Allianz Life unveils new accumulation-focused annuities to enhance retirement savings
Allianz Life Insurance Company of North America (Allianz Life) has expanded its portfolio with the introduction of the Allianz Accumulation Advantage+ Annuity, a new product aimed at bolstering retirement savings. This fixed index annuity blends impressive accumulation potential with a premium bonus, showcasing Allianz’s commitment to innovative and flexible financial solutions. Additionally, the recent launch of Allianz Accumulation Advantage 7 Annuity, featuring a shorter seven-year withdrawal charge period, further enriches Allianz Life’s offerings.
Heidi Vanderkloot, head of FMO distribution at Allianz Life, emphasized the company’s goal to support individuals in growing their retirement assets while navigating potential market risks. “Our new FIAs offer protection of principal and growth potential to help people move toward their ideal retirement,” Vanderkloot stated.
A recent study by Allianz Life highlights a prevalent concern among Americans regarding retirement savings. Two-thirds of Americans feel the need to accumulate more funds for retirement but are hesitant to increase market investments due to fear of volatility. Indeed, the majority prefer to keep their money in cash to avoid market fluctuations.
The Allianz Accumulation Advantage+ Annuity introduces signature innovations like the Index Lock feature, allowing clients to lock in an index value once per crediting period, and multi-year point-to-point crediting with participation rates designed to increase annually. After ten years, contract owners can access the full accumulation value of their Allianz Accumulation Advantage+™ contracts.
Offering 10% free annual withdrawals starting the year after any premium payment, and the possibility to carry over any unused withdrawal percentage up to a maximum of 20%, the Allianz Accumulation Advantage+ Annuity is tailored for flexibility. This strategy aims to provide individuals with a secure path to achieving their retirement savings goals, effectively addressing the market’s volatility concerns.
Allianz Life Insurance Company of North America’s introduction of accumulation-focused annuities signifies a strategic advancement in retirement planning. By merging principal protection with potential for growth, these annuities offer a prudent solution for individuals wary of market volatility yet eager to secure their financial future. This approach not only caters to the current economic climate’s challenges but also reinforces the necessity of innovative financial products that prioritize both security and growth potential in retirement planning.