Allianz Life Launches New Indexed Universal Life Insurance Product
16 July 2024 - 3:26PM
Business Wire
Allianz Life Accumulator™ offers new index
choices and innovative “lock” features
Allianz Life Insurance Company of North America (Allianz Life)
today launched Allianz Life Accumulator™ Indexed Universal Life
Insurance Policy, a new Indexed Universal Life (IUL) insurance
product that now becomes Allianz Life’s flagship IUL product.
Allianz Life Accumulator™ replaces Allianz Life Pro+® Advantage
Fixed Index Universal Life Policy and is available to financial
professionals and their clients starting today.
Allianz Life Accumulator™ includes a variety of new features
designed to provide powerful accumulation potential, along with
innovative “index lock” options and flexible loan provisions that
offer policyholders many ways to help meet their financial needs –
both now and into retirement.
“Life Insurance is core to Allianz Life risk management
solutions, addressing accumulation potential and death benefit
protection needs for our customers,” said Jason Wellmann, SVP and
Head of Life Distribution. “As clients look for reassurance in a
volatile market environment, IUL can play an important role in an
overall retirement strategy. The new features introduced in Allianz
Life Accumulator™ demonstrate the innovation Allianz Life brings to
this critical market.”
New Features for a New Era
Allianz Life Accumulator™ offers three index choices never
before available on an Allianz Life IUL product:
- S&P 500® Futures Index ER
- Blended Futures Index
- Bloomberg US Dynamic Balance III ER Index
These and other available index options offer clients greater
diversification potential to help weather volatile markets.
Allianz Life Accumulator™ also offers our innovative index lock
features, giving clients more opportunities to lock in an index
value at any point, once per crediting period. And with the Auto
Lock option, the policy can activate the Index Lock automatically
if the index value reaches an upper target and/or lower target that
has been pre-set. The addition of a lower target (in addition to an
upper target) is a brand-new feature never before offered in an
Allianz Life IUL product and provides clients with an innovative
new risk-management option.
Flexible design
Allianz Life Accumulator™ is being offered with refreshed
pricing, competitive rates and flexible loan features that can
potentially supplement retirement income strategies or other
financial goals, while offering guaranteed loan rates. In addition,
the policy can be customized with optional riders and the ability
to accelerate a portion of the death benefit in the event of a
chronic or terminal illness.
In addition, Allianz Life Accumulator™ offers all the features
of a traditional IUL product, including:
- A death benefit that is generally income-tax free for
beneficiaries
- Tax-deferred accumulation potential
- Access to any available cash value via policy loans and
withdrawals
Allianz Life Accumulator is available with a refreshed pricing
schedule and competitive rates, making it an attractive option for
financial professionals looking to add an IUL solution to their
clients’ retirement portfolios.
About Allianz Life
Allianz Life Insurance Company of North America, one of the
Ethisphere World’s Most Ethical Companies®, has been trusted since
1896 to help millions of Americans prepare for financial
uncertainties and retirement with a variety of innovative risk
management solutions. In 2023, Allianz Life provided additional
value to its policyholders via distributions of more than $13.73
billion. Allianz Life is a leading provider of fixed index
annuities, registered index-linked annuities, and fixed index
universal life insurance. Additionally, Allianz Investment
Management LLC (AllianzIM), a registered investment advisor and
wholly owned subsidiary of Allianz Life, offers a suite of
exchange-traded funds (ETFs). Allianz Life and AllianzIM are part
of Allianz SE, a global leader in the financial services industry
with approximately 157,000 employees in more than 70 countries.
Allianz Life is a proud sponsor of Allianz Field® in St. Paul,
Minnesota, home of Major League Soccer’s Minnesota United.
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. Withdrawals in excess of premiums
paid will be subject to ordinary income tax. 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. If a policy is a
modified endowment contract (MEC), policy loans and withdrawals
will be taxable as ordinary income to the extent there are earnings
in the policy. If any of these features are exercised prior to age
59½ on a MEC, a 10% federal additional tax may be imposed. Tax laws
are subject to change and you should consult a tax
professional.
Because the index value locks at the end of the day, the value
used to determine your index credit may be higher or lower than at
the time of the request. Exercising an Index Lock may result in a
credit higher or lower than if the Index Lock had not been
exercised. We will not provide advice or notification regarding
whether an Index Lock should be exercised or the optimal time for
doing so.
Setting targets authorizes Allianz to automatically activate an
Index Lock once the target is reached, based on the index interest
rate percentage at the end of the business day. Targets need to be
renewed after each crediting period unless auto renew is active.
Auto renew is only available with the upper target. Activating
Index Lock manually will cancel any current targets you have set
for the current crediting period.
Guarantees are backed solely by the financial strength and
claims-paying ability of Allianz Life Insurance Company of North
America.
Products are issued by Allianz Life Insurance Company of North
America, 5701 Golden Hills Drive, Minneapolis, MN 55416-1297.
(P64339)
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version on businesswire.com: https://www.businesswire.com/news/home/20240716357124/en/
David Kanihan david.kanihan@allianzlife.com (763) 765-7031
@AllianzLife