The Phoenix Co.s Inc. has launched Phoenix Remembrance Life, a whole life insurance product.
According to the insurer, Remembrance Life provides final expense coverage; an income stream death benefit for a beneficiary; and three included riders that can advance benefits in case of critical or terminal illness or increase benefits in the case of accidental death.
Phoenix says Remembrance Life offers permanent death benefit protection with a menu of standard and optional benefits that provide ways to leave a legacy to family members. The offering comes with a lump-sum death benefit that can be used for final expenses, and an additional income coverage rider that provides monthly income payments to a specified beneficiary after the insured’s death (available to insureds ages 30 to 80 at the time of issue).
Other features of Remembrance Life, says Phoenix, include three riders included at no additional cost: advance up to 50 percent of the lump-sum death benefit for a critical illness; advance up to 95 percent of the lump-sum death benefit for a terminal illness; and an accidental death benefit of 100 percent of the lump-sum death benefit. Also included are two optional riders provide extra income protection of up to $1,000 per month for spouses upon death of the insured.
For the additional income coverage rider and the optional riders, the specified rider beneficiary must be alive to receive each rider benefit payment and cannot be changed after the policy is issued, says Phoenix.
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