Phoenix forms strategic alliance with AltiSure
October 11, 2010 by N/A
Oct 07, 2010 (Datamonitor via COMTEX) — The Phoenix Companies has formed a strategic alliance with AltiSure Group, an annuity and life insurance design and distribution company. The two companies also launched Secure Lifestyle Annuity Series, which includes The Secure Lifestyle and the Secure Lifestyle Bonus fixed indexed annuities.
Designed for both pre-retirees and retirees, the Secure Lifestyle Annuities Series is available through the Phoenix and AltiSure alliance.
The Secure Lifestyle Annuity Series offers two benefits: the safety growth strategy, and the Guaranteed Income and Family Wealth Transfer Benefit, or GIFT, which combines guaranteed lifetime withdrawals with an enhanced death benefit for one charge.
An industry first, the GIFT Benefit is an optional rider that offers clients guaranteed lifetime withdrawals and an enhanced death benefit with a 6% compound annual rollup in one package. Clients can maximize their income opportunity by deferring the start of withdrawals under their Guaranteed Lifetime Withdrawal Benefit, or GLWB, while remaining protected by the enhanced death benefit until the beginning of the guaranteed withdrawals under the GLWB rider, said the company.
The 10% premium bonus offered with the Secure LifeStyle Bonus Annuity boosts the initial account value by 10% of the original premium at contract issue. A percentage of the premium bonus and its earnings vest each year during the surrender charge period. All interest is credited on the entire account value including the premium bonus, said the company.
Secure LifeStyle Annuity and Secure LifeStyle Bonus Annuity are single premium fixed indexed annuities issued by PHL Variable Insurance, a subsidiary of The Phoenix Companies. The single premium, any premium bonus and interest credited to the contract are allocated to a Separate Account, or Segregated Asset Account.
Niju Vaswani, president of The AltiSure Group, said: “When the opportunity to partner with Phoenix presented itself, we leapt at the chance to collaborate. With more than 150 years of experience, Phoenix brings a heritage and legacy of innovative product development that has continued to meet the evolving needs of individuals and families.”
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