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Phoeni Withdrawal Benefit Can Protect Spouse

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The Phoenix Companies Inc. has introduced a deferred variable annuity with a living benefit rider that can guarantee income for a surviving husband or wife.[@@]

Phoenix, Hartford, says the company’s new Lifetime Guaranteed Minimum Withdrawal Benefit for 2 rider is the only deferred VA income guarantee rider that can switch benefits to a surviving spouse.

Phoenix also is introducing a more conventional version of the rider, the Lifetime GMWB rider, which guarantees a lifetime income stream for 1 person.

The annual guaranteed lifetime income is 5.25% of the initial premium, with a minimum cumulative benefit of 105% of that premium, adjusted for excess withdrawals, Phoenix says.

Phoenix life insurance units are responsible for backing the new annuity benefit guarantees.