This content is for general informational purposes only. It is not intended to provide fiduciary, tax, or legal advice and cannot be used to avoid tax penalties; nor is it intended to market, promote, or recommend any tax plan or arrangement. Allianz Life Insurance Company of North America, its affiliates, and their employees and representatives do not give legal or tax advice or advice related to Medicare or Social Security benefits. You are encouraged to consult with your own legal, tax, and financial professionals for specific advice or product recommendations, or to go to your local Social Security Administration office regarding your particular situation.
The Lifetime Income Value is used to determine your lifetime withdrawal amount when you’re ready to start receiving income; you cannot take it as a lump sum. You can, however, access some (partial withdrawal) or all (full withdrawal) of your money from the accumulation value, which is equal to your total premium paid plus fixed or indexed interest, less withdrawals and annual product fee. Please note that a market value adjustment may apply to both a full and partial withdrawal.
Increasing income potential is provided through a built-in rider at no additional cost.
Withdrawals are subject to ordinary income taxes and, if taken prior to age 59½, a 10% federal additional tax.