A first-to-die universal life policy is targeting couples or small-business partners who have cash flow or liquidity-on-first-death concerns.
Called Phoenix Joint Advantage Universal Life, the policy is issued by life insurance subsidiaries of the Phoenix Companies Inc., Hartford.
The contract covers 2 lives under one UL policy and one premium payment and pays a death benefit on the first death.
A survivor purchase option rider allows the surviving spouse or business partner to buy a new Phoenix policy at the first death with no evidence of insurability, the company says.
Other features include: