Allianz PNB Life is a significant life insurer in the Philippines that started operations in 2016 as a subsidiary of the Allianz Group. We are a major provider of Variable Life products, as well as a complete array of Life protection solutions for individuals and businesses. All of our products and services are tailored to satisfy every Filipino family’s long-term financial planning, wealth creation, and well-being goals. In terms of premium income, we will be the country’s fastest growing life insurance firm in 2020.
What type of insurance is Allianz?
We provide international health, life, and disability insurance, as well as a wide range of health and protection services to private individuals, families, organizations, and partners, to meet their health and wellbeing protection needs.
Is Allianz a good insurance company?
Allianz Insurance Company is a German insurance company. At a Glance: Better Business Bureau (BBB) “A+” (outstanding) rating; AM Best “A+” (superior) rating. Financial stability is important. Individuals and corporations can get insurance through this company.
How stable is Allianz?
Fitch’s Prism Factor-Based Capital Model (Prism FBM) gave Allianz a ‘Very Strong’ rating based on end-2020 data, a rating it has held since 2014. The reported regulatory solvency ratio is equally high, at 208 percent at the end of 2020, albeit somewhat lower than at the end of 2019. (212 percent ).
How do I cancel my Allianz insurance?
Please contact us if you have any queries about your plan or simply want clarification that you’re canceling for a covered cause. Allianz Global Assistance is accessible 24 hours a day, 7 days a week to help you comprehend everything that needs to be done to help you cancel your trip due to a covered reason. Have your plan information ready when you call 1-866-884-3556 at any time.
Is PNB Metlife good?
The policy’s coverage is adequate, and the rates are reasonable. The service is pleasant and prompt. Claims are simple to obtain with the assistance of executives, and online renewals are the best. My term insurance coverage is underwritten by PNB Metlife Life Insurance.
How big is Allianz?
According to Forbes, Allianz will be the world’s largest insurance firm by 2020, with $1,134.954 billion in assets. Its sales forecast for 2020 was 140.5 billion.
Allianz announced earnings of EUR6.8 billion for the fiscal year 2017, with yearly revenue of EUR126.1 billion, up 3% from the previous fiscal cycle. In November 2018, Allianz’s shares were trading at over 185 a share, with a market capitalization of US$78.5 billion.
How do I get a refund from Allianz?
Contact Allianz Global Assistance by email, phone, or online to begin the refund process:
A claim professional will email you a claim form and inform you of the necessary documentation.
Is Allianz a safe investment?
Barron’s best RILAs list includes the Allianz Index Advantage Annuity, which offers downside protection and stock-like returns.
You’ve probably heard that annuities are sold rather than acquired. And you’re probably here to perform some research and due diligence before making a purchase. This is why I create annuity reviews for some of the most popular products. To be honest, there is startlingly little information about them. The majority of the information available comes from the companies that issue and sell annuities, and I’ve found that they tend to gloss over the fees, risks, and drawbacks. More importantly, annuities have evolved into highly complex products that even the most seasoned professional may find difficult to understand. Indexed annuities, frequently referred to as the “black sheep” of retirement products, have a history of being so complicated that they were the subject of legal and regulatory action in the 2000s. While the unfavorable publicity prompted carriers to improve their practices, indexed annuities remain complex and difficult to fully comprehend.
To buy any insurance product, you must first understand what it does and then choose the one that best meets your needs. I’ve dealt with far too many individuals who have asked for assistance in getting out of an annuity that turned out to be a bad fit. Unfortunately, I am unable to assist after the fact. After clients sign on the dotted line, stiff surrender penalties are unavoidable. I hope I can assist you in making the best selection possible to avoid buyer’s remorse.
Perspective That You Can Trust
This blog is written from the viewpoint of an interested analyst who examines a wide range of assets and techniques. I’m more objective than a commissioned salesperson because I’m a fee-only financial counselor. I intend to add a new viewpoint to this topic, based on my years of expertise as a research analyst studying firms. I’ve met with hundreds of CEOs and CFOs, including Steve Jobs and Sir Richard Branson, and I’ll utilize my analytical talents to simplify these complex instruments.
While many investing professionals despise annuities, I do not believe they are all terrible, and certain products might add value to your portfolio. Because of their lack of liquidity, which is one of its largest negatives, annuities should never, I repeat never, make up a considerable portion of your portfolio.
Issuer Review: Allianz SE and Allianz Life
Because annuities are not a guaranteed investment of any kind, it is critical to check at the issuer first. This is crucial to remember, so I’ll repeat it again. Annuities do not come with any guarantees. They are only backed by the issuing insurance company’s financial strength.
Allianz SE is a German financial services company with headquarters in Munich.
It is the world’s fifth largest money manager. PIMCO and Allianz Global Investors are part of Allianz in North America.
As of 2020, Allianz Life has received excellent ratings from all of the major rating agencies.
Annuity Review: Allianz Index Advantage Annuity
NOTE: Runnymede also provides a 0.75 percent commission-free version of The Allianz Index Advantage ADV Variable Annuity. Your return will be higher as a result of the cost reductions. For more information, schedule a call.
Beware of Surrender Fees
This annuity’s surrender charges and period are typical of most annuities. A seven-year withdrawal charge schedule is included in the contract.
You can withdraw 10% each year after the first contract year without paying surrender fees. If you are under the age of 59.5, however, you will be subject to a 10% IRS tax penalty as well as income taxes.
Surrender costs are, in my opinion, one of the worst aspects of annuities. These are astronomical lockup fees, and if you need money, they will take it from you. Because annuities are effectively illiquid for many years, they should never constitute a large portion of your investing portfolio.
Stop reading now if you think you’ll need the money you’re considering investing into this annuity. Proceed only if you are certain you will not require these funds in the following seven years.
A short note: My firm has access to a variety of commission-free annuity products from Allianz and other firms. The commission-free version of the Allianz Index Advantage ADV Variable Annuity not only comes at a lower price, but it also has lower surrender fees. We should chat if this is something that interests you.
The Allianz pitch as per their prospectus
This indexed variable annuity (also known as a buffered annuity) will most likely be divided into two parts:
1. The S&P 500’s potential growth is uncapped, or other indices have high caps;
2. A 20 percent buffer for a three-year period, or a 10% buffer for one-year periods.
This product may be appropriate for someone seeking growth while also being worried about downside risk. It can provide unconstrained upside potential in the S&P 500 while also providing 20% buffering protection over three years. In a moment, I’ll go over this in further depth.
Let’s take a closer look at this annuity to learn more about its features and alternatives.
Interest Crediting Options
The 3-year term approach is an attractive alternative for this product. This provides 10% downside protection as well as uncapped S&P 500 or Russell 2000 growth. Another option is to cap S&
Every three years, the downside protection or buffer is determined. For example, if the S&P 500 has climbed by 50% in price over the course of three years, your account value has increased by 50% minus the annual fee. However, if the index fell 10% at that time, you would lose nothing because it is still within the 20% cushion. If the S&P loses 25% in three years, you will only have lost 5% (25 percent 20% = 5%).
The remaining strategies are all one-year plans. For all one-year strategies, the buffer is ten percent.
The Nasdaq 100, iShares Emerging Markets, and the Euro Stoxx-50 are all available in the one-year term structure. The current cap structure (8/22/21 to 9/3/21) is as follows:
Your S&P 500 limit is 16.25 percent, and your buffer is 10% if you use the performance strategy for a year. Because the S&P 500 doesn’t normally rise more than 16.25 percent in a year, this provides some downside protection and a large cap.
A trigger strategy is another name for the Precision strategy. You get “Precision rate” if the index return is zero or positive. According to the rate table above, if the S&P 500 returns 1% at the conclusion of your contract year, you will receive 8.7% in that year’s contract. Your downside is protected by a 10% margin.
In a unique approach, the Index Guard technique provides downside protection. You are liable for a loss of up to 10% of the index, but you cannot lose more than that. However, as seen in the table above, your upside is constrained at lower levels.
The Protection method is by far the least popular. This is essentially a bond alternative with a maximum of 2.7-3 percent and complete downside protection. Many other fixed index annuities with better cap rates provide this option. If you’re interested in the Protection option, our experts can assist you in comparing several packages and determining which one is ideal for you.
Performance Lock
This annuity also includes the opportunity to lock in gains, which is a nice feature. This can be advantageous in a good year like 2021, where you can avoid giving back gains. This can be done either automatically or manually.
You lock in the index value as of the market closing once you’ve locked for the year/term.
Who should buy this product?
In conclusion, the Allianz Index Advantage Variable Annuity is a product to consider if you want to build your assets while simultaneously protecting yourself from the downside. As mentioned previously, there are options such as selecting the index and period, each of which have various upside limitations and downside buffers. Schedule a conversation with me if you need assistance understanding the product’s features and determining whether it is a good fit for your budget.
A commission-free version of this product is available from Runnymede for a charge of 0.75 percent. Most agencies charge a 1.25 percent annual fee for this service.
Buying the same product for a lower price saves you money over the course of the contract. You may save at least $1,250 each year on a $250,000 investment. Make a call to get more information.
Have questions about this Annuity?
Please leave a comment if you found this post useful. I’m happy to take the conversation off-line if you’re considering this annuity, have additional questions, or want to acquire this annuity at a discount.
I want you to make the best financial decision possible, and I’ll gladly point you in the proper path.