The Phoenix Companies Inc., a life insurance and annuity company based in Hartford, Conn., is introducing a new single-premium, fixed-indexed annuity that lets a person combine three products in one benefit package.
The annuity holder of the Phoenix Personal Protection Choice Annuity can combine lifetime income benefits, chronic care and enhanced death benefits into one package, according to the company.
Designed for individuals approaching or in retirement, the new annuity features six indexed accounts, a fixed account and principal protection from investment loss. It is available for an additional fee over the cost of the annuity based on the income benefits and depending on the person's age and the selections made.
The annuity holder can select an income protection benefit that provides a guaranteed income for life, according to Phoenix. This can be combined with care for chronic illness and/or an enhanced death benefit.
One of the benefits provides enhanced withdrawals for up to five years if the person needs assistance at home or nursing home care. A family protection benefit offers an enhanced lump-sum death benefit.
The package is provided by PHL Variable Insurance Company, a Phoenix insurance subsidiary, and is available through independent distributors working with Saybrus Partners.
In related news, Phoenix also announced it is rolling out Realize, a personal retirement analysis tool that can be accessed on tablets. It allows a financial advisor to put client information into a database and generate a customized annuity proposal.
"The baby boomer generation is approaching retirement with not just one but many challenges, including access to adequate retirement income, protection against the high costs of chronic care and [the] transfer of wealth to family heirs," said Mark Fitzgerald, national sales manager for Saybrus Partners. "Stand-alone products focused solely on income guarantees, life insurance or chronic care can be expensive or go unused."