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Phoenix’s Next Generation Fixed Index Annuity


You still have time to take advantage of a 90 day special offer from The Phoenix Companies Inc. and The Altisure Group.  Their new collaboration on a fixed indexed annuity, the Next Generation Annuity, was introduced at the beginning of this month.  Until June 30 of this year, you can get higher rates on all of the different fixed and index crediting choices.  This new single premium indexed annuity offers a bonus version as well as one without a bonus.  By partnering up for this new annuity product, the companies are able to offer a valuable and innovative new feature that meets the current demand from consumers.

The Protected Inheritance Benefit offers two things very popular with annuity products right now.  Guaranteed Lifetime Withdrawal Benefits (GLWB) are combined with return of premium death benefits in this new indexed annuity.  Both options are popular in the middle markets, especially in this continued environment of low interest rates.  The Next Generation Annuity is good for people who have already retired or who are close to the retirement stage.  One of the best things about this death benefit annuity is the fact that the death benefits don’t decrease when you have already entered the lifetime withdrawal stage of your annuity.  That is often a concern for consumers looking to leave their heirs an inheritance when they die.

Both your GLWB income level and the amount of death benefits are pre-determined when you purchase the annuity.  If you start the GLWB after the first year you get a certain income level, but by waiting five years the income level increases.  Your choices for the percentage of your premium that will be paid out to your heirs in five installments after your death are 50%, 75%, or 100%.  Another option for this annuity is to choose the bonus version that adds between 6-10% to the premium and death benefits.  The Protected Inheritance Benefit is an additional cost for the indexed annuity.  Phoenix and Altisure are confident that their new fixed indexed annuity fills a gap in the market for a desired consumer product.

Written by Rachel Summit

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