The Phoenix Cos. Inc. has formed a strategic alliance with The AltiSure Group, an annuity and life insurance design and distribution company, that will combine their expertise in developing innovative annuity and life insurance products. The companies also are launching a co-developed Secure Lifestyle Annuity Series, including The Secure Lifestyle and the Secure Lifestyle Bonus fixed indexed annuities, which were designed for both pre-retirees and retirees, says The Phoenix.

The Secure Lifestyle Annuity Series promises both the Safety Growth Strategy, an innovation in interest crediting, and the Guaranteed Income and Family Wealth Transfer Benefit (GIFT), which combines guaranteed lifetime withdrawals with an enhanced death benefit for one charge.

"We wanted to preserve all the guaranteed elements of a traditional indexed annuity, while infusing innovative benefits like the Safety Growth Strategy" says Philip Polkinghorn, senior executive VP, business development for The Phoenix. "With the Safety Growth Strategy, a client can benefit from the positive return of the S&P 500 in excess of 5%, which is where it has been the vast majority of the times it has been positive. At the same time, clients never run the risk of diminishing their principal or prior earnings when the S&P 500 underperforms."

The GIFT Benefit is defined as an optional rider that offers clients guaranteed lifetime withdrawals and an enhanced death benefit with a 6% compound annual rollup in one package. The Phoenix says this allows clients to maximize their income opportunities by deferring the start of withdrawals under their Guaranteed Lifetime Withdrawal Benefit (GLWB), and remain protected by the enhanced death benefit until the beginning of the guaranteed withdrawals under the GLWB rider.

“If the client defers the start of withdrawals for 12 years, the income benefit base used to calculate the annual GLWB amount will grow to more than triple the original premium with the Secure LifeStyle Bonus Annuity,” says Niju Vaswani, president of The AltiSure Group.

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