The Phoenix Co.s Inc. has launched Phoenix Income Elite Annuity, a single-premium, fixed-indexed annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider. Designed for individuals approaching or already in retirement, the annuity has a simple structure designed to maximize guaranteed lifetime income.
Phoenix says Income Elite is available through independent distributors working with Saybrus Partners, Phoenix’s distribution subsidiary. An additional fee is associated with the GLWB rider, but the fee does not impact the guaranteed income amount. The amount of the annual income is based on the single premium, issue age and length of time until the rider is exercised.
Phoenix adds that Income Elite protects the initial investment from market downturns, and the index credit is never less than 0 percent. Contract holders can choose from three point-to-point indexed accounts and a fixed account. The product is able to provide a larger guaranteed income, in lieu of stronger death benefit guarantees.
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