Phoenix Companies - Whole life policy was set for 10 years, 27 years and still have to pay premiums!
In Sept 1990 myself and spouse both started whole life policies (#116...) that were projected to be self sufficient in 10 years.Projections kept getting moved back ...
with the explanation that they are only PROJECTIONS and NOT GUARANTEED! After about 25 years my $50K policy FINALLY was deemed payable from dividends, and now worth about $59K. On the other hand, my spouse's police which was set at $25K and now ~$29K in effect is STILL REQUIRING ANNUAL PAYMENTS, with NO SIGN of ever becoming self paying!!! Have called almost yearly or written for updated projections, and they keep saying "LATER..." in essence!
I complained again this year, for my spouse, and they made me an offer for a 'REDUCED PAID-UP QUOTE FOR THE POLICY' - that is, Dropping the face value of this Whole Life Policy from $25K to $23.725, and forfeiting about $6K of additional PAID-UP Additions that the annual premium bonusus have bought, they will consider the policy as "PAID-UP" !!! I am almost 70 now, and my wife nearly 65! Being TICKED OFF at their Never Coming to Fruition projections, I'm sending in "THEIR BONUS CHECK" - BASICALLY, my wife's permission to consider this policy as "PAID-UP" and forfeiting the $6K of Additional Paid-Up Insurance that we've had gradually growing for 27 years, just to forgo the ongoing annual premiums, which are less than $300, but on Retired Income, and my wife going onto Social Security, this really grabs me where it hurts!!! One of my brothers actually sold me the policy originally (when he was married to his x), and I've been married several times to ...
life goes on, but PHOENIX PROJECTIONS are like looking at a Solar Eclipse - they'll make you go BLIND before they ever really happen again!!!Yes, I am a very "Pissed ON" and "Pissed OFF" insuree of Phoenix Whole Life - a Nassau Re Company.
Review about: Phoenix Companies Life Insurance.
Reason of review: Projections NEVER met..
I didn't like: 10 year projection not met even at 27 year mark, Projections not accurate forecast of performance.