Policy is expected to provide dual income replacement and stable accumulation
The Phoenix Companies, (PNX), a provider of financial suits using life insurance and annuities, has introduced Phoenix Joint Advantage Universal Life (UL), a first-to-die universal life insurance product for two lives.
According to PNX, Phoenix Joint Advantage UL is designed to cater to couples or small business partners who are concerned about cash flow or liquidity on the first death. The policy stated to cover two lives under one premium payment, besides providing dual income replacement and stable accumulation.
The company also stated that the additional insurance protections will add the optional riders to their policies such as; Policy Exchange Option Rider, which allows clients to exchange their policy for two single life policies without evidence of insurability and, Overloan Protection Rider, which helps to prevent policy lapse.
Tom Buckingham, senior vice president, Product Development, Life and Annuity, said: Phoenix Joint Advantage UL is an important addition to our product portfolio because, for many clients, it’s a significantly cost-effective alternative to the expense of two standard UL policies. At a time when conserving your working capital is especially important, a life insurance solution that actually saves money is truly a valuable asset.”