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How does the Phoenix new product which is thePersonal Protection Choice Annuity compare to Allianz - American Equity and theAviva Balir as far as guaranteed income. the Personal Protection Choice Annuityis the only annuity out there that offers guaranteed income for life which youcan strat and stop LTC maximizer with a 250% increase and a increased deathbenefit.
Myclient is 65 and just started taking SS because he needs income. He has about150k in CDs. He has no other sources of income only SS. no pension. He has noother assets except 100k which he will be buying a very small house for about75k cash of the 100k to retire in. The only other source of income is a parttime job which he will be leaving in about 6 months. He has no LTC protectionwhich he would like to have but the premiums would cut into his income. He doeshave a daughter that he would like to leave some money to but income is hisnumber 1 concern. He will need income within 1-2 years. The Phoenix PersonalProtection Choice product which I showed him, he liked the best because itoffers all 3 Income ltc and a death benefit which is the first illustration.The other 3 product Illustrations are from Aviva- Allianz and American Equity.What is the difference in these products? They all are showing similar Incomebenefits.
Iwas thinking of recommending the Phoenix product because he can have a lot offlexibility he can start and stop income, has a LTC booster and a death benefitmaximizer. I included the brochure. I was thinking the strategy of putting 100Kin the Phoenix product and 50k in a deferred annuity which he can draw incomein 5 -10 years so that the 50k can grow until he needs it, so in 5-10 years hecan either take the 50k which will have a higher value at that time and roll itinto a immediate annuity or just get a annuity with an income rider. I guesshaving a laddering approach. I can do this with either Aviva- Allianz andAmerican Equity. I know another strategy could be the Lincoln moneyguard butthere is no income from that product. I want to know what are the best productsand solutions to maximize his income while having some ltc protection.
Hehas no debt, no loans outstanding is completely debt free.
I know phoenix has a b+ rating but i did research into the company and theyhave improved their financials dramatically in a short period of time. Butstill have a positive and stable outlook from the rating agencies and seemslike they can get a A rating with contiued imrpoving financials . i did noticethey have quadrupled their annuity sales in the past year.
Appreciate any feedback you can give me
Here is the brochure on the phoenix product:
http://www.phoenixwm.phl.com/servlet/DocDelivery?DocId=Mark_Mat_Phx_PersonalProtectionChoice_A5107BR.pdf&DocType=0
