PHL Variable Insurance Co.

PHL Variable Life Insurance is a wholly owned subsidiary of the Phoenix Companies Inc. The company offers a range of wealth preservation, accumulation and transfer products for high-net-worth individuals and institutions.

The Phoenix Companies views the use of life insurance as a way to aid in complex estate and business planning. Because of the tax advantages offered by life insurance, the Phoenix Companies sees it as an integral part of wealth management. Apart from traditional uses, the Phoenix Companies believes life insurance can help with creating an estate, handling estate taxes and business transfers, continuing a business, protecting against the loss of a valuable employee, and boosting charitable donations, among others uses. Its offerings include traditional policies, such as universal, term, whole life, etc.

History

The Phoenix Companies has been in the insurance and wealth management business for over 150 years. Founded by a group of prominent Hartford leaders, the company was originally named the American Temperance Life Insurance Co. and insured only people who abstained from drinking alcohol.

At the onset of the Civil War and the waning temperance movement, the company changed its name to Phoenix Mutual Life Insurance Co. invoking the idea of renewal, symbolized by the mythological bird. In 1906, the company developed the first agent-training course for life insurance companies. During the depression, ahead of the times, agents for the Phoenix Co. also acted as financial advisors. To add to these "firsts," in 1955, the company began to offer reduced premiums to women, which was followed by the offering of reduced premiums for nonsmokers in 1967. The Phoenix Co. continued to grow steadily until it was publicly offered as a stock company in 2001.

Ratings

The Phoenix Companies maintains high ratings with the independent ratings agencies. A.M. Best gives it a rating of "A" (Excellent). Fitch and Moody's rate the company at "A" (Strong) and "A3" (Good), respectively. Finally, Standard & Poor's rating for the company is "BBB+" (Good).