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Phoenix Launches New Distribution Agreement with National Agents Alliance
Posted February 6, 2012
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Redesigned Simplified-Issue, Indexed Universal Life Insurance Product to be Sold Through Select Distributors
HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE: PNX) today announced a distribution agreement with National Agents Alliance (NAA) under which NAA agents can offer the redesigned Phoenix Simplicity Index Life product to their client base. Phoenix Simplicity Index Life (IUL) is a simplified-issue, indexed universal life insurance product that provides universal life insurance protection with an attractive ability to build cash value. Phoenix said it will seek a limited number of additional distributors for Phoenix Simplicity Index Life throughout 2012.
"We have been working with National Agents Alliance for the past year developing this working relationship as well as redesigning the Phoenix Simplicity Index Life product," said Biff Baker, National Sales Manager - Life Independent for Saybrus Partners, Phoenix's distribution subsidiary. "NAA has shown both commitment and excitement in re-launching the Phoenix Simplicity Index Life product to the marketplace. Both organizations are confident this product offers great value while meeting continually changing consumer needs."
This redesigned product contains several features that make it attractive to consumers. Most notably, the simplified issue format allows the entire underwriting process to be covered with a limited number of questions, routine database checks and no invasive blood or lab tests, versus the much lengthier standard underwriting process. Phoenix Simplicity Index Life is the only product of its kind offered to individual consumers.
"We are very excited to bring the Phoenix Simplicity Index Life product to the NAA platform," said Andy Albright, President & CEO of National Agents Alliance. "We believe this product's unique set of features, including cash accumulation potential without the risk of loss due to market downturns, will resonate with those seeking a simpler and more flexible life insurance solution."
Phoenix Simplicity Index Life offers permanent death benefit protection for those concerned about the financial security of a loved one, plus the additional advantage of an indexed feature. Since index credits are linked to the performance of the S&P 5001 Index, clients are given the potential for higher earnings compared to fixed current interest rates, in addition to protection against market downturns. Interest and crediting rates are declared by Phoenix at the beginning of each index "segment" and are subject to change.
Consumers can exchange pre-existing life insurance policies with Phoenix Simplicity Index Life, a process known as a 1035 Exchange, after consulting with a professional tax advisor regarding any tax consequences this process may produce. If an exchange is suitable, the consumer can trade in an existing policy for a more affordable one or add a cash value component to their policy for loans and/or withdrawals.
To learn more about Phoenix Simplicity Index Life and other Phoenix Companies life insurance and annuity products, agents, financial advisors and other distributors can contact the Saybrus Sales Desk at (888) 794-4447 option 1.
1 Standard & Poor's®," "S&P®," "S&P 500®," "Standard & Poor's 500" and "500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Phoenix Life Insurance Company and its affiliates. This policy is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing this policy. The values of the S&P 500 Index used in this product exclude dividends.
Guarantees are based on the claims-paying ability of the issuing insurance company.
Phoenix Simplicity Index Life (08IUL) is issued by PHL Variable Life Insurance Company (PHLVIC) (Hartford, CT). PHLIVC is not authorized to conduct business in New York and Maine. In New York and Maine, Phoenix Simplicity Index Life is issued by Phoenix Life Insurance Company (East Greenbush, NY). For California residents: Saybrus Partners, Inc. (dba Saybrus Partners Insurance Agency in California), CA License # 0G81229. Members of The Phoenix Companies, Inc.
ABOUT PHOENIX
The Phoenix Companies, Inc. (NYSE:PNX) is a boutique life insurance and annuity company serving customers' retirement and protection needs through select independent distributors. Headquartered in Hartford, Connecticut, Phoenix has a history of keeping its promises since 1851.
Phoenix's distribution company, Saybrus Partners, Inc. helps institutions and financial professionals nationwide deliver added value to their clients with dedicated support, product expertise and personalized insurance solutions for basic protection, as well as policy recommendations for estate, business and income planning. For more information, visit www.saybruspartners.com and www.phoenixwm.com.
Saybrus does not provide tax or legal advice. In California dba Saybrus Partners Insurance Agency, CA license #0G81229.
ABOUT NATIONAL AGENTS ALLIANCE
National Agents Alliance is an innovative lead generation and marketing organization that sells life insurance, annuities, and other financial services products through more than 7,000 active independent sales representatives in 50 states. Focused on serving middle-income families, National Agents Alliance is the No. 1 United States provider of mortgage protection insurance and offers a broad array of other affordable products from highly regarded companies. Since its inception in 2002, National Agents Alliance has helped more than 800,000 families successfully apply for more than $87 billion in life insurance coverage.
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