Phoenix Announces Enhancements to Variable Universal Life Product; Pho

    Business Editors/Insurance Writers

    HARTFORD, Conn.--(BUSINESS WIRE)--March 21, 2005--The Phoenix Companies, Inc. (NYSE:PNX) today announced enhancements to its flagship variable universal life product, Phoenix Edge(R)-VUL (PE-VUL), offering lower mortality and expense charges, lower rates for many risk classes and improvements to the product's advisor illustration system.
    "According to Phoenix's annual Wealth Survey, 69 percent of the high net worth say assuring a comfortable retirement is their most important financial goal. The enhancements to PE-VUL address this need and make it easier for advisors to illustrate future income scenarios to the affluent, including business owners and senior corporate executives," said Robert E. Primmer, senior vice president, Phoenix Life Distribution and Sales.
    PE-VUL will now offer lower mortality and expense rates for clients who elect a long-term performance option at purchase. The long-term option can help fund needs such as retirement income and long-term care, while offering a traditional death benefit. In addition, standard non-smoker and sub-standard risk classes will benefit from lowered rates on the PE-VUL base contract, as well as lower rates for an optional term rider that offers annually renewable term coverage to age 100.
    For advisors, enhancements to PE-VUL's illustration system make it simpler to show clients how the long-term performance option, coupled with selection of a level death benefit, can potentially provide income.
    "This type of illustration shows clients how they can use PE-VUL's flexible death benefit option if their income needs change in the future," said Primmer.
    The new rates are available for all PE-VUL cases with an application date on or after March 5, 2005.

    The Phoenix Companies, Inc. is a leading manufacturer of life insurance, annuity and asset management products for the accumulation, preservation and transfer of wealth. Through a variety of advisors and financial services firms, the company provides products and services to affluent and high-net-worth individuals and to institutions. With a history dating back to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. The company also offers private placement insurance products through Philadelphia Financial Group, a wholly owned subsidiary. Phoenix has corporate offices in Hartford, Connecticut. For more information on Phoenix, visit www.PhoenixWealthManagement.com.

    Phoenix Edge-VUL (Policy Form V613) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in NY and ME. Variable products distributed by Phoenix Equity Planning Corporation, 56 Prospect Street, Hartford, CT 06115.

    Your clients should consider the investment objectives, risks, charges and expenses of the variable insurance policy and underlying fund options carefully before investing. The prospectuses contain this and other information. To obtain either a life insurance product prospectus or the underlying fund prospectuses, visit www.PhoenixWealthManagement.com or call 1-800-417-4769. Please have your clients read the prospectuses carefully before they invest or send money.

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CONTACT: The Phoenix Companies, Inc. Laura Marzi, 860-403-6607 laura.marzi@phoenixwm.com

KEYWORD: CONNECTICUT INDUSTRY KEYWORD: INSURANCE BANKING PRODUCT SOURCE: The Phoenix Companies, Inc.

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