Allianz Core Income 7: Rates & Review

Highlights

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.

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.

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

Type	Fixed Index
Purpose	Lifetime Income
Term	7 Years
Surrender schedule	8.5%8%7%6%5%4%3%
Free withdrawal	1st year: 0% 2nd+ year: 10%
Market value adjustment
Return of premium
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
Brochure	Open brochure

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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:

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 Withdrawals
With penalty-free withdrawal option, up to 10% of the contract's premium paid can be withdrawn each contract year; maximum is cash surrender value.

Allocation Accounts

Name	Type	Rates
1-Year Fixed Account	Fixed	3.6% Fixed
1-Year Bloomberg US Dynamic Balance II PTP Cap	Point to Point Annual	5.5% Cap
2-Year Bloomberg US Dynamic Balance II ER PTP Participation Rate	Point to Point Biennial	195% Participation
1-Year Bloomberg US Dynamic Balance II ER PTP Participation Rate	Point to Point Annual	125% Participation
1-Year S&P 500 PTP Cap	Point to Point Annual	5.5% Cap
1-Year Russell 2000 PTP Cap	Point to Point Annual	5.5% Cap
1-Year Nasdaq-100 PTP Cap	Point to Point Annual	5.5% Cap
1-Year Bloomberg US Dynamic Balance II PTP Spread	Point to Point Annual	3.75% 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.

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