Phoenix Life Insurance Review 2025
Phoenix is a group of insurance companies owned by Phoenix Holdings (formerly known as Pearl Group).
The guaranteed over 50s plan is available for individuals aged 50-85 years who are residents in the UK.
Phoenix is a group of insurance companies owned by Phoenix Holdings (formerly known as Pearl Group).
The guaranteed over 50s plan is available for individuals aged 50-85 years who are residents in the UK.
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Phoenix is a group of insurance companies owned by Phoenix Holdings (formerly known as Pearl Group). Over the years, many insurance companies in the UK have been acquired by Resolution Life, which was acquired by the Pearl Group in 2008.
This company was founded in 1857 as Pearl Loan Company. In 2009, it was bought by Liberty Acquisitions Holdings. As it had acquired the Phoenix insurance business along with Resolution Life the previous year, the company was renamed Phoenix Holdings. The company trades on the London Stock Exchange and previously had significant annual revenues. However, it also reported a negative income in FY2011.
Phoenix Life previously offered various insurance services to its clients. Currently, Friends Life insurance handles most of Phoenix life insurance policies, such as critical illness cover, income or mortgage protection. Phoenix itself now primarily provides limited options: home or car insurance and a guaranteed over 50s plan.
The guaranteed over 50s plan is available for individuals aged 50-85 years who are residents in the UK. This plan can be a suitable option because acceptance is guaranteed. Therefore, individuals who may not qualify for a standard term life insurance policy, or who might face high premiums, may find this insurance option appealing. The premiums for this plan range from £5 to £74 per month.
It is possible to cancel the contract within the first 30 days of receiving the policy documents, and any premiums paid will be refunded. Notably, the first month of the policy contract is often free. Additionally, a complimentary gift may be offered, such as a satellite navigation system for a car, a 16-inch LED TV, or other gifts.
The policy provides a payout upon the death of the insured person. The fixed sum and premiums are determined before the insurance contract is underwritten and remain constant throughout the policy’s duration. The maximum coverage amount available is £20,000. While this coverage sum is smaller compared to other insurance policies, it can still provide significant financial support for dependents, particularly for funeral expenses. If death occurs due to an accident, or within 90 days as a result of an accident, the payout will be three times the chosen coverage sum.
Primarily, the policy does not provide the full coverage amount if death is not accidental and occurs within the first two years of the policy. In the event of non-accidental death within this period, only an amount equal to 1.5 times the paid premiums will be given to the dependents.
Furthermore, if death results from the insured person’s involvement in dangerous activities, such as car or vehicle racing events, or due to self-inflicted injury, the policy will only pay out the standard fixed coverage amount, even if the death is accidental.
It is important to remember that while the policy can be terminated at any time, it has no cash-in value. Consequently, all premiums paid will not be refunded, and the policyholder will receive no return in such cases.
Moreover, depending on the policyholder’s lifespan, the total premiums paid may exceed the coverage amount. Additionally, the fixed coverage amount’s real value decreases over time due to inflation. It may also be subject to inheritance tax, further reducing the sum received by dependents.
