Frequently Asked Questions
What accelerated benefits will be issued with my client's policy?
See Frequently Asked Questions (FAQ) on accelerated death benefits.
Can I have my client's premiums drafted via Electronic Funds Transfer (EFT)?
Yes. EFT is allowed from a checking account only. EFT from a savings account is not allowed. View this overview for more details.
Can my client pay the premium by credit card or money order?
No, we currently do not accept credit cards or money orders for payment on the initial premium or subsequent payments.
How long does my client have to submit a premium payment beyond the due date?
This is known as the grace period. The grace period for payment of overdue premiums is typically 60 days from the due date. For more information, refer to the terms of your policy.
Can my client reinstate if his/her policy lapses?
A policy may be reinstated to its original status, subject to certain requirements. Typically, the reinstatement request must be made within three years of default. For more information, refer to the terms of your policy.
Do my client’s premiums depend on the frequency of billing?
Yes the modal factors are:
- Annual 1.0
- Semiannual 0.5125
- Quarterly 0.2625
- Monthly 0.0863
Factors above are applicable for Safe Harbor Term and Remembrance Final Expense products.
Can my client make the initial payment after the policy has been delivered (COD)?
No. We require payment or authorization to draft the first payment at the time of policy issue.
When does my client need to sign and return the Policy Acceptance Form?
If the policy was delivered directly to your client’s residence, nothing needs to be signed and returned to us. However, if the policy was mailed to you for delivery to your client, the Policy Acceptance Form included in the policy must be signed, dated and returned to us within five (5) business days.
Can my client cancel the AICR rider?
Yes, any of the riders can be cancelled the date we receive a written notice signed, and dated by the owner.
Can my client take a loan?
If your client’s policy has accumulated a cash value, they can loan up to 100% of the cash value, typically tax-free. All loans are at a fixed rate. Loan interest rates vary by state. For more information, refer to the terms of your policy.
Can my client reduce the policy face amount?
The policy face amount may be reduced on our Safe Harbor Term and Simplicity products, subject to certain requirements. For more information, refer to the terms of your policy.
Can my client request non-tobacco rates after issue?
No. The premium class is assigned at issue and cannot be changed.
Can my client increase the policy face amount?
The policy face amount cannot be increased on our Safe Harbor Term or Remembrance products. Your client can request a face amount increase on a Simplicity policy, subject to certain restrictions. For more information, refer to the terms of your policy.
Can my client change the level term premium period on their Safe Harbor Term policy after issue?
No. The level term duration is set at issue and cannot be changed. Your client may request an internal replacement. See our Company Position on Replacements for more information.
Can my client take a withdrawal?
Phoenix Simplicity Index Life allows withdrawals of the surrender value once per policy month beginning in the second year. The minimum withdrawal amount is $500. For more information, refer to the terms of your policy.
Can my client change ownership on the policy after issue?
Yes, the owner can be changed after issue.
Can my client change the beneficiary on the policy after issue?
The base policy beneficiary can be changed after issue. The rider(s) beneficiaries cannot be changed after issue.