PHP Life Insurance

A financial services company partnering with popular life insurance providers

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PHP Life

PHP Life

Our Take

PHP Agency partners with several well-known insurance carriers to provide term and permanent life insurance coverage for you and your family. However, to buy life insurance, you will have to work directly with a participating agent. 

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
Pros
  • Wide availability

  • Multiple products

  • Well-known partners

Cons
  • Does not directly sell coverage

  • Products vary by provider

  • No ratings available

Key Takeaways
  • PHP Agency was founded in 2009 in California.
  • A financial services company, it provides marketing services by partnering with several popular insurance providers. 
  • You can buy life insurance directly from partner providers, such as AIG, American National, and Mutual of Omaha.
  • Policy availability and pricing depend on the life insurance provider that you choose.
Company Overview

PHP Agency is a newer company, established in 2009 in Northridge, California, with just 66 life insurance agents. As a multi-level marketing (MLM) company, PHP sells financial products like life and health insurance with the help of more than 17,000 licensed agents. However, this means that the quality of service can vary, since PHP does not directly provide training for its products.

PHP is a financial services company with several life insurance products that are sold via independent agents. It has partnered with leading life insurance providers to sell its products, including several well-known insurance carriers, such as these: 

  • AIG
  • American National
  • Columbus Life Insurance Company
  • Foresters Financial
  • Mutual of Omaha
  • National Life Group
  • National Western Life Insurance Company

Geographical Restrictions

PHP Agency is available across the U.S. through a number of participating providers. For exact availability, look to your insurance provider for further details. 

  • Year Founded 2009
  • Kinds of Plans Term, return-of-premium term, indexed universal, no medical exam, fixed indexed annuities
  • Number of Plans 5
  • Payment Plan Options Through provider
  • Customer Service (469) 917-4600
  • Official Website www.phpagency.com

PHP Agency is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • Wide availability: PHP Agency has life insurance products available throughout the U.S. 
  • Multiple products: Policyholders can choose from term, return-of-premium term, indexed universal, and no-medical-exam life insurance, as well as fixed indexed annuities.
  • Well-known partners: PHP partners with several popular life insurance companies, including AIG, Mutual of Omaha, Foresters Financial, and National Western Life Insurance Company. 

Cons Explained

  • Does not directly sell coverage: To buy life insurance, you will need to work with an insurance agent from a participating provider.  
  • Products vary by provider: All life insurance providers may not offer the same coverage, terms, or pricing options. 
  • No ratings available: As a newer provider, PHP Agency is not rated by the typical rating providers. 

Available Plans

PHP Agency sells its products through a series of independent providers. While this gives you many more options for coverage, it also means that the exact details for your policy will largely depend on the provider that you choose. 

You cannot buy life insurance directly from PHP Agency. 

PHP Agency’s life insurance products include five types of life insurance: term life, term life with a return-of-premium, indexed universal life, no-medical-exam life insurance, and fixed indexed annuities.

Term Life Insurance

Term life insurance is a form of life insurance coverage that has a specific expiration date. Most policies range in length anywhere from one to 35 years. The policy’s death benefit applies if the policyholder dies within the policy’s term. At the end of the term, there may be the option to renew or convert coverage, depending on your provider. 

Because term life is just temporary protection, it is often a more affordable type of life insurance coverage. 

Return-of-Premium Term Life Insurance

PHP Agency has a Return-of-Premium (ROP) term life insurance policy that offers greater financial security than traditional term life coverage. At the end of the ROP term life policy, policyholders can collect all contributed premiums when they outlive their policy’s term. Returned premiums may begin in the second year of the policy, so your premiums are guaranteed almost immediately.  

Indexed Universal Life Insurance

Indexed Universal Life (IUL) is a different type of life insurance protection, offering flexibility in both your premium and death benefit. As your policy accumulates cash value, you can reinvest it to earn interest via popular indexes, such as the S&P 500 or Nasdaq 100. It also protects your policy from market declines through a guaranteed floor.

An indexed universal life insurance policy gives policyholders the option to put their premiums to work, using eligible funds to increase cash value and grow your policy tax-deferred over time. 

No-Medical-Exam Life Insurance

No-medical-exam life insurance offers guaranteed life insurance protection. Many life insurance policies require a medical exam to qualify for coverage, but with this policy, you can receive permanent life insurance coverage that carries a flexible death benefit of $250,000. Coverage is simple and straightforward, with many people using this policy to cover medical expenses and funeral bills. 

Fixed Indexed Annuities

PHP Agency also offers Fixed Indexed Annuities. This coverage is similar to indexed universal plans, using your chosen market index to earn additional value. There is principal protection, in addition to market gains, with the ability to benefit from tax-deferred growth.

Available Riders

A life insurance rider is a type of additional protection that you purchase to better customize your provider’s life insurance coverage to your specific needs. Several riders are available from PHP Agency, but availability and pricing depend on the provider you choose.

These are some of the most popular riders available with a life insurance policy from a PHP Agency partner provider. 

Accelerated Benefits Rider

An Accelerated Benefits Rider allows policyholders to access an additional death benefit while still alive. This applies when certain life events occur, such as critical or terminal illness.

Accelerated Death Benefit Rider

The Accelerated Death Benefit Rider allows the policyholder to access a portion of the policy’s death benefit early when diagnosed with a terminal illness. This is often used to help pay for additional costs, such as medical expenses.

Children’s Term Rider

The Children’s Term Rider includes a death benefit that covers the children of the insured. If a child dies while coverage is active, an additional death benefit will be issued. If the child outlives the policy, coverage can be eligible for conversion into permanent life insurance coverage without any need for additional medical exams. 

Disability Waiver of Premium Rider

The Waiver of Premium Rider is one that applies when the insured experiences a disability. The exact definition of a disability varies among providers, but with this rider, you will not have to pay premiums for a certain period of time when you experience an eligible illness or disability.  

Guaranteed Purchase Option

The Guaranteed Purchase Option (GPO) Rider is a great option if you think you may want to buy additional life insurance coverage in the future. With this rider in place, you can buy more coverage in the future without having to take a medical exam.

Return of Premium Rider

The Return of Premium Rider helps ensure that term life insurance premiums are returned if the policyholder does not die during the coverage period. 

Customer Service

PHP Agency provides an online form on its website to help you find a local agent in your area.  If you have questions or require assistance with your policy, you should contact your insurance agent directly. 

PHP Agency can be reached using the online contact form for customer support. You can also contact them by phone or mail. 

PHP Agency Contacts
Phone (469) 917-4600
Mailing Address  PHP Agency, Inc.
16650 Westgrove Drive, Suite 500
Addison, TX 75001 

Complaint Index

One way to judge a company’s customer satisfaction is to look at ratings from the National Association of Insurance Commissioners (NAIC). The NAIC tracks customer complaint data for each insurance provider throughout the year and assigns an average score based on a baseline industry score of 1.00.

Because PHP Agency’s products are solid via a number of insurance carriers, its NAIC ratings are assigned to each provider directly. For example, if you are buying insurance coverage from AIG, you should consider those NAIC ratings specifically relating to AIG since that is the provider managing your policy. PHP Agency does receive some NAIC scores for its partners in Indiana and Michigan. PHP Insurance Company of Indiana receives a 0.00 rating, while PHP Insurance Company of Michigan receives a very high 2.50, which is more than double the industry average for customer complaints. 

Third-Party Ratings

Another indicator of customer satisfaction is J.D. Power’s annual rankings. Again, we must look to PHP's partner insurers for ratings, as PHP Agency is unrated itself.

PHP Agency is not rated by any of the traditional ratings providers.

Because PHP Agency is not rated by industry ratings providers, we look to some of its partners, instead. Mutual of Omaha is rated fifth in J.D. Power’s 2020 U.S. Life Insurance Study for Individual Life Insurance, while AIG receives below-average scores for J.D. Power’s Overall Customer Satisfaction Index Ranking. If you work with another provider, check the customer satisfaction ratings before deciding on your provider. 

These companies are well-rated for financial strength, too. Mutual of Omaha receives an A+ (Superior) rating by AM Best, while AIG trails slightly behind with an A (Excellent) rating. It shows that PHP’s partners are generally secure in both customer service and claims reliability. 

Cancellation Policy

When you purchase a new life insurance policy, there is a free look period that applies for the period immediately following your purchase. The length of your free look period varies from provider to provider, but most providers offer anywhere from 10 to 30 days. During this time, you can cancel your coverage without penalty. You can cancel your policy at any time after that, but you may incur surrender fees and other penalties, depending on your provider.  

Cancellation policies vary by company. For example, you will need to call Mutual of Omaha’s customer service department to cancel your policy. Ask your insurance agent about the terms and conditions for your policy’s cancellation.

Price

The price of your life insurance policy is based on a series of individual factors used to determine risk. Where you live, your age, and your medical history are all major factors impacting the cost of your policy. Gender is another factor that can impact the cost of your policy, although most insurance carriers base rates on a person's sex at birth and not current gender identity.  

The cost of life insurance also depends on the company that you can choose. Before you decide, we recommend collecting and comparing multiple quotes from PHP Agency’s providers to find the best coverage for you and your family.  

Compare quotes from multiple PHP partners to find the best coverage and pricing for your life insurance needs.

Competition

PHP Agency is difficult to compare because multiple products are available for your life insurance plan. However, for comparison’s sake, we measured PHP Agency against New York Life, one of today's best life insurance companies

PHP Agency only offers half the number of policies that New York Life offers, limiting your choices. Both companies require that you work with an agent for life insurance, but that is the end of their similarities. While New York Life holds some of the highest ratings in the insurance industry, PHP Agency remains unrated by major ratings providers like NAIC, AM Best, and J.D. Power. 

  PHP Agency New York Life 
Market Share N/A Third-largest in U.S., 5.7%
Number of Plans  10 
Dividends for 2020  N/A  $1.9 billion 
Wellness Program Discounts/Quit Smoking Incentives  Depends on provider Not applicable 
Service Method  Agents  Agents 
AM Best Rating  Unrated  A++ (Superior) 
Price Rank  Varies  Better than most 
Complaints Trend  N/A  0.15 Excellent 
Final Verdict

While it is hard to judge PHP given all of its individual providers, its policies could be a great choice when working with one of its carriers, like AIG and Mutual of Omaha. Still, you are more likely to find its policies through its partners and not from PHP Agency directly since that is how policies are priced and sold.

Our Methodology: How We Review Life Insurance Carriers

Investopedia’s signature Life Insurance Review Methodology is based on an in-depth analysis of today’s leading insurance providers. We use a series of critical factors, including available coverage, riders, financial strength, customer satisfaction, claims process, and price. Using only the latest available data, we are able to provide a detailed portrayal of today’s top life insurance companies for you and your family.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. “CIS Refined Results - PHP Ins Co.” Accessed September 14, 2021.

  2. NAIC. “CIS Refined Results - PHP Ins Co of IN Inc.” Accessed September 14, 2021. 

  3. J.D. Power. "2020 U.S. Life Insurance Study." Accessed September 14, 2021.