The Phoenix Companies, Inc. (NYSE:PNX) today announced the introduction of the Phoenix Personal Protection Choice Annuity, a single premium fixed indexed annuity. This latest addition to the company’s product portfolio allows an annuity holder, for an additional fee, to combine up to three different benefits (including lifetime income, chronic care and an enhanced death benefit) to create a customized solution that meets their particular retirement needs. Designed for individuals approaching or already in retirement, Personal Protection Choice also features six indexed accounts, a fixed account and principal protection from investment loss.
Issued by PHL Variable Insurance Company, a Phoenix insurance subsidiary, the product is available through independent distributors working with Saybrus Partners, the company’s distribution subsidiary.
“The Baby Boomer Generation is approaching retirement with not just one, but many challenges, including access to adequate retirement income, protection against the high costs of chronic care and transfer of wealth to family heirs,” said Mark Fitzgerald national sales manager for Saybrus Partners. “Standalone products focused solely on income guarantees, life insurance or chronic care can be expensive or go unused. With Personal Protection Choice, annuity holders can choose their own benefit combination in a single, flexible solution that seamlessly addresses the financial gaps that are of greatest concern to them.”
Personal Protection Choice offers the flexibility to combine the Income Protection benefit with the Care Protection and/or the Family Protection benefits.The Income Protection benefit provides a guaranteed lifetime withdrawal benefit (GLWB) that offers income enhancing features depending on when the client will first need income. For clients looking to begin their guaranteed income stream within the first several contract years, the Income Protection: Today benefit offers a bonus of up to 45 percent of the initial contract value, credited to the income benefit base. The Income Protection: Tomorrow benefit offers an annual 14 percent simple interest roll-up to the income benefit base that is available for the first 10 years of the contract or until the rider is exercised (if earlier than 10 years).