The Allianz Life Insurance Company of North America has announced the launch of its new fixed index annuity product for individuals interested in planning for their retirement. The Allianz 360 annuity is currently approved for marketing in 36 states.
Like other retirement-oriented financial instruments products available from Allianz, the new fixed index annuity seeks to maximize income benefits and accumulation. The current weak economy trends and extended longevity have made annuities the preferred products for baby boomers and others who are worried about their post-retirement financial outlook. According to the press release made by Allianz Life concerning its new product, a number of distinctive features set this annuity apart.
During the Allianz 360 accumulation period, there is a potential for the lifetime payout to increase for each year the annuity contract is in effect after age 40. And for every year prior to income withdrawals, the Allianz 360 investor is entitled to a generous 50% interest bonus. These two accumulation strategies can be redeemed as a death benefit, as income withdrawals, or in lump sum. Investors interested in the lump sum option should be aware that surrender charges apply in most cases.
Annuity products such as Allianz 360 seem to be designed in direct response to the sentiment found among investors who are approaching retirement age. Current economic conditions have caused many people to change their investing habits and postpone their retirements. Financial products such as Allianz 360 allow annuity investors to hold on to their contracts for longer periods of time before taking withdrawals.
Allianz Life is part of Allianz SE, a global provider of financial services headquartered in Munich, Germany. In the United States, Allianz made headlines in 1991 when it acquired the highly esteemed Fireman’s Fund Insurance Company, an American insurer founded in 1863. Allianz is also the owner of the Pacific Investment Management Company (PIMCO), manager of Total Return, the world’s largest mutual fund.