According to Phoenix, the annuity will feature the Protected Inheritance Benefit which combines a guaranteed lifetime withdrawal benefit (GLWB) with a return of premium death benefit paid to beneficiaries in five equal installments.
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Phoenix said that its new fixed indexed annuity will assist in balancing income needs during retirement with the desire to leave an inheritance. The latest product, which is offered exclusively through the partnership between Phoenix and The AltiSure Group, is issued by PHL Variable Insurance Company, a Phoenix insurance subsidiary.
Commenting on the launch, Phoenix vice president and product officer, Dana Pedersen, said: "With the persistent low interest environment, both guaranteed lifetime withdrawal benefits and enhanced death benefits on fixed indexed annuities have continued to resonate with consumers in the middle market.
"As we worked with AltiSure to develop this latest product, we wanted to combine these benefits in a way that would provide the client with a defined level of income, regardless of how long they lived, as well as a defined return of premium death benefit for their beneficiary," Pedersen added.
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