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New Fee-Based RILA Has a Living Benefit Rider: Annuity Moves

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What You Need to Know

  • Allianz Life believes its new annuity is the only fee-based RILA with a guaranteed living withdrawal benefit rider.
  • Purchasers of new North American Company annuity can use a rider to protect against one of four different kinds of risk.
  • Lombard International writes private placement variable annuities.

DPL Financial Partners and Allianz Life Insurance Company of North America have introduced what they believe to be a unique annuity.

The new Allianz Index Advantage Income ADV Variable Annuity contract appears to be the only fee-based registered index-linked annuity with a guaranteed lifetime withdrawal benefit, according to DPL.

The income benefit rider is automatically included in the contract and cannot be removed.

Allianz Life will charge product fees based on contract value. The product fee will be 0.25% of the contract value, and the income benefit rider will cost 0.7% of the value of the contract, DPL says.

DPL is a company that runs an online marketplace for annuities. Allianz Life is now distributing the new annuity through the DPL platform for registered investment advisors, DPL says.

Other companies also have annuity news.

North American Company for Life and Health Insurance

North American Company for Life and Health Insurance — a subsidiary of Sammons Financial Group — is joining with Annexus to introduced two annuity contracts.

Annexus is a Scottsdale, Arizona-based annuity designer and distributor.

One of the new annuities is the North American Secure+. The other is the North American Secure Horizon Plus.

The Horizon version of the contract is a non-variable indexed annuity.

The Horizon Plus version gives Allianz Life annuity holders encouragement to plan for four types of looming long-term care insurance costs.

Both products offer access to the S&P 500 Low Volatility 5% ER Index, the Loomis Sayles Managed Futures Index, and the BlackRock ESG US 5% Index.

The Horizon Plus version lets the customer use a money rider to choose to protect against one of four types of risk: death, health impairment, longevity, and the possibility that the Social Security Administration might change Social Security benefits levels.

Lombard International

Fiduciary Exchange LLC, an annuity exchange creator commonly known as FIDx, has added private placement annuities from Lombard International to its annuity exchange.

The move will give about 100,000 FIDx-using advisors easy access to the annuity.

Lombard International is a wealth and succession planning firm. A private placement annuity is an annuity aimed at wealthy, sophisticated patients.

(Image: Allianz)


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