How Allianz Vision New York works
With an Allianz Vision New York Variable Annuity, the first step in creating your
retirement strategy is choosing a contract that will best meet your financial needs.
You would like some options, and Allianz Vision New York offers you two:
This option has a seven-year withdrawal charge on each purchase
payment, for an annual mortality and expense (M&E) risk charge of 1.40%.
Bonus option contract
This option offers a bonus on each purchase payment
(prior to age 81) and has a nine-year withdrawal charge on each purchase payment,
for an annual M&E charge of 1.90%. As with all bonus variable annuities, please
understand that they may carry higher fees and charges than variable annuities without
the bonus feature.
The M&E charge for each contract is based on the net asset value of the investment
No matter what option you choose, your contract includes:
- Free withdrawals – During accumulation, if you need access to your money,
you can withdraw up to 12% of your purchase payments each contract year without
a withdrawal charge. Any withdrawals will reduce your optional benefits by the percentage
of the contract value withdrawn. Any gains withdrawn are considered ordinary income
for tax purposes and, if taken prior to age 59½, may be subject to a 10%
federal tax penalty.
- Traditional death benefit – If you should die prior to receiving the entire
contract value or annuitizing your contract, your beneficiaries will receive the
greater of your contract value, or purchase payments adjusted for withdrawals. You
can instead select the Maximum Anniversary Death Benefit for an additional charge.
- Withdrawal charge waiver – In the event you need nursing home care any time
after the first contract anniversary, you can access your entire contract value
without any withdrawal charges. The waiver is effective when the owner becomes confined
to a nursing home for a period of at least 90 consecutive days and a physician certifies
that continued confinement is necessary.
Optional protection benefits
Income Focus rider
A lifetime income benefit that guarantees income for as long as you live in the form of withdrawals, with access to your contract value for a period of time. For more details, including the current annual rider charge, please refer to the
Income Focus rider brochure.
Income Protector rider
A lifetime income benefit that guarantees income
for as long as you live in the form of withdrawals, with access to your contract
value for a period of time. For more details, including the current annual rider
charge, please refer to the
Income Protector rider brochure.
Investment Protector rider
An accumulation benefit that provides a level of protection for the principal your clients invest, with the potential to lock in a percentage of the highest annual contract value for a specific date 10 or more years in the future. For more
details refer to the
Investment Protector rider brochure.
Maximum Anniversary Death Benefit
Provides beneficiaries the greatest of
the highest contract anniversary contract value (up to the oldest owner’s 91st birthday,
adjusted for withdrawals), current contract value, or purchase payments (adjusted
for withdrawals). Available for an additional M&E charge of 0.30%. Please note:
In order to select this benefit, the Income Protector or Investment Protector rider
must also be selected at issue.
After you’ve selected the solution that’s right for you, you’ll
need to work with your financial professional to design an investment portfolio
that aligns with your long-term retirement goals.
When the optional Income Protector or Investment Protector rider, is added to your
contract, allocation of your contract value to aggressive investment options will
be limited. This may limit some of the upside potential and downside risk to your
Investing in a variable annuity may be the answer for part of your clients overall retirement strategy. A variable annuity combines the potential for long-term growth through market participation with tax deferral, death benefits, and guaranteed lifetime income.
Variable annuities are subject to investment risk, including loss of principal,
and contract values fluctuate daily. 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.