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.