The Phoenix, a provider of financial solutions using life insurance and annuities, has introduced Phoenix FamilyShield Annuity, a single premium immediate annuity.
Phoenix said that the single premium immediate annuity is designed to meet regulatory provisions that allow individuals to provide an income stream for their spouses in the event that they are in need of Medicaid or other government assistance programs.
Phoenix FamilyShield Annuity contract features are designed to make the product satisfy specified Medicaid regulations.
According to the Phoenix, the product can be customized with a choice of premium amounts and payment periods: it must be funded with a minimum single premium payment of $10,000.
It will immediately begin a monthly stream of income payments for a specified period of time, between two and 30 years.
As required by Medicaid regulations, there will be no cash value that can be withdrawn from this annuity. Once issued, the annuity is irrevocable, non-transferable and non-assignable.
Phoenix FamilyShield Annuity was developed in conjunction with The Ohlson Group, which will be one of the select distributors for the product working with Saybrus Partners, Phoenix’s distribution company.