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Phoenix Introduces VA Insurance Strategy

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NU Online News Service, March 13, 12:38 p.m. – The Phoenix Companies Inc., Hartford, has introduced Phoenix Max, a strategy for using life insurance to preserve assets accumulated in an annuity.

The strategy helps solve estate tax problems for wealthy clients who build up large amounts of annuity assets, then fail to take enough distributions to make much of a dent in estate tax obligations.

The Phoenix Max system uses some of the income from an annuity to pay for life insurance outside of the annuity holder’s estate, Phoenix says.

Children or the beneficiaries of an irrevocable life insurance trust can use the life insurance benefits to pay the estate taxes on the annuity, Phoenix says.