Allianz Life Insurance Company of North America added new benefit features to several of its fixed index annuities (FIAs), with "the goal of helping provide clients with more flexibility, choice, and control."
The new benefits bolster the Allianz 222 line of FIAs, which have long been top sellers. According to fourth-quarter data from Moore Market Intelligence, the Allianz 222 is the top-selling FIA in the independent agent and broker-dealer channels, as well as the top selling FIA overall.
The new benefits are:
• New ADL qualifications on the Allianz Income Multiplier Benefit on the Allianz 222® Annuity.
In addition to qualifying due to confinement to an eligible nursing home, hospital or assisted living facility, clients facing health challenges can now double their withdrawal income as long as they are unable to perform two of six activities of daily living (ADLs), Allianz said in a news release.
This gives clients additional flexibility if they want to stay in their home for their care, but need to leverage the income multiplier benefit due to health reasons, the release said.
• New two-year point-to-point crediting option on Allianz 222, Allianz 360℠ Annuity, and Allianz Accumulation Advantage℠ Annuity.
For clients seeking additional crediting choices and accumulation opportunities, they can now allocate to a two-year point-to-point crediting method, which may help to minimize the effects of mid-year market volatility, the release said.
• New index lock feature on select index allocations for Allianz 222, Allianz 360, and Allianz Accumulation Advantage.
To give clients the opportunity to lock in an index value on their FIA, there is a new index lock feature that allows clients to lock in an index value once at any time during the crediting period.
The index lock feature offers clients a greater level of control over their FIA, and is available on both annual and two-year point-to-point with participation rate crediting methods, the release said.
“These exciting new enhancements take our FIA portfolio to the next level, and give clients more options when it comes to finding the right fixed index annuity solution for their retirement needs,” said Eric Thomes, chief distribution officer, Allianz Life.
The enhancements announced today are valuable additions to the traditional benefits offered on Allianz Life FIAs, including principal protection from market downturns, tax deferrals, and a death benefit for beneficiaries.