This newest addition to its lineup is currently available in 36 states, Allianz Life stated, and offers increasing income benefits through accumulation and into retirement. According to the announcement, the longer clients hold Allianz 360 before beginning lifetime income withdrawals, the greater the percentage of income available for withdrawals will be.
While accumulating, the lifetime payout percentage increases every year the client holds the contract prior to income beginning, starting at age 40. The Allianz 360 also offers a 50% interest bonus of any interest credited every year prior to taking income withdrawals.
The interest and bonus are credited to the accumulation value, which means it is available for traditional annuity payments, lump sum (surrender charges may apply), income withdrawals or death benefit. These benefits are available via a mandatory rider, which carries a charge of 0.95% of the accumulation value.
“It’s clear that many boomers are worried about how factors like inflation and longevity will affect the stability of their retirement income,” said Allianz Life Senior Vice President of Sales Eric Thomes, in the announcement. “Allianz 360 ensures they are protected with guaranteed lifetime income that has the opportunity to increase when they are in retirement.”
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