May 2019

We are pleased to announce that effective June 3, 2019, our life insurance portfolio includes products issued by Nassau Life and Annuity Company:
• Nassau Remembrance Life^SM
• Nassau Safe Harbor Term^SM
• Nassau Safe Harbor Term Express^SM

In addition, producer product guides have been enhanced with expanded field underwriting information to assist with product selection and risk assessment. Although most of the underwriting guidelines remain the same, additional clarifying details have been added for insurable interest and a number of medical impairments, as well as new information concerning medications, diabetes and multiple impairments guidance. See the links at the bottom of this bulletin for details.

The new Nassau Life portfolio will replace the currently available Phoenix Life products, subject to state availability. In states where approvals are still pending, we will continue to offer the Phoenix Life products. We have planned this change to be as seamless as possible for our IMO partners and producers.

• No action is needed for appointment with Nassau Life and Annuity Company. Active producers in Pennsylvania will be pre-appointed as required by that state. All other appointments will be handled on a just in time basis.
• Where available, the Nassau Life product will replace the corresponding Phoenix Life product.
• The Nassau Life products will be issued by Nassau Life and Annuity Company (NLA) and the Phoenix Life products continue to be issued by PHL Variable Insurance Company (PHL).
• Life insurance policies in the following states will continue to be issued by PHL after launch: CA, GA, MA, MN, MT.
• Life insurance policies in all other states will be issued by NLA. Please note, we are seeking NLA approval in the five pending states and will notify you when they are available. (New York and Maine are not available in PHL or NLA.)
• Rider details:
  • The Accelerated Death Benefit riders are not available in CA (PHL and NLA)
  • The Critical Illness rider is not available in CT (PHL and NLA)
  • The Accidental Death Benefit rider will be automatically issued with Remembrance policies in the following states: CA, DE, DC, FL, GA, MA, MN, MT, ND, and SD (PHL and NLA)
  • The optional rider for Accidental Death on Safe Harbor Term and Safe Harbor Term Express is available for an additional premium in all states except CA (PHL and NLA)
  • For NLA, the Unemployment rider will be automatically issued with Safe Harbor Term and Safe Harbor Term Express policies in all states except: NH, OR, UT, VA. For PHL and NLA, the rider is not available in CT, MA, MD, TN, WA.
• Applications for life insurance issued by PHL will be accepted through June 30, 2019. After that date, if NLA is available, only NLA applications will be accepted.
• New state-specific applications and forms and marketing materials will be available on www.salesnet.nsre.com on Monday, June 3. All marketing orders received May 29-30 shipped with updated materials Friday, May 31.

For Producer Use Only. Not for use in solicitation or advertising to the Public. 
Products, riders and other features are subject to state availability. Actual product details, including all terms and conditions that apply, are contained in the life insurance policy. Lifetime payments and guarantees are based on the claims paying ability of PHL Variable Insurance Company or Nassau Life and Annuity Company. Life insurance is issued by Nassau Life and Annuity Company (Hartford, CT) and PHL Variable Insurance Company. Nassau Life and Annuity Company is not authorized to do business in CA, GA, MA, ME, MN, and NY. PHL Variable Insurance Company is not authorized to conduct business in ME and NY. The insurers referenced above are separate entities and each is responsible only for its own financial condition and contractual obligations. Nassau Life and Annuity Company and PHL Variable Insurance Company are subsidiaries of Nassau Re.  Nassau Re® is a registered trademark by Nassau Reinsurance LLC.

6-19

I am very pleased to let you know that AM Best has upgraded the financial strength ratings of all Nassau Re insurance subsidiaries to B+ from B and maintained a stable outlook.

AM Best specifically highlighted a number of important accomplishments, including: strengthening our balance sheet; improving our operating performance; growing annuity sales; establishing stronger enterprise risk controls; and eliminating material weaknesses.

This upgrade clearly acknowledges all the hard work of our employees, distribution partners and producers over the past three years. We have all dedicated long hours to implementing a plan that puts us on a course for sustainable growth into the future. AM Best’s decision reflects the progress we have made on many fronts.

Continued ratings improvement remains a top priority at Nassau Re. We have been excited about our growth plans, with a number of important initiatives that will continue to expand our product portfolio, improve service, and build stronger distribution relationships.

Thank you for your continued support and partnership. We are excited about growing together in 2019 and beyond.

Sincerely,

Phil Gass