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  • Allianz Life Launches New FIA: Allianz 222 Annuity

    January 31, 2013 by N/A

    Allianz Life Insurance Company of North America (Allianz Life), a leading
    provider of fixed index annuities (FIAs), today announced the launch of the
    Allianz 222^SM Annuity, a new FIA available exclusively to field marketing
    organizations, broker/dealers, and agents associated with the Allianz
    Preferred^SM platform. Available today in 44 states, the newest FIA to the
    Allianz Life lineup offers integral benefits to help power retirement income.
    These features and benefits are included in the FIA contract automatically
    with no additional fees.

    “We understand that Americans are desperate for solutions that can help them
    prepare for a more secure retirement,” said Allianz Life Chief Distribution
    Officer Tom Burns. “As the industry leader in fixed index annuity sales,
    Allianz Life continues to provide product innovation based on customers’ need
    for both guarantees and the opportunity to increase income in retirement.”

    Allianz 222 Annuity is the third exclusive product offered through the Allianz
    Preferred^SM platform. This new FIA provides traditional annuity benefits such
    as accumulation potential through indexed or fixed interest, principal
    protection and tax deferral, and has an accumulation value that can be taken
    as a lump sum after the 10-year surrender charge period, or for annuitization
    after five years, less any bonuses. In addition, it can help meet retirement
    income needs by offering a Protected Income Value (PIV) specifically designed
    for lifetime income withdrawals that have the opportunity to increase. The PIV
    includes bonuses on premium in the first three contract years and potential
    interest bonuses. Lifetime income withdrawals can be taken from the PIV after
    holding the contract at least 10 years and if the income is elected between
    the ages of 60 and 100.

    Protected Income Value bonuses
    Consumers can receive a bonus^1 on the PIV of the annuity in two ways. A 15%
    premium bonus will be added to the contract on any premium added in the first
    three contract years. There is also an interest bonus equal to 50% of any
    fixed and/or indexed earned interest for as long as the contract is held.
    Additionally, Allianz 222 Annuity provides the flexibility of choosing from
    eight indexed interest allocations and a fixed interest option. The premium
    bonus or potential interest bonuses will not be received if the contract is
    partially or fully surrendered or if traditional annuitization payments are
    taken.

    Increasing lifetime withdrawal income
    Once lifetime withdrawals begin, there are two ways that income can increase.
    The income from the PIV will increase each year based on the interest rate
    credited to the allocations, plus the 50% interest bonus. And, if the contract
    owner should later be confined to an eligible nursing facility, hospital, or
    assisted living facility for at least 90 days in a consecutive 120-day period,
    they can receive up to double the annual maximum income withdrawal with the
    Allianz Income Multiplier (AIM) Benefit.

    Choices for beneficiaries
    There are two death benefits options that a beneficiary can choose from. They
    can either receive the full remaining accumulation value as a lump-sum
    distribution (this option doesn’t include any bonuses) or they can receive the
    remaining PIV – including the premium and interest bonuses – in payments over
    a minimum of five years.

    “We think the Allianz 222 Annuity^SM is an excellent addition to our Preferred
    portfolio of fixed index annuity products,” states Senior Vice President of
    Sales, Eric Thomes. “Allianz 360^SM Annuity focuses on opportunity, Allianz
    365i^SM Annuity offers guarantees and opportunity, and Allianz 222 is a
    versatile solution that provides flexibility and the potential for bonuses and
    income increases.”

    ^1Bonus annuities may include higher surrender charges, longer surrender
    charge periods, lower caps, higher spreads, or other restrictions that are not
    included in similar annuities that don’t offer a bonus feature.

    Please note that Allianz Life Insurance Company of North America, its
    affiliated companies, and their representatives and employees do not give
    legal or tax advice. You are encouraged to consult your tax advisor or
    attorney.

    Guarantees are backed by the financial strength and claims-paying ability of
    the issuing company.

    Distributions are subject to ordinary income tax and, if taken prior to age 59
    ^1/2, a 10% federal additional tax.

    Contract C54370 and rider R95352 (Allianz 222 Annuity), contract C54370 and
    rider R95316 (Allianz 360 Annuity), and contract C52575 and rider R95331
    (Allianz 365i Annuity) are issued by Allianz Life Insurance Company of North
    America. Product & feature availability may vary by state and broker/dealer.

    About Allianz Life
    Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best
    Companies to Work For in 2013, has been keeping its promises since 1896.
    Today, it carries on that tradition, helping Americans achieve their
    retirement income and protection goals with a variety of annuities and life
    insurance products. As a leading provider of fixed index annuities, Allianz
    Life is part of Allianz SE, a global leader in the financial services industry
    with 142,000 employees worldwide. More than 78 million private and corporate
    customers rely on Allianz knowledge, global reach, and capital strength to
    help them make the most of financial opportunities.

    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.

    Contact:

    Allianz Life Insurance Company of North America
    Media Contact:
    Sara Thurin Rollin, 763-765-6703
    sarathurin.rollin@allianzlife.com

    Originally Posted at Bloomberg on January 28, 2013 by N/A.

    Categories: Industry Articles
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