MINNEAPOLIS--(Allianz Life®) today announced that it will increase the annual roll up from 5% to 6% on the optional Income Protector rider for new Allianz Vision SM Variable Annuity contracts issued on or after October 15, 2012.)--With a goal of increasing income for retirees, Allianz Life Insurance Company of North America (
“Allianz Life is committed to providing opportunities to increase income during retirement. While many other carriers have recently been reducing rider benefits, we believe through our effective management we’re in a position to increase the annual roll up on the optional Income Protector rider”
“Allianz Life is committed to providing opportunities to increase income during retirement. While many other carriers have recently been reducing rider benefits, we believe through our effective management we’re in a position to increase the annual roll up on the optional Income Protector rider,” Chief Distribution Officer Tom Burns said. “We monitor the markets and look for every opportunity to provide competitive and sustainable products, especially in the variable annuity market.”
The Income Protector rider offers a lifetime income benefit to help consumers build a protected source of income with a guaranteed growth rate and the potential for annual payment increases based on positive contract value performance.
“Growing income for your retirement, especially increasing income potential that is tax-deferred, and that can compound over time is one of the strengths of the Income Protector rider,” said Robert DeChellis, president of Allianz Life Financial Services, LLC. “Because variable annuities offer potential growth through market participation, they are a key part of many retirement income plans.”
In addition to the 6% annual increase, the Income Protector rider continues to offer:
- Quarterly resets – On a quarterly basis, the 1.50% simple interest, known as the 6% Annual Increase, will automatically reset to equal the contract value, if higher;
- Increasing income potential – Lifetime income with opportunities for increasing income in any market, even if the contract value is less than the benefit base (which can happen during the withdrawal period); and
- Up to 30 years of guaranteed quarterly growth – Prior to beginning lifetime income, the 1.50% simple interest is credited on each quarterly contract anniversary for up to 30 years or until the older covered person is 91 years old, whichever comes first.
Allianz Vision SM Variable Annuity offers the kind of choice and flexibility that a growing number of consumers may be seeking in a variable annuity to help accumulate enough assets to retire the way they want and to create enough income to maintain their current lifestyle. Variable annuities can help meet your clients' long-term retirement goals by providing tax deferral*, a broad range of investment options, a death benefit and guaranteed lifetime income, along with optional riders and benefits available for an additional cost.
For more complete information about Allianz Vision Variable Annuity and variable investment options, call 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 annuity and investment options, which you should carefully consider. You are encouraged to read the prospectuses thoroughly before sending money.
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 fluctuate with market conditions.
*Withdrawals will reduce the contract value and the value of any protection benefits. Additional 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 59 ½, may be subject to a 10% federal tax penalty.
Allianz Vision Variable Annuity mortality and expense risk charges range from 1.40% to 1.70% depending on the contract selected.
The optional Income Protector rider is available for an additional current annual charge of 1.20% for single or joint Lifetime Plus payments.
Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF
Variable annuities are issued by Allianz Life Insurance Company of North America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297 and distributed by its affiliate, Allianz Life Financial Services, LLC, member FINRA, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297. 800.542.5427, www.allianzlife.com. (L40529, L40530)
Product and 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 2012, 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.