The latest fixed index annuity (FIA) and its Essential Income Benefit embedded in the product for an extra premium, offers customers retirement accumulation options and lifetime retirement income with the potential for increases.
Designed for Wells Fargo, the Essential Income 7 and its Essential Income Benefit allows customers to control taxes by offering them options for distribution.
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Further, the FIA can also assist cover expenses by providing opportunities for increased lifetime income.
Allianz Life chief distribution officer Tom Burns said: "Americans manage unexpected expenses, rising health care costs and inflation during their retirement and Essential Income 7 Annuity can help by providing a level of certainty in their portfolio.
"This FIA provides asset protection, income and increasing income potential, which is a great solution for a secure retirement."
According to the company, if customers are still saving for retirement, their lifetime withdrawal percentages will definitely increase every year until lifetime withdrawals begin.
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By GlobalDataWhen customers are ready to start taking lifetime withdrawals, they can pick up from predictable lifetime income or income that has the potential to increase each year.
