PNX Announces Strategic Alliance with The AltiSure Group;# Stock
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The Phoenix Companies Announces Strategic Alliance with The AltiSure Group;
Launches Secure Lifestyle Annuity Series
New Annuities Bring Revolutionary Benefits to the Indexed Marketplace
HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE:PNX)
today announced a strategic alliance with The AltiSure Group, an annuity and
life insurance design and distribution company. This collaboration will
allow the two organizations to combine their expertise in developing
innovative annuity and life insurance products and bring these solutions to
a larger universe of consumers. The two companies also announced the launch
of their co-developed 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 exclusively through the Phoenix and AltiSure alliance
and offers a revolutionary blend of product features that are not available
elsewhere in the market.
“We are very pleased to partner with a company of AltiSure’s caliber”
.“We are very pleased to partner with a company of AltiSure’s caliber,”
said Philip K. Polkinghorn, senior executive vice president, business
development. “We believe that together, Phoenix and AltiSure will bring the
industry a unique, forward-thinking approach to annuity product development
. The Secure Lifestyle Annuity Series is just the first of what we hope will
be many products jointly introduced to the marketplace.”
The Secure Lifestyle Annuity Series offers two revolutionary benefits: 1)
The Safety Growth Strategy, a new innovation in interest crediting, and 2)
The Guaranteed Income and Family Wealth Transfer Benefit (GIFT), which
combines guaranteed lifetime withdrawals with an enhanced death benefit for
one charge.
“When the opportunity to partner with Phoenix presented itself, we leapt at
the chance to collaborate,” said Niju Vaswani, President of The AltiSure
Group. “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.”
"We wanted to preserve all the guaranteed elements of a traditional indexed
annuity, while infusing innovative benefits like the Safety Growth Strategy"
said Mr. Polkinghorn. "With the Safety Growth Strategy, a client can
benefit from the positive return of the S&P 500 in excess of 5 percent,
which is where it has been the vast majority of the times it has been
positive. At the same time, clients never run the risk of diminishing their
principal or prior earnings when the S&P 500 underperforms."
An industry first, the GIFT Benefit is an optional rider that offers clients
guaranteed lifetime withdrawals and an enhanced death benefit with a 6
percent compound annual rollup in one package. Clients can maximize their
income opportunity by deferring the start of withdrawals under their
Guaranteed Lifetime Withdrawal Benefit (GLWB), while remaining protected by
the enhanced death benefit until the beginning of the guaranteed withdrawals
under the GLWB rider.
"There is nothing like this in the marketplace today,” said Mr. Vaswani. “
For example, if the client defers the start of withdrawals for 12 years, the
income benefit base used to calculate the annual GLWB amount will grow to
more than triple the original premium with the Secure LifeStyle Bonus
Annuity.”
The 10 percent premium bonus offered with the Secure LifeStyle Bonus Annuity
boosts the initial account value by 10 percent 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. Generally, products that
do not offer bonuses have higher credited interest rates, participation
rates and caps.
Secure LifeStyle Annuity and Secure LifeStyle Bonus Annuity are single
premium fixed indexed annuities issued by PHL Variable Insurance Company, a
subsidiary of The Phoenix Companies, Inc. The single premium, any premium
bonus and interest credited to the contract are allocated to a Separate
Account (also called a “Segregated Asset Account”). Under state law,
Separate Account assets are segregated from the General Account and
consequently the Separate Account assets may not be used to pay liabilities
arising out of other business Phoenix may conduct and are insulated from any
creditors of the Phoenix Companies, such as those provided by the GIFT
benefit. Guarantees are based on the claims paying ability of the issuing
insurance company, PHL Variable Insurance Company. AltiSure is not
affiliated with PHL Variable or The Phoenix Companies.
Optional riders such as the GIFT Benefit involve a fee calculated as a
percentage of the benefit base that is deducted from the contract value.
There are surrender charges during the first 10 years.
Additional information about the Sec
Launches Secure Lifestyle Annuity Series
New Annuities Bring Revolutionary Benefits to the Indexed Marketplace
HARTFORD, Conn.--(BUSINESS WIRE)--The Phoenix Companies, Inc. (NYSE:PNX)
today announced a strategic alliance with The AltiSure Group, an annuity and
life insurance design and distribution company. This collaboration will
allow the two organizations to combine their expertise in developing
innovative annuity and life insurance products and bring these solutions to
a larger universe of consumers. The two companies also announced the launch
of their co-developed 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 exclusively through the Phoenix and AltiSure alliance
and offers a revolutionary blend of product features that are not available
elsewhere in the market.
“We are very pleased to partner with a company of AltiSure’s caliber”
.“We are very pleased to partner with a company of AltiSure’s caliber,”
said Philip K. Polkinghorn, senior executive vice president, business
development. “We believe that together, Phoenix and AltiSure will bring the
industry a unique, forward-thinking approach to annuity product development
. The Secure Lifestyle Annuity Series is just the first of what we hope will
be many products jointly introduced to the marketplace.”
The Secure Lifestyle Annuity Series offers two revolutionary benefits: 1)
The Safety Growth Strategy, a new innovation in interest crediting, and 2)
The Guaranteed Income and Family Wealth Transfer Benefit (GIFT), which
combines guaranteed lifetime withdrawals with an enhanced death benefit for
one charge.
“When the opportunity to partner with Phoenix presented itself, we leapt at
the chance to collaborate,” said Niju Vaswani, President of The AltiSure
Group. “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.”
"We wanted to preserve all the guaranteed elements of a traditional indexed
annuity, while infusing innovative benefits like the Safety Growth Strategy"
said Mr. Polkinghorn. "With the Safety Growth Strategy, a client can
benefit from the positive return of the S&P 500 in excess of 5 percent,
which is where it has been the vast majority of the times it has been
positive. At the same time, clients never run the risk of diminishing their
principal or prior earnings when the S&P 500 underperforms."
An industry first, the GIFT Benefit is an optional rider that offers clients
guaranteed lifetime withdrawals and an enhanced death benefit with a 6
percent compound annual rollup in one package. Clients can maximize their
income opportunity by deferring the start of withdrawals under their
Guaranteed Lifetime Withdrawal Benefit (GLWB), while remaining protected by
the enhanced death benefit until the beginning of the guaranteed withdrawals
under the GLWB rider.
"There is nothing like this in the marketplace today,” said Mr. Vaswani. “
For example, if the client defers the start of withdrawals for 12 years, the
income benefit base used to calculate the annual GLWB amount will grow to
more than triple the original premium with the Secure LifeStyle Bonus
Annuity.”
The 10 percent premium bonus offered with the Secure LifeStyle Bonus Annuity
boosts the initial account value by 10 percent 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. Generally, products that
do not offer bonuses have higher credited interest rates, participation
rates and caps.
Secure LifeStyle Annuity and Secure LifeStyle Bonus Annuity are single
premium fixed indexed annuities issued by PHL Variable Insurance Company, a
subsidiary of The Phoenix Companies, Inc. The single premium, any premium
bonus and interest credited to the contract are allocated to a Separate
Account (also called a “Segregated Asset Account”). Under state law,
Separate Account assets are segregated from the General Account and
consequently the Separate Account assets may not be used to pay liabilities
arising out of other business Phoenix may conduct and are insulated from any
creditors of the Phoenix Companies, such as those provided by the GIFT
benefit. Guarantees are based on the claims paying ability of the issuing
insurance company, PHL Variable Insurance Company. AltiSure is not
affiliated with PHL Variable or The Phoenix Companies.
Optional riders such as the GIFT Benefit involve a fee calculated as a
percentage of the benefit base that is deducted from the contract value.
There are surrender charges during the first 10 years.
Additional information about the Sec
