Just a couple weeks after launching a whole life product, The Phoenix Co.s Inc. has announced the launched of Next Generation Annuity, a single premium fixed-indexed annuity, offered in both “bonus” and “non-bonus” versions. The annuity features 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. The product is offered through the partnership between Phoenix and The AltiSure Group, and is issued by PHL Variable Insurance Co., a Phoenix insurance subsidiary.

Phoenix says Next Generation is designed for individuals planning for or already in retirement, helping balance income needs during retirement with the desire to leave an inheritance. The death benefit does not decrease as the lifetime withdrawal benefits are drawn.

With Next Generation Annuity’s Protected Inheritance Benefit, both the income level for the GLWB and the return of premium death benefit percentage are selected at issue, says Phoenix. The GLWB is offered with options to elect a base level income after year one, or choose a higher income guarantee after a five-year wait. The return of premium percentage at death is available at 100 percent, 75 percent or 50 percent, and does not change, even after the initiation of GLWB payments.

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