Allianz Life Insurance Company of North America says it is planning to enter the fee-based market with a new variable annuity.

Called the Allianz Retirement Pro Variable Annuity, the policy was created for sale by dually registered investment advisors, according to Allianz Life, Golden Valley, Minn., which is part of Allianz S.E., Munich, Germany.

The product will let policyowners allocate and transfer money between two accounts, the company says. The base account offers greater equity exposure; the income advantage account provides income and death benefit guarantees.

The product is designed to be “a solution that advisors will seek to protect their clients from longevity and inflationary risks,” says Robert DeChellis, president of Allianz Life Financial Services.

Allianz Life has already filed a registration statement for the product with the U.S. Securities and Exchange Commission. The company hopes to get the regulatory approvals it needs to launch the product later this year.