Allianz Life Insurance Company of North America (Allianz Life) announced the launch of Allianz Life Pro+ Survivor Fixed Index Universal Life Insurance Policy, now available in 43 states.

Allianz Life Pro+ Survivor is designed for consumers seeking an affordable, flexible option for life insurance coverage that provides death benefit protection for two lives in one policy. This addition to the survivorship market also has index allocation options that offer customers tax-deferred cash value accumulation potential and a level of protection.

"We know that Americans want affordable, customizable life insurance that helps them protect loved ones while also providing the opportunity to accumulate assets for future expenses," said Jason Wellmann, senior vice president of Life Insurance Sales for Allianz Life.

"Allianz Life Pro+ Survivor provides this financial reassurance against life’s uncertainties with both flexibility and protection."
Allianz Life Pro+ Survivor protects two lives with one policy. The death benefit is paid after the second insured’s death, which can help beneficiaries with income replacement, supplement college funding, and pay down a mortgage or other debts.

It can also help with estate taxes or final expenses, and more. Insuring two people in one policy may also be a cost-effective solution for business owners in business continuation planning, as it leverages the mortality risk of two insureds. For those who need death benefit protection upon the first insured’s death, Allianz Life Pro+ Survivor offers the optional First-to-Die Rider.

In addition to death benefit protection, Allianz Life Pro+ Survivor also provides results for the customer through cash value accumulation potential. The cash value can accumulate based on positive changes in an external index.

Allianz Life Pro+ Survivor has multiple index allocation options including the S&P 500 Index, a Blended index, and the Barclays US Dynamic Balance Index as well as a fixed interest option. Once indexed interest is credited, it is locked in and the cash value will not decrease due to negative index changes (although fees and expenses will reduce cash value).

Allianz Life Pro+ Survivor gives customers flexibility by offering access to their available cash value in a variety of ways that are income-tax-free. If the need arises, customers can access any available cash through loans or withdrawals from their policy.