Allianz Life Insurance Company of North America (Allianz Life®) announced the launch of two new fixed index universal life (FIUL) insurance products, Allianz Life Pro+ EliteSM and Allianz Asset Pro+SM. Allianz Life Pro+ Elite, for traditional life insurance agents and financial professionals familiar with selling life insurance, is an enhanced version of the popular Allianz Life Pro+ product, now offering more proprietary index allocation options including bonused allocation options. Allianz Asset Pro+ is a new product designed specifically for broker/dealers and financial professionals focused on helping meet their clients’ holistic planning needs with a simplified solution offering death benefit protection, flexibility and tax advantages.
“The latest additions to our suite of FIUL products provide all financial professionals the opportunity to offer their clients life insurance solutions with the appropriate combination of protection and accumulation potential,” said Jason Wellmann, senior vice president of Life Insurance Sales for Allianz Life. “With more financial professionals looking to expand their offerings, Allianz Life Pro+ Elite and Allianz Asset Pro+ can help strengthen a financial strategy with protection for a lifetime and potential benefits for the future.”
These new products help meet the need for an increased level of education about life insurance, particularly the living benefits that can help people access the available life insurance cash value through policy loans and withdrawals to help fund college education, supplement retirement or other financial needs.1 According to the Allianz Life 2018 Life Insurance Needs Survey, more than half (51 percent) of all respondents said they were either unsure or did not believe permanent life insurance could provide these benefits.
Allianz Life Pro+ Elite 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 accumulate cash value tax-deferred without losses due to market volatility, although fees and charges will reduce policy values. Policy holders can utilize multiple index allocation options, including a fixed interest option, with several only offered by Allianz Life, including the Bloomberg US Dynamic Balance Index II, Allianz True BalanceSM and the new volatility controlled PIMCO Tactical Balanced Index. Also new with Allianz Life Pro+ Elite, policyholders can choose between bonused index allocation options that include the opportunity to earn an interest bonus each year (starting in year one) dependent on interest credited to a policy, or standard index allocation options that do not include an interest bonus. For those that choose the interest bonus option, a multiplier bonus of 15 percent will be applied on the current value after interest is credited starting in year one.2
Allianz Asset Pro+, a more streamlined version of Allianz Life Pro+ Elite with fewer index allocation options, provides a simpler solution for those financial professionals who are just beginning to offer life insurance options within a holistic financial planning model. Like Allianz Life Pro+ Elite, Allianz Asset Pro+ offers the interest bonus opportunity as well as a number of tax advantages including tax-deferred cash value accumulation potential, income-tax-free loans and withdrawals1 and a death benefit that is generally income tax free.
“Nearly 95 percent of respondents in our survey said the ability to save enough to retire comfortably was a top priority when planning for their financial future. Americans’ need a diverse mix of financial products to help them achieve that goal,” added Wellmann. “It’s imperative that all financial professionals have access to a variety of innovative options—including FIUL—that can help their clients add both protection and opportunity to their long term financial strategy.”
For more information about Allianz Life Pro+ Elite and Allianz Asset Pro+ as well as important index information and disclosure, visit www.allianzlife.com/life-insurance.
Most life insurance policies require health underwriting and financial underwriting. Life insurance involves certain fees and expenses. Individuals should discuss with their financial professional whether a life insurance policy meets their needs.
No single index or crediting method produces the best results in all market conditions. Although an external index may affect the interest credited, the policy does not directly participate in any equity or fixed income investments. Clients are not buying shares in an index.
Notes:
1. Policy loans and withdrawals will reduce available cash values and death benefits, and may cause the policy to lapse or affect any guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. . If a policy is a modified endowment contract (MEC), policy loans and withdrawals will be taxable as ordinary income to the extent there are earnings in the policy. If any of these features are exercised prior to age 59½ on a MEC, a 10% federal additional tax may be imposed. Tax laws are subject to change. You should consult a tax professional.
2. Bonus products may include higher surrender charges, longer surrender periods, lower caps, or other restrictions that are not included in similar products that don’t offer a bonus. There is no guarantee that a policy will be credited with an interest bonus every year as it is based on the growth of an external index.
Guarantees are backed by the financial strength and claims-paying ability of the issuing company.
