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Phoenix Launches Flexible Deferred Annuity With GMWB.

HARTFORD, Conn. -- The Phoenix Companies, Inc. (NYSE: PNX) announced today the availability of Phoenix Dimensions(SM), a flexible-premium, deferred variable annuity offering full suites of living and death benefit riders, including a new Guaranteed Minimum Withdrawal Benefit (GMWB). Dimensions also provides an innovative five-year surrender charge option that charges additional cost for only five years, not the life of the product.

"Every affluent client has different retirement goals. Phoenix is meeting their need for flexibility with complete suites of life and death benefits that address longer life spans, inflation and uncertainty in the markets," said Philip K. Polkinghorn, executive vice president, Life and Annuity. "The GMWB rider, guaranteeing a minimum amount of withdrawals and benefit payments, is just one tool advisors can use to help create a regular income stream for their clients."

Other Phoenix Dimensions living benefits include Guaranteed Minimum Accumulation Benefit (GMAB) and Guaranteed Minimum Income Benefit (GMIB) riders. The GMAB provides protection from market downturns through a 105 percent guarantee of first-year premiums. The rider also offers credit for market upturns through a 5 percent credit of first-year premiums, regardless of contract performance. The GMIB rider provides secured income, guaranteeing a future income level regardless of market performance. All living benefit riders are available for an additional cost.

Phoenix Dimensions death benefit options include Return of Premium, Annual Step-Up, an Earnings Enhancement Benefit (EEB) and the greater of Annual Step-Up or 5 percent Annual Roll-Up, all protecting the client from loss of principal at death. Surrender charges for the product include five- or seven-year options. The five-year option charges additional cost only for five years, not the life of the product.

"Clients want to create their own style of retirement, with maximum focus on income and protection. Along with flexibility for clients, we are offering competitive compensation to advisors," said Mark R. Tully, senior vice president, Annuity Distribution and Sales.

To complement the launch of Dimensions, Phoenix is providing a Guide to Deferred Variable Annuities that shows advisors and their clients how to choose an annuity to best suit their retirement needs. The Guide also covers concepts such as asset allocation and dollar cost averaging and detail on living benefits, death benefits and fees associated with annuity products.

"Annuities are often portrayed as complex products. We want advisors and their clients to receive the best education possible on how annuities can play an important role in retirement income planning," said Mr. Tully.

Advisors who would like to learn more about Phoenix Dimensions or the new Guide should contact their Phoenix wholesaler, or the Annuity Sales Desk at 1-800-417-4769, Option 1, or visit www.PhoenixWealthManagement.com.

The Phoenix Companies, Inc. is a leading manufacturer of life insurance, annuity and asset management products for the accumulation, preservation and transfer of wealth. Through a variety of advisors and financial services firms, the company provides products and services to affluent and high-net-worth individuals and to institutions. With a history dating to 1851, The Phoenix Companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd. The company also offers private placement insurance products through Philadelphia Financial Group, a wholly owned subsidiary. Phoenix has corporate offices in Hartford, Connecticut. For more information on Phoenix, visit www.PhoenixWealthManagement.com.

Investors should carefully consider the investment objectives, risks, charges and expenses of a Phoenix variable annuity before investing. For a product prospectus and the investment option prospectuses containing this and other information, call your financial representative or call Phoenix at 1-800-417-4769. Please read the prospectuses carefully before investing.

Variable annuities are long-term investment vehicles intended to help investors accumulate tax-deferred earnings over time and provide guaranteed retirement income. Contract value will be influenced by mortality, administrative and investment advisory fees, as well as charges for contract surrender, riders and other elected options.

Variable annuities involve investment risk, including possible loss of principal. Phoenix variable annuities offer investors more than 40 diverse subaccounts in which to invest. As with any investment, subaccounts are subject to market risk and value fluctuations. Performance is not guaranteed and investors may receive more or less than the original investment amount.

Guarantees are based upon the claims-paying ability of the issuing company. Withdrawals are subject to ordinary income tax, and if taken before age 59 1/2 , a 10% federal income tax penalty may apply. Early withdrawals are also subject to surrender charges, and reduce the death benefit and cash surrender value.

Details regarding living benefit riders or death benefits may vary in a particular state based on the terms of that state's approval. Please read the prospectus for complete information.

Phoenix Dimensions (D617) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). Phoenix Dimensions (D618) is issued by Phoenix Life Insurance Company (East Greenbush, NY). PHLVIC is not authorized to conduct business in NY and ME. The insurers referenced are separate entities and each is responsible only for its own financial condition and contractual obligations. Variable products are distributed by Phoenix Equity Planning Corporation, One American Row, Hartford, CT 06102.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 19, 2005
Words:837
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