NU Online News Service, Feb. 2, 2005, 4:26 p.m. EST
A Minneapolis life insurer is adding 2 life insurance policies with returns tied to the performance of the stock market.[@@]
The insurer, Allianz Life Insurance Company of North America, a unit of Allianz A.G., Munich, is rolling out a pair of equity-indexed universal life policies, the GenDex SP Life Insurance Policy and the GenDex II Life Insurance Policy.
The GenDex SP policy is a single-premium policy and the GenDex II policy is a conventional, “continuous premium” policy, Allianz Life says.
Customers can choose death benefit guarantee options of 10 years, 20 years or to age 120. The middle age can guarantee the death benefit to age 65 for purchasers who are younger than 45.
Customers also can choose between tying cash values to the performance of the S&P 500 Index, the Nasdaq-100 Index, a fixed-interest option or a combination of all 3.
Customers who buy the single-premium policy can withdraw up to 10% of the policy cash value during policy years 2 through 10 without paying any extra fees or charges, Allianz Life says.
The policy also offers an accelerated long term care benefit and an accelerated terminal illness benefit. The terminal illness benefit can accelerate the payment of up to $1 million of the policy death benefit.