The Phoenix Companies (PNX) has launched Personal Retirement Choice, a single premium fixed indexed annuity with an optional Guaranteed Lifetime Income Benefit rider.

Designed for individuals approaching or already in retirement, Phoenix Personal Retirement Choice is offered exclusively through an elite group of distribution partners working with Saybrus Partners, Phoenix’s distribution subsidiary.

"Many people are underprepared for retirement and want a product that will help address their savings shortfall and offer a lifetime income stream," said Mark Fitzgerald, national sales manager for Saybrus Partners. "We introduced Personal Retirement Choice to respond to those challenges by offering both a competitive premium bonus and an option for predictable guaranteed lifetime income.

"The need for a product like this was echoed in our survey of annuity professionals at an industry forum last fall. When asked what they would most like to add to products currently on the market, one third of our survey respondents said ‘accumulation features,’ followed closely by ‘income guarantees’," he said.