There are three new riders available with The Phoenix Companies’ CommandMark fixed equity indexed annuity products. This single premium indexed annuity is available in three different forms; CommandMark, CommandMark Plus, and CommandMark IR. Those three CommandMark annuities vary based on different premium bonus levels, how long the surrender charges last, and the length of the premium vesting bonus time frame. CommandMark annuities offer many different riders, the newest of which are the Income Command Rider 2.0 Enhanced, the enhanced Chronic Care Benefit, and the Heritage Rider. This information comes from “The Phoenix Companies, Inc.: The Phoenix Companies Launches Updated Annuity Series in Partnership with Legacy Marketing Group,” found in 4-Traders.
All of these Phoenix Companies’ products are distributed through a partnership with Legacy Marketing Group. Phoenix’s vice president and product officer said that these new enhancements to their CommandMark annuities have the interest of the client in mind. Since there is still uncertainty in the economic markets, allowing customers to custom make fixed equity indexed annuity products is the best way to meet their needs. The Income Command Rider 2.0 Enhanced offers a guaranteed lifetime withdrawal benefit (GLWB) as well as the enhanced Chronic Care Benefit. The Heritage Rider offers enhanced death benefits.
Though not yet available in all states, the Income Command Rider 2.0 Enhanced gives those eligible guaranteed lifetime income payments. The income base that your guarantees come from increases with a compound roll up rate of 10% or 6.5%, depending on which CommandMark annuity you have. If you need long term care coverage from this product, you can get an enhanced stream of income equal to twice the standard GLWB for five years. This rider is optional for the CommandMark and CommandMark Plus, but not for the CommandMark IR. The Heritage Rider is only added onto products that have also opted for the Income Command Rider 2.0 Enhanced. The death benefits offered with this rider are actually greater than the value of the annuity. After three years, the benefit equals 50% of the difference between the annuity value and the income base. It will be reduced after withdrawals the same way as the annuity value is, after the GLWB rider exercise date has passed. This added protection to one’s heirs is very important to some investors.
Written by Rachel Summit
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