Phoenix Introduces Innovative GMAB Rider; Protects Principal and Offers Credit, Regardless of Market Performance

Business Wire, Nov 10, 2004

HARTFORD, Conn. -- The Phoenix Companies, Inc. (NYSE:PNX) today announced the launch of the Phoenix Guaranteed Minimum Accumulation Benefit (GMAB) Rider, available on select deferred variable annuity products, which guarantees first-year deposits and provides a 5 percent credit at the end of a required 10-year holding period, regardless of market performance.

"Today's high-net-worth clients will need approximately 70 percent of their current income in order to retire comfortably, and one of the best ways to grow a nest egg is through long-term investing in the stock market," said Mitchell R. Katcher, senior vice president, Life and Annuity Product Development." Phoenix's GMAB Rider gives investors comfort to make a long-term commitment to equities and helps reduce risk by providing protection through market downturns, while rewarding market performance with a credit. This innovative enhancement, coupled with our asset allocation models, gives clients the ability to meet their long-term financial goals."

"The Phoenix GMAB Rider offers all five of the Phoenix-Ibbotson Asset Allocation models, ranging from conservative to the most aggressive. With these models, advisors are able to offer their clients strategies that fit their level of risk tolerance, age and diversification needs," said Mark Tully, senior vice president, Annuity Distribution and Sales.

How the Phoenix GMAB Rider works:

--If the contract value is below the guaranteed amount base at the end of a 10-year term, Phoenix will add to the contract, bringing it to 105 percent of the guaranteed amount base. This includes the addition of a 5 percent credit.

--If the contract value is above the guaranteed amount base at the end of this same term, due to market performance or additional premium payments made after year one, Phoenix will still add a credit equal to 5 percent of the first-year premium.

--Any guarantees are based upon the claims-paying ability of the issuing insurance company.

The Phoenix GMAB Rider is available on new contracts for an additional charge on Phoenix Spectrum Edge(R), Phoenix Investor's Edge(R), Phoenix Premium Edge(R) and Phoenix Freedom Edge(R) deferred variable annuity products, all part of Phoenix's comprehensive annuity portfolio developed for professional advisors to provide innovative strategies to their high-net-worth clients. Phoenix deferred variable annuity products are designed to fit into a long-term financial plan, providing competitive investment choices and tax-deferred growth for retirement savings.

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. Phoenix has corporate offices in Hartford, Connecticut. For more information on Phoenix, visit www.PhoenixWealthManagement.com.

You should consider the investment objectives, risks, charges and expenses of the variable annuity and underlying fund options carefully before investing. The prospectuses for the variable annuity and underlying investment options contain this and other information. You may obtain the prospectuses by contacting your registered representative or by contacting us at 1-800-417-4769 or PhoenixWealthManagement.com. Please read the prospectuses carefully before investing.

Phoenix Spectrum Edge(R) (Policy Form D612) is issued by Phoenix Life Insurance Company (East Greenbush, NY). Phoenix Spectrum Edge(R) (Policy Form D611) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT).

Phoenix Investor's Edge(R) (Policy Form D610) is issued by Phoenix Life Insurance Company (East Greenbush, NY). Phoenix Investor's Edge(R)(Policy Form D609) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT).

Phoenix Premium Edge(R) (D604) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT).

Phoenix Freedom Edge(R)(D615) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). Phoenix Freedom Edge (D615ME & D615NY) is issued by Phoenix Life Insurance Company (PLIC) (East Greenbush, NY).

PHLVIC is not authorized to conduct business in NY and ME. The insurers referenced above are separate entities and each is responsible only for its own financial condition and contractual obligations.

Variable annuity products distributed by Phoenix Equity Planning Corporation, 56 Prospect Street, Hartford, CT 06115.