Phoenix Life No Longer Issuing New Life Insurance Policies: What You Need to Know
Back in August of 2019, we shared some major changes that were expected down the pipeline regarding price increases on Life Insurance. With the looming uncertainty that hangs over the country as we navigate through Covid-19, we knew that more changes were sure to come. And we were right.
Today we received notice that one of our Life Insurance policy providers, Phoenix Life, will no longer be accepting applications for new policies and commented that annuities will be its focus. If you currently hold a policy with Phoenix Life, that policy will continue to be honored. However, continuing your coverage and not changing now could limit your conversation options. The option to convert your Term policy is an important part of a Life Insurance plan because it allows you flexibility to adjust your policy needs in the event of any major life or medical changes which could affect your future insurability. Currently, once the initial rate guarantee period without conversion expires, the policy goes into what’s called an ART, or “Annually Renewable Term”. These can be prohibitively expensive, often with premiums 30-40 times higher than what you were paying before.
So what does this mean for the long-term security of current policy holders? It means that now is a good time to weigh your options and shop around. There might be something out there that better suits your needs- and your peace of mind.
The current pandemic is changing the Life Insurance industry, and no one really knows how long these changes will continue to take place, or how far they will go. Financial markets are fluctuating, and some agencies are now requiring in-depth medical examinations and taking upcoming travel plans into consideration to make determinations on eligibility for coverage. A company with no future plans of selling life policies is probably not the best place to bank on a conversion option that you may need, particularly in this time of uncertainty. As Texas is slowly re-opening and people are returning to work, protecting yourself and your loved ones as we navigate through a “new normal” is the most important priority we have. Life Insurance you can count on is one of the best investments- and safeguards- you can make.
There are competitive policy options out there with enhanced living benefits that can offer you the flexibility you need now, at premiums you can afford. Before the door closes on the simplicity of obtaining a new Life Insurance policy, give us a call so we can discuss your options. You never know when you’ll need it, so the peace of mind of being protected saves you from having to worry about it now, and especially if/when that time comes.
Call us today while these competitive rates and plans are still available. Schedule a call or reach out to us at 210-696-7900. In most situations, we can get you covered over the phone, without the need for a medical exam. It’s time to stop worrying, and start saving!