Allianz Benefit Control Annuity is designed for people looking to catch up on their retirement savings goals but also want the flexibility to make changes to their contract if needed.
PRODUCTS: Allianz Benefit ControlSM Annuity
COMPANIES: Allianz Life Insurance Company of North America
BEST RATING: A+ (Superior)
AVAILABILITY: Coverage is available through Allianz Life-appointed agents and brokers.
FOCUS: Allianz Life has been the leader in fixed index annuity sales for nearly 20 years and has added the new Allianz Benefit Control AnnuitySM to its robust line-up of products.
This fixed index annuity is designed for people who are looking to catch up on their retirement savings goals, but also want the flexibility to make changes to their contract if they need to. In addition to the general benefits of a fixed index annuity—like guarantees against the loss of principal and credited interest, and the reassurance of a death benefit for beneficiaries—Allianz Benefit Control also offers clients the ability to begin lifetime income on any monthly contract anniversary after age 50, with no minimum wait period.
The Allianz Benefit Control Annuity also offers retirement income increases every time a contract earns interest. In addition, the product helps cushion against market volatility through its innovative index lock feature, which lets clients lock in an index value on an indexed interest allocation at any point during the crediting period.
COVERAGE DETAILS: The Bonus Control Benefit offers the flexibility to start income on any monthly contract anniversary. It offers two options to grow the protected income value (PIV) either through the “accelerated PIV interest bonus” option—250% interest bonus to PIV and 50% accumulation value interest factor—or the “balanced PIV interest bonus” option—150% interest bonus to PIV and 100% accumulation value interest factor. Clients can change which option they choose every contract year. Once they turn on income payments, they only have the balanced option available.
UNDERWRITING: The product is designed to be part of a consumer’s overall retirement plan and can be purchased for $20,000 minimum by people under the age of 80.
MINIMUM PREMIUM: N/A
TARGET: The Allianz Benefit Control Annuity is ideal for people who are looking to make up lost ground on retirement savings but don’t want to wait 10 years to be able to access their retirement income.
COVERAGE AVAILABILITY: Available in all U.S. states except New York
CONTACT: 800-950-5872.
Will Jones is IA managing editor.
