Phoenix Life Rolls Out Indexed UL

Phoenix Adds Indexed Universal Life to Product Portfolio

Offers policy flexibility and simple index options

HARTFORD, Conn.--(BUSINESS WIRE)--March 27, 2007--The Phoenix Companies, Inc. (NYSE: PNX) today introduced Phoenix Indexed UL(SM), a flexible premium universal life insurance policy that gives customers the opportunity to grow their cash values in line with a rising stock market while protecting these assets with guaranteed minimum returns even when the market drops.

Phoenix Indexed UL is designed to appeal to individuals who need maximum flexibility in insurance premiums, coverage options, and access to cash value through policy loans or withdrawals. It is also attractive to business owners who need permanent life insurance protection, want cash value growth, and will fund the policy with an executive bonus plan, spilt-dollar plan, or corporate-owned life insurance.

"Phoenix Indexed UL is an important addition to our product portfolio because, for the right clients, it's a significant improvement over traditional universal life," said Philip K. Polkinghorn, senior executive vice president, Life & Annuity. "While other universal life policies offer the opportunity to build cash value, we're offering greater funding and income options, as well as downside protection for cash values."

"We heard from advisors that their clients want insurance products that offer a variety of options and are easy to understand. The Phoenix Indexed UL delivers on both counts for our customers," Polkinghorn said.

The flexibility of the Phoenix Indexed UL policy is evident in several features, including the investment choices that clients can make based on their personal risk tolerance, financial goals and approach to investing, or on market activity.

Phoenix Indexed UL offers the choice of three accounts for tax-deferred accumulations of cash value: a fixed account and two index accounts that track the annual point-to-point growth of the Standard & Poor's 500* Index. The indexed accounts are:

Indexed Account A, which credits 100 percent of the growth in the S&P, up to a specified cap, currently 12 percent. This account may be suitable for individuals who believe the S&P 500 will fluctuate moderately over time.
Indexed Account B, which credits a proportion (currently 75 percent) of the growth in the S&P, with no caps on the maximum annual growth. Thus an individual would get a 7.5 percent return if the S&P 500 grew 10 percent; 11.25 percent on an S&P 500 return of 15 percent; and a 15 percent return if the S&P 500 grew 20 percent**. This option may be suitable for an individual who expects the stock market to fluctuate significantly over time.

Both Indexed Accounts A and B have a guaranteed minimum rate of 1 percent, even if the S&P 500 has negative returns for the year. Clients can change their premium allocations at any time, and have the opportunity to transfer from the Fixed Account into an Indexed Account, or to reallocate between the Indexed Accounts, with certain restrictions.

In addition to flexible investment options, Phoenix Indexed UL lets clients modify premium payments and insurance coverage and choose from a range of death benefit options. Clients who need access to their cash values can take a tax-free policy loan or a tax-free withdrawal, up to the cost basis of the initial premium.

Phoenix Indexed UL also features the company's unique Healthy Measure Reward, which offers up to a 20 percent discount on the cost of insurance for clients who have and maintain a healthy lifestyle, as measured by their Body Mass Index (BMI).

Phoenix is a leader in the life insurance industry, with a distinguished record of industry firsts in product design and underwriting. The company's underwriting capabilities can accommodate a range of customers and risk situations and address clients' estate, business and retirement planning strategies. Phoenix also offers a complete suite of annuity products with a full spectrum of optional guarantees, and with expert technical analysis of complex annuity contracts to help customers own the right products to fit their unique needs.

With roots dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) helps individuals and institutions solve their often highly complex personal financial and business planning needs through its broad array of life insurance, annuities and investments. The company's products and services reflect deep insights into the wants and needs of consumers and financial professionals gleaned from research, including its Phoenix Wealth Survey, conducted annually since 1999. Phoenix has been recognized for its people-friendly programs by Working Mother magazine, the National Association of Female Executives and The Princeton Review. In 2006, Phoenix had annual revenues of $2.6 billion and total assets of $29.0 billion. For more information, visit www.phoenixwm.com.

Phoenix Indexed UL (Form 06IUL) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). In Maine and New York, Phoenix Indexed UL (Form 06IUL) is issued by Phoenix Life Insurance Company (East Greenbush, NY). PHLVIC is not authorized to conduct business in Maine and New York. The insurers referenced above are separate entities and each is responsible only for its own financial condition and contractual obligations. All guarantees under the policy are based on the claims-paying ability of the named company.

IRS Circular 230 Disclosure: Any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, to avoid penalties imposed under the U. S. Internal Revenue Code, and was written to support the promotion or marketing of the transactions or matters addressed here. Individuals should seek independent tax advice based on their own circumstances.

* "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.

** This hypothetical example is for illustrative purposes only. This is not a prediction or guarantee of actual results. Actual results will vary from those described. This example is not intended to represent the value or performance of any specific product.

BPD 31442 3-07