Allianz MasterDex 10 Plus Annuity offered by Allianz

Introduction
Type of Product Indexed Annuity
Product NameAllianz MasterDex 10 Plus Annuity
Offered byAllianz
Company Info

Founded in 1896 and based i... read more

Contact Information
Company OfferingAllianz
Company TypeInsurance Company
Phone Number800-950-5872
Websitewww.allianzlife.com
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Reviews and Ratings
Average Review

4/5 from 5 Reviews


Product Ratings and Reviews

Rating:
5
Average: 5 (1 vote)

Not sure what the other reviewers are carping about in terms of liquidity or access to funds.

Yes, this is an insurance products and it is an indexed annuity.  The reality is that any insurance guarantee comes at a cost, and surrender charges are a fact of life with equity indexed products.

That said, a 10 year surrender charge is NOT at the upper end of the range when compared to other indexed products.  There are some products that have surrender periods up to 18 years.

Also, there is a free withdrawal provision that comes with the Masterdex 10 annuity.  Annuity owners are allowed to take up to 10 percent per year from the product with no fees applied.

There is also a loan provision that allows loans of up to 50 percent of the value and is capped at $50,000.

Last, there is a nursing home benefit that provides owners with access to their funds (without fees and penalties) if they end-up in a nursing home.

It's easy to rant about fees and surrender charges with any annuity product.

What you have to do though is look at the contract details because there are often plenty of features that allow for access to money without being dinged by surrender fees.

 

204 reads
Rating:
2
Average: 2 (1 vote)

The main criticism of indexed products involves surrender charges and the fact that people have their savings tied-up for years due to the fact that they would have huge fees applied if they need to remove funds.

The whole liquidity and suitability thing is what was front and center for the trial of the agent in northern california.

You can't have an elderly person with dementia put a whole lot of their money into a financial product that basically comes with withdrawal penalties or restrictions for a decade.

The surrender charge period for this Masterdex 10 from Allianz is 10 years.

Rates of return are currently capped at 4.75 percent (the 1 year FTSE point to point cap).  This rate could obviously change and is presumably subject to and reduced by some participation rate as well.

10 years of restrictions on access to funds is a big trade for--at best--some portion of 4.75 percent that is subject to change.

242 reads
Rating:
5
Average: 5 (1 vote)

This indexed annuity comes with a 10 percent premium bonus that is paid during the first 5 years of the contract.

The 10 percent premium bonus is applied to all premiums paid by the annuity owner during the first 5 years.

Also should be noted that the premium bonus only applies to funds that are annuitized by the owner--not to any withdrawals.

I think the 10 percent level is at the upper range of what is offered in the indexed market.

This level of bonus or credit should be considered meaningful since fixed income returns and yields on almost all investments are in the 1 - 4 percent range.

 

303 reads
Rating:
4
Average: 4 (1 vote)

Is it true that this indexed annuity is not available in the state of California?

Can anyone confirm one way or another?

Wondering why this would be the case since California must be one of the largest markets for any seller of annuities.

Also, wasn't an Allianz indexed annuity sold by the agent in northern California who went to jail for selling to someone suffering from dementia?

Maybe just this particular Allianz indexed product that is not available in CA?

Love Allianz as a company and their products, but need to know about availability.

Feedback welcome.

205 reads

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