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.

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.

Phoenix also has developed a new Alternate Surrender Value rider for the Phoenix Accumulator II policy for customers who will put in at least $100,000 during the first year that the policy is in effect.

The Phoenix Estate III policy is a survivorship policy that offers a guaranteed death benefit along with a choice of guarantee periods. Customers who buy it can also get an Alternate Surrender Value rider.

Phoenix will write the policies in New York and Maine through Phoenix Life Insurance Company, East Greenbush, N.Y.

In the rest of the country, Phoenix will write the policies through PHL Variable Insurance Company, Hartford.

Death-benefit guarantees and other policy guarantees are based on the claims-paying ability of the issuing carriers.