Nassau Re Insurance Review & Complaints

Phoenix Life Insurance Company has been in business since 1851, and Nassau Re acquired Phoenix Life in 2016. Nassau Re Insurance provide excellent customer service and has never failed to fulfill its financial obligations despite a lower A.M. Best rating of B+. Nassau Re offers a variety of life insurance options, including index life insurance and annutities, through the Phoenix Life Insurance subsidiary.

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D. Gilson is a writer and author of essays, poetry, and scholarship that explore the relationship between popular culture, literature, sexuality, and memoir. His latest book is Jesus Freak, with Will Stockton, part of Bloomsbury’s 33 1/3 Series. His other books include I Will Say This Exactly One Time and Crush. His first chapbook, Catch & Release, won the 2012 Robin Becker Prize from Seve...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 1, 2022

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The Highlights

  • The electronic life insurance application is simplified with options for no medical exams.
  • Phoenix Life (Nassau Re) offers a wide range of coverage options and features.
  • Nassau Re provides great customer support.

Have you already received affordable life insurance quotes from Nassau Re? Interested in learning more about the company and your options?

Comparing life insurance companies and the available types of life insurance coverage for a person is just smart.

You’ve come to the right place to learn more about Nassau Re and how they can help you. This review will answer your questions about who they are, what they offer, and if Nassau Re is right for you.

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Who is Phoenix Life?

The Phoenix Life insurance company, founded in 1851, is a mid-sized life insurance and annuities provider that’s seen a significant restructuring in the last few years. In 2016, Nassau Re acquired the Phoenix Life insurance company.

The Life insurance and annuity products continue to be sold under the Phoenix brand but are issued through Nassau Life and Annuity Company.

The Nassau Re company assures both current and future customers that they can still expect to receive excellent customer service and products once offered by Phoenix Life Insurance Company.

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Who is Nassau Re?

Nassau Re is a fairly new company founded in 2015 with over $17 billion of capital committed by Golden Gate Capital, a private investment company. The Nassau life insurance company covers insurance, reinsurance, distribution, and asset management.

While Nassau was founded in 2015, Phoenix Life was founded in 1851 and is part of the Nassau Re company. Nassau Financial Group, based in Hartford, CT, currently has combined assets of $26.9 billion and capital of $1.1 billion.

Nassau Financial Group includes Nassau Life and Annuity, Nassau Life of Kansas, Nassau Re Cayman, Saybrus Partners, Nassau CorAmerica, and Nassau Corporate Credit.

Their mission is to build a franchise across the insurance value chain and desire to maintain a competitive advantage in building a unique platform over the long term.

What are the company ratings for Nassau Re?

AM Best rates Nassau’s insurance subsidiaries. The following Financial Strength Rating (FSR) applies to Nassau Life Insurance Company, Nassau Life and Annuity Company, Nassau Life Insurance Company of Texas, and Nassau Life Insurance Company of Kansas.

A.M. Best Rating: B+
S&P Rating: BB

AM Best’s rating methodology explains why Phoenix Life doesn’t have an individual rating and why the rating can take years to improve.

What products does Nassau Re offer?

Through Phoenix Life Insurance Company, Nassau Re focuses on a wide range of life insurance and annuity options. The company provides several types of coverage in the life insurance industry and final expense coverages.

There are both death benefit and cash value components with permanent life insurance.

Once coverage is issued, the death benefit protection and the life insurance rates stay the same as the individual ages or contracts any adverse health conditions.

The cash value component can grow and compound over time with no taxes due unless or until the money is withdrawn. Policyholders with permanent life insurance protection may withdraw or borrow cash from the cash component for any reason.

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What is Phoenix Remembrance Life?

The Phoenix Remembrance Life policy is a simplified whole life insurance policy, which also offers supplemental benefits that are designed to protect the insured’s loved ones and leave a legacy.

No medical exam or long medical questionnaires are required for applicants to qualify, which allows policies to be approved within just days.

This option is best for individuals needing quick coverage or who prefer to not undergo a medical exam.

What is Phoenix Accumulator UL?

There are some similarities to the whole life policy in the Phoenix Accumulator UL universal life insurance policy. The death benefit protection and cash value components are still available with added flexibility.

The policyholder can, under certain guidelines, change the due dates, and determine how much money is allocated towards the death benefit or cash component.

Policyholders may also obtain a higher cash value credit rate than with whole life insurance. Additionally, universal life insurance includes an interest bonus feature.

This universal life insurance is best for individuals needing both death benefit protection along a potentially higher amount of cash value built up over time.

What is Phoenix Simplicity Index Life?

Another option is the indexed universal life insurance policy, Phoenix Simplicity Index Life, which also includes a death benefit and cash value component in the policy. However, instead of cash growth based on interest rates, the growth is based on market index performance such as the S&P 500.

If the underlying index or indexes perform well, then the cash value will be credited positively. On the other hand, if the underlying index performs poorly, the cash value will remain stagnant. The cash value will not lose value.

The features of universal life insurance are included here, plus money can be allocated in a fixed account and two indexed accounts. No medical exam or large amounts of paperwork are required to apply for coverage.

This option is best for individuals seeking higher potential growth with the protection of principal cash along with death benefit protection.

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What other products and services are available?

Phoenix Life is able to provide other products and services thanks to the collaboration under the Nassau Re company.

Nassau Growth Annuity: The growth annuity plan provides an accumulation-focused fixed indexed annuity with a guaranteed lifetime withdrawal benefit options. Individuals can protect retirement savings and growth from taxes and market losses.

Nassau Personal Income Annuity: With the personal income annuity, you can receive a guaranteed income for life, starting now or at a later date. You can also choose other options to meet your unique needs and help grow your account.

Nassau Personal Protection Choice: Choose benefits such as guaranteed income stream, protection from unplanned healthcare expenses, and features to meet other important financial goals.

Nassau Personal Retirement Choice: Address savings shortfalls, manage inflation, guard against market losses and generate income for life.

Nassau MYAnnuity 5x, 7x: Receive a 5- or 7-year guaranteed annuity to provide you with protection while securing your deposit with higher return potential than many other opportunities in the marketplace.

Nassau Simple Annuity: A 4- or 6-year guaranteed annuity may provide you with protection from market volatility while providing a stable source of interest income with a 5% annual free withdrawal benefit.

Medicare Supplement Insurance: Sometimes referred to as “Medigap” insurance, this health insurance for seniors and others eligible for Medicare is designed to bridge the coverage gaps left by standard Medicare benefits.

Other policies and benefits are also available from Nassau Re. Phoenix Life is affiliated with other life and annuity companies seeking to provide excellent customer service and products to cover your needs.

What is the application process like?

Nassau Re Insurance makes the application process easy with a simplified, electronic application. You can complete it over the phone with the agent in 10 to 15 minutes.

Once your application is filled out, you’ll be directed to an online page to enter your electronic signature and you’re done.

The Nassau Reapplication process is much quicker and easier than paper applications. In fact, it’s surprising any companies still need a paper application.

Also, a medical exam is not required for most people applying for coverage. The company doesn’t include the exam in their main underwriting process.

What do we like about Nassau Re?

There’s a lot to like about Nassau Re and Phoenix Life Insurance coverage. These top benefits can determine if they’re the right life insurance provider for you.

  • Electronic application process
  • No medical exam required
  • History in the business
  • Many coverage types and plans
  • Excellent customer service

Nassau Re is a reputable life insurance provider that emphasizes customer satisfaction.

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What do we not like about Nassau Re?

Even the best companies have some drawbacks. The disadvantages of Nassau Re are:

  • Low financial strength rating
  • Potential for a 6-to-8 week underwriting process

Phoenix Life has never failed to fulfill its financial obligations, but they do have a relatively low A.M. Best rating for financial strength due to Nassau Re’s recent founding.

The 6-to-8 week underwriting process is still standard within the industry. However, companies that have simplified, electronic applications provide approval in less than 4 weeks, sometimes within minutes.

Who is Nassau Re best for?

Nassau Re is worth looking into due to its excellent customer service reputation. They’re great for anyone who is:

  • Between 18 and 80 years old
  • Interested in life insurance for themselves or their spouse
  • Interested in coverage up to $400,000 with no medical exam
  • Wanting a range of coverage options to choose from
  • Not interested in medical exams

It takes years for a company to build up financial stability but don’t let these ratings fool you. Part of Nassau Re has over a century of experience. The company has issued over 480,000 policies and has a combined total asset of $22 billion.

How do I contact Phoenix Life about my policy?

Representatives in the Customer Service Center can provide general information about the contract values, benefits, features and charges of insurance contracts. The Customer Service Team will be able to deal with your inquiry.

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The Bottom Line

Phoenix Life (Nassau Re) offers quality life insurance policies. You’ll find traditional policies with a medical exam or simplified underwriting without a medical exam. Find the solution that can work for you.

A unique aspect of Phoenix Life Insurance is the wide variety of life insurance coverage types and features they offer.

The different options enable them to, in a sense, customize the coverage they offer to each customer.

This means you can select the option which is best for your specific needs, straight from Phoenix Life. You don’t have to shop around at several providers just to find suitable coverage.

Another benefit which stems from the variety of options they offer is the ability for customers to change coverage as needed.

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