Allianz Life Adds Variable Annuity Rider with Increasing Income Payments
Business Wire, Inc. |
Income Focus Rider on Select Variable Annuities Provides Increasing Lifetime Income that can be accessed at Any Time
“With the current economic uncertainty, Americans’ concerns about having sufficient income to maintain their standard of living in retirement has taken on a new urgency,” said
This optional rider is designed for investors that seek a greater risk/reward tradeoff. The Income Focus rider provides income that is not driven by how high the contract value grows, but by how many times it grows. Additionally, there are no guaranteed annual increases in accumulation, so with Income Focus, if you select at issue and make no additional purchase payments, you only need to keep track of two numbers – the amount put in (Total Income Value) and the payment percentage. The rider is powered by the Allianz Managed Volatility Portfolio (AZL® MVP) of investment options, which are unique to Allianz Life and Allianz Life of NY.
The current annual cost of the Income Focus rider is 1.30% calculated on the purchase payments adjusted for withdrawals (Total Income Value) for both single and joint life payout, and is subject to change on each quarterly anniversary, but will never be less than the minimum charge of 0.50% or exceed the maximum of 2.75% for single or 2.95% for joint.
“Another great feature of the Income Focus rider is that the rider fees are always based on the purchase payments, so as the value of the contract goes up, the fees as a percentage of the contact value decrease,” added DeChellis. This fee calculation can help lower the overall costs for this rider.
For more information about the Income Focus rider, visit www.allianzincomefocus.com.
For more complete information about Allianz Life and Allianz Life of NY variable annuities and variable investment options, call
All contract and rider guarantees, including optional benefits and any fixed subaccount crediting rates or annuity payout rates, are backed by the claims-paying ability of Allianz Life and Allianz Life of NY. They are not backed by the broker/dealer from which this annuity is purchased, by the insurance agency from which this annuity is purchased, or any affiliates of those entities and none makes any representations or guarantees regarding the claims-paying ability of Allianz Life and Allianz Life of NY. Guarantees do not apply to the performance of the variable subaccounts, which will fluctuate with market conditions.
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