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Daily Coverage

Long-Term Care Insurance policies pay a daily amount towards home care, assisted living, or nursing home. Home care is the most common claim, with 75% of claims starting at home.

Plan Duration

Average claim: 2.9 years. Assuming you don’t have a crystal ball, you don’t know how long you’ll need Long Term Care for. The chance of needing Long Term Care is 1 in 2, but the chance of needing it for over five years is much smaller. Like any insurance, you may buy this and never use it, so finding a balance is key.

Return of Premium

Add this option and you’ll be able to leave your beneficiary the total sum of all of your premiums paid, less any claims you’ve made. If the thought of buying this and never using it bothers you, guarantee a return of funds with Return of Premium.

Home Health Care on Day 1

Coverage for care at home is available with no waiting period. This 10-15% extra option is the most popular add-on rider.

Shared Coverage

Women make longer claims than men, on average. Hedge your risk with your spouse by adding a Shared Care rider to your policy.

Inflation Protection

If you're buying this thinking of using in the future, include inflation protection.

Phoenix Personal Income Annuity

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The Phoenix Personal Income Annuity is a 10 year Fixed Indexed Annuity (FIA) with a single premium indexed annuity provision. There is also the possibility to allocate funds to various indexed accounts with a guaranteed principal protection and an optional withdrawal benefit. Underlying assets supporting an annuitant’s annuity are held in accounts known as separate accounts apart from the phoenix funds.

Phoenix Personal Income Annuity Features

Minimum and maximum premiums

The minimum single premium for this annuity is $15,000 while the maximum single premium is $1,000,000. Flexible premiums are not accepted with the Phoenix Personal Income Annuity. The minimum and maximum single premium amounts apply equally under the qualified and unqualified status.

The annuity also provides for market value adjustment and free 10 day lookup period. This may however vary by state.

Issue age

The Phoenix Personal Income Annuity is issued to people aged between 0-85 years for the policy owner. The age restriction for annuitization stands at 105 years.

Rider availability

There are two riders available with this annuity; Personal income Annuity: Income Strategy Today and Personal Income Annuity: Income Strategy: Tomorrow. Both are however not available in ME and NY.

Free withdrawals

This annuity allows policy holders to make free withdrawals per policy year each limited to a maximum 10% the value of the annuity. The withdrawal is based on accumulation. Holders can also withdraw the interest amount only if they wish to. This is however only available after 30 days.

Above the 10% free withdrawal amount, additional withdrawals will be charged for early withdrawals. The charges start at 12.00% for the first years and reduce gradually as follows: 12.00%, 12.00%, 11.00%, 10.00%, 9.00%, 8.00%, 7.00% 6.00% and 4.00%, tenth year. The minimum free withdrawal amount is $250 and that of the account value is $2,000.

Market value adjustment

This is based on the Treasury Constant Maturity Rate. The MVA can therefore be a positive or negative change in the amount you receive. If the annuitant withdraws or surrenders their policy, the amount they receive will change depending on the aforementioned rate. The amount will either increase or reduce depending on the changes in interest rates.

Systematic withdrawals

Systematic withdrawals are available with the Phoenix Personal Income Annuity. These can only be done on a monthly, quarterly, semi-annual, or annual basis. The minimum amount that can be withdrawn is $250 while the minimum account value is $2,000.

Terminal illness

The annuitant may make a withdrawal adjusted by the MVA if the illness occurs before the maturity date. This can be done without incurring a surrender charge provided that more than a year elapses after the issue date and the company receives satisfactory proof of the owner’s illness. Terminal illness in this case is a condition that will cause the owner’s death in a period of six months.

Nursing home confinement

The annuitant can make withdrawals without charges provided they meet several conditions; the withdrawal has to be requested within 2 years of admission to the nursing home; more than one year must have elapsed after the issue date; the annuitant must have been admitted for at least 90 consecutive days; the owner must not have been previously admitted within one year before the date of issue.

Death benefit

The company subdivides this into three scenarios. If the annuitant dies before the contract’s maturity date, the death benefit will be the greater of the accumulation value and the GMV. If the beneficiary spouse survives the annuitant, they may elect to go on with the policy as the owner. If the annuitant dies after the maturity date, the payments continue to a surviving owner or the beneficiary.

State specific

This annuity is only available in some states. If interested in the Phoenix Personal Income FIA, we recommend that you check with your financial advisor to see if it’s available in your state.

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