In addition to a death benefit, PHL Variable Insurance Company has built living benefits with critical, chronic and terminal illness accelerated riders into the Safe Harbor Term Life product for no additional premium.
PRODUCT: Term life insurance
COMPANY: PHL Variable Insurance Company
BEST RATING: B (Fair)
AVAILABILITY: Coverage is available via independent agents through Brokers Alliance.
FOCUS: PHL Variable Insurance Company (PHLVIC) has added Safe Harbor Term Life to its collection of life insurance products. In addition to a death benefit, the company built living benefits with critical, chronic and terminal illness accelerated riders into the product for no additional premium.
A member company of the Phoenix Life Insurance Companies, established in 1851, PHLVC is dedicated to helping financial professionals provide solutions to families, retired individuals and those on the cusp of retirement.
UNDERWRITING: Safe Harbor Term Life requires no paramedical exam. The underwriting process categorizes applicants into four bands: standard, substandard, tobacco and tobacco substandard. Importantly, the band does not change after PHLVIC issues the policy; if the policy is renewed upon the expiration of the term, the new premium will be based on the age of the applicant and the amount of insurance, rather than their then-current health.
Term durations vary with issue age as of the immediately previous birthday: 10-year level term is available between ages 18-80; 15-year level term is available between ages 18-70; 20-year level term is available between ages 18-65; 30-year level term is available between ages 18-55 (non-tobacco); and 30-year level term is available between ages 18-50 (tobacco).
PHLVIC determines the amount of insurance an insured may purchase according to their age at the time of issue: $50,000-$500,000 for ages 18-50; $50,000-$400,000 for ages 51-60; $50,000-$300,000 for ages 61-70; and $50,000-$150,000 for ages 71-80.
Safe Harbor Term can fill a gap in an independent agent’s portfolio of life insurance products, according to Charles Truhlar, national sales director of Brokers Alliance Inc., PHLVC managing agent. Specifically, the living benefit features and the absence of a paramedical examination requirement make the product convenient for both client and agent, Truhlar says.
MINIMUM PREMIUM: None.
TARGET: Middle- and high-income retirees or those nearing retirement.
COVERAGE TERRITORY: All U.S. states except Maine and New York.
CONTACT: Charles Truhlar, national sales director; Brokers Alliance Inc., 16930 E. Palisades Blvd., #100, Fountain Hills, AZ 85268; 800-290-7226, ext. 160.
Ronimarie Acord is an IA contributor.
