MINNEAPOLIS – August 20, 2018 – Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of its Allianz Index Advantage Income℠ Variable Annuity. The new index variable annuity offers clients the potential to increase their lifetime income and helps address some of the challenges they may face in retirement. The solution is designed for clients looking for growth potential with the opportunity for a level of protection, or who feel behind on their retirement savings and want help catching up.
The Index Advantage Income product includes three key features to help meet retirement goals, including income withdrawal percentages that offer the potential to increase each year retirement income is deferred, the ability to customize growth potential and protection opportunities through a variety of crediting methods (also called index strategies), and an option for guaranteed income for life that can increase each year1.
“Clients who are closer to retirement and feel they should catch up on saving need additional opportunities for growth, but with a level of protection available,” said Tom Burns, chief distribution officer, Allianz Life. “The Index Advantage Income Variable Annuity offers a unique combination of protection potential and guaranteed income that could increase.”
One of the highlights of the Index Advantage Income Variable Annuity is increasing income potential. Beginning at age 45, the lifetime income percentage is guaranteed to increase each year someone defers income payments – even if their retirement assets fluctuate.
“While they wait for retirement, clients have the opportunity to build their assets through a variety of our innovative index strategies,” said Burns. “If their objectives change or markets fluctuate, they also have the ability to reallocate between five index strategies each year before they begin to receive income payments.”
After waiting a year, clients who are at least age 50 and ready to retire can choose either level or increasing income payment options, depending on their specific income needs.
The new Index Advantage Income Variable Annuity also offers tax deferral with the opportunity to grow savings faster, free withdrawal privileges, a variety of lifetime payout options and death benefit options.
1 Automatically included with the contract at issue for an additional Income Benefit rider fee of 0.70%. Index Advantage Income also includes a product fee of 1.25%, accrued daily and deducted on each quarterly contract anniversary.
For more complete information about Allianz Index Advantage Income Variable Annuity and variable investment options, call your financial professional or Allianz Life Financial Services, LLC at 800.624.0197 for a prospectus. The prospectuses contain details on investment objectives, risks, fees, and expenses, as well as other information about the variable annuityand variable investment options, which you should carefully consider. Please read the prospectuses thoroughly before sending money.
Variable annuities are subject to investment risk, including possible loss of principal. Investment returns and principal value will fluctuate with market conditions so that units, upon distribution, may be worth more or less than the original cost.
Withdrawals will reduce the contract value and the value of any protection benefits. Withdrawals taken within the contract withdrawal charge schedule will be subject to a withdrawal charge. All withdrawals are subject to ordinary income tax and, if taken prior to age 59½, may be subject to a 10% federal additional tax.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America and do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
Products are issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427 (L40538-IAI)