Life Pro+ Advantage was built to be in compliance with the 2020 commissioners standard ordinary (CSO) mortality table
Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of the Allianz Life Pro+ Advantage Fixed Index Universal Life (FIUL) Insurance Policy, which will serve as the company’s flagship FIUL product. Life Pro+ Advantage was built to be in compliance with the 2020 commissioners standard ordinary (CSO) mortality table. Life Pro+ Advantage offers enhanced flexibility and control, including multiple ways to access available cash value via policy loans and withdrawals1 and the unique index lock feature that provides the ability to lock in indexed interest credit at any point during the crediting period, prior to the policy anniversary.
“We’ve listened to both financial professionals and their clients and determined the desire for products that can help meet multiple financial needs is stronger than ever,” said Jason Wellmann, senior vice president of Life Insurance Distribution for Allianz Life. “With Life Pro+ Advantage, people can get the reassurance provided by death benefit protection while also adding the flexibility to address other financial needs, including emergencies, college funding, and supplemental retirement income1.”
According to the Allianz Life 2019 Life Insurance Needs Survey, 81% of respondents said that the ability to have access to multiple sources of retirement income was an important aspect of financial planning. The same percentage said it was important to have the flexibility to make changes to their assets to meet changing needs, and nearly 70% said they want the ability to fully fund college accounts should they die early.
As part of an overall financial portfolio, Life Pro+ Advantage provides the opportunity to help address these needs via both indexed and fixed interest loans, which can be taken against any available cash value in the policy income-tax-free.1Policyholders can also access available cash value via withdrawals (partial surrenders) or full surrenders to use the cash value at any time – for any reason.
Life Pro+ Advantage can help people prepare for all stages of life by providing their beneficiaries with a death benefit that is generally income-tax-free as well as the ability to build accumulation value tax-deferred without losses due to market volatility, although fees and charges will reduce policy values.
Policyholders can utilize multiple index allocation options (which include a combination of several indexes and crediting methods), with several indexes only offered by Allianz Life, including the Bloomberg US Dynamic Balance Index II and the volatility controlled PIMCO Tactical Balanced Index. Also new with Life Pro+ Advantage, policyholders can choose between index allocations that include the following options:
- A select index allocation that includes the opportunity for a 40% guaranteed interest bonus rate and 1% annual asset charge;
- A bonused index allocation that includes the opportunity for a 15% guaranteed bonus rate and no asset charge;
- Standard index allocations that do not include an interest bonus.
In addition, the unique index lock feature is a first of its kind in the FIUL marketplace and offers policyholders the ability to lock in their indexed interest credit at any point during the crediting period, prior to the policy anniversary. This helps to protect against a 0% index credit for the crediting period, no matter what happens during the remaining months. This feature is available with the Bloomberg US Dynamic Balance II ER Index and PIMCO Tactical Balanced ER Index.
“More than 90% of respondents in our survey said the ability to save enough to retire comfortably was a top priority when planning for their financial future,” added Wellmann. “We’re confident the newest version of our Allianz Life Pro+ FIUL product line will help Americans as they plan to accomplish multiple goals.”
Source: Company Press Release