insurance or burial insurance for seniors, there are several factors that are important to keep in mind to ensure that the proceeds will be enough and that the plan will pay off as promised. First, it is always a good idea to check around and get a good estimate of how much funerals cost in your local area (or in the area in which you intend as your final resting place). All areas tend to differ – as well as do different services. For example, a traditional funeral and burial will have different costs as versus a cremation.
Another key factor when pricing burial insurance policies is the insurer that is underwriting the policy – even with all other criteria being equal. Therefore, you will want to ensure that the insurer is stable and strong from a financial standpoint and that it has a positive reputation for paying out its policyholder claims. One insurer that has had a stable reputation for many years is Phoenix Life.
Reviewing Burial Insurance Policies from Phoenix Life Insurance Company
Phoenix Companies, Inc. was founded as a life insurance company back in 1851. It is geared towards helping customers who are in the middle-income marketplace, as well as the mass affluent. The company is headquartered in Hartford, Connecticut, and it also has a customer service center in East Greenbush, New York. Phoenix Life has 600 employees, so in comparison to some of the larger life insurers, it is on the relatively small side.
The company makes customer service easy by providing lots of information on its website, including policy forms that can be downloaded. These include claims forms, life and annuity service forms, and even variable life and annuity prospectuses and reports.
The primary products that are offered by Phoenix Life include life insurance and annuities. On the life insurance side, Phoenix Life provides a wide range of different death benefit options, which include critical, terminal, and chronic illness options. These products are offered via licensed financial professionals throughout the U.S. Products are also available via a company called Saybrus Partners, Phoenix’s distribution subsidiary.
Although Phoenix Life has had a long reputation in the insurance and financial industry, it’s ratings are not exceptionally high. The company has been given a rating of B (Stable) by A.M. Best. This is 7th out of 16 possible rating levels. It has also been given a rating of B+ (Credit Watch) from Standard & Poor’s, which is 14th out of a total 21 possible rating levels. The company has also been downgraded recently by Fitch ratings from a BBB+ to a BBB.
For this reason, consumers may wish to consider other life insurance companies at this time, as these ratings indicate that the company is not as strong as some of the other life insurers that are in the marketplace today.
That being said, the company does continue to satisfy its financial obligations to its policyholders on a timely basis. And, because company ratings are just one way to evaluate an insurance company, it is important to view other components, such as the insurer’s statutory surplus as well.
Phoenix Life Insurance Company is not accredited with the Better Business Bureau (BBB). Therefore, there is no history of closed complaints or other related information that can be recalled from this particular source.
Regarding life insurance products that are offered by Phoenix Life, the Phoenix Remembrance Life product is a guaranteed issue life insurance policy that offers supplemental benefits. This plan is designed for protecting survivors, and it can be used as a burial insurance plan. Because of its simplified issue status, there is no medical exam to contend with. Therefore, even applicants who have various types of health-related issues may be able to obtain coverage through this particular policy. The purchase of this policy is available only via Phoenix Life’s select distribution partners.
The company offers additional life insurance policy types as well. These include the following:
- Phoenix Simplicity Index Life – This is an indexed universal life (UL) insurance policy that offers the policyholder a choice of different cash value accumulation options. This final expense plan provides a death benefit that offers the ability for policyholders to allocate their policy value in a fixed account and two indexed accounts. There is no medical examination to contend with to be approved for this product. Therefore, those applicants who may have various types of health-related issues may be able to qualify for coverage. Those who are seeking a permanent death benefit option, as well as the opportunity to accumulate cash value and the ability to earn potentially a higher amount of cash value crediting may find this particular plan appealing.
- Phoenix Indexed UL – The Phoenix Indexed UL policy is a flexible premium universal life (UL) plan that has a choice of various cash value accumulation options. This policy offers death benefit protection, along with the option of allocating policy value in a fixed account and/or two indexed accounts.
- Phoenix Accumulator UL – The Phoenix Accumulator UL policy is designed with a higher current cash value crediting rate, as well as an interest bonus feature. This plan may be a good fit for those who are seeking a permanent death benefit, as well as those who are seeking cash value accumulation and who also wish to minimize their long-term life insurance costs.
- Phoenix Benefit Choice VUL – The Phoenix Benefit Choice VUL plan is a flexible premium variable universal life insurance policy. This means that offers the flexibility of maximizing either the death benefit or the cash-value component of the policy. The policyholder is allowed to make the choice in which he or she wishes to grow.
It is important to note that at this time, Phoenix Life Insurance Company is not offering any new variable life insurance policies to clients.
How to Obtain Quotes for Burial Insurance Policies from Phoenix Life
In order to obtain quotes for burial insurance policies from Phoenix Life Insurance Company – or for any life insurance company – it is typically best to work in conjunction with an agency or a company that has access to more than just one life insurance carrier. This is because doing so will allow you to compare directly different insurers’ benefits, plans, and premium quotes – and then to determine which will work the very best for your specific needs and goals.
When you are ready to make your burial life insurance comparisons, we can help. We work with many of the top burial insurance companies in the marketplace today – and we can assist you in obtaining all of the important information that you need. We can do so quickly and conveniently. All you need to do to get the process started is use the form on this page. You will receive your quotes before you have to fill out any personal information.
Should you find that you have any questions along the way regarding burial insurance policies – or even any questions about life insurance in general – our experts will be happy to speak with you. We can be reached directly by phone, toll-free, by calling 888-389-8676. So, please feel free to contact us for a quote or for more information regarding the burial insurance protection that your loved ones can have to provide them with peace of mind. Give us a call today – we are here to help.
Other Life Insurance Company Reviews
Before you make your final life insurance purchase decision, make sure to look over all of our company reviews for your reference: