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Although itself only founded about five years ago, Nassau RE is the heir to the Phoenix Mutual Life Insurance Company that formed in Hartford, Connecticut, way back in 1851.
Nassau did not rise from the ashes of Phoenix. Instead, after Phoenix Life was involved in a series of mergers and acquisitions over its long history, the company was purchased by newly formed Hartford-based Nassau Financial Group in 2015.
Nassau Financial is now the parent company of multiple insurers issuing policies under the Nassau brand, including (along with Phoenix Life and several others) the companies formerly known as Constitution Life, Pyramid Life, Pennsylvania Life, and Union Bankers.
Nassau RE’s “flagship company” is Connecticut-chartered Nassau Life and Annuity Company—lineal descendent of Phoenix Life.
Along with the life insurance and annuity industry, Nassau is also involved in reinsurance, distribution, and asset management.
Only recently as of July 1, 2020, Nassau Financial acquired Foresters Life Insurance and Annuity Company, which, as it merges with Nassau Life, is expected to expand Nassau’s total assets and provide more reach for the growing company.
Nassau issues policies through independent agents throughout the United States, though not every Nassau affiliate does business in every state.
A.M. Best: B+
Fitch: BB+
Moody’s: NR
S&P Global: NR
Comdex Ranking: 36
Nassau’s financial ratings look weak compared to a lot of other players in the life insurance industry. However, a big part of that is due to the company’s novelty. Being only about five years old, Nassau has not yet had the opportunity to demonstrate stability.
With over $26 billion in assets and around half a million in-force policies and annuities (many of which were inherited from its ancestor company, Phoenix Life), Nassau is a moderate-sized insurer with decent financial weight behind it, enhanced even more by its recent finalized merger with Foresters Financial.
Nassau currently has an A+ rating from the Better Business Bureau, but that, too, may be misleading. Without much history under its belt, reviews of Nassau’s customer service are sparse.
Safe Harbor Term provides fixed-premium term life insurance for new applicants from age 18 to 80 in coverage amounts from as low as $50,000 to as high as $500,000.
Initial term lengths of 10, 15, 20, and 30 years are offered, though the 30 and 20-year terms are only available through ages 55 and 65, respectively.
Likewise, maximum coverage amounts gradually decrease for applicants over 50: $400,000 for new insureds in their 50s, $300,000 from 61 – 70, and tapering off to $150,000 for new insureds age 71 and over.
Safe Harbor Term features four built-in living benefits riders: Chronic Illness, Critical Illness, Terminal Illness and Unemployment. Nassau also offers an optional Accidental Death Benefit rider for an extra premium.
Safe Harbor Term Express is very similar to the standard Safe Harbor Term policy in most respects. However, the Express version features simplified underwriting, with no medical exam or statement from an attending physician required.
Coverage limits are also reduced for Express—capping out at $400,000 for new insureds below age 51 and decreasing to $300,000, $200,000, and $100,000 for new insureds in their 50’s, 60’s, and 70’s (respectively). Express has the same menu of riders as regular Safe Harbor Term.
Nassau’s Remembrance Policy is best categorized as a final-expense whole life insurance policy, but with relatively high maximum benefits for the final-expense class.
Policies are simplified-issue, requiring a medical-history questionnaire but not an exam.
New insureds must be between ages 50 and 80, and coverage amounts range from $10,000 to $50,000.
However, new insureds in their 70’s are limited to $35,000, and new insureds in their 60’s are capped at $40,000.
As is standard fare with cash value whole life insurance, Remembrance features fixed premiums, guaranteed-for-life benefits, and cash-value accrual.
Critical Illness and Terminal Illness riders come standard, and an Accidental Death Benefit rider is available in some states.
Although Phoenix Life offered a well-regarded fixed indexed universal life policy, Nassau is not presently issuing universal life coverage. That will likely change soon, though, as the acquisition of Foresters is expected to portend Nassau’s emergence into the universal life market.
Living benefit riders, such as Chronic Illness, Critical Illness, and Terminal Illness riders, which come standard with Nassau’s Safe Harbor Term policies, provide for optional acceleration of up to 95% of policy proceeds if an insured is diagnosed with a qualifying medical condition (e.g., heart attack, cancer, ALS), inability to perform at least two activities of daily living, or less than 12 months to live.
If purchased, the rider pays out up to $250,000 in supplemental proceeds if an insured’s death result from a qualifying accident occurring before the insured reaches age 70.
Nassau’s unemployment rider waives premium obligations for up to six months if an insured becomes unemployed for at least four weeks and is receiving state or federal unemployment benefits.
Standard with Safe Harbor Term policies, the conversion option allows policyholders to convert term coverage into permanent coverage without additional underwriting. The option must be elected within five years for 10-year policies, 7 years for 15-year policies—or within 10 years for 20 and 30-year term policies.
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i still haven’t received my 1099 for 2022 i have called and was told it would. be mailed to me and should take 7-8 days it has benn over 2 weeks and have not received it yet. My contract no. 28181599
Hello Kenneth, Unfortunately, many people confuse us with their life insurance company because we write articles about them. You’ll need to go back and make sure you’re contacting Nassau’s customer service department. Best, Steve Gibbs for I&E Steven Gibbs is a licensed insurance agent, and the following agent
license numbers of Steven Gibbs are provided as required by state law: Resident License; AZ agent #17508301,
Non-resident Licenses: TX agent #2273189, CA agent #0K10610,
LA agent #769583, MA agent #2049963, MN agent #40563357,
UT agent #655544.
Hello Michael, sometimes people get us confused with their life insurance companies due to the fact that we write articles about them. If you’re looking for information about your policy, you’ll need to make sure you’re connecting with the company directly. Best, Steve Gibbs, for I&E
Please cash out our two policies .I can no longer afford them.my address is Michael l Snyder, Shelby L.Snyder
Hello Michael, I just noticed your comment. It looks like you have us confused with your insurance company as often happens because we write articles about various companies. You’ll want to make sure you get ahold of the agent who sold you the policy or contact the company directly. Best, Steve Gibbs for I&E
I HAVE BEEN TRYING TO REACH YOU GUYS BY PHONE AND CAN NOT GET THROUGH.
ROBERT CHESEK
THANK YOU PLEASE LET ME KNOW IF THEY ARE MAILED.
Hello Robert, sometimes folks get us confused with their insurance company because we are writing articles about various companies. If you’re trying to reach Phoenix Life re; Nassau Re, you’ll need to make sure you’re on their website and are calling their customer service number. Best, Steve Gibbs for I&E
I would like to turn in my son’s life insurance policy#2,471,266. What has to be done. Michael W. Reed is the name on the policy. Thank you, Margaret Reed
Hello Margaret, you may be seeking the company and we aren’t them:) You’ll need to check the website as this is just an article about Phoenix Life. Best, I&E
I have a whole life policy with Nassau, and I am wondering what sort of distribution options are available for my benenficiary upon my death. hopefully I can option for the stretch option I hear talk about, instead of the total lump sum payout. I have had this policy for about 60 years. Thank you.
Hello Willie, folks sometimes get us confused with their insurance company because we write articles about various companies. If you’re looking to speak with your company, you’ll need to go to the Phoenix Life website and make sure you’re connecting with them directly. If you would like a review of your policy, you would need to talk with one of our experts to consider anything with a current policy. You can start the process by e-mailing Barry Brooksby directly at barry@insuranceandestates.com. Best, I&E Pro Team
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