MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of Allianz Life Pro+ SurvivorSM Fixed Index Universal Life Insurance Policy, now available in 43 states. Allianz Life Pro+ Survivor is designed for consumers seeking an affordable, flexible option for life insurance coverage that provides death benefit protection for two lives in one policy. This addition to the survivorship market also has index allocation options that offer customers tax-deferred cash value accumulation potential and a level of protection.
“We know that Americans want affordable, customizable life insurance that helps them protect loved ones while also providing the opportunity to accumulate assets for future expenses,” said Jason Wellmann, senior vice president of Life Insurance Sales for Allianz Life. “Allianz Life Pro+ Survivor provides this financial reassurance against life’s uncertainties with both flexibility and protection.”
Death benefits and cash value accumulation potential
Allianz Life Pro+ Survivor protects two lives with one policy. The death benefit is paid after the second insured’s death, which can help beneficiaries with income replacement, supplement college funding, and pay down a mortgage or other debts. It can also help with estate taxes or final expenses, and more. Insuring two people in one policy may also be a cost-effective solution for business owners in business continuation planning, as it leverages the mortality risk of two insureds. For those who need death benefit protection upon the first insured’s death, Allianz Life Pro+ Survivor offers the optional First-to-Die Rider1.
In addition to death benefit protection, Allianz Life Pro+ Survivor also provides results for the customer through cash value accumulation potential. The cash value can accumulate based on positive changes in an external index. Allianz Life Pro+ Survivor has multiple index allocation options including the S&P 500® Index, a Blended index, and the Barclays US Dynamic Balance Index as well as a fixed interest option. Once indexed interest is credited, it is locked in and the cash value will not decrease due to negative index changes (although fees and expenses will reduce cash value).
Flexibility and customization
Allianz Life Pro+ Survivor gives customers flexibility by offering access to their available cash value in a variety of ways that are income-tax-free. If the need arises, customers can access any available cash through loans or withdrawals2 from their policy. Allianz Life Pro+ Survivor can also be customized with available riders to further protect against the unexpected. Additional advantages of Allianz Life Pro+ Survivor include:
- Tax advantages, including income-tax-free death benefit to beneficiaries.
- Chronic Illness Accelerated Benefit Rider3 after the death of the first insured, to help offset chronic illness expenses of the last surviving insured. Please consult with a tax advisor as the accelerated benefits may be taxable.
- Terminal Illness Accelerated Benefit, after the death of the first insured, if the last surviving insured is diagnosed with a terminal illness, a portion of the death benefit may be available.
- Flexible premium payments to help meet financial goals. Premiums can be paid at any time and in any amount (subject to some limits), as long as policy expenses and cost coverage are met.
Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Life insurance involves certain fees and expenses. Individuals should discuss with their financial professional to determine if a life insurance policy meets their needs.
For more information about Allianz Life Pro+ Survivor, visit www.allianzlife.com.
1 Additional cost when the policy is issued, and is subject to certain age and underwriting requirements. The cost of the rider is based on age, gender, risk class, policy duration, and death benefit amount.
2 Policy loans and withdrawals will reduce the available cash value and death benefit and may cause the policy to lapse, or affect 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. Tax laws are subject to change and you should consult a tax professional.
3 Subject to certain age and underwriting requirements, the rider is built in and is available at an additional cost at the time the rider is exercised. The cost is based on age, gender, risk class, and death benefit amount. There is no cost if the rider is not exercised. May not be available in all states.
Guarantees are backed by the financial strength and claims-paying ability of the issuing company.
Policy [P61843] is issued by Allianz Life Insurance Company of North America. Product and feature availability may vary by state.
Allianz products are not sponsored, endorsed, sold, or promoted by Barclays Capital. Barclays Capital makes no representation or warranty, express or implied, to the owners of Allianz products or any member of the public regarding the advisability of investing in securities generally or in Allianz products particularly or the ability of the Barclays Capital Indices, including without limitation, the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index, to track general bond market performance. Barclays Capital’s only relationship to Allianz Life Insurance Company of North America and its affiliates (“Allianz”) is the licensing of the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index which is determined, composed, and calculated by Barclays Capital without regard to Allianz or Allianz products. Barclays Capital has no obligation to take the needs of Allianz or the owners of Allianz products into consideration in determining, composing or calculating the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of Allianz products to be issued or in the determination or calculation of the equation by which Allianz products are to be converted into cash. Barclays Capital has no obligation or liability in connection with the administration, marketing, or trading of Allianz products.
BARCLAYS CAPITAL DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE BARCLAYS CAPITAL INDICES, OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY ALLIANZ, OWNERS OF ALLIANZ PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARCLAYS CAPITAL INDICES, INCLUDING WITHOUT LIMITATION, THE BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX AND BARCLAYS US DYNAMIC BALANCE INDEX, IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS CAPITAL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARCLAYS CAPITAL INDICES, INCLUDING WITHOUT LIMITATION, THE BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX AND BARCLAYS US DYNAMIC BALANCE INDEX, OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BARCLAYS CAPITAL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). These trademarks have been licensed for use by S&P Dow Jones Indices LLC. S&P marks are trademarks of S&P and Dow Jones marks are trademarks of Dow Jones. These trademarks have been sublicensed for certain purposes by Allianz Life Insurance Company of North America (“Allianz”). The S&P 500® Index (“the Index”) and Dow Jones Industrial AverageSM (“the DJIA”) are products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by Allianz.
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 148,000 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.
