Allianz Life Announces Launch of Allianz 365i Annuity
February 5, 2012 by N/A
Exclusive product features indexed interest AND income protection
Press Release: Allianz Life Insurance Company of North America – Tue, Jan 31, 2012 9:30 AM EST
MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America (Allianz Life), a leading provider of fixed index annuities (FIAs), today announced the launch of the Allianz 365iSM Annuity and Income Maximizer Rider, a new FIA with optional rider that is exclusive to Field Marketing Organizations and agents associated with the Allianz PreferredSM distribution model. Available today in 32 states, the newest FIA to Allianz Life’s lineup offers guarantees and potential additional interest, plus income that cannot be outlived and flexible income choices.
“Retirement income continues to be a major concern as people search for tools to protect and grow their savings,” said Allianz Life Senior Vice President of Sales Eric Thomes. “The Allianz 365i Annuity answers those concerns by providing the reassurance of having guarantees with the opportunity to earn additional interest.”
The Allianz 365i Annuity, the second exclusive product offered through Allianz Preferred, features a number of benefits, including indexed interest growth opportunities, a premium bonus, a 10-year declining surrender charge and flexible income choices. The Allianz 365i Annuity also offers a potential death benefit enhancement for beneficiaries equal to 25 percent of all interest credits.
“This new product further positions Allianz Life as the market leader in fixed indexed annuities,” said Allianz Life Chief Marketing Officer Nancy Jones. “We listen to consumers and they want products that protect their savings and grow their retirement income.”
Income Maximizer Rider
In addition to the benefits of the base contract, Allianz 365i Annuity owners will have the opportunity to add the Income Maximizer Rider for an additional cost. This optional rider creates a protected income value for people to use for lifetime income withdrawals that gets credited with a 6% guaranteed interest roll-up and any additional earned interest based on their 365i index allocations. These credits continue until lifetime income withdrawals or annuitization begins.
The annual cost of the Income Maximizer Rider is 1.20% of the protected income value, which is deducted on a monthly basis from the accumulation value and the guaranteed minimum value, in most states.
Income for Life and Flexible Choices
“Another great benefit of the Allianz 365i Annuity and Income Maximizer Rider is its ability to provide income you can’t outlive along with flexible choices on how to receive it,” said Thomes. “There are options for steady payments, the potential for increasing income payments, or even the choice of inflation-protected payments that can help protect your purchasing power in retirement.”
The bonus is subject to a 10-year vesting schedule. 10% of the bonus will become vested on each contract anniversary until the beginning of the 11th contract year, when 100% will be vested. If you surrender your contract before the 11th contract year, you will lose the unvested bonus. Bonus annuities may include higher surrender charges, longer surrender charge periods, lower caps, higher spreads, or other restrictions that are not included in similar annuities that don’t offer a premium bonus feature. During the first 10 contract years, we will apply a surrender charge and unvested bonus reduction if you partially or fully surrender your contract. The same would apply if you begin annuitization, which means receiving regular annuity payments over a specified period of time, prior to the sixth contract year (or for fewer than 10 years). These charges may result in a loss of bonus, indexed interest and fixed interest, and a partial loss of principal (your premium).
Guarantees are backed by the financial strength and claims-paying ability of the issuing company.
Distributions are subject to ordinary income tax and, if taken prior to age 59 1/2, a 10% federal tax penalty.
Contract C52575 and rider R95331 are issued by Allianz Life Insurance Company of North America. Product & feature availability may vary by state.
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 150,000 employees worldwide. More than 75 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.
Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York. In New York, products are issued by Allianz Life Insurance Company of New York, New York, NY.
Contact:
Allianz Life Insurance Company of North America
Media Contact:
Sara Thurin Rollin, 763-765-6703
sarathurin.rollin@allianzlife.com
