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The Phoenix Companies Launches Protected Solutions Annuity

The Phoenix Companies, Inc. (NYSE:PNX) today announced the introduction of the Protected Solutions Annuity, the newest offering developed through its strategic alliance with The AltiSure Group.

The product is a single premium fixed indexed annuity that offers two indexed accounts and a fixed account, principal protection from investment loss and, for an additional fee, a guaranteed chronic care and enhanced death benefit. Designed for individuals approaching or already in retirement, the Protected Solutions Annuity provides benefits that can be applied to chronic (or confinement) care within the home, an assisted living facility or nursing home. If the chronic care benefits go unused, the beneficiary is entitled to an enhanced death benefit.

The product, issued by PHL Variable Insurance Company, a Phoenix subsidiary, is available exclusively through The AltiSure Group.

“As the Baby Boomer generation ages and transitions into retirement, there is a growing need for protection against the costs of chronic care and confinement,” said Dana Pedersen, vice president and product officer for Phoenix. “Traditional financial vehicles that protect against the cost of extended care can be expensive. In addition, they often have a ‘use it or lose it’ element that prohibits a contract holder from recouping premium for unused benefits. Protected Solutions is different, providing chronic care benefits while hedging against the possibility that the benefits will go unused.”

Protected Solutions offers the unique “SafetyGuard Benefit” which provides both the chronic care benefit, as well as an enhanced death benefit. The Guaranteed Chronic Care Benefit can be activated when the covered individual is unable to perform at least two of the six Activities of Daily Living (bathing, dressing, transferring, toileting, continence, and eating) and provides benefits up to 400% of premium paid out over five years. If the covered individual never uses the chronic care benefit, upon death, the beneficiary can choose the Guaranteed Enhanced Death Benefit as an alternative to the standard lump-sum death benefit provided by the annuity account value.

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