NU Online News Service, June 20, 2003, 11:43 a.m. EDT – The Phoenix Companies Inc., Hartford, is updating three universal life policies.
The new versions are the Phoenix Protector Universal Life II, Phoenix Accumulator Universal Life II and Phoenix Estate Legacy III UL policies.
Phoenix Protector II offers a discount on guaranteed death benefits for customers who put in large amounts of cash during the first year that the policy is in effect. Planners can use the policy with credit shelter trusts that have been funded with a client’s estate tax exemption, Phoenix says.
Customers also can buy a Guarantee Extension Rider that makes the guaranteed death benefit available for the life of the insured.
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The Phoenix Accumulator II policy is designed for customers who want to minimize long-term insurance costs, Phoenix says. Phoenix can issue the Phoenix Accumulator II policy to clients up to age 90, and it will automatically include a rider for coverage after age 100 for clients up to age 75.