MINNEAPOLIS--(BUSINESS WIRE)--Allianz Life Insurance Company of North America (Allianz Life®), announced today that the Essential Income 7SM Annuity is now available on the Wells Fargo enhanced Index Annuity Platform. Designed for Wells Fargo, the new fixed index annuity (FIA) and its Essential Income Benefit1, embedded in the product for an additional cost, provides customers retirement accumulation options and lifetime retirement income with the potential for increases.
“Americans manage unexpected expenses, rising health care costs and inflation during their retirement and Essential Income 7 Annuity can help by providing a level of certainty in their portfolio,” said Allianz Life Chief Distribution Officer Tom Burns. “This FIA provides asset protection, income and increasing income potential, which is a great solution for a secure retirement.”
Essential Income 7 and its Essential Income Benefit allows customers to control taxes by giving them options for distribution. The FIA can also help cover expenses by providing opportunities for increased lifetime income:
- If customers are still saving for retirement, their lifetime withdrawal percentages are guaranteed to increase every year until lifetime withdrawals begin.2
- When customers are ready to begin taking lifetime withdrawals, they can choose from predictable lifetime income or income that has the potential to increase each year.3
To help accumulate retirement savings, Essential Income 7 can earn indexed interest through the S&P 500® and Barclays US Dynamic Balance Index allocations. Indexed interest is credited by an annual point-to-point with a cap method. Interest can also be accumulated at a fixed rate.
For more information about Allianz Life and Essential Income 7, visit: www.allianzlife.com.
1 The annual benefit charge for the Essential Income Benefit is a percentage of the accumulation value, deducted monthly from the accumulation value and guaranteed minimum value (in most states). The annual benefit charge percentage for the guaranteed minimum value is 0.85% for all contract years. The annual benefit charge percentage for the accumulation value is 0.85% for the first contract year. It can change each year during the next six contract years, but will not be more than 2.50%. After the seventh contract year, the annual benefit charge percentage will be 0.85% for all remaining contract years.
2 Annual payout percentage increases apply to ages 45 and above.
3 Lifetime withdrawals cannot begin prior to age 50.
Annuities are long-term vehicles designed for retirement planning purposes. They provide guarantees against the loss of principal and credited interest from market loss, tax deferral, and the reassurance of a death benefit for beneficiaries.
Any distributions are subject to ordinary income tax and, if taken prior to age 59½, a 10% federal additional tax.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America.
• Not FDIC insured • May lose value • No bank or credit union guarantee • Not a deposit • Not insured by any federal government agency or NCUA/NCUSIF
Essential Income 7 Annuity (C61892) is issued by Allianz Life Insurance Company of North America, PO Box 59060, Minneapolis, MN 55469-0060.
Product and feature availability may vary by state.
The Barclays Capital U.S. Aggregate Bond Index is comprised of U.S. investment-grade, fixed-rate bond market securities, including government agency, corporate, and mortgage-backed securities. The Barclays US Dynamic Balance Index is comprised of the Barclays Capital U.S. Aggregate Bond Index and the S&P 500® Index and shifts weighting daily between them based on realized market volatility.
Allianz products are not sponsored, endorsed, sold, or promoted by Barclays Capital. Barclays Capital makes no representation or warranty, express or implied, to the owners of Allianz products or any member of the public regarding the advisability of investing in securities generally or in Allianz products particularly or the ability of the Barclays Capital Indices, including without limitation, the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index, to track general bond market performance. Barclays Capital’s only relationship to Allianz Life Insurance Company of North America and its affiliates (“Allianz”) is the licensing of the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index which is determined, composed, and calculated by Barclays Capital without regard to Allianz or Allianz products. Barclays Capital has no obligation to take the needs of Allianz or the owners of Allianz products into consideration in determining, composing or calculating the Barclays Capital U.S. Aggregate Bond Index and Barclays US Dynamic Balance Index. Barclays Capital is not responsible for and has not participated in the determination of the timing of, prices of, or quantities of Allianz products to be issued or in the determination or calculation of the equation by which Allianz products are to be converted into cash. Barclays Capital has no obligation or liability in connection with the administration, marketing, or trading of Allianz products.
BARCLAYS CAPITAL DOES NOT GUARANTEE THE QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE BARCLAYS CAPITAL INDICES, OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY ALLIANZ, OWNERS OF ALLIANZ PRODUCTS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BARCLAYS CAPITAL INDICES, INCLUDING WITHOUT LIMITATION, THE BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX AND BARCLAYS US DYNAMIC BALANCE INDEX, IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE. BARCLAYS CAPITAL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BARCLAYS CAPITAL INDICES, INCLUDING WITHOUT LIMITATION, THE BARCLAYS CAPITAL U.S. AGGREGATE BOND INDEX AND BARCLAYS US DYNAMIC BALANCE INDEX, OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL BARCLAYS CAPITAL HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
Standard & Poor’s 500® index (S&P 500®) is comprised of 500 stocks representing major U.S. industrial sectors.
S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”). This trademark has been licensed for use by S&P Dow Jones Indices LLC and its affiliates. S&P® and S&P 500® are trademarks of S&P. These trademarks have been sublicensed for certain purposes by Allianz Life Insurance Company of North America (“Allianz”). The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Allianz. Allianz products are not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, or their respective affiliates make any representation regarding the advisability of investing in such product.
About Allianz Life
Allianz Life Insurance Company of North America, one of FORTUNE’s 100 Best Companies to Work For in 2013, has been keeping its promises since 1896. Today, it carries on that tradition, helping Americans achieve their retirement income and protection goals with a variety of annuities and life insurance products. As a leading provider of fixed index annuities, Allianz Life is part of Allianz SE, a global leader in the financial services industry with 148,000 employees worldwide. More than 78 million private and corporate customers rely on Allianz knowledge, global reach, and capital strength to help them make the most of financial opportunities.
Allianz Life Insurance Company of North America offers insurance and annuities in all states except New York. In New York, products are issued by Allianz Life Insurance Company of New York.
