The company has also announced expansion into call center distribution through LifeQuotes.com for Term Life Express.
Phoenix product and operations executive vice president, Thomas Buckingham, said: "Adding term life to our middle market insurance portfolio is an important step for Phoenix as we also launch a call center distribution capability.
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"We expect the term offerings to contribute substantially to growth in our life insurance product line, and the combination of strong IMOs and call center distribution will help us achieve that goal."
Phoenix Safe Harbor Term Life includes riders, which will offer accelerated death benefits in case of chronic illness, critical illness or terminal illness, and a waiver of premium in case of unemployment.
Term Life Express provides the same benefits; however, the policy uses simplified issue underwriting, with immediate underwriting decisions available through a teleunderwriting service.
Various riders including critical illness, chronic illness and terminal illness, are available at no additional premium, that offers insureds the option to advance up to 95% of their death benefit in the event of a serious illness.
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By GlobalData"Our goal for Phoenix Safe Harbor Term Life and Term Life Express was to provide an affordable term product for middle market consumers with the added flexibility of living benefits that can help them plan for the unexpected and protect their loved ones," Buckingham added.
