The Phoenix Companies, Inc. (NYSE:PNX) today announced a series of enhancements to its popular Premier LifeStyle Annuity and Secure LifeStyle Bonus Annuity. These latest product innovations, issued by PHL Variable Insurance Company, a Phoenix subsidiary, are available exclusively through the company’s partnership with The AltiSure Group.
The Premier LifeStyle Annuity is a single premium indexed annuity with three indexed accounts, a fixed account, principal protection from investment loss and a guaranteed lifetime withdrawal benefit. Designed for individuals planning for retirement, the offering now provides, for an additional fee, an optional Income Enhancer Plus SM Benefit that allows for increased income growth based on the performance of the indexed and fixed accounts.
Alternatively, the Secure LifeStyle Bonus Annuity is a single premium fixed indexed annuity featuring an optional G.I.F.T. Benefit ® Plus (Guaranteed Income and Family Wealth Transfer) that provides, for an additional fee, guaranteed lifetime income withdrawals as well as an enhanced death benefit until guaranteed withdrawals begin. The offering is designed for individuals in or close to retirement who are looking for a guaranteed increase to the income base.
“The persistence of the low interest rate environment and continued market volatility has increased the demand for retirement solutions for pre-retirees and those on the cusp of transitioning into retirement,” said Dana Pedersen, vice president and product officer for Phoenix. “Over the last couple of years, we’ve continued to listen to the evolving needs of today’s retiree. As a result, we’ve redesigned Premier LifeStyle Annuity and Secure LifeStyle Bonus Annuity to better assist these individuals in bridging their retirement income gap.”Premier LifeStyle Offers Upside Potential with No Risk of Market Loss The Premier LifeStyle Annuity differs from its predecessor with the introduction of the Income Enhancer Plus benefit, which immediately enhances the value of the income benefit base by 20 percent and can continue to grow by 7 percent compounded each year thereafter for the first 10 contract years. The Income Enhancer Plus benefit also offers an additional potential increase to the income benefit base equal to 125 percent of the annuity’s interest earnings until lifetime income payments begin.