Phoenix Announces GMWB Rider Changes Effective 2/1/12
Date:
Thu, 01/26/2012 Phoenix has announced changes to their Annual Benefit Precentages impacting the following indexed annuity Guaranteed Minimum Withdrawal Benefit (GMWB) Riders:
- Income Strategy: Today
- Income Strategy: Tomorrow
- Income 25
- Income Plus
Please click here to learn more about the changes.These changes will go into effect on February 1, 2012.
The transition rules are as follows:
1. Cash with Application - applications signed on or before 1/31/12 and received in good order by Phoenix by end of day on 1/31/12 will be issued the existing riders.
2. 1035 Exchanges/Rollovers – all applications signed on or before 1/31/12 and received in good order by Phoenix by end of day on 1/31/12 must have the money to Phoenix within 45 days, by 3/16/12, in order to be issued the existing rider. This applies to all contracts, including pending cases.
3. Applications that are not received in good order by 1/31/12, as well as any 1035 exchange/rollover money not received by close of business on 3/16/12, will be issued the new version of the riders. Both the client and agent must sign an acknowledgement form which will accompany the updated disclosure document and will state that the client agrees to receive the new version of the rider. We will not issue without this form or a new application.
4. Applications signed after 1/31/12 will be issued the new rider.
Please call us at (888) 758-7305 if you have any questions.
Upcoming Events
