MINNEAPOLIS, Aug. 20, 2019 – Allianz Life
Insurance Company of North America (Allianz Life®) today announced the launch of the Allianz Life Pro+ AdvantageSM
Fixed Index Universal Life (FIUL) Insurance Policy, which will serve as
the company’s flagship FIUL product. Life Pro+ Advantage was built to be
in compliance with the 2020 commissioners standard ordinary (CSO)
mortality table. Life Pro+ Advantage offers enhanced flexibility and
control, including multiple ways to access available cash value via policy
loans and withdrawals1 and the unique index lock feature that
provides the ability to lock in indexed interest credit at any point
during the crediting period, prior to the policy
anniversary2.
“We’ve listened to both financial professionals and their clients and
determined the desire for products that can help meet multiple financial
needs is stronger than ever,” said Jason Wellmann, senior vice president
of Life Insurance Distribution for Allianz Life. “With Life Pro+
Advantage, people can get the reassurance provided by death benefit
protection while also adding the flexibility to address other financial
needs, including emergencies, college funding, and supplemental retirement
income1.”
According to the Allianz Life 2019 Life Insurance Needs Survey*, 81% of
respondents said that the ability to have access to multiple sources of
retirement income was an important aspect of financial planning. The same
percentage said it was important to have the flexibility to make changes
to their assets to meet changing needs, and nearly 70% said they want the
ability to fully fund college accounts should they die early.
As part of an overall financial portfolio, Life Pro+ Advantage provides
the opportunity to help address these needs via both indexed and fixed
interest loans, which can be taken against any available cash value in the
policy income-tax-free.1 Policyholders can also access
available cash value via withdrawals (partial surrenders) or full
surrenders to use the cash value at any time – for any reason.
Life Pro+ Advantage can help people prepare for all stages of life by
providing their beneficiaries with a death benefit that is generally
income-tax-free as well as the ability to build accumulation value
tax-deferred without losses due to market volatility, although fees and
charges will reduce policy values.
Policyholders can utilize multiple index allocation options (which
include a combination of several indexes and crediting methods), with
several indexes only offered by Allianz Life, including the Bloomberg US
Dynamic Balance Index II and the volatility controlled PIMCO Tactical
Balanced Index. Also new with Life Pro+ Advantage, policyholders can
choose between index allocations that include the following options:
-
A select index allocation that includes the opportunity for a 40%
guaranteed interest bonus rate and 1% annual asset
charge3;
-
A bonused index allocation that includes the opportunity for a 15%
guaranteed bonus rate and no asset charge3;
-
Standard index allocations that do not include an interest bonus.
In addition, the unique index lock feature is a first of its kind in the
FIUL marketplace and offers policyholders the ability to lock in their
indexed interest credit at any point during the crediting period, prior to
the policy anniversary. This helps to protect against a 0% index credit
for the crediting period, no matter what happens during the remaining
months. This feature is available with the Bloomberg US Dynamic Balance II
ER Index and PIMCO Tactical Balanced ER Index.
“More than 90% of respondents in our survey said the ability to save
enough to retire comfortably was a top priority when planning for their
financial future,” added Wellmann. “We’re confident the newest version of
our Allianz Life Pro+ FIUL product line will help Americans as they plan
to accomplish multiple goals.”
For more information about Life Pro+ Advantage as well as important
index information and disclosure, visit www.allianzlife.com/life-insurance.
Most life insurance policies require health underwriting and financial
underwriting. Life insurance involves certain fees and expenses.
Individuals should discuss with their financial professional whether a
life insurance policy helps meet their needs.
The indexes available within the policy are constructed to keep track of
diverse segments of the U.S. or international markets, or specific market
sectors. These indexes are benchmarks only. Indexes can have different
constituents and weighting methodologies. Some indexes have multiple
versions that can weight components or may track the impact of dividends
differently. Although an index may affect your interest credited, you
cannot buy, directly participate in or receive dividend payments from any
of them through the policy.
1 Policy loans and withdrawals will reduce available cash values and death
benefits, and may cause the policy to lapse or affect any guarantees
against lapse. 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. You should consult a tax professional.
2 The index value used to determine interest
credited may be higher or lower than the index value at the time of
request.
3 Bonus products may include higher surrender
charges, longer surrender periods, lower caps, or other restrictions that
are not included in similar products that don’t offer a bonus. There is no
guarantee that a policy will be credited with an interest bonus every year
as it is based on the growth of an external index.
Guarantees are backed by the financial strength and claims-paying ability
of the issuing company.
Product (P64339) is issued by Allianz Life Insurance Company of North
America.
