According to Business Wire press release “For Consumers Nearing Retirement: New Allianz Life Annuity Can Generate Income After Just 5 Years”, Allianz Life Insurance Company of North America is adding to the fixed annuities market with its Endurance Elite product. Endurance Elite is geared towards investors that are nearing their retirement because the benefits can be as little as 5 years out. The Census Bureau predicts that almost 30% of the population in 2020 will be over the age of 55 so the timing is right for such a product.
The senior vice president of sales for Allianz Life, Eric J. Thomes, says that the product was developed purely because customers were asking for it. Protecting their retirement savings into the future is at the forefront of most cautious consumers’ minds. Endurance Elite offers protection for the principal amount purchased, the possibility of accumulation, and retirement income that is available in as little as 5 years with the potential for growth. It is already for sale in 40 states. The income benefit value that is built-in does not add cost and even has a 10% premium bonus. You will also receive lifetime retirement income based on the income benefit value and the potential for yearly increases. Rolling over 401k annuities to purchase this new fixed index annuity from Allianz Life may benefit your retirement savings account.