The Phoenix Companies Releases Updated Annuities

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.

“We have seen a growing interest from pre-retirees for a financial solution that offers upside growth potential without the risk of losing principal due to volatility, and the Premier LifeStyle Annuity delivers on that delicate balance,” said Niju Vaswani, president of The AltiSure Group.

Secure LifeStyle Offers Immediate Income Bonus and Enhanced Death Benefit

Unlike other offerings available on the market, the Secure LifeStyle Bonus Annuity provides an immediate premium bonus of up to 8 percent, an income benefit base bonus of 20 percent, and potential increases of 7 percent simple interest each year thereafter as well as an enhanced death benefit. Secure LifeStyle Bonus Annuity provides immediate access to a consistent and reliable source of income, and there is an enhanced death benefit in excess of the initial premium until guaranteed income begins.

“Retirees have faced many challenges over the past five years and some have experienced significant portfolio losses,” said Vaswani. “Secure LifeStyle Bonus Annuity offers an immediate boost to their account value and income benefit base, while providing peace of mind from an available enhanced death benefit should they never start the income stream.”

The income benefit base is a value used to determine the fees and benefits for the rider, but it is not a guarantee of contract value or an amount available for a lump-sum withdrawal. The actual annual guaranteed withdrawal amount is determined by multiplying the benefit base by a withdrawal factor that is based on the covered person’s age at issue and age at first guaranteed withdrawal.

Additional information about Premier LifeStyle Annuity and Secure LifeStyle Bonus Annuity can be found on The AltiSure Group’s website at


An indexed annuity allows individuals to benefit from growth in the market without the risk of direct investment in the market. When the index shows a positive performance above a specified threshold, “index credits” that are based on that performance are added to the account value. Unlike direct investments, the account does not lose any value when the index goes down because the index credit can never be negative.

Annuities are long-term investments, particularly applicable for retirement planning. Withdrawals may be subject to surrender charges and taxes, as well as possible tax penalties if taken prior to age 59½.

Indexed annuities that offer a premium bonus may have lower crediting rates and higher fees and charges than similar non-bonus annuities that may more than offset the benefit of the upfront bonus over time.


The Phoenix Companies, Inc. (NYSE:PNX) is a boutique life insurance and annuity company serving customers’ retirement and protection needs through select independent distributors. Headquartered in Hartford, Connecticut, Phoenix has a history of keeping its promises since 1851. For more information, visit


The AltiSure Group is an annuity and life insurance product design and distribution company. They design innovative annuity and life insurance products for exclusive distribution through their network of select Independent Marketing Organizations (IMOs). The IMOs in The AltiSure Group network were responsible for a collective annuity premium of more than $5 billion in 2010. The AltiSure Group was founded and is currently managed by Niju Vaswani, President. Prior to starting The AltiSure Group, Mr. Vaswani was Chief Executive Officer of Transamerica Life Bermuda.

The Premier LifeStyle Annuity (10FIA, ICC09EIAN, 11GLWB2) and the Secure LifeStyle Bonus Annuity (10FIA, ICC09EIAN, 11GLWB2, 11GMDB-S.1) are single-premium indexed annuities issued by PHL Variable Insurance Company (“PHLVIC”), Hartford, CT, a subsidiary of The Phoenix Companies, Inc. These annuities are offered exclusively through The AltiSure Group. PHLVIC and The AltiSure Group are not affiliated. Product features and availability may vary by state. PHLVIC is not authorized to conduct business in NY and ME.

Guarantees are based on the claims-paying ability of PHL Variable Insurance Company.


Copyright Business Wire 2010