Redesigned Simplified-Issue, Indexed Universal Life Insurance Product to be Sold Through Select Distributors

HARTFORD, Conn.--(BUSINESS WIRE)-- The Phoenix Companies, Inc. (NYSE: PNX) today announced a distribution agreement with National Agents Alliance (NAA) under which NAA agents can offer the redesigned Phoenix Simplicity Index Life product to their client base. Phoenix Simplicity Index Life (IUL) is a simplified-issue, indexed universal life insurance product that provides universal life insurance protection with an attractive ability to build cash value. Phoenix said it will seek a limited number of additional distributors for Phoenix Simplicity Index Life throughout 2012.

“We have been working with National Agents Alliance for the past year developing this working relationship as well as redesigning the Phoenix Simplicity Index Life product,” said Biff Baker, National Sales Manager - Life Independent for Saybrus Partners, Phoenix’s distribution subsidiary. “NAA has shown both commitment and excitement in re-launching the Phoenix Simplicity Index Life product to the marketplace. Both organizations are confident this product offers great value while meeting continually changing consumer needs.”

This redesigned product contains several features that make it attractive to consumers. Most notably, the simplified issue format allows the entire underwriting process to be covered with a limited number of questions, routine database checks and no invasive blood or lab tests, versus the much lengthier standard underwriting process. Phoenix Simplicity Index Life is the only product of its kind offered to individual consumers.

“We are very excited to bring the Phoenix Simplicity Index Life product to the NAA platform,” said Andy Albright, President & CEO of National Agents Alliance. “We believe this product’s unique set of features, including cash accumulation potential without the risk of loss due to market downturns, will resonate with those seeking a simpler and more flexible life insurance solution.”

Phoenix Simplicity Index Life offers permanent death benefit protection for those concerned about the financial security of a loved one, plus the additional advantage of an indexed feature. Since index credits are linked to the performance of the S&P 500¹ Index, clients are given the potential for higher earnings compared to fixed current interest rates, in addition to protection against market downturns. Interest and crediting rates are declared by Phoenix at the beginning of each index “segment” and are subject to change.

Consumers can exchange pre-existing life insurance policies with Phoenix Simplicity Index Life, a process known as a 1035 Exchange, after consulting with a professional tax advisor regarding any tax consequences this process may produce. If an exchange is suitable, the consumer can trade in an existing policy for a more affordable one or add a cash value component to their policy for loans and/or withdrawals.

To learn more about Phoenix Simplicity Index Life and other Phoenix Companies life insurance and annuity products, agents, financial advisors and other distributors can contact the Saybrus Sales Desk at (888) 794-4447 option 1.

¹ Standard & Poor’s®,” “S&P®,” “S&P 500®,” “Standard & Poor’s 500” and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by Phoenix Life Insurance Company and its affiliates. This policy is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation regarding the advisability of purchasing this policy. The values of the S&P 500 Index used in this product exclude dividends.

Guarantees are based on the claims-paying ability of the issuing insurance company.

Phoenix Simplicity Index Life (08IUL) is issued by PHL Variable Life Insurance Company (PHLVIC) (Hartford, CT). PHLIVC is not authorized to conduct business in New York and Maine. In New York and Maine, Phoenix Simplicity Index Life is issued by Phoenix Life Insurance Company (East Greenbush, NY). For California residents: Saybrus Partners, Inc. (dba Saybrus Partners Insurance Agency in California), CA License # 0G81229. Members of The Phoenix Companies, Inc.

ABOUT PHOENIX

The Phoenix Companies, Inc. (NYSE:PNX) is a boutique life insurance and annuity company serving customers’ retirement and protection needs through select independent distributors. Headquartered in Hartford, Connecticut, Phoenix has a history of keeping its promises since 1851.

Phoenix’s distribution company, Saybrus Partners, Inc. helps institutions and financial professionals nationwide deliver added value to their clients with dedicated support, product expertise and personalized insurance solutions for basic protection, as well as policy recommendations for estate, business and income planning. For more information, visit www.saybruspartners.com and www.phoenixwm.com.

Saybrus does not provide tax or legal advice. In California dba Saybrus Partners Insurance Agency, CA license #0G81229.

ABOUT NATIONAL AGENTS ALLIANCE

National Agents Alliance is an innovative lead generation and marketing organization that sells life insurance, annuities, and other financial services products through more than 7,000 active independent sales representatives in 50 states. Focused on serving middle-income families, National Agents Alliance is the No. 1 United States provider of mortgage protection insurance and offers a broad array of other affordable products from highly regarded companies. Since its inception in 2002, National Agents Alliance has helped more than 800,000 families successfully apply for more than $87 billion in life insurance coverage.

For more information about National Agents Alliance, visit http://www.nationalagentsalliance.com/contact-us or call 1-866-752-1163.

For additional information on this topic, please call Mac Heffner at 336.227.3319 x1189 or email Mac at mheffner@naaleads.com.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend for these forward-looking statements to be covered by the safe harbor provisions of the federal securities laws relating to forward-looking statements. These forward-looking statements include statements relating to trends in, or representing management’s beliefs about our future transactions, strategies, operations and financial results, and often contain words such as “will,” “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “is targeting,” “may,” “should” and other similar words or expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning trends and future developments and their potential effects on us. They are not guarantees of future performance. Our actual business, financial condition or results of operations may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others: (i) changes in our investment valuations based on changes in our valuation methodologies, estimations and assumptions; (ii) the effect of guaranteed benefits within our products; (iii) downgrades in our debt or financial strength ratings; (iv) the possibility that mortality rates, persistency rates, funding levels or other factors may differ significantly from our assumptions used in pricing products; (v) the availability, pricing and terms of reinsurance coverage generally and the inability or unwillingness of our reinsurers to meet their obligations to us specifically; (vi) the strong competition we face in our business from banks, insurance companies and other financial services firms; (vii) tax developments that may affect us directly, or indirectly through the cost of, the demand for or profitability of our products or services; (viii) market reaction to or receptivity of the product and (ix) other risks and uncertainties described herein or in any of our filings with the United States Securities and Exchange Commission (“SEC”).Certain other factors which may impact our business, financial condition or results of operations or which may cause actual results to differ from such forward-looking statements are discussed or included in our periodic reports filed with the SEC and are available on our website at www.phoenixwm.com under “Investor Relations”.You are urged to carefully consider all such factors.We do not undertake or plan to update or revise forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections, or other circumstances occurring after the date of this press release, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized.If we make any future public statements or disclosures which modify or impact any of the forward-looking statements contained in or accompanying this press release, such statements or disclosures will be deemed to modify or supersede such statements in this press release.

BPD38212

Phoenix
Alice Ericson, 860-403-5946
alice.ericson@phoenixwm.com
or
CJP Communications
Todd Miller, 203-254-1300 x149
tmiller@cjpcom.com

Source: The Phoenix Companies, Inc.