The Phoenix Companies Inc. will be selling a new no-load annuity through wirehouses, regional broker-dealers, financial institutions and other fee-based channels.
Phoenix, Hartford, developed the new Phoenix Portfolio Advisor Variable Annuity together with Jefferson National Life Insurance Company, a unit of Inviva Inc., Louisville, Ky.
The product is the result of an alliance the companies formed in October 2007 to develop low-cost annuities aimed at fee-based advisors.
The Portfolio Advisor contract, the first alliance product, will come with a flat insurance fee of $20 a month.
That compares with a typical VA insurance fee of 1.35% of asset value, according to Phoenix and Jefferson National.
To sell the contract, Phoenix will be using Jefferson National’s Web-based comparison, proposal and application tools.