The Phoenix Companies, Inc. has introduced of the Premier LifeStyle Annuity, a single premium indexed annuity with four indexed accounts, principal protection from investment loss and a guaranteed lifetime withdrawal benefit.
Designed for both pre-retirees and retirees, the Premier LifeStyle Annuity is available exclusively through The AltiSure Group and offers an innovative blend of product features.
The Premier LifeStyle Annuity offers two unique benefits:
- The Safety Growth Strategy, which is an index crediting strategy which allows for greater growth potential than traditional cap crediting strategies, and
- The Enhanced Guaranteed Income and Family Wealth Transfer Benefit (Enhanced G.I.F.T. Benefit), which combines guaranteed lifetime withdrawals with an enhanced death benefit for one charge.
The Enhanced G.I.F.T. Benefit is an optional rider that offers clients guaranteed lifetime withdrawals, even if the annuity's account value is reduced to zero. The guaranteed withdrawal amount is calculated using the income benefit base in combination with an age-based withdrawal rate. The income benefit base is based on a 12 percent simple (non-compound) interest roll-up of the income benefit base for the first 14 contract years, and an 11 percent simple interest roll-up for life thereafter, prior to the start of guaranteed withdrawals. The rider also features an enhanced death benefit based on a 6 percent compound roll-up of the death benefit base prior to age 70, and a 5 ½ percent compound roll-up between ages 70 and 85, not to exceed double the premium. Clients can maximize their income opportunity by deferring the start of withdrawals under the Enhanced G.I.F.T. Benefit, while remaining protected by the enhanced death benefit until the beginning of the guaranteed withdrawals.
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Another differentiating feature of the Enhanced G.I.F.T. Benefit is the persistency bonus to the benefit base, which serves to increase the income benefit base above and beyond the 12 percent simple interest roll-up. This feature provides an additional increase for individuals looking to start taking retirement income after specified points in time.
The Premier LifeStyle Annuity is a single premium fixed indexed annuity issued by PHL Variable Insurance Company, a subsidiary of The Phoenix Companies, Inc. The assets supporting the base annuity contract are held in a Separate Account (also called a "Segregated Asset Account"). Under state law, Separate Account assets are segregated from the General Account and consequently the Separate Account assets may not be used to pay liabilities arising out of other business Phoenix may conduct and are insulated from any creditors of the Phoenix Companies. Guarantees are based on the claims paying ability of the issuing insurance company, PHL Variable Insurance Company. AltiSure is not affiliated with PHL Variable or The Phoenix Companies.
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