Allianz Life Insurance Company of North America (Allianz Life) has rolled out an enhancement to the Allianz Life Pro+® Fixed Index Universal Life Insurance (FIUL) policy, by offering a blended index allocation option with a 2% annual floor.
According to the underwriter, it has been developed to yield additional choice and flexibility for policyholders looking to grow the cash value of their policy.
The company claims that the blended index allocation is a combination of the Dow Jones Industrial Average, EuroSTOXX 50, Russell 2000 and Barclays Capital US Aggregate Bond Index, with a 2% annual floor that provides another level of protection against market volatility.
Allianz Life senior vice president of life insurance sales Jason Wellmann said with the enhancement, Life Pro+ now provides consumers with the death benefit protection they desire through life insurance, but also more options for growing and protecting their cash value.
"The ability to customize Life Pro+ to help meet specific needs is the key behind this product's rising popularity and something we'll continue to enhance to meet consumer demand," Wellmann added.
Based on positive index performance, consumers can receive credited interest up to the current 11% cap, when the index performance remain flat or negative, the annual floor means clients still receive 2% credited interest.
Allianz Life Insurance Company of North America offers a bunch of different annuities and life insurance products worldwide.