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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.