In our ceaseless search to find 420 friendly life insurance companies, Phoenix Life made our top 12 list. Phoenix Life insurance and marijuana have an interesting relationship. They seem to be shifting towards greater friendliness, but want to keep a conservative image at the same time. One can only assume this is because they began in the middle of the temperance movement by providing life insurance for teetotalers.
In this review, we go over the company history, financial stability, products, and marijuana underwriting practices.
Phoenix Life Insurance History
The company originally began in 1851 and was called the American Temperance Life Insurance Company. It was founded in Hartford, Connecticut by a group of civic and religious leaders. Initially, the company was set up to provide life insurance solely for those who abstain from alcohol.
In 1860, the company formed Home Life Insurance in Brooklyn, N.Y. This was the first life insurance company licensed to sell in New York. New York state has legal hurdles for insurance companies which make it more difficult for them to offer products in that state.
Phoenix Life took a new innovative approach in 1906 when it set up the first agent training course. Before this, agents had to learn the business on their own. In 1955, the company was the first to recognize that women lived longer than men. This resulted in Phoenix being the first company to offer lower rates for women.
The company continued with its pioneering spirit in 1957 by offering group and health plans to small business.
In 1992, Phoenix Life and Home Life merged and rebranded as Phoenix Home Life Mutual Insurance Company.
Phoenix Life Financial Strength
One way to ensure peace of mind when you buy a policy with any insurer is to learn about how financially stable the company stands. Normally, we recommend looking for a company with A ratings. B is still good and represents a stable company, but it could be better. Despite these ratings, we feel it’s fairly safe to recommend Phoenix Life Insurance and marijuana.
You can do this online because the information is provided by all the financial rating companies. Financial ratings are also available through the websites of the life insurance companies.
A.M. Best as well as Standard and Poor’s review Phoenix every year. Both perform independent analyses of how Phoenix performs and invests its assets.
Phoenix Financial Ratings
A.M. Best – B (7th best of 16 rankings and is also under review with “developing implications”)
Standard and Poor’s – BB- (13th of 21 possible ratings but considered as “Positive”)
This is lower than we would like to see. However, Phoenix Life is involved with a merger which lowered their rating. This happens occasionally, but we still feel the company is relatively strong and should improve its ratings when the next financial ratings are made public.
Phoenix Life Insurance Products
Phoenix Life Insurance has one of the most innovative term life products available. It is called Safe Harbor Term and include living benefits. These living benefits are additional features that you can utilize while you are living. This product will not be the least expensive term product. However, when you include the “no exam” easy application and Accelerated Benefit Riders …. it’s one of the richest term products out there.
Phoenix Safe Harbor Term Features:
- Ages 18 – 80
- Term Duration: 10, 15, 20 and 30 year (availability based on age)
- Face Amounts: $25,000 – $500,000 (availability based on age)
- Accelerated Benefit Riders (where available):
- Terminal Illness
- Chronic Illness
- Critical Illness
- Unemployment Waiver of Premium
- Conversion Option
- This product is not available in NY or ME, but we have many other options for these states.
In addition to its Safe Harbor Term, Phoenix also has many permanent policies available. Permanent life insurance policies cover you for your entire lifetime. You just need to remember to always pay your premiums. Like term policies, they provide death benefits. Yet they may also include a cash value accumulation portion which grows through the life of the policy.
Phoenix Permanent Life Insurance Options
Permanent policies are best for both personal and business uses, but they are not ideal for everyone. The Universal and Whole Life policies which Phoenix offers are especially good for those who are looking for:
- Business Life Insurance for Buy/Sell Agreements and Key Man Coverage
- Those with large estates
- Those with high incomes
- Those who need alternative investment vehicles and have maxed out their IRA or 401(k)
- Those who are seeking alternative low risk investments
If you are just looking for a policy to cover income replacement and debts, then you might be better served with a Term policy from Phoenix or one of the other marijuana friendly companies.
Most of the permanent policies offered by Phoenix Life Insurance are Universal polices which include:
Phoenix Simplicity Index Life
This indexed Universal Life policy offers its clients flexible premium options along with various cash accumulation options. The death benefit option allows clients to either allocate their policy value in a fixed account and/or 2 indexed accounts.
This product provides a streamlined application process which requires neither medical tests nor extensive paperwork. This product also provides protection from market downturns.
Phoenix Accumulator UL
Phoenix created a unique feature for this universal life product. It provides a higher current crediting cash value rate than competing products. The policy also has an interest bonus feature. This product might be a good choice for those who desire a competitive return for their assets and requires the flexibility to adjust their policies.
Phoenix Remembrance Life
This simplified issue policy is a form of no-medical whole life insurance. It also offers supplemental benefits and can be used for those who want to leave their family a financial legacy.
For more information from Phoenix, you can find there website here.
Phoenix Life Insurance and Marijuana Underwriting
Phoenix Life Insurance accepts recreational marijuana as long as it is fully disclosed. Which means the frequency of use must be consistent with the amount of THC that shows up in the medical exam. The company may offer smoker ratings depending on how frequently you smoke. We regret that we were unable to get a specific answer to how many times a week someone can smoke and still get non-smoker rates.
Overall, Phoenix Life Insurance and marijuana play pretty well together. Phoenix will not outright decline recreational use. If you are looking for a great term or permanent policy to protect your family, they are worth checking out.
MJ Life Insurance, the 420 Friendly Life Insurance Agency
The independent agents here at MJ Life Insurance know which life insurance companies are marijuana friendly. Currently, only a handful of life insurers will underwrite life insurance for recreational cannabis. For more information about which companies are marijuana friendly, check out our Top 12 Marijuana Friendly Insurance Company review.
We keep any information related to marijuana completely confidential. Plus, that confidentiality is fully protected by law.
Life insurance companies assess medical marijuana patients differently than recreational smokers. MJ Life Insurance also specializes in finding low cost life insurance for those with a medical marijuana card. The reason is because we know which insurers are more lenient for particular medical conditions.
If you need to learn more about Phoenix Life Insurance Company and marijuana use than call the independents agents here at MJ Life Insurance at (888) 987-8447 today!