PHOENIX LIFE INSURANCE Review

History

Phoenix Assurance story dates back to 1786. Phoenix Life Insurance Ltd as we know it today is part of Resolution Group Limited which was formed in 2004 for the sole purpose of buying & running closed UK life insurance funds. 

Resolution Life Group bought the UK life operations of Royal and SunAlliance (R&SA Life) which had closed to new life insurance business in 2002.

Resolution Life Group then acquired Swiss Life UK which had also closed to new business & integrated the former R&SA Life and Swiss Life UK into one group called Phoenix Life Group (Phoenix). They then acquired the Life Operations of Allianz Cornhill (Cornhill) to transfer their policyholders.

In 2006, Resolution Life plc acquired the life businesses of Abbey National plc namely Scottish Provident, which was re-named Phoenix Life Assurance Ltd.

A funds merger programme transferred the funds of various insurers including Alba Life, Britannic Assurance, Britannic Assurance, Britannia life, Life Association of Scotland, Century Life into Phoenix Life Limited.

In 2008 Resolution plc was acquired by the Pearl Insurance Group who own NPI & London Life. In 2009, Pearl Insurance Group became the ultimate holding company of the Pearl group of companies, then changed its name to Phoenix Group Holdings.

From 2013 to date Phoenix Life the story is ongoing as they continue to adjust their portfolio of many old insurers life & pension policies.

PHOENIX LIFE ASSURANCE - OLD PRODUCT REVIEW 2020

Although as a closed book Insurer, most Phoenix Insurance plans are no longer available in 2022 for new protection business, you maybe able to amend or adjust your existing policy by contacting either Phoenix or an Independant Broker.

PHOENIX WHOLE OF LIFE INSURANCE COVER 

A whole of life policy that will always payout whenever death may occur. Premiums maybe reviewable in the future.

PHOENIX MORTGAGE PROTECTION 

Designed to cover a repayment mortgage on death or critical illness as it decreases during the plan term.

PHOENIX LIFE INSURANCE 

Offering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. Plan can be guaranteed or reviewable premiums.

PHOENIX CRITICAL ILLNESS  

Helps ease financial worries if you are diagnosed with a critical illness as specified by Phoenix Life Insurance.

PHOENIX INCOME PROTECTION 

Providing security by way of an income if you are off sick or have an accident or disability.

PHOENIX OVER 50'S LIFECOVER 

A no medical evidence policy that always payout whenever death may occur but only after an initial period.

PHOENIX ENDOWMENT POLICY 

Offering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; designed to provide a lump sum at the end to be used usually toward repayment of an Endowment interest only mortgage loan.

Compare Phoenix Life Insurance against other Insurers

PHOENIX LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Phoenix life insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via Phoenix Life.

• reduce or perhaps extend the period of cover
• decrease or increase the amount of lifecover
• remove indexation option or any specific paid for policy features
• change the collection date of your usual premiums
• remove a life assured from a joint policy
• joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the policy out ?

Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's 

How do I make a Death Claim ?

Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. 

Then contact the Insurers claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death.

Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. 

Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application

If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks.

Death Claims, Life Insurance Trusts & Life of Another

Who the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process.

If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another"  then it will just be paid to the survivor. 

However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either.

Should I put my Phoenix Life Insurance policy into Trust ?

If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies.

Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues

So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure.

If I started smoking after taking out Life Insurance - Do I need to now tell Phoenix Life ?

If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. 

Article on: Phoenix Life ~ for more visit www.phoenix.co.uk *

( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.)

FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS
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Phoenix Life Insurance  Company Review 2020  

Phoenix Insurance

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