The Phoenix Companies Inc. partnered with AltiSure Group, an annuity and life insurance product design and distribution company, to offer the Phoenix Next Generation Annuity to customers in or nearing retirement.
The annuity, issued by PHL Variable Insurance Company, a Phoenix insurance subsidiary, is tailored for the growing segment of individuals who want a steady income stream in retirement as well as the opportunity to leave money for their family.
The single premium fixed indexed annuity offers a protected inheritance benefit where both the income level for the guaranteed lifetime withdrawal benefit (GLWB) and the return of premium death benefit are selected at issue. Consumers are to choose a base-level income after one year or a higher income guarantee after a five-year period. Customers can also choose between a return of premium at death at 100 percent, 75 percent or 50 percent — all of which are unchanged after the initial GLWB payments.
Customers also have the opportunity to select a “bonus” version where the Next Generation Annuity adds between 6 percent and 10 percent of the premium — depending on the state where it is issued — to both the account value and the return of premium death benefit. The annuity includes an additional fee for the Protected Inheritance Benefit.
In other industry news:
The State Life Insurance Company, a OneAmerica company, has revamped its asset-based long-term care annuity product to perform in the current low interest rate environment.
Annuity Care II is a single-premium annuity designed to offer long-term care benefits. When long-term care expenses occur, customers tap annuity value money first then, once that is depleted, a continuation of benefits fund becomes available. The modifications to the low interest rate environment ensure that long-term care benefits will never diminish due to a low interest rate environment (which we are likely to have until 2015). The product guarantees at least five years of long-term care protection.
Alternative Brokerage (AB), a new wholesaling and concept for broker-dealers, producer groups, registered investment advisors, regional banks and career marketing organizations looking to expand into fixed and indexed annuity sales has opened in Des Moines, Iowa. AB will provide full service and sale support while acting as a back office and distribution unit for both groups and individuals. AB will also wholesale indexed and fixed annuities.