Earlier this month, Allianz Life introduced a new fixed indexed annuity. This information comes from an Allianz Life Insurance Company of North America press release entitled “Allianz Life Launches New Allianz Core Income 7 Fixed Index Annuity.” The Core Income 7 is the first fixed indexed annuity that Allianz has built specifically for the needs of the broker/dealer channel. The product is currently being offered in 39 states and it offers a Core Income Benefit rider as well. This rider and its guaranteed lifetime income withdrawals are meant to cover a client’s core living expenses during retirement. The Core Income 7 gives customers the protection they seek, potential for accumulation in their accounts, death benefits, and guaranteed income benefits that last a lifetime. The income rider is automatically added for an added cost. It guarantees your principal and protects you from losing money in a market downturn by crediting interest.
The percentage of your lifetime withdrawal benefit increases at age 45 and will continue increasing until you are out of the accumulation phase. You can choose to earn a fixed interest rate or base your interest on one or more market indexes. The Allianz Core Income 7 will be sold through field marketing associations along with the broker/dealers. Once you choose to leave the accumulation phase, you have two different choices for your lifetime income withdrawal. Age 50 is the earliest that you can start receiving your lifetime income. Payments can be fixed for life or you can choose to add the potential for your payments to increase yearly. Allianz Life says that they are leading the industry when it comes to retirement solutions with fixed indexed annuities. The Core Income 7 fixed indexed annuity has been simplified in order to increase customers’ potential retirement income.
Written by Rachel Summit