NU Online News Service, March 26, 2003, 3:02 p.m. EST – The Phoenix Companies Inc., Hartford, has introduced Phoenix Protector Term-30, a term life insurance policy that lets purchasers lock in current premium levels for periods of up to 30 years.
The policy is similar to two older Phoenix policies that guarantee level premiums for periods of 10 years and 20 years.
Phoenix is selling the new 30-year policy to applicants between the ages of 18 and 50.
The minimum face amount is $250,000, and Phoenix will offer discounts on policies with face amounts over $1 million.
Phoenix notes that the guarantees are based upon the claims-paying ability of the Phoenix subsidiaries that are writing the policies.
The subsidiaries are PHL Variable Insurance Company and Phoenix Life Insurance Company.