Phoenix Life Review – Life Insurance & Mortgage Protection Review!

Written by Buy Mortgage Protection

In this Phoenix Life review, we will help you understand more about this insurance company and if they are the right fit for your insurance needs. Phoenix Life Insurance Company is an insurance company that is a big player in the mortgage protection market. Phoenix Life is based out of Hartford, CT.

Phoenix Life has always focused on life insurance protection. Founded in 1851, Phoenix Life has a long history of providing life insurance and mortgage protection coverage.

Financial Strength

Phoenix Life has a B-Rating through A.M. Best.

A.M. Best is a third-party reporting and ranking company that is one of the most reputable of its kind.
A.M. Best has 15 rating categories, of which an “B” rating is the 14th highest. This rating was last updated on February 10, 2017.

The A.M. Best rating system says a lot about how Phoenix life does business and the quality of their company. Although not the highest rating through A.M. Best, this rating indicates they are to help the company and should reassure customers their mortgage protection and life insurance policies are sound.

Although not rated as high as other insurance companies, and an “A-Rated” insurance company would be preferable, Phoenix Life has many satisfied policyholders. Your mortgage protection or life insurance policy will be safe in the years to come with Phoenix Life.

Phoenix Life Mortgage Protection Review

If there ever was a mortgage protection policy that could be called “sexy,” Phoenix Life’s Safe Harbor Term Life Express would be it.

Safe Harbor Term Life Express is a great insurance product for people who don’t want to take a medical exam. Safe Harbor Term Life Express is a simplified issue, non-medical mortgage protection policy that goes up to Table 4.

This is an attractive mortgage protection policy for homeowners, because the living benefits built into this policy helps protect a homeowner, not only upon death, but when they become ill or unemployed.

Phoenix Life Safe Harbor Term Life Express features:

  • Simplified issue underwriting: no paramedical exam or Attending Physician Statement (APS)
  • No blood work or medical exams required.
  • Non-Tobacco and Tobacco risk classes (standard through table 4)
  • Ages covered: 18-80
  • Term periods and issue ages (last birthday):
    • 10 year: Ages 18-80
    • 15 year: Ages 18-70
    • 20 year: Ages 18-65
    • -0 year: Ages 18-55 (non-tobacco), Ages 18-50 (tobacco)
  • Term length: 10, 15, 20, and 30 years (availability based on your current age)
  • Face amounts: $25,000-$400,000 (availability based on your current age)
  • Included accelerated benefit riders – option to accelerate the death benefit if a serious illness occurs (where available):
    • Critical illness rider
    • Chronic illness rider
    • Terminal illness rider
    • Unemployment waiver of premium rider
  • Optional rider: Accidental Death Benefit

Underwriting for Phoenix Safe Harbor Term Life Express:

  • Simplified issue underwriting: no paramedical exam or Attending Physician Statement (APS);
  • Non-Tobacco and Tobacco risk classes (standard through table 4)
  • Phoenix Safe Harbor Term Life (non-Express)
  • Non-medical underwriting: no paramedical exam; APS in certain cases
  • Standard Non-Tobacco and Tobacco risk classes
  • Substandard ratings are available.

Term Conversions for Phoenix Life Safe Harbor Term Life Express:

Flexibility to convert term life insurance to permanent life insurance based on the duration of the policy:

  • 10-Year Term: Convertible in first 5 policy years
  • 15-Year Term: Convertible in first 7 policy years
  • 20-Year Term: Convertible in first 10 policy years
  • 30-Year Term: Convertible in first 10 policy years
  • Full and partial conversions are allowed.
  • Same underwriting classification as term product will apply.
  • No medical evidence is required.

The Phoenix Safe Harbor Term Life Express is a strong contender in the mortgage protection market with many features that homeowners find attractive. If you are considering a no exam mortgage protection life insurance policy, this product is a great place to start.

Many mortgage protection products only offer death benefit protection. The additional living benefit riders provided in the Phoenix Safe Harbor Term Life Express provide additional layers of living benefit financial protection for homeowners.

Phoenix Life Mortgage Protection Pros:

Being a nonmedical policy, having liberal underwriting guidelines, many attractive living benefits, and an unemployment premium rider makes the Safe Harbor Term Life Express an attractive mortgage protection policy.

If you want mortgage protection that is easy to apply for and easy to get approved for (as long as you meet the underwriting requirements for this insurance product), then the Safe Harbor Term Life Express is a fantastic product.

If due to age or health you don’t qualify for the Safe Harbor Term Life Express policy, then Phoenix Life has other permanent mortgage protection insurance products to help protect your home and family.

Phoenix Life Term Mortgage Protection Highlights:

  • Simplified issue – no medical exam needed
  • Face amounts that will protect most homeowners’ homes
  • Wide range of issue ages
  • Attractive included riders
  • Competitive rates

Safe Harbor Term Life Express Cons:

Although pricing is competitive for the Safe Harbor Term Life Express product, it is not the best-priced product available. If you are healthy, we have other insurance companies that will offer policies that get you referred to preferred plus insurance premiums versus the table 4 premium with Safe Harbor Term Life Express.

Their term insurance policies include health impairments up to Table 4. If you are healthy, these policies will be more expensive than other mortgage protection options. If you are healthy, we would help you find an insurance company that offers non-medical insurance coverage up to preferred and/or preferred plus.

Getting qualified for a preferred and/or preferred plus mortgage protection policy will result in much lower premiums than a table 4 rated life insurance product.

Being a B rated insurance company by A.M. Best, Phoenix Life puts itself behind many other A-Rated insurance companies that offer mortgage protection. This does not mean Phoenix Life is a poor company; it just means other A-Rated insurance companies have stronger financial health and reserves.

What Phoenix Life Term insurance product is best for mortgage protection?

Their term life product is most often used for mortgage protection. If you have a 15-year mortgage, a 15-year mortgage protection product is appropriate. If you have a 20-year mortgage, a 20-year mortgage protection product is appropriate. If you have a 30-year mortgage, a 30-year mortgage protection product is appropriate.

Other mortgage protection life insurance products offered by Phoenix Life

Phoenix life provides permanent life insurance protection that will protect homeowners longer than their term products.

Phoenix Life Simplicity Index Life

This is a flexible premium universal life policy providing choices for cash accumulation option. This Index Universal Life (IUL) provides clients the choice of where to allocate the policy value, either in a fixed account and/or in two indexed accounts.

Included riders (up to 95% of the death benefit if a serious illness occurs):

  • Critical Illness
  • Chronic Illness
  • Terminal Illness
  • This product offers a no-medical and simplified application process.

Phoenix Remembrance Life

This is whole life insurance product offers a simple, quick application process.

  • Issue ages: 30-80
  • Coverage amount: $10,000-$100,000 (based on age)

Included riders (up to 95% of the death benefit if a serious illness occurs):

  • Accelerated Benefit Riders – option to accelerate a portion of the death benefit if a serious illness occurs:
    • Critical Illness
    • Terminal Illness
    • Accidental Death Benefit Rider

Phoenix Life Permanent Insurance Products:

For people that cannot qualify for the Safe Harbor Term Life Express insurance product due to health issues or age, Phoenix Life offers other permanent insurance products to help homeowners protect their home and family.

Permanent insurance products are attractive to some homeowners, because as long as you pay the premiums, the policy will stay in force. For most permanent policies, the underwriting requirements are relaxed.

Some of the different permanent life insurance policies offered by Phoenix are:

  • Universal Life Insurance: This offers flexible premiums, a flexible death benefit, and the cash accumulation.
  • Indexed Universal Life Insurance: This offers you the ability to put your policy in either a fixed account or an index account.
  • Variable Universal Life Insurance: This offers flexible premiums and an interest accumulating policy.
  • Whole Life Insurance: Phoenix Remembrance Life offers guaranteed fixed premiums that will not change.

What is best for me, Term or Whole Life?

For mortgage protection, most homeowners choose a term insurance product to protect their home. Most home mortgages are 15, 20, or 30 year mortgages. Mortgage protection life insurance policies can be purchased for this number of years.

Term mortgage protection insurance products have premiums lower than whole life mortgage protection policies. Most families we work with have tight budgets and are looking for the greatest coverage to protect their home at the lowest cost. Term life mortgage protection achieves these goals wonderfully.

Many of our older customers cannot qualify for term life mortgage protection insurance, as they may have critical health issues. Many of our older customers cannot qualify for 20 or 30-year term mortgage protection policies due to their age. Many of our older customers need not cover the full mortgage amount as the surviving spouse will not stay in the home after they die.

Whole life mortgage protection is a perfect fit for our older customers in these situations.

What we do differently

Most mortgage protection is sold face to face in your home. We are a virtual business. This allows us to keep our overhead costs low and allows us to recommend the mortgage protection plans that get you the best pricing. Most mortgage protection companies and agents purchase your information as a “lead” after you send in mortgage protection letter that showed up in your mailbox.

We only work with people who approach us or who have found us on the internet. Because we are not paying money for your information, we don’t feel the need to sell you an overpriced plan, or a “one-size-fits-all” plan that makes healthy people pay more than they have to.

We have access to over 40 different insurance companies. We don’t work with just 3-4 insurance companies like most mortgage protection sales persons and agents. Our recommendations are personalized to your situation and your budget.

We do the shopping for you so that you don’t have to waste your time; we are specialists in mortgage protection. We won’t try to sell you a product that isn’t right for you, or that is too expensive for your budget.


We hope this Phoenix Life review helps you understand that Phoenix Life is a great insurance company. If you have health impairments, Phoenix Life’s mortgage protection plans are great products to consider. If you are in good to great health, we can help you get a better price with other insurance companies for mortgage protection.

We recommend you review your current mortgage protection and life insurance policies every 1-2 years. New insurance products come out yearly, with lower pricing or more favorable underwriting requirements. This means we can often save you money, even if your mortgage protection policy is 1-10 years old.

If you were sold an expensive mortgage protection policy or would like to see if you can get a better price, we are here to help you.


We work with individuals across the nation to secure the best mortgage protection rates.

This entry was posted in Insurance Company Reviews. Bookmark the permalink.

Leave A Reply