PRODUCT: Allianz Life Pro+ Advantage Fixed Index Universal Life Insurance Policy
COMPANIES: Allianz Life
BEST RATING: A+ (Superior)
AVAILABILITY: Coverage is available through Allianz Life-appointed agents and brokers.
FOCUS: Allianz has been in the FIUL (fixed index universal life) space since 2012. Life Pro+ Advantage replaces Life Pro+ Elite, which improves on Allianz Life’s Life Pro+ series of FIUL products.
Life Pro+ Advantage was built to comply with the 2020 commissioners’ standard ordinary mortality table. It offers enhanced flexibility and control, including multiple ways to access available cash value via policy loans and withdrawals and the unique index lock feature, which provides the ability to lock in indexed interest credit at any point during the crediting period, prior to the policy anniversary.
COVERAGE DETAILS: With Life Pro+ Advantage, policyholders can get the reassurance provided by death benefit protection, as well as the flexibility to address other financial needs, including emergencies, college funding and supplemental retirement income.
“Life Pro+ Advantage is unique because it provides the index lock feature, a first of its kind in the FIUL marketplace, offering policyholders the ability to lock in their indexed interest credit at any point during the crediting period, prior to the policy anniversary,” says Jason Wellmann, SVP Life Insurance Distribution, Allianz Life.
The lock feature helps to protect against a 0% index credit for the crediting period, no matter what happens during the remaining months. This feature is available with the Bloomberg US Dynamic Balance II ER Index and PIMCO Tactical Balanced ER Index.
“Another unique aspect of Life Pro+ Advantage is that it was built by Allianz Life, an expert in indexing strategies and the No. 1 supplier of fixed index annuities (FIAs) for the past 10 years,” Wellman says. “Policyholders can utilize fixed index annuities via multiple index allocation options, which include a combination of several indexes and crediting methods.”
In addition, Life Pro+ Advantage provides innovative allocation options via Allianz’s indexing experience and dynamic hedging platform to offer a choice of allocations options, interest bonus options, loan flexibility and living benefits, such as a chronic illness accelerated death benefit rider and terminal illness accelerated death benefit rider.
UNDERWRITING: Applications can be submitted through paper application or online through ApplyNOW—Allianz’s e-app submission process. Risk classes are nontobacco (preferred plus, preferred, standard), tobacco (preferred, standard) and juvenile. Accelerated underwriting is available.
MINIMUM PREMIUM: Based on age, gender, risk class, death benefit and riders, minimum premium is $25 per month or $300 per year.
TARGET: Consumers who need life insurance coverage and are looking to diversify their portfolio of financial vehicles. Allianz has four target client segments:
1) HENRY (high earner not rich yet) clients. Young and affluent clients who may have maxed out their qualified plan contributions or are disqualified from contributing to a Roth IRA.
2) Affluent clients. Clients with discretionary income who need alternative resources to supplement their income in retirement.
3) Transition boomers. Clients who are 5-10 years from retirement and have idle assets that can be used to purchase a FIUL policy.
4) Small business owners. Clients who are interested in executive comp strategies, key person insurance or nonqualified deferred compensation plans.
COVERAGE TERRITORY: All 50 U.S. states except New York.
CONTACT: Jason Wellmann, SVP Life Insurance Distribution, Allianz Life Insurance Company of North America; 5701 Golden Hills Drive; Minneapolis, MN 55416; 763-765-7212.
Will Jones is IA senior editor.