Please explain the Allianz Income Multiplier benefit (AIM). After you’ve owned your annuity for at least five years, this benefit allows you to withdraw up to double your annual maximum if you can’t perform at least two of the six Activities of Daily Living (ADLs) or if you become confined to a qualified hospital, nursing facility, or assisted living facility for at least 90 days in a consecutive 120-day period. Please note that if you deplete your accumulation value, your cumulative withdrawal amount exceeds your accumulation value, or you recover your health while exercising the AIM benefit, your income will return to its original amount. But you would still continue receiving income for life, even if your accumulation value was zero. What are Activities of Daily Living? The Activities of Daily Living (ADLs) are daily functions most adults can perform without assistance: eating, bathing, getting dressed, toileting, transferring, and continence. If you’re unable to perform at least two of these six daily tasks without help, the Allianz Income Multiplier benefit may allow you to withdraw up to double your annual maximum from your Allianz Benefit Control ® annuity.
How are withdrawals taxed? Withdrawals or surrenders from your contract may be subject to ordinary federal and state income taxes. You may also be subject to a 10% federal early withdrawal penalty if you take withdrawals prior to age 59½. Can I annuitize my contract? Yes. If you choose a standard annuity option after your fifth contract year, your annuity payment amount will be based on the greater of the accumulation value or the cash surrender value of your contract, not the PIV. In most cases, the PIV may provide you with an annual lifetime withdrawal amount that is greater than the amount you would receive based on your accumulation value. However, annuitization can have certain tax advantages; please consult your tax advisor for details. What happens to my annuity if I die? Allianz Benefit Control ® provides a death benefit for your beneficiaries. They have two options for receiving it. First, they can choose the PIV – which includes the premium and any interest bonuses, and is available if taken over at least five years, limited to 250% of the accumulation value (PIV death benefit limit can vary by state). Your beneficiary can also choose to receive the accumulation value (or the guaranteed minimum value or cumulative withdrawal amount, if greater) in a lump sum.
ASK YOUR FINANCIAL PROFESSIONAL for more information about how Allianz Benefit Control ® Annuity can be part of your strategy for guaranteed lifetime income.
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