The Phoenix Companies in has launched Protected Solutions Annuity, developed in partnership with The AltiSure, to provide chronic care protection and death benefit options to the indexed marketplace.

The single premium fixed indexed annuity provides two indexed accounts and a fixed account, principal protection from investment loss and, for an additional fee, a guaranteed chronic care and enhanced death benefit.

The Protected Solutions Annuity has been designed for individuals approaching or already in retirement to provide benefits for chronic (or confinement) care within the home, an assisted living facility or nursing home.

Phoenix vice president and product officer Dana Pedersen said: "Protected Solutions is different, providing chronic care benefits while hedging against the possibility that the benefits will go unused."

The AltiSure Group president Niju Vaswani said that the Protected Solutions also offers a simplified application process by asking a few comprehensive questions.

Both the Guaranteed Chronic Care Benefit and the Guaranteed Death Benefit is also provided by Protected Solutions Annuity for the clients.