Allianz Life at a Glance: Rates, Products and Reviews
Allianz Life, in business since 1896, offers both fixed index and registered index-linked annuities. It offers a variety of products and services to fit every customer’s needs for flexibility, growth and income. Learn more about why Allianz Life has been the number-one provider of fixed index annuities for the last two decades.
- Written by Stephen Kates, CFP®
Stephen Kates, CFP®
Principal Financial Analyst for RetireGuide.com
Stephen Kates is a Certified Financial Planner™ professional and personal finance expert with over a decade of experience working with individuals and families who need help with their finances. With experience as a financial advisor for two of the largest financial firms in the country, Stephen has worked with hundreds of clients to build comprehensive financial plans to grow and protect their wealth.
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Michael Santiago, CRPC™Michael Santiago, CRPC™
Senior Financial Editor
Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.
Read More- Published: September 5, 2024
- Updated: December 4, 2024
- 8 min read time
- This page features 3 Cited Research Articles
- Edited By
- Allianz Life is a subsidiary of Allianz SE, a global German financial services company operating in insurance, investments and asset management.
- Allianz Life offers 14 annuities across two distinct types: fixed index annuities and registered index-linked annuities.
- Although not industry-leading, Allianz Life maintains better-than-average customer satisfaction scores, according to the NAIC Complaint Index, and holds strong credit ratings from major rating agencies.
Introduction to Allianz Life
Allianz SE, headquartered in Berlin, Germany, is the world’s largest insurance company, managing over $2.65 trillion in assets. Its North American subsidiary, Allianz Life, operates in the U.S., focusing exclusively on life insurance and annuity products. With more than 125 years of experience, Allianz Life has become a trusted provider in the financial services industry.
Founded in 1896 by Henry M. Little as North American Casualty in Minneapolis, Allianz Life was acquired by Allianz SE in 1979 and rebranded in 1993. Since then, Allianz Life has emerged as the leading provider of fixed index annuities for nearly two decades, thanks to its diverse range of products and flexible options.
The company distributes its products through independent agents and registered financial representatives. To date, Allianz Life has issued over 3.8 million contracts and manages $160 billion in assets through its investment management division.
In addition to its core financial services, Allianz Life has maintained a global partnership with the Olympic and Paralympic Games since 2021. It also operates a venture capital fund focused on advancing financial services technology across various industries.
Types of Annuities Offered by Allianz Life
Allianz Life offers two distinct types of annuities for customers to choose from. Each has different benefits to meet various consumer needs.
Fixed Index Annuities
Allianz Life’s fixed index annuities cater to a wide range of financial goals and flexibility needs. Among their nine different products, three are designed for asset accumulation, while six focus on generating income.
- Accumulation Advantage Series
- The Accumulation Advantage series focuses on asset growth with a $20,000 minimum initial premium. It offers flexibility for additional deposits within the first 18 months and allows annual withdrawals of up to 10% without incurring surrender charges or market-value adjustments. Policyholders can choose from several crediting methods, including annual point-to-point, multi-year point-to-point or monthly sum.
- Allianz 222
- The Allianz 222 is designed to provide lifetime income in retirement, with income starting after 10 years of contract accumulation. It offers premium and income crediting bonuses under qualifying conditions. Heirs can receive death benefits either as a lump sum or through installment payments. Available crediting methods include annual point-to-point, monthly sum and multi-year point-to-point.
- Allianz 360
- Similar to the Allianz 222, the Allianz 360 is designed for lifetime retirement income. Income withdrawal percentages increase annually after age 40, rewarding longer savings periods with higher income potential. The crediting options include annual point-to-point, monthly sum and multi-year point-to-point.
- Allianz Benefit Control
- The Allianz Benefit Control annuity allows policyholders to choose how and when to take their guaranteed income, which can start anytime after age 50. Optional bonuses and multipliers are available through add-on riders. Credit options include annual point-to-point, monthly sum and multi-year point-to-point.
- Allianz Core Income 7
- The Allianz Core Income 7 offers flexibility with two income options: a higher initial level-income payment or an increasing income payment that starts lower. Flexible premium payments are accepted until income payouts begin, with crediting options of annual point-to-point or two-year point-to-point.
- Allianz Essential Income 7
- The Allianz Essential Income 7 automatically increases the annual withdrawal percentage at age 45, boosting income potential during the deferral period. Income can begin as early as age 50, with a choice between level or increasing payouts. This product offers annual point-to-point as the sole crediting method.
- Allianz Retirement Foundation ADV
- The Allianz Retirement Foundation ADV is accessible exclusively through professional advisory platforms and can only be purchased through participating financial advisors.
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Registered Index-Linked Annuities (RILA)
- Index Advantage+ Series
- This annuity serves as a retirement accumulation option, offering market participation with limited downside protection via buffer options. It requires a $10,000 initial premium and has an annual fee of 1.25%. Owners can withdraw up to 10% of the balance each year without surrender charges. Various underlying strategies and indices are available with one-, three- or six-year terms and protection buffers of 10%, 20% or 30%, depending on the term length.
- Index Advantage+ Income Series
- Similar to the Advantage+ Series, this annuity includes an income rider for guaranteed lifetime income. The minimum initial purchase is $5,000, with an annual fee of 1.25% plus an additional 0.70% for the income rider. It also allows 10% annual withdrawals without surrender charges. Multiple underlying strategies and indices are offered, with term options of one, three or six years and protection buffers of 10%, 20% or 30%, based on the chosen term length.
Allianz Life Annuity Rates
Allianz Life annuities incorporate fixed, index-linked or variable elements, depending on the specific contract terms. Standard growth rates cannot be easily summarized. For estimates of potential growth opportunities, please refer to the summary and prospectus documents. All growth projections provided by Allianz Life are based on various assumptions and are subject to change at the company’s discretion.
A client I worked with in 2023 wanted both income, growth and a company strong enough to put in a lump sum of $1.2 million. We set him up with the Allianz 360 and he has been earning high lifetime income ever since. He is also getting very decent gains with regular email updates from Allianz letting him know that he can lock in the gains at any time.
How Allianz Life Annuities Work
Annuities are considered purchased after customers complete and sign the policy and pay the premium. All annuities have a free-look period, which will vary by state.
Depending on the type of annuity, the investment growth of the premiums will be linked to one, or multiple, selected market indices. Most of Allianz Life’s annuities have both an accumulation value, which is the growth of the premiums, and an income value, which is the amount that future guaranteed income payment would be based on.
These values may or may not be the same, and some riders will establish bonuses or multipliers on one or both to enhance the returns.
Withdrawals are subject to the 10% surrender-free withdrawal thresholds annually until the guarantee periods have ended. These periods last seven to 10 years with Allianz Life annuities.
Withdrawals, guaranteed payouts and policy terms depend on the contract and riders agreed upon at the time of the annuity purchase. Buyers must select certain riders at the time of purchase, while others may be triggered on certain anniversary dates or qualifying events. Read the terms and conditions of your annuity contract carefully before signing.
Because all Allianz Life products are sold by third-party advisors, you will have an opportunity to explore various companies’ products as comparisons. You should only purchase these products within the context of a broader financial plan. Seek additional counsel if you have more questions or need additional help.
Benefits of Allianz Life
Allianz Life is part of a larger organization, benefiting from the financial stability and diversification provided by its parent company, Allianz SE. Headquartered in Germany, Allianz SE operates globally and employs over 150,000 people.
Allianz Life offers a diverse range of fixed index and registered index-linked annuity products, providing consumers with various options to address their specific financial needs. While Allianz does not provide traditional fixed annuities, its products incorporate fixed strategies that serve as lower-return guaranteed growth options.
Additionally, Allianz Life leverages its size and scale to access sister organizations that offer a wide array of investment and financial services products, including insurance, mutual funds, asset management and advisory services.
How To Purchase an Allianz Life Annuity
Unlike many large insurers, Allianz Life does not employ captive agents. All its products are sold through independent agents or registered financial representatives, primarily within the Registered Investment Advisor industry.
To purchase an Allianz Life annuity, you must work with one of their agents or financial advisors, as the products cannot be bought directly from the company.
However, Allianz Life offers extensive online resources, including product summaries, case studies and prospectuses to help consumers understand how an annuity might fit into their financial plan. Additionally, the company provides centralized customer service teams to answer product questions and connect customers with local agents.
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Customer Reviews and Ratings
Allianz Life is a subsidiary of Allianz SE, a large multinational German financial services company. The parent company is publicly traded, and therefore the organization is not a mutual insurance company.
The National Complaint Index is one measure of client satisfaction. The National Association of Insurance Commissioners (NAIC) produces a yearly report measuring a given insurer’s complaints against the entire industry’s average.
The National Complaint Index is always measured as 1.0. A score of 2.0 is twice as high as the broader industry average, while a score 0.5 is half the industry average.
All Policy Types | 0.28 |
Individual Annuities Only | 0.90 |
A second important measure of an insurer’s strength and quality is the scores provided by professional rating agencies. Allianz Life consistently records excellent ratings.
Rating Company | Credit Rating | Highest Rating Possible |
---|---|---|
AM Best | A+ | A++ |
Moody's | Aa3 | Aaa |
S&P | AA | AAA |
Frequently Asked Questions About Allianz Life
Editor Norah Layne contributed to this article.
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3 Cited Research Articles
- Allianz. (2024). About Us. Retrieved from https://www.allianz.com/en/about-us.html
- Allianz Life Insurance Company of North America. (2024). Allianz: Our Commitment to You and Your Clients. Retrieved from https://www.allianzlife.com/for-financial-professionals
- Allianz Life Insurance Company of North America. (2024). Help Prepare for the Future With an Annuity. Retrieved from https://www.allianzlife.com/what-we-offer/annuities
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