Allianz Life has unveiled its Core Income 7 Annuity with its core income benefit rider, to offer customers protection, powerful retirement accumulation potential, death benefit for beneficiaries and choices for guaranteed lifetime income withdrawals.
Designed to appeal to the broker/dealer channel, the first fixed index annuity (FIA) offers protection and lifetime income and expands on retirement solutions that registered representatives can provide.
Allianz Life chief distribution officer Tom Burns said, "The Allianz Core Income 7 gives flexible income options to help bridge income gaps retirees may face.
"With the help of its guaranteed lifetime income withdrawals, customers can cover core living expenses for a more secure retirement."
Available in 39 states across the US, the Core Income 7 FIA with the core income benefit rider, guarantees principal and credited interest against loss due to market downturns.
Starting from 45 years of age, the lifetime withdrawal percentage automatically increases and continues to grow each year, until the customer starts lifetime withdrawals.
Following completion of the accumulation phase, the Core Income 7 with the Core Income Benefit rider addresses common retirement income worries by providing two lifetime income withdrawal options.
Contract owners at the age of 50 years can select their choice of level payments that offer predictable income for life or payments that have the potential to increase each year.