Phoenix unveils 'first-to-die' insurance policy

A new life insurance product from The Phoenix Cos. Inc. covers two lives under one policy, providing a death benefit for a spouse or business partner. The Hartford, Conn.-based insurer today released the first first-to-die universal-life insurance policy, providing joint coverage and a payment on the death of one insured person. With the release of the Phoenix Joint Advantage Universal Life policy, the insurer targets couples who need cash upon the first death or for small-business partners who need the money to cover each other's interest. For one premium payment, a single policy will provide joint coverage for two lives. It pays a death benefit if one of the individuals dies. Clients can also pay with flexible premiums and policyholders can decide what coverage level to have on each insured person. Clients can add a survivor purchase option rider so that the surviving insured person can buy a new policy without having to undergo medical exams for insurability. A policy exchange option rider also allows clients to switch their policy for two individual life insurance contracts without tests for insurability, while an overloan protection rider keeps a policy from lapsing in the event that the amount a customer borrows exceeds the cash value in a policy. The features are available at no additional cost.