Company Also Releases New Tablet-Compatible Point of Sale Technology To Streamline Needs Analysis and Annuity Benefit Selection
HARTFORD, Conn.--(BUSINESS WIRE)-- The Phoenix Companies, Inc. (NYSE:PNX) today announced the introduction of the Phoenix Personal Protection Choice Annuity, a single premium fixed indexed annuity. This latest addition to the company’s product portfolio allows an annuity holder, for an additional fee, to combine up to three different benefits (including lifetime income, chronic care and an enhanced death benefit) to create a customized solution that meets their particular retirement needs. Designed for individuals approaching or already in retirement, Personal Protection Choice also features six indexed accounts, a fixed account and principal protection from investment loss.
Issued by PHL Variable Insurance Company, a Phoenix insurance subsidiary, the product is available through independent distributors working with Saybrus Partners, the company’s distribution subsidiary.
“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 transfer of wealth to family heirs,” said Mark Fitzgerald national sales manager for Saybrus Partners. “Standalone products focused solely on income guarantees, life insurance or chronic care can be expensive or go unused. With Personal Protection Choice, annuity holders can choose their own benefit combination in a single, flexible solution that seamlessly addresses the financial gaps that are of greatest concern to them.”
Personal Protection Choice offers the flexibility to combine the Income Protection benefit with the Care Protection and/or the Family Protection benefits.
The Income Protection benefit provides a guaranteed lifetime withdrawal benefit (GLWB) that offers income enhancing features depending on when the client will first need income. For clients looking to begin their guaranteed income stream within the first several contract years, the Income Protection: Today benefit offers a bonus of up to 45 percent of the initial contract value, credited to the income benefit base. The Income Protection: Tomorrow benefit offers an annual 14 percent simple interest roll-up to the income benefit base that is available for the first 10 years of the contract or until the rider is exercised (if earlier than 10 years).
The income benefit base is a value used to determine the fees and benefits for the rider, but it is not a guarantee of contract value or an amount available for a lump-sum withdrawal. The actual annual guaranteed withdrawal amount is determined by multiplying the benefit base by a withdrawal factor that is based on the covered person’s age at issue and age at first guaranteed withdrawal.
Meanwhile, the Care Protection benefit provides an enhanced withdrawal benefit for up to five years in the event that the annuity holder is unable to perform two of six Activities of Daily Living (ADLs) and is confined to a nursing home or receiving care at home. This benefit is available after the second contract anniversary and ranges from 125 percent to 250 percent of the guaranteed lifetime withdrawal amount, based on age and qualification level. After the five years of the Care Protection benefit are exhausted, the lifetime withdrawal benefit is still available as long as no withdrawals over the guaranteed amount have been taken.
Finally, the Family Protection benefit offers an enhanced lump-sum death benefit for beneficiaries. The death benefit is equal to a simple interest roll-up of 5 or 10 percent (depending on attained age) for the first 10 years of the contract, or until the rider exercise date or age 85, whichever comes first. All withdrawals, including the guaranteed withdrawals, reduce the contract value and the death benefit.
New Tablet-Compatible Platform Provides Educational Resources and Customized Planning for Agents and Clients
In conjunction with Personal Protection Choice, Phoenix also announced the launch of REALIZE personal retirement analysis, a cutting-edge, online tool that is also tablet-friendly. REALIZE was designed to intuitively assist agents and financial professionals as they guide clients through retirement planning conversations and individual needs assessments. REALIZE can then generate customized annuity proposals by transferring the client data to an interactive annuity quote tool, saving time from inputting duplicate client information. Additionally, the tool instantly produces personalized outputs of clients’ key retirement considerations.
“Technology evolves daily and businesses everywhere continually look for ways to leverage innovation that increases efficiency and improves client service,” Fitzgerald said. “Our team has been working hard to develop a platform to streamline and enhance the retirement planning conversation, and we believe REALIZE is that tool. REALIZE can assist agents in identifying clients’ retirement goals and planning concerns while reducing the time needed to deliver custom assessments and annuity proposals.”
To learn more about Phoenix Personal Protection Choice Annuity, the REALIZE platform and other annuity products available from Phoenix, agents and financial advisors can contact their Phoenix wholesaler, the Life and Annuity Sales Desk at 800-417-4769, or visit www.phoenixwm.com.
BACKGROUND ON INDEXED ANNUITIES
An indexed annuity allows individuals to benefit from growth in the market without the risk of direct investment in the market. When the index shows a positive performance above a specified threshold, “index credits” that are based on that performance are added to the account value. Unlike direct investments, the account does not lose any value when the index goes down because the index credit can never be negative.
Annuities are long-term investments, particularly applicable for retirement planning. Withdrawals may be subject to surrender charges and taxes, as well as possible tax penalties if taken prior to age 59½.
The Phoenix Companies, Inc. (NYSE:PNX) is a boutique life insurance and annuity company serving customers’ retirement and protection needs through select independent distributors. Headquartered in Hartford, Connecticut, Phoenix has a history of keeping its promises since 1851. For more information, visit www.phoenixwm.com.
ABOUT SAYBRUS PARTNERS
Saybrus Partners represents Phoenix’s life and annuity portfolios in key channels including independent marketing organizations and brokerage general agencies. Saybrus Partners offers solutions-based sales support and strategies for income planning and other retirement needs, as well as simplified issue life insurance.
It is a subsidiary of The Phoenix Companies, Inc. (NYSE: PNX). For more information, visit www.saybruspartners.com and www.phoenixwm.com.
Saybrus does not provide tax or legal advice. In California dba Saybrus Partners Insurance Agency, CA license #0G81229.
The Personal Protection Choice Annuity (10FIA) is a single-premium indexed annuity issued by PHL Variable Insurance Company (“PHLVIC”), Hartford, CT, a subsidiary of The Phoenix Companies, Inc. Product features and availability may vary by state. PHLVIC is not authorized to conduct business in NY and ME.