Phoenix Life Insurance Company is maintaining the dividend scale for all “closed block” participating policies effective January 1, 2014. The 2014 dividend scale reflects solid performance of the closed block, which has had claim experience within expectations and benefited from the recent rise in interest rates.
We are proud of our track record of providing competitive dividend payments that add value to participating policies, despite long periods of interest rate and other market environment challenges. The average dividend interest rate remains at 5.15%.
The closed block was established to fund policy dividends and guaranteed benefits for dividend-eligible policies after Phoenix demutualized and became a stockholder-owned company. It is set up to ensure that these policies and their dividend scales are managed for the benefit of policyholders.
Participating policies in the “open block” have a separate dividend scale that also is being maintained for 2014.
If you have any questions, please call our Customer Care Center at 800-628-1936.