Phoenix Unveils Dual Life Insurance Product

The Phoenix Companies, Inc., introduced a “first-to-die” universal life insurance product that covers two lives under one policy, designed for married couples or business partners.

Phoenix Joint Advantage Universal Life (UL) pays a death benefit on the first death, according to the Hartford, Connecticut-based insurer.  It targets business partners who want to protect the other partner’s interest for buyout purposes or couples who want cash after one partner dies.

Clients can also purchase a rider enabling the surviving spouse or partner to buy a new Phoenix policy at that time with no need for medical evidence of insurability, Phoenix said.

The firm said the product offers flexible premiums that allow clients to decide when and how much to pay and offering the option for partners to have different amount of coverage. Clients can also choose either a fixed death benefit equal to the policy’s face amount or an increasing death benefit that equals the policy’s face amount added to its cash value.

Phoenix offers others riders for purchase as well as two free, optional riders: Policy Exchange Option Rider, which allows an exchange of the joint policy for two single life policies without evidence of insurability, and Overloan Protection Rider, which intends to prevent policy lapse (a taxable event) if loan debt should exceed cash value due to a heavily loaned policy.

“For many clients, it’s a significantly cost-effective alternative to the expense of two standard UL policies,” said Tom Buckingham, senior vice president, Product Development, Life and Annuity at Phoenix.

For more information, financial advisers can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800.417.4769, or visit