Allianz Lifetime Income+ Annuity now available in plans nationwide
Allianz Life Insurance Company of North America (Allianz Life) announced today that its latest guaranteed income product, Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit, is now available in defined contribution plans nationwide.
Lifetime Income+ puts Allianz Life's depth of retirement income experience to work in a solution tailored for defined contribution plans. Allianz Lifetime Income+ is a fixed index annuity that offers innovative design features including growth potential, protection from market loss, and guaranteed lifetime income through the Lifetime Income Benefit. This benefit has the potential to increase annually for life to help address the effects of inflation.
The product is delivered with a seamless customer experience through coordination among recordkeepers, enrollers, managed account providers, middleware providers and other defined contribution plan partners.
Plans offering the product are already live within the LDI-MAP (d.b.a. iJoin) and IPX Retirement network of recordkeepers. Recordkeepers and advisors networks can offer the Allianz Lifetime Income+ Annuity with the Lifetime Income Benefit as a protected accumulation and decumulation option in 401(k)s and other defined contribution pans.
"We designed this new guaranteed lifetime income product to work for real people and the reality of retirement today," said Matt Gray, head of employer markets, Allianz Life. "The Allianz Lifetime Income+ Annuity marks a new way to design in-plan annuities with a flexible product design, streamlined connections with plan partners, and increasing income potential."
Allianz is expanding into the defined contribution market as Americans say they want guaranteed income options in their employer-sponsored plan. In a 2022 Allianz Life study*, a majority of respondents (60%) said they would consider adding an annuity to their employer-sponsored plan if it was available. The vast majority of respondents (80%) said they would be interested in a product that can serve as a supplemental source of guaranteed income along with Social Security. Nearly three in four Americans (74%) said having an option that allowed them to build a protected foundation for lifetime income would increase their loyalty to their employer
*Allianz Life conducted an online survey, the 2022 Q2 Quarterly Market Perceptions Study in June 2022 with a nationally representative sample of 1,004 Respondents age 18+.
C-64712-MVA issued by Allianz Life Insurance Company of North America
Guarantees are backed by the financial strength and claims-paying ability of the issuing company
About Allianz Life Insurance Company of North America
Allianz Life Insurance Company of North America, one of the FORTUNE 100 Best Companies to Work For® and one of the Ethisphere World's Most Ethical Companies®, has been keeping its promises since 1896 by helping Americans achieve their retirement income and protection goals with a variety of annuity and life insurance products. In 2021, Allianz Life provided additional value to its policyholders via distributions of more than $10.6 billion. As a leading provider of fixed index annuities, registered index-linked annuities and fixed index universal life insurance, Allianz Life is part of Allianz SE, a global leader in the financial services industry with approximately 150,000 employees in more than 70 countries. Allianz Life is a proud sponsor of Allianz Field® in St. Paul, Minnesota, home of Major League Soccer's Minnesota United.