Annuity FAQ

Frequently Asked Questions

When Submitting Annuity Applications or Managing Business Post Issue

What is my Lifetime Withdrawal Benefit?

The Guaranteed Withdrawal Benefit riders available with a Phoenix fixed indexed annuity, when exercised, can provide guaranteed annual income withdrawals for life. The guaranteed amount is the amount you will be able to withdraw annually. The annual benefit percentage remains fixed once guaranteed withdrawals begin.

Is there a fee for my Lifetime withdrawal Benefit?

Fees for your lifetime benefit will vary based on the product and benefit you chose. The fee is assessed on your benefit base annually. The fee will be reflected on your annual statement.

What is the benefit base, withdrawal percentage, death benefit or surrender charge period?

Specific definitions depend on the specific product and or rider chosen by your client. This information can be found on the contract’s schedule pages and can also be discussed with a Customer Contact Center Representative at 1-800-417-4769.

How soon can systematic withdrawals start?

Systematic withdrawals can start at any time and require form OL2166[link] to be completed. This form is included with the application package and can be submitted along with the application. Please remember, withdrawals may affect the benefit base of a rider..

How does a partial withdrawal affect my benefit base?

Any withdrawal will reduce the benefit base this includes RMD, 10% free amounts. It is based on pro-rata

What is my annual benefit rate?

The annual benefit rate is the percentage we use to determine your annual benefit amount. It is based on the attained age of the youngest covered person on the rider exercise day. This information can be found on the contract’s schedule pages and can also be discussed with a Customer Contact Center Representative at 1-800-417-4769.

How do I exercise my Income Rider?

To activate your income rider you must complete Guaranteed Lifetime Withdrawal Rider Activation, (OL 4467, pdf)[link]. Please note, in most cases, the rider can not be activated until 30 days from the issue date. This benefit can only be elected at issue.

Is there a charge for activating the rider?

No, there is no charge for exercising the rider.

How are RMDs handled??

First year required RMD’s, should be taken from your existing qualified account prior to transferring the funds to Phoenix. An annual notification is sent to contract holders of qualified accounts once they have reached the age of 70.5.

How often can I change my allocation?

Client's can change the allocation once a year on contract anniversary date. The request must be made no later than 15 days from the anniversary day in order to complete the change. Phoenix mails the allocation change form 20 days prior to the contract anniversary.

The form can be returned via mail, e-mail to Customer Contact Center@Phoenixwm.com, or; we can also process the request from an Agent or Client via phone at 1-800-417-4769.

What do I need to know when a Trust is the owner of a Phoenix Annuity?

View a FAQ on this topic.

When should my client expect their first Monthly payment?

This can vary depending on the rider and the date elected on the form. In most cases, when the exercise form is submitted with the application the first payment will be processed 30 days from issue. For clients with direct deposit, the first payment typically shows up in their checking account 3-5 days after the process date. Note: This can vary by bank.

My client has elected monthly income; will they still get their full annual benefit amount?

Yes. Customers receiving monthly checks will still get the full amount. In cases where the income starts 30 days from issue, the annual amount will be higher during the first contract years as there will be 11 payments instead of 12.

How is tax reporting handled?

Phoenix sends out tax information returns by the end of January each year. Our Customer Contact Center is prepared to assist you and your client during tax season. We are able to explain your client’s 1099R’s and we are able to send duplicates upon request. Form 5498 is sent out in mid-May. Please be advised we do not provide tax advice.

Are client statements available online?

Yes. Simply log in to your Phoenix SalesNet account. Click on Client Statements under the "Operations" section on the home page or under "My Business and Reports." Select the “Launch Client Statements” button. Under the heading “Index Search”, you will see a choice of several folders. For a statement on an Indexed Annuity, scroll down to “FASTMT”. Pick the time period, input the contract number and click “search”.

Where can I get more product information?

The Products Center[link] features overviews of each of our products, as well as sample contracts/policies and other relevant materials. In the Training Center [link] you will find product training guides, which are mandatory in states that have adopted the NAIC 2010 Suitability regulation and explain our products in great detail.

How do I order marketing materials?

Electronic marketing materials are available for download in the Phoenix Marketing Catalog. Depending on your account type you can order select printed copies of materials. You can also contact our sales desk at Saybrus Partners at 1-888-794-4447. Option 1, to place an order.

Where can I get rate renewal information?

A renewal letter is sent out to you and your client 30 days prior to the contract anniversary. The letter will contain contract specific renewal rates based on your client’s product. Included with the letter is a reallocation form. You have 15 days from the anniversary to change your allocations either by phone or completing and mailing the allocation form to our home office.

How often do rates change on the indexed annuities?

Rates can change monthly, but once a client is locked into an indexed account, it will not change during the year of the indexed account duration.

Who can I call if I have more questions?

Customer Contact Center — Monday - Friday from 8:30 am to 12:00 pm or 1:00 to 6:00 pm ET at 1-800-541-0171.

Sales Support

  • Life Insurance and Annuity Sales Desk at 1-888-794-4447, Option 1
  • Licensing and Commissions at 1-800-417-4769