Allianz Enhances Its Allianz Vision(SM) Variable Annuity
2008-10-01 16:23:00 -
www.allianzlife.com - Allianz Life Insurance Company of North America (Allianz) today announced that it has enhanced its Allianz Vision Variable Annuity. New options include the Lifetime Plus 10 Benefit and a Cumulative Withdrawal Benefit feature. These enhancements are designed to provide additional opportunities for consumers to build assets and use the assets during retirement.
A deferred variable annuity, Allianz Vision is designed with the goal of providing retirement income guaranteed for life and offering the potential to increase income in varying market conditions through an innovative annual payment increase. Allianz Vision Variable Annuity is available through numerous third-party broker/dealer channels (independents, banks, wirehouses). The new enhancements are approved for sale in more than 40 states.
"With the benefits and features available in Allianz Vision Variable Annuity, consumers who are near retirement or in retirement will see a new kind of variable annuity that may help them achieve their long-term financial goals," said Robert DeChellis, president and CEO of Allianz Life Financial Services. "Even in times of market volatility, an Allianz Vision Variable Annuity offers flexibility and opportunity."
The new enhancements enable consumers to further customize an Allianz Vision Variable Annuity to suit their needs. The optional Lifetime Plus 10 Benefit offers consumers another way to build assets with a 10% annual increase on their purchase payments. It also provides an automatic quarterly reset of the 10% annual increase. When the customer is ready to take income, the Lifetime Plus 10 Benefit works the same way as the current Lifetime Plus Benefit: the consumer's income is guaranteed for life and they have an opportunity for additional income increases even during periods of poor market performance. This benefit is available for an additional charge of 0.80% to 0.95% depending on the payment selected, and the charge reduces by 0.10% once Lifetime Plus payments begin. Mortality and expense risk charges for the variable annuity range from 1.40% to 1.75%, depending on the contract selected.
The Cumulative Withdrawal Benefit, available in all of the optional Lifetime Plus Benefits, offers consumers the flexibility to design the income payments the way they want to receive them. Consumers can choose to take less than the Maximum Lifetime Plus payments and accumulate the difference in the Cumulative Withdrawal Value to use by the owner when they need it. This added flexibility allows them to design an income strategy to meet their needs. This added feature does not increase the additional charge of any of the Lifetime Plus Benefits.
Allianz Vision Variable Annuity offers the kind of choice and flexibility that a growing number of consumers want in a variable annuity to help accumulate enough assets to retire the way they want and to create enough income to maintain their current lifestyle.
For more complete information about Allianz Vision Variable Annuity and variable investment options, call Allianz Life Financial Services, LLC at 800.624.0197 for a prospectus. The prospectuses contain details on investment objectives, risks, fees and expenses, as well as other information about the variable annuity and investment options, which you should carefully consider. You are encouraged to read the prospectuses thoroughly before sending money.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America and do not apply to the performance of the variable subaccounts, which fluctuate with market conditions.
Products issued by Allianz Life Insurance Company of North America and distributed by its affiliate, Allianz Life Financial Services, LLC, Member FINRA, www.allianzlife.com
About Allianz Life Insurance Company of North America
Founded in 1896 and based in Minneapolis, Allianz Life provides fixed and variable annuities, life insurance policies, and long term care insurance products in the United States. Allianz products are offered through a nationwide network of independent distribution. The company is part of Allianz SE, a global financial services group that is the 14th largest corporation in the world based on revenue (Fortune, July 2008). Allianz SE employs more than 177,000 people worldwide.
Allianz Life
Eryka Jackson, 763-765-5909
eryka.jackson@allianzlife.com
