The Phoenix Companies has introduced a whole life insurance product, Phoenix Remembrance Life to replace income and carry on family traditions, marking a significant expansion to its life distribution and administrative capabilities.
Designed to provide final expense coverage and an income stream death benefit for a beneficiary, Phoenix Remembrance Life includes riders to have advance benefits in case of critical or terminal illness or increase benefits in the case of accidental death.
Additionally, the product provides optional riders to help insureds continue to be part of children's and grandchildren's lives even after their death while providing extra income to surviving spouses.
The Phoenix Companies vice president and product officer Michael Donovan said that the product has been designed to provide a variety of benefit options that would be attractive to middle market consumer.
"We structured the product in some unique ways, including flexibility up front between lump sum and income death benefits as well as innovative riders, such as the education benefit," Donovan added.
The resulted permanent life insurance policy will address multiple needs, while remaining affordable to consumers in this demographic, Donovan added.
