June 11, 2012
Phoenix Companies Inc. introduced a single premium fixed-index annuity for people approaching or already in retirement. ---
The Personal Protection
Choice Annuity has six indexed accounts, a fixed account and principal
protection from investment loss. Annuity holders can create a
customized solution for an additional fee by combining up to three different
benefits: lifetime income, chronic care and an enhanced death benefit. The annuity can combine the Income Protection benefit with Care
Protection or the Family Protection benefits, or both.
Income Protection provides a guaranteed lifetime withdrawal benefit. 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%
of the initial contract value. The Income Protection: Tomorrow benefit offers
an annual 14% simple interest roll-up to the income benefit base available for the first 10 years of the contract or until the rider is
exercised (if earlier than 10 years).
Care Protection provides
an enhanced withdrawal benefit of 125% to 250% of the guaranteed
lifetime withdrawal amount, based on age and qualification level.