Allianz Life Insurance Company of North America has introduced a variable annuity that will let holders combine and change income options quickly and easily.

Allianz Life, Minneapolis, says its new Allianz Custom Income variable annuity contract comes with a Withdrawals Plus Benefit option that guarantees a fixed stream of income for life and an Increasing Withdrawals Benefit option that can provide a shorter, steadily increasing stream of income.

The product also comes with a Lifetime Income Benefit that can provide guaranteed income for life through variable annuitization.

Consumers can combine the product options, and they can start using one option and switch to another, according to Allianz Life, a unit of Allianz A.G., Munich, Germany.

Allianz Life is responsible for backing the product guarantees.