Phoenix No Exam Life Insurance Review, Now Nassau Re: Policy Details, Sample Quotes, & How to Apply

Phoenix Life Insurance Company, now called Nassau Re, offers two no exam (also known as non-med or no physical) life insurance products called “Safe Harbor Term Life” and “Safe Harbor Term Life Express.”

A simplified issue term life insurance policy with living benefits designed to protect the future of loved ones and plan for the unexpected. –  Safe Harbor Term Product Overview

Definition of no exam life insurance – Life insurance issued without medical examination of the applicant. In other words, no physical life insurance does not require medical procedures during the application process.

Safe Harbor Term Life and Safe Harbor Term Life Express are often an excellent life insurance fit for our clients. You’ll want to be familiar with their policy features before making a life insurance purchase.

Here’s why – Each life insurance carrier that skips the physical uses their own unique underwriting process, and their policy features vary. Before you make a decision on life insurance, be knowledgeable on the features of the top 5 no physical life insurance companies.

Goal – Review Safe Harbor Term Life and Safe Harbor Term Life Express no exam life insurance to decide if it’s a good fit for your needs.

Table Of Contents

  1. Nassau Re Life Insurance Company History & Financial Ratings
  2. Safe Harbor No Exam Term Life Insurance Review
  3. How Much Does No Exam Term Life Insurance with Nassau Re Cost?
  4. Nassau Re Offers Excellent Riders
  5. How To Apply for No Exam Life Insurance with Nassau Re

Nassau Re Life Insurance Company History & Financial Ratings

Phoenix Nassau Re Life Insurance Company

Originally named the American Temperance Life Insurance Company, Nassau Life Insurance was established in 1851.

As you may have guessed, their initial policyholders were those who abstained from alcohol.

10 years later, in 1861, American Temperance Life Insurance Company changed its name to Phoenix Life Insurance Company, “as the temperance movement wanes and the nation turns its attention to the Civil War”.

Recently, in 2016, Phoenix became a wholly-owned subsidiary of Nassau Re Company, headquartered out of Hartford Connecticut. Nassau owns and manages insurance, asset management, and reinsurance firms.

Financial Strength Rating: “B+” (A.M. Best)

Interesting fact: Nassau Re Life Insurance Company issued life insurance to President Abraham Lincoln.

Safe Harbor No Exam Term Life Insurance Review

There are some important features of Safe Harbor’s no physical life insurance to evaluate:

Phoenix Nassau Re Life Insurance Review

The most important aspects of no-physical life insurance to evaluate are:

  1. Wait time – how long you have to wait before your application is approved and your life insurance policy is issued
  2. Issue ages – the age range of the applicant that the life insurance company is willing to insure
  3. Policy amount – the dollar amount (policy size) the life insurance company offers
  4. Policy length – the number of years the life insurance company will allow the policy to last

Let’s gauge how Safe Harbor and Safe Harbor Term Express measure up:

Safe Harbor Policy Wait Time

Nassau Re’s Safe Harbor policy decisions are fast, but not lightning fast. Typically, Safe Harbor Term Express policy decisions are made within 24 hours.

The Safe Harbor Term (Non-Express) can take longer, although their process is still streamlined.

A wait time of 24 hours puts Nassau Re slightly north of the middle – when ranking the wait time for our top no physical life insurance companies.

Safe Harbor Policy Issue Ages

Applicants between the ages of 18 – 80 can qualify for Safe Harbor Term. Many no physical life insurance companies limit their issue age to 65 (or even 60).

If you are older than an issue age of 65 (meaning that your birthday is closest to age 66 or older), Nassau Re is an excellent option to consider for no physical life insurance.

Safe Harbor Policy Amounts Available

Safe Harbor offers policies for amounts starting at $25,000, up to $500,000.

Upon the insured’s death, the policy beneficiary will receive a lump sum death benefit, generally income tax-free. – Nassau Re

Many no physical life insurance companies provide policy amounts beginning at $50,000. If you are looking for a smaller policy amount, consider Nassau Re.

Important – Limits on policy amount exist based on your age:

Phoenix Nassau Re Safe Harbor Term Life Insurance Issue Limits

Safe Harbor Policy Length Options

There are four options for policy length:

Important – Limits on term length exist based on your age:

Phoenix Nassau Re Safe Harbor Term Life Insurance Term Limits

The Safe Harbor Policy Requires No Medical Exam

No exam means you get to skip:

  1. Needles
  2. Nurses
  3. Liquid samples

How Much Does No Exam Term Life Insurance with Nassau Re Cost?

Phoenix Nassau Re Safe Harbor Term Life Insurance Quotes for 35 year old male
Phoenix Nassau Re Safe Harbor Term Life Insurance Quotes for 35 year old female

*Monthly premiums. Quotes provided are based on limited input. Quotes are for informational purposes only. Your rates may vary and will depend on the carrier’s life insurance underwriting procedures.

Key Features of Safe Harbor Quotes

  • Safe Harbor Express monthly premiums will cost more than Non-Express
    • We’re typically talking dollars here, and not a huge difference in the monthly payment amount
  • Two health classes are offered:
    • Standard and Tobacco
  • Their underwriting process is designed to absorb some health conditions

Rates Depend on Age, Gender, Health, & More

Whether or not Safe Harbor is the best life insurance company for you is dependent on these factors:

  1. Age
  2. Gender
  3. Height/Weight
  4. Tobacco use
  5. Health status
  6. Medical conditions
  7. Occupation
  8. Desired policy size
  9. Desired policy length
  10. Lifestyle

Each life insurance company is different. Your circumstances will determine which carrier is best to apply with. 

Nassau Re Offers Excellent Riders

Nassau Re has excellent living benefit riders, with most at no additional cost:

  • Riders included with policy purchase:
    • Accelerated Benefit Riders – option to accelerate the death benefit (up to 95%) in the event of a serious illness:
      • Chronic illness: for the past 90 days, unable to perform without substantial assistance at least 2 of the 6 activities of daily living:
        • bathing, continence, dressing, eating, toileting, transferring
        • OR a severe cognitive impairment
      • Critical illness: stroke, ALS, cancer, kidney failure, heart attack, major organ transplant
      • Terminal illness: terminally ill with a life expectancy of 12 months or less
      • Physician documentation is required
    • Unemployment Rider
  • Optional Rider you may add on:
    • Accidental Death Benefit

Note – The ability to accelerate up to 95% of the death benefit is more than most no physical carriers allow.

Policy Conversion Options with Nassau Re

You have the choice to convert your term policy to a permanent policy without demonstrating instability:

  • 10-Year Term: Convertible in first 5 policy years
  • 15-Year Term: Convertible in first 7 policy years
  • 20-Year Term: Convertible in first 10 policy years
  • 30-Year Term: Convertible in first 10 policy years
  • Full and partial conversions are acceptable
  • Same underwriting classification as your term product is applicable
  • No medical evidence is necessary

Bottom line – Safe Harbor implements excellent policy features. They are willing to insure for a smaller amount and for older ages compared to other top-rated no exam life insurance companies.

How To Apply for No Exam Life Insurance with Nassau Re

Often, Nassau Re is willing to absorb more risk than other carriers.

What we mean: Life insurance companies are in the business of evaluating risk (think age, health conditions – such as cancer, risky hobbies, etc.).

Each company uses their own thresholds for how much risk they are willing to take on and still offer life insurance protection. If you have a health condition, Nassau Re should be on your list of companies to consider.

You will want to do two things to prepare for the application process:

  1. Partner up – Collaborate with an independent life insurance agent. This is the most important first step.
    1. Why: An independent life insurance agent has your best interest in mind. They are not held captive to a particular life insurance company and can shop the top-rated carriers to find the best fit for you.
    2. Also: You don’t want to apply with a particular life insurance company on your own. Should something concerning come up during the application process (let’s say a medical condition), that information could then be available to other life insurance companies.
  2. Prepare – Make sure you’re ready to answer all the application questions. You will be asked about these things in a phone interview:
    1. Medical questions – including if you’ve had a history of:
      1. Cancer
      2. Heart disease
      3. Stroke
      4. Surgery
      5. Major psychiatric condition
      6. Major illness
      7. Disability
      8. Prescription medications
    2. Occupation
    3. Lifestyle
    4. Birthdate
    5. Height/Weight
    6. Tobacco use
    7. Hobbies (i.e. private pilot, mountaineering)

Remember: A certain medical condition (or occupation, lifestyle, etc.) doesn’t necessarily exclude you from life insurance approval.

Their responsive phone interview process will determine if you qualify for coverage. For specific questions about approval, you can always contact us.

Requirements for Approval with Nassau Re

Here are the items that need to be completed before approval can happen:

  • Complete phone interview
  • Demonstrate insurable interest
    • This means the beneficiary would experience financial hardship should the insured pass away
    • The beneficiary has a close relationship (i.e. spouse, domestic partnership, dependent) with insured
  • MIB/Medical Information Bureau report (database of previous insurance applications)
  • Pharmacy history, typically within the last 10 years (database of pharmacy prescription history)
  • Driving record review (e.g. DUI conviction)
  • For Non-Express – an Attending Physician’s Statement (APS) may be ordered, depending on your phone interview
    • For age 70 and older, Non-Express applicants will have an APS ordered

Note – there are some key differences between Safe Harbor Express and Safe Harbor Non-Express:

Phoenix Nassau Re Safe Harbor Term Life Insurance Underwriting Differences

Bottom line – Safe Harbor uses an easy and effective application process to issue life insurance. Be prepared to answer all health/medical and lifestyle questions to complete your application quickly.

To get started, simply fill out the instant quote.