Latest addition to the company’s fixed indexed annuity portfolio is
focused on growing retirement funds
“Many people are underprepared for retirement and want a product that will help address their savings shortfall and offer a lifetime income stream,” said
“The need for a product like this was echoed in our survey of annuity professionals at an industry forum last fall. When asked what they would most like to add to products currently on the market, one third of our survey respondents said ‘accumulation features,’ followed closely by ‘income guarantees’,” he said.
Phoenix Personal Retirement Choice is designed to address retirement risks with a variety of features and options for accumulation, protection and income. It is primarily an accumulation annuity that provides an upfront premium bonus that vests over time. The bonus is eligible to earn interest credits, thereby increasing growth potential. The premium bonus available ranges from 8% to 15%, which varies by state and depends on whether an income rider is elected.
Like all indexed annuities, Phoenix Personal Retirement Choice can benefit from positive market experience while protecting the initial investment from market downturns. The contract owner can choose from five indexed accounts that are linked to the S&P 500® and offer a variety of strategies to capture market gains, including two participation rate strategies without caps. A fixed account also is available, offering a predictable return on the account value.
Phoenix Personal Retirement Choice offers an optional Guaranteed Lifetime Income Benefit rider for an added fee. The amount of the Income Benefit is based on the premium plus premium bonus, the age of the contract owner and length of time until the rider is exercised. It grows each year the contract owner waits to begin the Income Benefit.
“With its focus on accumulation, this latest offering further broadens our product portfolio, which includes products that address all four of the primary retirement planning needs, from accumulation and income to family protection and extended care expenses,” said
To learn more about Phoenix Personal Retirement Choice Annuity and other life insurance and annuity products available from
BACKGROUND ON INDEXED ANNUITIES
An indexed annuity allows individuals to benefit from growth in the market without the risk of direct investment in the market. When the index shows a positive performance above a specified threshold, “index credits” that are based on that performance are added to the account value. Unlike direct investments, the account does not lose any value when the index goes down because the index credit can never be negative.
Annuities are long-term investments, particularly applicable for retirement planning. Annuities held within qualified plans do not provide any additional tax benefits. Early withdrawals may be subject to surrender charges. Withdrawals are subject to ordinary income tax, and if taken prior to age 59½, a 10%
Phoenix Personal Retirement Choice (in most states, contract form #10FIA) is issued by
Lifetime payments and guarantees are based on the claims-paying ability of
Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s