We are changing the policy dividend scale for all “closed block” participating policies purchased before the June 2001 demutualization of Phoenix Life Insurance Company (now Nassau Life Insurance Company), effective January 1, 2020. With the changes to the dividend scale, most policyholders will see an increase to the dividend paid in 2020 compared to the dividend paid in 2019, reflecting a higher dividend interest rate as well as growth in the value of their policy.
Each year, we must decide whether to maintain or change the dividend scale for calculating dividend payments after considering several factors, including historical performance and future expectations. As always, the amount of dividend paid is based on a number of factors including product type, age at issue, length of time the policy has been in force, gender, and health when the policy was issued. Some policyholders will see a decrease for reasons including loan balances or loan interest rates that affect the size of the dividend paid.
The dividend scale for the small number of participating policies in the “open block” (purchased after demutualization) also will be changed for 2020.
Please note that when we changed the name of Phoenix Life Insurance Company to Nassau Life Insurance Company, the company name is the only thing that changed. All policy terms, including terms and conditions for dividend-eligible policies, remain the same, and the closed block continues to be managed in accordance with the original Plan of Demutualization.
If you have any questions about your policy, please contact our Customer Care Center at 1-800-628-1936.
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