Posted by Philip Pent in on Oct 31, 2011
MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life) today announced the launch of Allianz 360, a fixed index annuity (FIA) that is exclusive to Field Marketing Organizations (FMOs) and agents associated with the recently introduced Allianz Preferred distribution model. Currently available in 36 states, the newest FIA to Allianz Life’s lineup offers unique increasing income benefits for both accumulation and income.
“If a customer purchased the contract at age 55 and held it for 10 years, their withdrawal percentage would increase from 3.50% to 7% or 4.50% to 8% depending on the income option they chose. No other annuity offers this benefit.”
“It’s clear that many boomers are worried about how factors like inflation and longevity will affect the stability of their retirement income,” said Allianz Life Senior Vice President of Sales Eric Thomes. “Allianz 360 ensures they are protected with guaranteed lifetime income that has the opportunity to increase when they are in retirement.”
Allianz 360, the first exclusive product offered through Allianz Preferred, features a number of unique benefits, including options for increasing income potential to and through retirement.
While accumulating, the lifetime payout percentage increases every year the client holds the contract prior to income beginning, starting at age 40. This is true for both the predictable and increasing income payout options. Another compelling benefit of Allianz 360 is a 50% interest bonus of any interest credited every year prior to taking income withdrawals. The Interest and bonus are credited to the accumulation value, which means it’s available for lump sum (surrender charges may apply), income withdrawals or death benefit. Traditional annuity payments are also available.
The combination of these two features with increasing income potential while receiving income withdrawals make Allianz 360 the only product of its kind in the FIA industry. These benefits are available via a mandatory rider which carries a charge of 0.95% of the accumulation value.
“The longer you hold Allianz 360 before taking lifetime income withdrawals, the greater the percentage of income available for lifetime withdrawals will be,” said Thomes. “If a customer purchased the contract at age 55 and held it for 10 years, their withdrawal percentage would increase from 3.50% to 7% or 4.50% to 8% depending on the income option they chose. No other annuity offers this benefit.”
For more information about the Allianz 360 Fixed Index Annuity go to our contact page and request a free illustration.