The Phoenix Companies Announces Strategic Alliance with The AltiSure Group; Launches Secure Lifestyle Annuity Series

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,” 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) TheG uaranteedI ncome andF amily WealthT ransfer 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 Secure LifeStyle Annuity and Secure LifeStyle Bonus Annuity can be found on the website of The AltiSure Group at


Dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities. PHL Variable Life Insurance Company is a wholly owned subsidiary headquartered in Hartford, Connecticut. For more information, visit


The AltiSure Group is an annuity and life insurance products 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 The AltiSure Group network were responsible for a collective annuity premium of more than $4 billion in 2009. 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.


Category: Annuity

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