Phoenix, National Agents Alliance Enter Agreement

Distribution agreement allows NAA to offer the unique Phoenix Simplicity Index Life package.

Virtual Water Cooler, February 8, 2012

Jennifer Morrell

The Phoenix Companies Inc. has entered a distribution agreement with the 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 an indexed universal life insurance product that provides universal life insurance protection with an ability to build cash value. Phoenix says it will seek a limited number of additional distributors for Phoenix Simplicity Index Life throughout 2012.

The product, says Phoenix, has a simplified-issue format that allows the entire underwriting process to be covered with a limited number of questions, routine database checks and no blood or lab tests.

Phoenix Simplicity Index Life offers permanent death benefit protection for those concerned about the financial security of a loved one. Since index credits are linked to the performance of the S&P 500 Index, clients are given the potential for higher earnings, compared to fixed, current interest rates. The company also indicates 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 the policy for loans and/or withdrawals.

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