MINNEAPOLIS, January 30, 2017 – Allianz Life Insurance Company of North America (Allianz Life®) has launched Term Pro+, a term life insurance solution from Legal & General America (LGA). Term Pro+ offers affordable guaranteed life insurance protection for a specific period of time; level, affordable premium payments; and the option to exchange to an Allianz permanent life insurance product.
Term Pro+ will be underwritten and issued by Banner Life Insurance Company, a subsidiary of LGA, which has been issuing life insurance policies for more than 65 years. This product offers guaranteed life protection for durations of 10, 15, 20, 25, and 30 years with annually renewable premium to age 95, and is currently available in 48 states and the District of Columbia. In policy years 2-5, policyholders may be eligible to exchange their Term Pro+ policy for any permanent Allianz life insurance product currently available within the Allianz Exchange Program1.
“Term life insurance can play a critical role ensuring financial security,” said Allianz Life Senior Vice President of Life Sales Jason Wellmann. “Offering Term Pro+ as a life insurance solution gives consumers the ability to have protection and flexibility to help meet financial needs both now and in the future.”
Additional features of the Term Pro+ include:
- Face amounts ranging from $100,000 to up to $10,000,000
- Death benefit to be paid as the policyholder chooses either lump sum, interest only, fixed amount, fixed period or lifetime income payments
- Accelerated death benefit rider is automatically included with the base product
Exchanging to any permanent Allianz life insurance policy currently available gives policyholders additional benefits including: lifetime death benefit protection, tax-deferred cash value accumulation potential, flexible premium payments and death benefit amounts, and access to any available cash value accumulation income-tax-free through policy loansor withdrawals*.
About Legal & General America
For over 67 years, the Legal & General America companies have been in the business of providing financial protection through life insurance for American families. The Legal & General America companies are Banner Life Insurance Company and its subsidiary William Penn Life Insurance Company of New York. With more than $50 billion in new coverage issued in 2015, LGA is ranked in the top ten of U.S. life insurers and ended 2015 with in excess of $658 billion of coverage in force with almost 1.2 million U.S. customers. LGA holds an A+ (Superior) rating from A.M. Best and an AA- (Very Strong) rating from Standard & Poor's and Fitch Ratings for overall financial strength.
* Policy loans and withdrawals will reduce the available cash value and death benefit and may cause the policy to lapse, or affect guarantees against lapse. Withdrawals in excess of premiums paid will be subject to ordinary income tax. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. If a policy is a Modified Endowment Contract (MEC), policy loans and withdrawals will be taxable as ordinary income to the extent there are earnings in the policy. If any of these features are exercised prior to age 59½ on a MEC, a 10% federal additional tax may be imposed. Tax laws are subject to change and you should consult a tax professional.
Term Pro+ is underwritten and issued by Banner Life Insurance Company, a subsidiary of Legal & General America, located in Urbana, MD. Banner products are distributed in 49 states and the District of Columbia. Banner does not solicit business in New York. Term Pro+ policy form #ICC16-NCT-L and state variations. Premiums are guaranteed to stay level for the initial term period and increase annually thereafter. Premiums quoted include $60 annual policy fee. An Accelerated Death Benefit Rider, policy form #ICC10 ADB and state variations, is included with all policies at no additional charge in states where approved. Two-year contestability and suicide provisions apply. Policy descriptions provided here are not a statement of contract. Please refer to the policy forms for full disclosure of all benefits and limitations. 17-018
Term Pro+ is not available in New York or Oregon.
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.
Premiums are guaranteed to stay level for the initial term period and increase annually thereafter.
Product and feature availability may vary by state and broker/dealer.