HARTFORD, Conn.--(BUSINESS WIRE)--
The Phoenix Companies, Inc. (PNX) today announced the launch of Phoenix Income Elite Annuity, a single premium fixed indexed annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider. Designed for individuals approaching or already in retirement, this latest addition to the company’s portfolio has a simple structure designed to maximize guaranteed lifetime income.
Phoenix Income Elite is available through independent distributors working with Saybrus Partners, Phoenix’s distribution subsidiary.
“Today’s retirees face many challenges, from protecting their income, to covering critical care expenses or preserving assets for their loved ones. Phoenix Income Elite is designed for consumers whose primary concern is maximizing the level of guaranteed lifetime income available throughout retirement,” said Mark Fitzgerald, national sales manager for Saybrus Partners. “This latest offering rounds out our product portfolio, which includes products that address a specific protection gap and those that offer a combination of protection and benefits.”
Phoenix Income Elite Annuity provides a guaranteed lifetime income stream through a GLWB rider. There is an additional fee associated with the rider, but the fee does not impact the guaranteed income amount. The amount of the annual income is based on the single premium, issue age and length of time until the rider is exercised.
“The simple, straightforward and efficient design of Phoenix Income Elite Annuity allows us to maximize the amount of guaranteed income we can offer. It also allows us to clearly show a choice of income levels that depends on how long the annuity holder waits before taking withdrawals,” Fitzgerald said.
Like all indexed annuities, Phoenix Income Elite protects the initial investment from market downturns, and the index credit is never less than 0%. Contract holders can choose from three point-to-point indexed accounts and a fixed account. The product is able to provide a larger guaranteed income in lieu of stronger death benefit guarantees.
To learn more about Phoenix Income Elite Annuity and other life insurance and annuity products available from Phoenix, agents, financial advisors and other distributors can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.
BACKGROUND ON INDEXED ANNUITIES
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.
The Phoenix Companies, Inc. (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. Saybrus Partners, a subsidiary, represents Phoenix’s life and annuity portfolios in key channels including independent marketing organizations and brokerage general agencies. Saybrus Partners offers solutions-based sales support and strategies for income planning and other retirement needs, as well as life insurance protection. For more information, visit www.phoenixwm.com and www.saybruspartners.com.
Phoenix Income Elite Annuity (09EIA, 10FIA, ICC09EIAN ) is issued by PHL Variable Insurance Company (“PHLVIC”), Hartford, CT, a subsidiary of The Phoenix Companies, Inc. PHLVIC is not authorized to conduct business in NY and ME. Saybrus does not provide tax or legal advice. In California dba Saybrus Partners Insurance Agency, CA license #0G81229. Members of The Phoenix Companies, Inc.
Guarantees are based on the claims-paying ability of PHL Variable Insurance Company.
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