Ranked as a Best Annuity Company of 2023

4.65

Annuity.org Star Rating

Allianz Life

Allianz logo
Our Take

Allianz Life offers several annuity products both in the form of fixed index annuities and RILAs, with some fixed index offerings providing immediate income as well. It ranked below industry average in the 2023 J.D. Power Customer Satisfaction Index.

Pros

  • Strong financial strength
  • Variety of fixed index products

Cons

  • Ranks below average in customer satisfaction
  • Lack of simple fixed options or immediate options

Products Offered by Allianz Life

Allianz Life primarily offers fixed index annuities and registered index-linked annuities (RILAS). The company provides a strong variety of options in each category, with different products corresponding to different goals.

One thing to keep in mind when comparing options is that many of the unique features for specific types of annuities are only added through a rider, which is automatically included in your contract but costs you an additional fee.

Fixed Index Annuities

Allianz Life lists seven different types of fixed index annuities available, with most of them catering to specific needs. The Accumulation Advantage® annuity, for example, prioritizes accumulation while the Core Income 7® annuity is geared towards helping cover core retirement expenses.

Allianz Life Fixed Index Annuities

Product Main Benefit
Benefit Control Annuity More access to your money
Allianz 222 Access to income increases
Allianz 360 More income the longer you wait
Core 7 Income Annuity Covers core retirement expenses
Essential Income 7 Focuses on essential expenses
Retirement Foundation ADV Guaranteed income through an advisory platform
Accumulation Advantage Focuses on accumulation

Benefit Control Annuity

One of Allianz’s main products is its Benefit Control® annuity. Lack of liquidity is a major concern for many prospective annuity buyers, and this product helps assuage some of those concerns with more access to your money.

If you’re over 50, then Benefit Control can essentially function as an immediate annuity, giving you the option to start making withdrawals right away. Your beneficiary can also have access to a death benefit before the annuity has matured, either in a lump sum or over at least five years.

Benefit Control has several strong features, including a 25% premium bonus on any money placed into the annuity in the first 18 months of the contract. 

“The Allianz Benefit Control does one of the best jobs [of combatting inflation],” Federal Retirement Advisor Ken Orenstein told Annuity.org. “It also has an impairment doubler should the person become impaired. That’s a real strong product.” 

Allianz 222

The Allianz 222® includes many similar features to Benefit Control, with payments beginning after 10 contract years. Like Benefit Control, it includes a rider that can double your annual withdrawal if you move to a nursing home, assisted living facility or are hospitalized.

Allianz 360

The Allianz 360℠ is an advantageous choice for those planning to save for a long time. Once you turn 40, your lifetime income withdrawal percentage will rise every year you wait to begin taking payments. Simply put, the longer you wait, the bigger your payments will be.

Other Fixed Indexed Products

Allianz Life’s other fixed index options include the Core Income 7®, Essential Income 7®, Retirement Foundation ADV® and Accumulation Advantage®. These choices largely include riders that help gear the products toward specific goals or advantages, with Retirement Foundation ADV® available through an advisory platform and Accumulation Advantage including a wide range of index choices.

PRO TIP

Most of Allianz Life’s annuities offer unique features through riders that are automatically added to your contract. These riders do result in an additional cost.

The Core Income 7®’s Core Income Benefit rider focuses on combating inflation with automatic withdrawal percentage increases starting at age 45. The Essential Income 7® offers a more simplified route with just two index allocation options.

Registered Index-Linked Annuities

In addition to fixed index annuities, Allianz Life offers several variations of its RILA products. While less diverse than its fixed index offerings, there are several different routes to consider.

Indexes Offered Across RILAs (options vary by term and product)

  • S&P 500
  • Russell 2000
  • Nasdaq-100
  • iShares MSCI Emerging Markets ETF
  • Euro STOXX 50

The main offering is Allianz Index Advantage+℠. There are several different terms and strategies available through the product. For the multi-year term, there are both three-year and six-year options with either 10% or 20% for three years and a 10% buffer for six years.

One-year terms and specific strategies are also offered, which have access to more indexes. Allianz Index Advantage+ NF℠ is a similar option with a no-product fee. Allianz Index Advantage ADV® works in an advisory platform, providing just one-year and three-year terms.

Additionally, Allianz Life offers two other RILA options that are listed under “Income Solutions.” These products are aimed less specifically at retirement saving and more at growing assets while still providing lifetime income.

The first of these options is Index Advantage+ Income℠, which includes an income benefit rider to provide guaranteed income. The other option – Index Advantage Income ADV® – works through an advisory platform.

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About Allianz

Allianz Life, which is based in Minnesota, was originally founded in 1896 as North American Casualty, making it a very old and stable financial institution.

The company was acquired by the major German corporation Allianz in 1979 and adopted its current identity in 1993.

Allianz Life company has long been one of the major carriers of fixed-index annuities – becoming the No. 1 carrier in the United States in 2008 – and currently has more than $125 billion in assets under management.

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Credit Ratings

Credit ratings for annuity providers can help determine a company’s financial strength and stability — an indication that it will be around to guarantee payments to you in the future. Different rating companies use different scales.

Allianz Life Credit Ratings

Rating Company Credit Rating
AM Best A+
Moody’s Aa3
S&P AA

What Customers Are Saying About Allianz Life

While Allianz Life has a good number of strong offerings, one area it does lag is customer satisfaction. The company received a score of 792 in the J.D. Power Customer Satisfaction Index Rating, which put it below the industry average and well behind key competitors like F&G and MassMutual.

The company’s score also declined notably from 2022, when it was ranked significantly above industry average. This implies that customer satisfaction has worsened in the last year, with the provider’s score dropping by nine points.

Allianz Life, however, does have a strong NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market. score, which means that it had fewer complaints than expected, given its presence in the market.

Overall, the company lags behind some of its key competitors when it comes to the satisfaction of its customers but still outperforms many other members of the industry.

NAIC Complaint Index for Allianz Life

All Policy Types 0.12
Individual Annuities Only 0.82
These numbers indicate that Allianz Life receives fewer complaints than the industry average for all insurance policy types and individual annuities specifically.

Allianz Life Pros & Cons

One big pro of Allianz Life is just how secure of a company it is. Already a strong provider, it is owned and backed by a major international conglomerate. Typically, customers may be worried about financial security when committing to an annuity, but that is far from a concern with Allianz Life.

Another area where the company truly shines is with its fixed index offerings. The sheer volume of products available is impressive, with many different variations and riders available to help potential customers match with the exact product that fits their situation.

“They essentially have an option for everything that you could want — a product for every outcome,” Jonathan Varner told Annuity.org. “If you want to defer income for 10 years, build a cash account, they’ve got a product that works well for that. If you want to defer money for a while in a fixed index annuity and eventually take lifetime income, they have a product that’s specialized for that.”

But, like any company, there are drawbacks to consider with Allianz Life as well. While its fixed index offerings are strong, there aren’t a ton of other options available. RILAs are available, but there are no straightforward fixed offerings, and “immediate” annuities are only available through a couple of types of fixed index annuities that can pay out immediately if you are over 50.

Another drawback is the company’s J.D. Power customer satisfaction score, which is below the industry average.

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Provider Rating Methodology

Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the number of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.

Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.

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Our Rating Panel

Annuity.org expert panel for providers pages

The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers. 

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: February 2, 2024
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