Allianz Life Insurance Company of North America announced that the Essential Income 7 Annuity is now available on the Wells Fargo enhanced Index Annuity Platform.
Designed for Wells Fargo, the new fixed index annuity (FIA) and its Essential Income Benefit1 embedded in the product for an additional cost, provides customers retirement accumulation options and lifetime retirement income with the potential for increases.
"Americans manage unexpected expenses, rising health care costs and inflation during their retirement and Essential Income 7 Annuity can help by providing a level of certainty in their portfolio," said Allianz Life Chief Distribution Officer Tom Burns. "This FIA provides asset protection, income and increasing income potential, which is a great solution for a secure retirement."
Essential Income 7 and its Essential Income Benefit allows customers to control taxes by giving them options for distribution. The FIA can also help cover expenses by providing opportunities for increased lifetime income:
If customers are still saving for retirement, their lifetime withdrawal percentages are guaranteed to increase every year until lifetime withdrawals begin.
When customers are ready to begin taking lifetime withdrawals, they can choose from predictable lifetime income or income that has the potential to increase each year.
To help accumulate retirement savings, Essential Income 7 can earn indexed interest through the S&P 500 and Barclays US Dynamic Balance Index allocations. Indexed interest is credited by an annual point-to-point with a cap method. Interest can also be accumulated at a fixed rate.
If customers are still saving for retirement, their lifetime withdrawal percentages are guaranteed to increase every year until lifetime withdrawals begin.
When customers are ready to begin taking lifetime withdrawals, they can choose from predictable lifetime income or income that has the potential to increase each year.