Allianz Life Insurance Company of North America (Allianz Life) has introduced the optional Premium Deposit Fund (PDF) Rider for its Life Pro+ Fixed Index Universal Life Insurance (FIUL) policy.
Available for no additional cost, the newly launched solution is designed to enable the customers to fund the PDF with a single payment and also prevent creation of a Modified Endowment Contract.
Allianz Life Life Insurance Sales senior vice president Jason Wellmann said the PDF Rider represents another addition to Life Pro+ due to its simple, predictable nature and ability to enable maintenance of tax advantages available through life insurance.
"Life Pro+ has proven to be a popular choice for consumers in need of death benefit protection as well as tax-deferral and flexibility with any available cash value through policy loans," Wellmann added.
The FIUL Rider provides customers with an option to make single lump-sum payment to the PDF, and the annual planned premium will be automatically transferred into their life insurance policy, with an annual 2.25% premium discount rate.
On every policy anniversary, the annual planned premium will have a premium discount rate applied, creating the discounted premium credit.
Life Pro+ is an income-tax-free death benefit designed to meet the clients immediate requirements, such as income replacement, college funding strategy, paying down a mortgage or other debts, estate tax coverage, as well as final expenses and business succession.