The Phoenix Companies Inc. is bringing out new lines of indexed annuities as part of a move to focus on the middle market.
Phoenix, Hartford (NYSE:PNX), once known for catering to affluent consumers, wants to take advantage of growth in demand for indexed annuities, says Philip Polkinghorn, a senior executive vice president at the company.
The company’s new indexed annuity line includes a single-premium indexed product that features a guaranteed income rider and a family wealth transfer rider.
Each differs in crediting methods for the variable feature as well as in the mode of distribution, Polkinghorn says.
One contract is being sold by a few dozen independent producer companies, and the other is being sold exclusively through a group of independents operating as the AltiSure Group L.L.C., Thousand Oaks, Calif.