Phoenix Home Life Mutual Insurance Company of Hartford Conn. has introduced a new immediate annuity, called Phoenix Income Choice, that allows for fixed payments, variable payments or a combination of both, the company announced yesterday.

The advantage of the multiple payment options is that clients can change their choice depending on future income needs, according to Phoenix. Clients who elect the variable payment have the option to purchase a rider to guarantee that future payments will never be less than the initial one, the company said.

'Phoenix Income Choice was designed to offer customers the security of fixed income payments that can be complemented by variable income payments – all within one contract,' said Mark Tully, vice president of Phoenix’s annuity division, in a statement.

Phoenix’s investment portfolio includes 42 sub-accounts from 20 investment management firms from a wide array of asset classes and investment styles, the company said.

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