Business & Finance
Mon, October 8, 2012 
HARTFORD, Conn.--([ BUSINESS WIRE ])--[ The Phoenix Companies, Inc ]. (NYSE:PNX) today announced enhancements to its CommandMarkSM single premium fixed indexed annuity series. The new CommandMarkSM Series offers riders, for an additional fee, that can provide consumers with guaranteed lifetime income, the possibility of increasing that income if there is a chronic care need (not available in all states), and an enhanced death benefit.
"Working with Phoenix, we leveraged our combined insights into the financial priorities and concerns of todayas retirees. We are delighted to announce the newly enhanced CommandMark Series of products and riders, which are designed to meet a variety of needs that may change after the initial purchase."
There are three CommandMark base products, CommandMark, CommandMark Plus and CommandMark IR, which vary by premium bonus level, the duration of the surrender charge and premium bonus vesting period. In addition, theseries offers several innovative riders, including the Income Command Rider 2.0 Enhanced, which provides a Guaranteed Lifetime Withdrawal Benefit (GLWB) and enhanced Chronic Care Benefit, and the Heritage Rider, which provides an Enhanced Death Benefit.
These latest product innovations are offered exclusively through the companyas partnership with Legacy Marketing Group.
aIn todayas uncertain economic environment, offering tailored retirement solutions is invaluable to meeting the needs of consumers,a said Dana Pedersen, Phoenixas vice president and product officer. aThe enhancements made to the CommandMark Series offer a range of income accumulation options, premium bonus and surrender charge periods. In combination with the riders available, these enhancements give agents access to a product that can allow their clients to design a solution to their unique retirement needs, including enhanced death benefit protection.a
Income Command Rider 2.0 Enhanced Offers Confinement Protection
In states where available, the Income Command Rider 2.0 Enhanced offers a guaranteed lifetime income stream. The income base from which guarantees are derived will increase at a compound roll up rate of 10% on CommandMark, and 6.5% on CommandMark Plus and CommandMark IR during the guaranteed income accumulation period. In addition, the rider can provide an enhanced income stream equal to double the standard GLWB for up to five years in the event the annuity holder becomes confined to a nursing facility. The Income Command Rider 2.0 Enhanced is optional on all base products except CommandMark IR.
aThe marketplace increasingly demands products that can meet consumer needs that change over time,a said Preston Pitts, Legacyas president. aWorking with Phoenix, we leveraged our combined insights into the financial priorities and concerns of todayas retirees. We are delighted to announce the newly enhanced CommandMark Series of products and riders, which are designed to meet a variety of needs that may change after the initial purchase.a
Heritage Rider Provides Peace of Mind with an Enhanced Death Benefit
The optional Heritage Rider must be purchased in combination with the Income Command Rider 2.0 Enhanced and may offer a death benefit in excess of the annuity value. The benefit provided by the Heritage Rider becomes available after the third contract anniversary and is equal to 50% of the difference between the base contractas annuity value and the income base under the Income Command Rider 2.0 Enhanced during the guaranteed income accumulation period. After the GLWB rider exercise date, the enhanced death benefit is reduced by withdrawals in the same proportion as the annuity value is reduced.
aCoupled with the Income Command Rider 2.0 Enhanced, the Heritage Rider provides policyholders with additional protection for their heirs,a said Pedersen.
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, aindex creditsa 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 index credits can never be negative.
Annuities are long-term savings vehicles, particularly applicable for retirement planning. Withdrawals may be subject to surrender charges and taxes, as well as possible tax penalties if taken prior to age 59.
Indexed annuities that offer a premium bonus may have lower crediting rates and higher fees and charges than similar non-bonus annuities that may more than offset the benefit of the upfront bonus over time.
ABOUT PHOENIX
The Phoenix Companies, Inc. (NYSE:PNX) is a boutique life insurance and annuity company serving customersa 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 LEGACY MARKETING GROUP
Legacy Marketing Group partners with respected insurance companies to design and market innovative products for the U.S. fixed annuity market. These products are sold exclusively through Legacyas nationwide network of independent insurance agents. For more information, visit [ www.legacynet.com ].
CommandMarkSM Series single premium deferred fixed indexed annuities are issued by PHL Variable Insurance Company (PHLVIC), Hartford, CT. PHL Variable Insurance Company is not affiliated with Legacy Marketing Group. Policy Form No.: 11LIA, et al. Product features and availability may vary by state. PHLVIC is not authorized to conduct business in NY and ME.
Guarantees are based on the claims-paying ability of PHL Variable Insurance Company.
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