Allianz is giving guarantees a boost!

Published February 1st, 2017 in News, Updates and Announcements | No Comments »

Enhancements on Allianz fixed index annuities (FIA) effective Tuesday, February 7, 2017

Effective Tuesday, February 7, 2017, your clients can take advantage of increased bonus and withdrawal percentage guarantees on Allianz Life Insurance Company of North America (Allianz) fixed index annuities. These product changes will require use of new Statements of Understanding and consumer brochures. From January 31 to February 6, you will be able to select between two versions of forms and materials based on when the application will be submitted (please be sure that any illustrations you want to access after the changes are saved outside of the Allianz illustration software as PDFs).

  • Allianz 222® Annuity
    • Protected Income Value bonus will increase from 15% to 20%1.
  • Allianz 360SM Annuity and 360 Benefit rider2
    • Income options 1 and 2 base withdrawal percentages will increase by 0.40% for single life and joint life.
  • Allianz 365i® Annuity and Income Maximizer Rider3
    • Income Maximizer Rider income options 1 and 2 base withdrawal percentages will increase by 0.50% for single life and joint life. As always, option 3 base withdrawal percentages can change monthly until time of election.
    • The protected income value guaranteed interest credit will increase to 6%4.
  • Core Income 7® Annuity and Core Income Benefit rider5
    • Income options 1 and 2 base withdrawal percentages will increase by 0.40% for single life and joint life.

Business rules
Applications signed on or after Tuesday, February 7, 2017 will automatically receive the post-change version of the product. The 2/2017 version of the Statement of Understanding must be received prior to issue.

Pending applications or issued contracts within their free-look period as of Monday, February 6
Pending applications or issued contracts within their free-look period receiving the pre-change version of the product may opt in to the post-change version of the product by submitting the February 2017 Product Change Letter of Instruction and the 2/2017 Statement of Understanding to the home office no later than Tuesday, March 7.

1 The premium bonus and interest bonus are credited only to the Protected Income Value. To receive the PIV, including the bonus, the contract must be held for at least 10 contract years, and then lifetime income withdrawals must be taken. You will not receive the bonuses if the contract is fully surrendered or if traditional annuitization payments are taken. If it is partially surrendered the PIV will be reduced proportionally, which could result in a partial loss of bonuses.  Because this is a bonus annuity, it 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.

2The 360 Benefit rider charge is 1.15% of the accumulation value annually.

3The Income Maximizer rider charge is 1.20% of the protected income value, deducted from the accumulation value annually.

4The rider’s guaranteed interest credit lasts only until income is started.

5The Core Income Benefit rider charge is 1.05% of the accumulation value annually.

Payout rates are guaranteed at issue for the life of the contract. Rates are subject to change on new issues at the discretion of the company

Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.

Products are issued by Allianz Life Insurance Company of North America.

C54370-MVA, R95352-MVA, R95316-01-MVA, R95331-01-MVA, R95374-MVA
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For financial professional use only – not for use with the public.