The Phoenix Companies, a provider of life insurance, annuity and investment products, has introduced the Phoenix Portfolio Advisor, a new variable annuity product sold through its distribution partners.

The new annuity was developed through a strategic alliance that Phoenix formed in October 2007 with Jefferson National Life Insurance Company to develop low-cost annuities specifically for the growing number of fee-based advisors among Phoenix’s distribution partners.

The Phoenix Portfolio Advisor, the first product developed through the alliance, will have a flat insurance fee of $20 a month – lower than the typical variable annuity insurance fee of 1.35% of asset value.

Advisors and clients who want to diversify their holdings can use any of a number of asset allocation options available through the annuity, and the flat monthly insurance fee allows assets to grow on a tax-deferred basis, said Phoenix.

Clients who prefer additional insurance protections can purchase an optional living benefits rider, such as the guaranteed minimum withdrawal benefit. A living benefit rider provides clients in retirement – flexible, guaranteed income for life, regardless of investment performance.

Philip Polkinghorn, Phoenix’s senior executive vice president, and president of life and annuity, said: Our partnership with Jefferson National provides the framework for an innovative sales approach with simplified, web-based comparison, proposal and application tools.