The Phoenix Companies, a Connecticut-based provider of life insurance and annuity products, has introduced Premier LifeStyle Annuity, a single premium indexed annuity offering developed in partnership with AltiSure Group.
The annuity product is designed for both pre-retirees and retirees with four indexed accounts, principal protection from investment loss and a guaranteed lifetime withdrawal benefit. The annuity product is exclusively through AltiSure Group.
According to the Phoenix, one of the two unique product benefits is ‘Safety Growth Strategy’, which is an index crediting strategy that allows for better growth potential than traditional cap crediting strategies.
Another benefit is the Enhanced Guaranteed Income and Family Wealth Transfer Benefit (Enhanced GIFT Benefit) which combines guaranteed lifetime withdrawals with an enhanced death benefit for one charge.
The insurer said Enhanced GIFT Benefit is an optional rider that offers clients guaranteed lifetime withdrawals, even if the annuity’s account value is reduced to zero.
The product also provides persistency bonus to the benefit base, which serves to increase the income benefit base above and beyond the 12% simple interest roll-up.