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 222SM Annuity, a new FIA available exclusively to field marketing organizations, broker/dealers, and agents associated with the Allianz PreferredSM platform. Available today in 44 states, the newest FIA to the Allianz Life lineup offers integral benefits to help power retirement income. These features and benefits are included in the FIA contract automatically with no additional fees.
“As the industry leader in fixed index annuity sales, Allianz Life continues to provide product innovation based on customers’ need for both guarantees and the opportunity to increase income in retirement.”
“We understand that Americans are desperate for solutions that can help them prepare for a more secure retirement,” said Allianz Life Chief Distribution Officer Tom Burns. “As the industry leader in fixed index annuity sales, Allianz Life continues to provide product innovation based on customers’ need for both guarantees and the opportunity to increase income in retirement.”
Allianz 222 Annuity is the third exclusive product offered through the Allianz PreferredSM platform. This new FIA provides traditional annuity benefits such as accumulation potential through indexed or fixed interest, principal protection and tax deferral, and has an accumulation value that can be taken as a lump sum after the 10-year surrender charge period, or for annuitization after five years, less any bonuses. In addition, it can help meet retirement income needs by offering a Protected Income Value (PIV) specifically designed for lifetime income withdrawals that have the opportunity to increase. The PIV includes bonuses on premium in the first three contract years and potential interest bonuses. Lifetime income withdrawals can be taken from the PIV after holding the contract at least 10 years and if the income is elected between the ages of 60 and 100.
Protected Income Value bonuses
Consumers can receive a bonus1 on the PIV of the annuity in two ways. A 15% premium bonus will be added to the contract on any premium added in the first three contract years. There is also an interest bonus equal to 50% of any fixed and/or indexed earned interest for as long as the contract is held. Additionally, Allianz 222 Annuity provides the flexibility of choosing from eight indexed interest allocations and a fixed interest option. The premium bonus or potential interest bonuses will not be received if the contract is partially or fully surrendered or if traditional annuitization payments are taken.
Increasing lifetime withdrawal income
Once lifetime withdrawals begin, there are two ways that income can increase. The income from the PIV will increase each year based on the interest rate credited to the allocations, plus the 50% interest bonus. And, if the contract owner should later be confined to an eligible nursing facility, hospital, or assisted living facility for at least 90 days in a consecutive 120-day period, they can receive up to double the annual maximum income withdrawal with the Allianz Income Multiplier (AIM) Benefit.
Choices for beneficiaries
There are two death benefits options that a beneficiary can choose from. They can either receive the full remaining accumulation value as a lump-sum distribution (this option doesn’t include any bonuses) or they can receive the remaining PIV – including the premium and interest bonuses – in payments over a minimum of five years.
“We think the Allianz 222 AnnuitySM is an excellent addition to our Preferred portfolio of fixed index annuity products,” states Senior Vice President of Sales, Eric Thomes. “Allianz 360SM Annuity focuses on opportunity, Allianz 365iSM Annuity offers guarantees and opportunity, and Allianz 222 is a versatile solution that provides flexibility and the potential for bonuses and income increases.”
1Bonus 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 bonus feature.
Please note that Allianz Life Insurance Company of North America, its affiliated companies, and their representatives and employees do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.
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 additional tax.
Contract C54370 and rider R95352 (Allianz 222 Annuity), contract C54370 and rider R95316 (Allianz 360 Annuity), and contract C52575 and rider R95331 (Allianz 365i Annuity) are issued by Allianz Life Insurance Company of North America. Product & feature availability may vary by state and broker/dealer.
About Allianz Life
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2013, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection 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 142,000 employees worldwide. More than 78 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.