PHOENIX JOINT ADVANTAGE UL

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1 PHOENIX JOINT ADVANTAGE UL SM A dual coverage policy that pays a death benefit on the first death, featuring flexible premiums and cash accumulation

2 Phoenix helps people with diverse financial needs find the right life insurance strategies to secure their futures. We are distinguished by exceptional underwriting, innovative products and services, and deep insight into our customers needs. Phoenix Joint Advantage Universal Life (UL) provides coverage for two people under one policy and pays a benefit on the first death. It s versatile, cost-effective and uniquely available from Phoenix. Payments and policy guarantees are based on the claims-paying ability of the issuing insurance company. The insurance products are: - Not insured by FDIC, NCUSIF or any other state or federal agency that insures deposits; - Not a deposit or obligation of, underwritten or guaranteed by, the depository institution or any affiliate; - Subject to early surrender charges, possibly resulting in the loss of a portion of the principal invested. 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.

3 Phoenix Joint Advantage UL SM Dual coverage with multiple advantages! At a time when conserving your working capital is especially important, a life insurance solution that actually saves money is a valuable asset. Phoenix Joint Advantage UL, a product that provides death benefit coverage for two people under one policy, is a significantly cost effective alternative to the expense of two standard UL policies. And the advantages don t end there. Joint Advantage UL has the flexibility to meet a variety of needs whether you re looking for dual income protection or want to stabilize the wealth remaining in your retirement portfolio through steady, reliable cash accumulation. You can customize your UL policy to coincide with your own particular financial goals by choosing from a broad range of features and benefits, including the ones described below. Death benefit options Select one of two death benefit options: Death Benefit Option A (Level Benefit): pays a death benefit equal to your policy s face amount Death Benefit Option B (Increasing Benefit): pays a death benefit equal to your policy s face amount added to its cash value You can change your death benefit option from Option B to Option A starting in the second policy year with no medical exams required. Death Benefit Option B is only available at issue. Flexible premiums After the minimum initial premium, there are no restrictions on the pattern of periodic or billed premiums or one-time payments. 1 You can decide when and how much you want to pay. Optional riders Adding riders to your policy allows you to tailor it to meet your additional needs. All riders are subject to state availability and certain limitations, and some have additional costs. The following rider is automatically included on all policies at issue, at no additional charge: Policy Exchange Option Rider: Allows the exchange of your Phoenix Joint Advantage UL policy for two single life policies without evidence of insurability. The following rider is automatically included on all policies at issue, and subject to an additional cost only if and when you choose to activate it: Overloan Protection Rider: Helps to prevent policy lapse (a taxable event) if loan debt should exceed cash value due to a heavily-loaned policy. Phoenix Joint Advantage UL provides cost effective coverage for two with the versatility to meet a wide range of client needs. 1. There are Internal Revenue Code limits on the total amount of premiums allowed in order to be life insurance as well as on the amount of premiums that will not cause the contract to be classified as a Modified Endowment Contract (MEC). If the policy is classified as a MEC, it is still life insurance but distributions of gains by any means (including policy loans, withdrawals or other distributions) will be taxed as ordinary income and are subject to an additional 10% tax penalty.

4 The riders below are elective at issue and are added to the policy at an additional cost: Level Term Rider: Integrated level term life insurance on one insured which allows for greater flexibility. Increasing Term Protection Rider: Increase your death benefit with the increasing term insurance based on a flexible schedule. Survivor Purchase Option Rider: Allows the purchase of a new policy on the surviving insured without the need for additional evidence of insurability. Alternate Surrender Value Rider: This rider provides for a higher alternate value available upon full surrender for up to the first seven policy years. Disability Benefit Rider: Optional disability protection that will pay a specified amount to your policy if you are unable to pay your premiums due to disability. Waiver of Surrender Charge Rider: This rider will waive surrender charges for basic coverage on the original policy. PHOENIX JOINT ADVANTAGE UL VS. TWO INDIVIDUAL UL 2 POLICIES MALE AND FEMALE, BOTH AGE 45 FACE AMOUNT: $1 MILLION RISK CLASS: PREFERRED PLUS LEVEL PREMIUM TO ENDOW AT MATURITY ILLUSTRATED AT CURRENT CREDITING RATE OF 5% A: Combined annual premium cost of two individual UL policies 2 B: Annual premium cost for one Phoenix Joint Advantage UL policy with Survivor Purchase Option Rider. 3 16% annual savings over two individual policies. $14,000 12,000 10,000 8,000 6,000 4,000 ANNUAL PREMIUM OUTLAY $12,103 $10,193 $5,516 $6,587 2,000 0 This is a hypothetical example and is used only to describe how this strategy may work. Which strategy works best for clients will depend on their individual facts and circumstances. Actual results will vary. Any representation of life insurance premium or death benefit is purely hypothetical in amount and is not a guarantee of cost or death benefit now or in the future from a specific life insurance policy. Clients should receive a personalized illustration that reflects all applicable fees and charges, including the cost of insurance. A B 2. For comparison purposes, Phoenix Accumulator UL is used here. Comparisons are meant to show cost savings only; Phoenix Joint Advantage UL does not completely replace two UL policies. 3. Rider is optional and involves added cost. Riders and features are subject to policy terms and state availability.

5 A Persistency Bonus Beginning in policy year 11, Phoenix will credit your policy s cash value with a 0.5% annual bonus, credited on a daily basis, on all non-loaned policy values. Subject to state approval. Access to your policy s cash value 4 A Joint Advantage UL policy has the potential to build cash value. You have the option to leave your cash value in the policy and allow it to accumulate and eventually be paid to your beneficiary. Or, if you choose, you may tap into it through loans or withdrawals. Fees and charges 5 Premium expense charge: 10% of premiums up to target annual premium (TAP), 5% on premium in excess of TAP Current and guaranteed maximum monthly administrative charge: $6 per month Coverage charge: A monthly per thousand charge applicable for 10 years Cost of insurance (COI): Current rates based on issue age, gender, policy duration, underwriting class and risk classification Surrender charges: 15-year schedule, vary based on issue age, gender, policy duration, underwriting class and risk classification To learn more about Phoenix Joint Advantage UL, and all of the many ways it can help you protect your family and your future, contact your financial advisor, call Phoenix at or visit our Web site at phoenixwm.com. 4. Withdrawals will reduce the cash value and death benefit and may be subject to policy limitations. Gains in excess of basis are taxable in the event of a surrender, lapse or policy maturity. If the policy is classified as a Modified Endowment Contract (MEC) policy loans, withdrawals or other distributions of income (gains) will be taxed as ordinary income and distributed first, followed by basis in the contract. Distributions of income (gains) prior to age may be subject to a 10% tax penalty, in addition to ordinary income tax. Surrender charges may also apply. Policy loans and withdrawals will reduce cash value and are subtracted from the death benefit upon payment. 5. Prospective buyers will receive a personalized illustration that includes all charges including the coverage charge and a schedule of surrender charges.

6 With roots dating to 1851, The Phoenix Companies, Inc. represents a heritage of more than 150 years of expertise and reliability. Today, Phoenix helps its customers to achieve their financial and business planning goals through an array of life insurance and annuity products and services that reflect the company s deep insights into the changing wants and needs of the marketplace. Phoenix Joint Advantage UL (policy form 09FTDUL or ICC09FTDUL) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in New York, Maine or Puerto Rico. In New York, Maine and Puerto Rico, Phoenix Joint Advantage UL is issued by Phoenix Life Insurance Company (East Greenbush, NY). The insurers referenced above are separate entities and each is responsible only for its own financial condition and contractual obligations. Members of the Phoenix Companies, Inc. phoenixwm.com L5069BR 2009 The Phoenix Companies, Inc BPD37055