MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life) today announced the launch of the Allianz Core Income 7SM Annuity with its Core Income Benefit rider1, the first Fixed Index Annuity (FIA) built by Allianz Life to appeal to the broker/dealer channel. The Core Income 7 expands on retirement solutions that registered representatives can provide. It can offer customers protection, powerful retirement accumulation potential, a death benefit for beneficiaries and choices for guaranteed lifetime income withdrawals.
“The Allianz Core Income 7 gives flexible income options to help bridge income gaps retirees may face,” said Allianz Life Chief Distribution Officer, Tom Burns. “With the help of its guaranteed lifetime income withdrawals, customers can cover core living expenses for a more secure retirement.”
The Core Income 7 FIA with the Core Income Benefit rider, included in the FIA contract automatically at an additional cost, is now available in 39 states. This FIA with its rider, guarantees principal and credited interest against loss due to market downturns. The lifetime withdrawal percentage automatically increases as early as age 45 and continues each year the customer waits to begin lifetime withdrawals. The longer the contract remains in the accumulation phase, the higher the income payment percentage will be during payout.
Customers can choose between one or more interest crediting allocations, which can be changed annually. They can earn fixed interest or can choose to base potential indexed interest on changes in several market indexes including the new Barclays US Dynamic Balance Index. In addition to distribution through the broker/dealer channel, the Allianz Core Income 7 FIA will also be sold through field marketing organizations associated with the Allianz PreferredSM platform.
Two Withdrawal Options
After the accumulation phase, the Core Income 7 with the Core Income Benefit rider addresses common retirement income concerns by offering two lifetime income withdrawal options. As early as age 50, contract owners can have their choice of level payments that offer predictable income for life or payments that have the potential to increase each year.
"When it comes to results for the customer, the Core Income 7 is a simplified FIA that offers increased income potential for retirement,” adds Burns. “We continue to expand our product portfolio, providing industry-leading retirement solutions.”
1The annual charge for the Core Income Benefit rider is 1.05% of the contract’s accumulation value, deducted monthly from the accumulation value and guaranteed minimum value (in most states). With the purchase of any additional-cost riders, the contract’s values will be reduced by the cost of the rider. This may result in a loss of principal and interest in any year in which the contract does not earn interest or earns interest in an amount less than the rider charge.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America
Allianz Core Income 7 Annuity, C54370, and its Core Income Benefit rider, R95374, issued by Allianz Life Insurance Company of North America. 5701 Golden Hills Drive, Minneapolis, MN 55416-1297 www.allianzlife.com
Product availability and features may vary by state.
The Barclays Capital U.S. Aggregate Bond Index is comprised of U.S. investment-grade, fixed-rate bond market securities, including government agency, corporate, and mortgage-backed securities. The Barclays US Dynamic Balance Index is comprised of the Barclays Capital U.S. Aggregate Bond Index and the S&P 500® and shifts weighting daily between them based on realized market volatility.
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.
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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.