The Phoenix Companies, Inc. (NYSE:PNX) today announced enhancements to its CommandMark SM single premium fixed indexed annuity series. The new CommandMark SM Series offers riders, for an additional fee, that can provide consumers with guaranteed lifetime income, the possibility of increasing that income if there is a chronic care need (not available in all states), and an enhanced death benefit.
There are three CommandMark base products, CommandMark, CommandMark Plus and CommandMark IR, which vary by premium bonus level, the duration of the surrender charge and premium bonus vesting period. In addition, the series offers several innovative riders, including the Income Command Rider 2.0 Enhanced, which provides a Guaranteed Lifetime Withdrawal Benefit (GLWB) and enhanced Chronic Care Benefit, and the Heritage Rider, which provides an Enhanced Death Benefit.
These latest product innovations are offered exclusively through the company’s partnership with Legacy Marketing Group®.
“In today’s uncertain economic environment, offering tailored retirement solutions is invaluable to meeting the needs of consumers,” said Dana Pedersen, Phoenix’s vice president and product officer. “The enhancements made to the CommandMark Series offer a range of income accumulation options, premium bonus and surrender charge periods. In combination with the riders available, these enhancements give agents access to a product that can allow their clients to design a solution to their unique retirement needs, including enhanced death benefit protection.”Income Command Rider 2.0 Enhanced Offers Confinement Protection In states where available, the Income Command Rider 2.0 Enhanced offers a guaranteed lifetime income stream. The income base from which guarantees are derived will increase at a compound roll up rate of 10% on CommandMark, and 6.5% on CommandMark Plus and CommandMark IR during the guaranteed income accumulation period. In addition, the rider can provide an enhanced income stream equal to double the standard GLWB for up to five years in the event the annuity holder becomes confined to a nursing facility. The Income Command Rider 2.0 Enhanced is optional on all base products except CommandMark IR.