The Phoenix Companies has a new Edge Freedom Edge, that is. The new C-share variable annuity replaces Retirement Planners Edge, which was discontinued in September of last year because many planners were placing the bulk of assets in the fixed account. Slim spreads between offered rates and prevailing interest rates put profitability pressure on the company.
Freedom Edge is a flexible premium deferred annuity that offers 54 sub-accounts and two different enhanced death benefits. In addition, it has an optional guaranteed minimum income benefit rider. As a C-share product, it has no front-end load and no surrender charges.
Phoenix is promoting Freedom Edge as part of its retirement income planning focus, said Mark Tully, senior vice president of annuity distribution and sales. "Freedom Edge is targeted to an array of affluent clients, including those who need retirement
funding and income tax strategies. Its also targeted to business owners with IRA and qualified plan rollovers."