UPDATED: Mar 18, 2020
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Nassau Re is the new brand name of a much older insurance company, Phoenix Life. They offer a variety of life insurance products and annuities across the country.
About Nassau Re
Nassau Re was founded in 2015 with the purpose of bringing several much older companies under one brand. Within the two years after its creation, the company had purchased several other companies, including their main insurance branch, Phoenix Life.
Phoenix was first founded in 1851 as the American Temperance Life Insurance Company; the company sold policies only to those who abstained from drinking alcohol. In 1861 the company became Phoenix Mutual Life Insurance Company and was the company insuring the life of President Lincoln at the time of his assassination.
The company racked up a list of firsts over the decades, including being the first life insurance company to have an agent training course and the first to use direct mail marketing. They were also the first to reduce rates both for women and for non-smokers.
In 2001, Phoenix converted to a stock company, launching its IPO. In 2018 the transition to the Nassau Re brand was announced, and the company now operates under that name. Their headquarters is located in Hartford, Connecticut, and they sell products through independent agents across the country.
Nassau Re Final Expense
Nassau Re’s final expense product is called Remembrance Life. It is a simplified issue whole life insurance policy with a level death benefit and a cash accumulation account.
The plan includes three riders at no extra charge. The first is an accidental death benefit that doubles the death benefit. This rider is only offered to those under 65 at the time of the policy issue and is no longer available after age 75
The other two are living benefits, one for critical illness and the other for terminal illness. They allow the insured to take up to 95% of the face value of the policy early in the event of a serious illness. The actual amount that will be paid out depends on the prognosis and how the illness impacts the insured’s life expectancy and may be less than 95% of the face value. After the payout, the policy premium is reduced in keeping with the lowered remaining death benefit.
The site does not provide issue ages for this policy, nor is there any information on available death benefit amounts.
Information on the final expense policy is somewhat limited, so it is no surprise that there is no online quoting available. This is standard for most life insurance companies that sell primarily through agents but is frustrating to those trying to gather rate information without being subjected to a lot of solicitation.
We normally expect final expense life to be relatively affordable – at least for a policy being issued to a senior – due to the lower death benefits offered by the policy. But rates can still vary from company to company as well as based on the health of the applicant.
The Nassau Re site offers a three-step approach for filing a claim. The insured completes the beneficiary statement, which is readily available for download on the site and attaches any required documentation to the statement. Any trust information is then also added to the documents – another form is available for this – and it can then be sent on to Nassau Re’s claims department.
Both a regular and an express mail option are listed on the form to send in the claim. There are no other options listed for sending in claim documentation.
Funds of $5,000 or under are sent in check form, while higher death benefits are placed in an account, called a Phoenix Concierge Account, which earns interest. The beneficiary is given access to this account much like a checking account and can withdraw as needed or transfer the entire amount.
Ratings and Consumer Reviews
The company’s Better Business Bureau (BBB) page is found under the name The Nassau Companies of New York, Inc. They have an A+ rating with three complaints in the past three years and one closed in the past 12 months. There are no reviews left on the BBB page.
We were unable to find much else for Nassau Re, which may be the result of the name change having taken place so recently. Even under the Phoenix Life name, however, consumer reviews are hard to find. The company appears to have a good reputation.
The Bottom Line
There is not a lot of detail in regards to this company’s product and no rate information. That makes it hard to compare them to other options. They do appear to have a good reputation and certainly have a long history, but we are unable to form a solid opinion with the lack of information available.