MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz
Life®) announced today that it has launched the new Retirement
Foundation ADVSM Annuity, the first fee-based fixed index
annuity (FIA) offered by Allianz Life. Retirement Foundation ADV
features benefits such as protection of principal and credited interest
from market downturns, tax deferral and the potential to earn interest
based on external market indexes, all in a fee-based solution.
Retirement Foundation ADV also offers guaranteed income for life and a
death benefit for beneficiaries.
“Retirement Foundation ADV was designed for consumers seeking a
fee-based FIA that offers the opportunity for increasing income as a
part of their overall retirement portfolio,” said Allianz Life Senior
Vice President of Product Innovation Matt Gray. “There is a growing
market demand for fee-based products and we believe Retirement
Foundation ADV will be well received.”
Retirement Foundation ADV has a 7-year withdrawal charge period and can
help clients address both phases of retirement: accumulation – by
potentially earning interest through a choice of index allocations, and
income – in the form of lifetime withdrawals. The FIA includes the
Income Benefit rider that is automatically included at an additional
cost, which guarantees to increase income withdrawal percentages,
beginning at age 45 for every year a customer waits to begin taking
income. The choices for receiving lifetime income withdrawals are
available as early as age 50.
With Retirement Foundation ADV, clients can receive their income via
predictable payments that remain the same throughout their lifetime, or,
if clients are concerned about the rising costs of living during
retirement, via payments that have the opportunity to increase in
exchange for a lower initial payment percentage.
Retirement Foundation ADV uses a simple design with one crediting method
that brings growth potential provided by four index allocation options
or a fixed interest allocation option. Additional features of Retirement
Foundation ADV include a cumulative withdrawal amount, a Nursing Home
Benefit, a Flexible Annuity Option Rider, and a Flexible Withdrawal
Rider (available for an extra fee).
For more information about Retirement Foundation ADV visit here.
The annual benefit charge for the Income Benefit rider is 1.05% of the
accumulation value, deducted monthly from the accumulation value and
guaranteed minimum value (in most states).
Distributions are subject to ordinary income tax and, if taken prior to
age 59½, may be subject to a 10% federal additional tax.
Guarantees are backed by the financial strength and claims-paying
ability of Allianz Life Insurance Company of North America.
• Not FDIC insured • May lose value • No bank or credit union guarantee
• Not a deposit • Not insured by any federal government agency or
Products are issued by Allianz Life Insurance Company of North America,
5701 Golden Hills Drive, Minneapolis, MN 55416-1297.
About Allianz Life Insurance Company of North
Life Insurance Company of North America, one of FORTUNE’s 100 Best
Companies to Work For in 2016, 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. In 2015, Allianz Life provided a total of $2.4
billion in benefit payments that supported policyholders’ financial
objectives. 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 in more than 70 countries worldwide.
More than 85 million private and corporate customers rely on Allianz
knowledge, global reach, and capital strength to help them make the most
of financial opportunities.