The Phoenix Companies, a US-based boutique life insurance and annuity company, has introduced a single premium fixed indexed annuity offered with a Guaranteed Lifetime Withdrawal Benefit (GLWB) rider.
Available through independent distributors working with Saybrus Partners, Phoenix Income Elite Annuity aims to maximize guaranteed lifetime income for individuals approaching or already in retirement.
Saybrus Partners national sales manager Mark Fitzgerald said the new annuity has been designed for consumers who primarily focus on maximizing the guaranteed lifetime income level throughout retirement.
"This latest offering rounds out our product portfolio, which includes products that address a specific protection gap and those that offer a combination of protection and benefits." Fitzgerald added.
"It also allows us to clearly show a choice of income levels that depends on how long the annuity holder waits before taking withdrawals."
The product will also provide a larger guaranteed income instead of stronger death benefit guarantees.
