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.

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