HARTFORD, Conn., Apr 02, 2013 (BUSINESS WIRE) — The Phoenix Companies, Inc. /quotes/zigman/11365752/quotes/nls/pnx PNX -0.03% today announced the launch of the Phoenix Next Generation Annuity, a single premium fixed indexed annuity, offered in both “bonus” and “non-bonus” versions. The annuity features the Protected Inheritance Benefit which combines a guaranteed lifetime withdrawal benefit (GLWB) with a return of premium death benefit paid to beneficiaries in five equal installments. This latest product innovation, offered exclusively through the partnership between Phoenix and The AltiSure Group, is issued by PHL Variable Insurance Company, a Phoenix insurance subsidiary.

Designed for individuals planning for or already in retirement, Phoenix Next Generation helps balance income needs during retirement with the desire to leave an inheritance. Unlike similar products in the marketplace, the death benefit does not decrease as the lifetime withdrawal benefits are drawn.

“With the persistent low interest environment, both guaranteed lifetime withdrawal benefits and enhanced death benefits on fixed indexed annuities have continued to resonate with consumers in the middle market,” said Dana Pedersen, vice president and product officer for Phoenix. “As we worked with AltiSure to develop this latest product, we wanted to combine these benefits in a way that would provide the client with a defined level of income, regardless of how long they lived, as well as a defined return of premium death benefit for their beneficiary.”

Innovative Product Features Offer Unique Combination of Benefits

With Phoenix Next Generation Annuity’s Protected Inheritance Benefit, both the income level for the GLWB and the return of premium death benefit percentage are selected at issue. The GLWB is offered with options to elect a base level income after year one or choose a higher income guarantee after a five year wait. The return of premium percentage at death is available at 100%, 75% or 50% and does not change even after the initiation of GLWB payments. Individuals also can choose the “Bonus” version of the Next Generation Annuity that adds between 6% and 10% of the premium, depending on the state, to both the account value and the return of premium death benefit. There is an additional fee for the Protected Inheritance Benefit.

“We aimed to design an innovative product that would offer options for middle market consumers to select the most appropriate combination of income and legacy benefits for their needs,” said Niju Vaswani, president of The AltiSure Group. “We believe the Phoenix Next Generation Annuity delivers on this combination and truly meets a need in the market that other indexed annuities don’t address.”

As part of the roll out of the Phoenix Next Generation Annuity, Phoenix and AltiSure are offering a 90 day special that could increase value for consumers. Available until June 30, 2013, the special includes higher rates on all available fixed and index crediting options.

More information about Phoenix Next Generation Annuity with Protected Inheritance Benefit can be found on The AltiSure Group’s website 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.

ABOUT PHOENIX

The Phoenix Companies, Inc. /quotes/zigman/11365752/quotes/nls/pnx PNX -0.03% is a boutique life insurance and annuity company serving customers’ retirement and protection needs through select independent distributors. Headquartered in Hartford, Connecticut, Phoenix has a history of keeping its promises since 1851. For more information, visit www.phoenixwm.com.

ABOUT THE ALTISURE GROUP

The AltiSure Group is an annuity and life insurance product design and distribution company. They design innovative annuity and life insurance products for exclusive distribution through their network of select Independent Marketing Organizations (IMOs). The IMOs in The AltiSure Group network were responsible for a collective annuity premium of more than $6 billion in 2012. The AltiSure Group was founded and is currently managed by Niju Vaswani, President. Prior to starting The AltiSure Group, Mr. Vaswani was Chief Executive Officer of Transamerica Life Bermuda.

The Phoenix Next Generation Annuity with Protected Inheritance Benefit (ICC09EIAN, 10FIA, 11RSP, 11GLWB2 and 11GMDB-A.1) and The Phoenix Next Generation BONUS Annuity with Protected Inheritance Benefit (ICC09EIA , 10FIA, 11RSP, 11GLWB2, and 11GMDB-A.1) are single-premium indexed annuities issued by PHL Variable Insurance Company (“PHLVIC”), Hartford, CT and offered exclusively through The AltiSure Group. PHLVIC and The AltiSure Group are not affiliated. Product features and availability may vary by state. PHLVIC is not authorized to conduct business in NY and ME.

Lifetime payments and guarantees are based on the claims-paying ability of PHL Variable Insurance Company.