NU Online News Service, Feb. 1, 1:47 p.m. – The Phoenix Companies Inc., Hartford, is selling the Phoenix Investor’s Edge variable annuity, a new contract that offers 45 investment subaccounts and a three-year period for surrender charges.

The product is more flexible than the typical VA contract, because customers can get money out without paying surrender charges more quickly than usual, Phoenix says.

The product also offers a return-of-premium option, which can protect holders against loss of principal due to market fluctuations, and an annual step-up option, which can protect against loss of past contract earnings as well as principal.

A third option, the Phoenix Earnings Protector option, can help reduce tax costs when holders use contract earnings to pay nursing home and assisted living bills, Phoenix says.

Phoenix is issuing the annuities through two life insurance subsidiaries, Phoenix Life Insurance Company, East Greenbush, N.Y., and PHL Variable Insurance Company, Hartford.