According to a company press release from Business Wire, “Phoenix Company Releases (a) New Indexed Annuity.” Their newest annuity product gives investors more options for customizing their retirement products. The Phoenix Personal Income Annuity is a fixed equity indexed annuity distributed through Saybrus Partners. It is a single premium annuity with six different indexed accounts as well as a fixed account, protection of your principal, and the choice of adding a guaranteed lifetime withdrawal benefit (GLWB). A spokesperson from Saybrus Partners said that this new indexed annuity was born from investors looking for more flexibility and customization along with the guaranteed income, principal protection, and potential market gains that come with a fixed equity indexed annuity.
Two different riders are available for the Phoenix Personal Income Annuity. The “Income Strategy: Today” includes immediate annuities and those delayed up to two years, but is used only for investors looking to take withdrawals within three years. A 30% bonus is credited to the Benefit Base for immediate annuities, 37 1/2% for those taken after one year, and 45% for those taken after two years. With the “Income Strategy: Tomorrow” rider, investors looking to keep their money in the fixed equity indexed annuity for three years or more offers a 14% annual credit to the Benefit Base through the first ten years as long as no withdrawals are taken. The annuity premium, due upon purchase, can be between $15,000 and $1 million. Both companies are excited to offer investors the stability and flexibility they are looking for now.