The Phoenix Companies Launches Premier LifeStyle Annuity
Copyright: | Copyright Business Wire 2011 |
Source: | Business Wire, Inc. |
Wordcount: | 897 |
New Annuity Brings Innovative Benefits to the
“Since September of last year, we’ve enjoyed a great partnership with AltiSure,” said
The Premier LifeStyle Annuity offers two unique benefits: 1) The Safety Growth Strategy, which is an index crediting strategy which allows for greater growth potential than traditional cap crediting strategies, and 2) The Enhanced Guaranteed Income and Family Wealth Transfer Benefit (Enhanced G.I.F.T. Benefit®), which combines guaranteed lifetime withdrawals with an enhanced death benefit for one charge.
“Phoenix has been a wonderful partner to
The Enhanced G.I.F.T. Benefit is an optional rider that offers clients guaranteed lifetime withdrawals, even if the annuity’s account value is reduced to zero. The guaranteed withdrawal amount is calculated using the income benefit base in combination with an age-based withdrawal rate. The income benefit base is based on a 12 percent simple (non-compound) interest roll-up of the income benefit base for the first 14 contract years, and an 11 percent simple interest roll-up for life thereafter, prior to the start of guaranteed withdrawals. The rider also features an enhanced death benefit based on a 6 percent compound roll-up of the death benefit base prior to age 70, and a 5 ½ percent compound roll-up between ages 70 and 85, not to exceed double the premium. Clients can maximize their income opportunity by deferring the start of withdrawals under the Enhanced G.I.F.T. Benefit, while remaining protected by the enhanced death benefit until the beginning of the guaranteed withdrawals.
Another differentiating feature of the Enhanced G.I.F.T. Benefit is the persistency bonus to the benefit base, which serves to increase the income benefit base above and beyond the 12 percent simple interest roll-up. This feature provides an additional increase for individuals looking to start taking retirement income after specified points in time.
The Premier LifeStyle Annuity is a single premium fixed indexed annuity issued by
Additional information about The Premier LifeStyle Annuity can be found on The AltiSure Group’s Web site at www.altisure.com.
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 – keeping the account value intact.
The Enhanced G.I.F.T. Benefit is an optional rider that may be added to the basic annuity in exchange for a fee that will be deducted from the annuity’s account value. If index credits are less than the rider fee, the account value will experience a loss of principal invested but no reduction in guarantees.The benefit base is not a guarantee of account value or an amount available for withdrawal and is only used to determine the fees and guarantees applicable to the rider.
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