Allianz Life Insurance Company of North America says purchasers of many of its single-tier annuities now can choose to have the death benefit paid as a lump sum.

The lump-sum death benefit option, available with annuities such as the MasterDex and MasterDex 5 contracts, is for the full accumulation value and can be applicable for contracts issued on or after Aug. 1, according to Allianz Life, Minneapolis, a unit of Allianz A.G., Munich.