4.1
based on complex data
Annuity Educator Rating
Annuity review
Allianz Core Income 7
The Allianz Core Income 7 annuity is a fantastic product to secure your golden years. It's perfectly designed to provide reliable, stable income in retirement, letting you live worry-free!
This product shines with benefits like protection from market volatility and options for lifetime income. Safety and peace of mind, Allianz Core Income 7 has them both!
Allianz Core Income 7
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About Product
Type
Fixed Index
Purpose
Lifetime Income
Term
7 Years
Surrender schedule
8.5%
8%
7%
6%
5%
4%
3%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$10,000
Maximum Contribution
$1,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, 401k, Profit Sharing, IRA, Pension, IRA Rollover, 401a, IRA Transfer, SEP IRA, KEOGH, IRA-Roth, and TSP
A fixed index annuity, like Core Income 7 Annuity, is a contract between you and an insurance company that may help you reach your long-term financial goals. In return for your premium payment, Allianz gives you benefits and guarantees, including:
- Tax deferral - When compounded over time, this may increase the amount of income an annuity generates for retirement.
- Indexed interest potential - Fixed index annuities provide an opportunity to accumulate potential interest based on positive changes in one or more external market indexes. In addition, crediting methods are used to help determine the amount of interest that gets credited to your contract.
Please note the Allianz Core Income Benefit rider (1.25% charge) is built into this product. Income withdrawal benefits:
- The Core Income Benefit rider is included with the Core Income 7 Annuity for an additional annual charge. It offers increasing lifetime income withdrawal percentages (beginning at age 45) until lifetime withdrawals begin or annuitization is started. It also offers a choice of two income payment options: predictable payments and payments with the opportunity to increase. Lifetime benefit withdrawals cannot begin before age 50.
- The annual rider charge is deducted on monthly basis from the accumulation value and guaranteed minimum value (in most states). The initial rider charge percentage is guaranteed for the first contract year. After the first contract year, the rider charge percentage can change each contract year, but can only be increased when specific criteria are met and will never be greater than the maximum rider charge percentage of 1.25%.
MY (Multi-Year) Point-to-Point Crediting
MY (multi-year) point-to-point crediting methods may be a good choice for clients with a longer time horizon, while still offering short-term control with Index Lock.
MY point-to-point crediting offers two options: a 2-year or 5-year crediting period. And whichever option your clients choose, the participation rates are guaranteed until the end of the crediting period.
But remember that your clients don't have to wait until the end of the crediting period. If they see an index value they like, they can lock in that value with Index Lock.
Please, refer to the official Allianz website for rates and illustrations.
MY (multi-year) point-to-point crediting methods may be a good choice for clients with a longer time horizon, while still offering short-term control with Index Lock.
MY point-to-point crediting offers two options: a 2-year or 5-year crediting period. And whichever option your clients choose, the participation rates are guaranteed until the end of the crediting period.
But remember that your clients don't have to wait until the end of the crediting period. If they see an index value they like, they can lock in that value with Index Lock.
Please, refer to the official Allianz website for rates and illustrations.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3%
Fixed
|
| 1-Year Bloomberg US Dynamic Balance II PTP Cap |
Point to Point
Annual
|
4%
Cap
|
| 2-Year Bloomberg US Dynamic Balance II ER PTP Participation Rate |
Point to Point
Biennial
|
160%
Participation
|
| 1-Year Bloomberg US Dynamic Balance II ER PTP Participation Rate |
Point to Point
Annual
|
100%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year Russell 2000 PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
4.25%
Cap
|
| 1-Year Bloomberg US Dynamic Balance II PTP Spread |
Point to Point
Annual
|
5%
Spread
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Core Income - Option 1 | Yes | 1.25% annually (1.25% max) |
| Core Income - Option 2 | Yes | 1.25% annually (1.25% max) |
Waivers
Nursing Home
Unavailable in states: KS, MA, NJ, OR, and PA
After one year of deferral, should the owner enter a qualifying nursing home or hospital, or any combination of the two, for 30 out of 35 consecutive days, the owner can take the accumulation value as annuity payments over at least five years. There is no fee to this benefit. Available in most states.
Premium Notes
Core Income 7 Annuity is designed to help you accumulate savings for retirement. That's why we give you the flexibility of making additional premium payments during the first contract year or until you begin taking income, whichever comes first. Flexible premium Payments available via lump sump or systematic payments during funding window (monthly, quarterly, semiannually or annually).
Notes:
Notes:
- Allianz takes TSP (Traditional savings plans) as a direct rollover to an IRA.
- Allianz accepts Roth IRA conversions:
While a Roth IRA conversion does create ordinary income in the year of conversion, as long as the distributions from the Roth IRA are qualified, all growth after that is income-tax-free. Generally, if the taxpayer anticipates being subject to higher tax rates in the future than the taxpayer is subject to today, Roth IRA conversions might help the client ultimately have a source of income that is free from income taxes in retirement. Converting a qualified plan or Traditional IRA to a Roth IRA is a taxable event.
Withdrawal Provisions
Free WithdrawalsWith penalty-free withdrawal option, up to 10% of the contract's premium paid can be withdrawn each contract year; maximum is cash surrender value.
Company Founded: 1896
TOP Rated
Company
Company Ratings
4.4
- A.M. Best A+
- S&P AA
- Moody's Aa3
- Comdex 96
Assets: $125,084,600,553
Minnesota
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