Cash value accumulation life insurance

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1 Protection, wealth accumulation, and tax benefits all in one policy Cash value accumulation life insurance Allianz Life Insurance Company of North America M-5249 Page 1 of 12

2 Uncertainty in life is the only certainty. Page 2 of 12

3 What would happen if the unexpected happened? Uncertainty in life is the only certainty. For the families and small-business owners of today, financial vulnerability may be a bigger concern than ever. Questions like these may be keeping you up at night: What would happen if you died prematurely? Would your family have the financial assets to continue their current lifestyle? Would they be able to keep your home? Would there be money for college? And what about the funeral expenses and estate taxes at the time of your death? What would happen if you outlived your retirement assets? Are you accumulating enough to ensure a comfortable retirement? What happens if you have a financial emergency or major financial obligation? How will tomorrow s economy affect the value of your assets? What would happen if a key employee of your business died? Do you have a business succession plan in place? Would the business be able to continue without a key employee? How are you retaining key employees/executives? Cash value accumulation life insurance can help you better prepare today for when the unexpected happens. Life insurance provides a death benefit to your surviving spouse, family, or other beneficiaries. That, of course, is the first and foremost reason to own a policy. But a cash value life insurance policy also provides the opportunity for cash value accumulation that can help provide financial security in the years ahead. Because this type of life insurance can build cash value over the life of the policy, it s a potential solution for addressing several financial concerns at once: The need for an income-tax-free death benefit for your beneficiaries. The desire to build cash value on a tax-deferred basis for retirement or other use. The desire for flexibility. Some cash value accumulation policies provide flexibility in how much premium you pay and when you pay it. The need for access to your money. All cash value accumulation policies provide access to cash value via policy loans and withdrawals. Page 3 of 12 1

4 Life insurance provides an income-tax-free death benefit for your beneficiaries. This death benefit can address immediate needs when the insured dies, including: Income replacement for primary wage earners Supplemental college funding Mortgage and other debts Estate tax coverage Final expenses Business succession Many U.S. households today are under-insured and vulnerable if a wage earner dies. Despite the need for financial security for the future, tens of millions of U.S. households today have inadequate life insurance protection and even worse, no coverage at all. One in four households relies only on a group or employer plan to provide their life insurance, but with the instability in the job market, that coverage could easily be lost. 1 In all, a record number of U.S. households 50% think they need more life insurance. 1 And that still underestimates the problem. Today, nearly 7 in 10 American households with children under 18 would be in financial jeopardy if the primary breadwinner died. 1 1 Facts About Life 2010, LIMRA, Page 4 of 12

5 What type of life insurance policy is right for you? Different life insurance policies may provide different combinations of death benefit protection and accumulation potential. Generally, the more flexibility in premium payments that a life insurance policy provides (that is, the more or larger premiums you re able to pay and when), the greater your potential for tax-deferred cash accumulation. Matching the right policy to your needs depends on finding the balance of death benefit, premium flexibility, and accumulation potential with which you re most comfortable. Keep in mind that most life insurance policies require health underwriting and, in some cases, financial underwriting. Term life insurance provides life insurance coverage for a specific period of time, after which the policy terminates. Though they offer the advantage of a level, predictable premium, term policies provide a death benefit only they have no cash value accumulation potential. Whole life insurance also offers the predictability of level premium payments and can provide coverage for your entire life (instead of a set term). Unlike term policies, whole life policies have cash value you can access through policy loans. 1 Universal life can provide coverage for your entire lifetime. It offers you the flexibility to pay your premiums at any time and in any amount (subject to some limits), as long as the policy expenses and cost of coverage are met. Universal life policies also have cash value that can accumulate at a declared interest rate, which you re able to access through loans and withdrawals. 1 1 Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse, or affect guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Tax laws are subject to change and you should consult a tax professional. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A. However, withdrawals or partial surrenders are subject to income tax to the extent that the cash value in the policy immediately before the distribution exceeds the owner s tax basis in the policy. If taken prior to age 59½, a 10% federal tax penalty may apply. Page 5 of 12 3

6 Fixed index universal life insurance provides the potential for cash value accumulation. More than 4 in 10 Americans say the reason they don t have more life insurance is because of other financial priorities, such as saving for retirement. (In fact, over half of pre-retirees and retirees do not expect to receive enough income from Social Security and employer pensions to cover their basic living expenses in retirement.) 1 But with a fixed index universal life (FIUL) policy, you don t have to make a choice between life insurance or building cash value that can be accessed to supplement retirement income. Fixed index universal life provides death protection as well as the opportunity to build cash value and this cash value is available for later use to help supplement retirement income, fund a college education, or even cope with a financial emergency. (Keep in mind that using the policy s cash values for these purposes will reduce available cash values and the death benefit.) Indexed interest makes the difference. Fixed index universal life is a specific type of universal life policy in which cash value accumulates based on indexed interest. This can enable greater accumulation potential that you can access in the future through loans or withdrawals. How does it work? FIUL cash value accumulation life insurance basics Policyholder Premium Premium flexibility Maximum IRS allows Minus fees, expenses and cost of insurance Minimum required premium Life insurance cash value Cash value supports Living benefits: Access to cash value via loans and withdrawals Death benefit: Income-tax-free death benefit to beneficiaries Your policy has three types of policy charges you will pay when you own a policy: premium charges, monthly deductions, and an asset-based charge. A premium charge is deducted as premium is paid into the policy. Deductions are taken from the current value on each monthly anniversary of the policy s issue. An asset-based charge will be deducted monthly from the current value allocated to index options to reduce expenses the insurance company incurs to hedge the index options. In addition, if you fully surrender or cancel your policy during the surrender period, surrender charges will apply. Policy charges offset various expenses the insurance company incurs in connection with a life insurance policy, including but not limited to the expenses of underwriting, issuing and administering the policy, agent compensation, and compensating the company for the mortality risks it assumes. 1 Facts About Life 2010, LIMRA, Page 6 of 12

7 Flexible premium payments and tax advantages, too. You can adjust your premium payments to fit your financial goals. And you re not restricted based on your income on how much premium you can pay each year. There are no IRS rules like the ones that prevent persons in upper tax brackets from participating in certain taxqualified plans. Instead, to receive an income-tax-free death benefit and to ensure policy cash values accumulate on a favorable taxdeferred basis, the Internal Revenue Code generally regulates the relationship between the death benefit and policy accumulation, and this could limit the timing and amount of premium you pay. Tax advantages in three ways. According to the Social Security Administration, by 2017, the U.S. government will begin paying more in Social Security benefits than it collects in taxes. Without changes, by 2037, there will be only enough money to pay about 78 cents for every dollar of scheduled benefits. 1 We re looking at a future of reduced benefits or increased taxes or both. Which means the need is greater than ever to protect your estate while building your retirement assets and sheltering them from excessive taxation. Fixed index universal life offers three kinds of tax advantages to help you protect your beneficiaries and accumulate cash values: Income-tax-free death benefit to your beneficiaries. Your policy s cash value grows tax-deferred. Any policy loans from the cash value are income-tax-free while the policy remains in force. 2 And remember, the less money you pay in taxes, the more that remains in your policy adding to your potential to accumulate more for retirement and other financial needs. 1 Excerpted from SSA, Your Social Security Statement, sample available at (or simply look at the front page of your last statement). 2 Policy loans and withdrawals will reduce available cash values and death benefits and may cause the policy to lapse, or affect guarantees against lapse. Additional premium payments may be required to keep the policy in force. In the event of a lapse, outstanding policy loans in excess of unrecovered cost basis will be subject to ordinary income tax. Tax laws are subject to change and you should consult a tax professional. Policy loans are not usually subject to income tax unless the policy is classified as a modified endowment contract (MEC) under IRC Section 7702A. However, withdrawals or partial surrenders are subject to income tax to the extent that the cash value in the policy immediately before the distribution exceeds the owner s tax basis in the policy. If taken prior to age 59½, a 10% federal tax penalty may apply. Page 7 of 12 5

8 You can access your policy s cash value for several needs. Fixed index universal life can provide a systematic way to accumulate and protect your money for future needs on a taxefficient basis. Your cash value can be accessed income-tax-free for your needs including: Supplemental retirement income Supplemental college funding Emergencies Business planning Other financial needs Your cash value can be accessed in several ways: Participating loan: Your policy s cash value can still receive indexed interest when you take a participating loan. The interest charge of the loan, for example 6% in advance, can be reduced by the potential indexed interest credits. Standard loan: You may take a loan from your fixed interest allocation any time during the first 10 policy years, typically for a low net 2% cost. For example, the policy would charge 4% in advance each year, then credit back 2% at the end of each year the loan is outstanding. Preferred loan: You may take a loan from your fixed interest allocation any time after the first 10 policy years, typically for a net 0% cost. For example, the policy would charge 2% in advance each year, then credit back 2% at the end of each year the loan is outstanding. Free withdrawal: You may request a free withdrawal (or partial surrender ) from your FIUL policy if the need arises. Partial surrenders do not incur surrender charges, but they do reduce policy values (including the death benefit). Partial surrenders could also affect your death benefit guarantee. Full surrender: You may also request a full surrender of your policy. If you request a full surrender during your policy s surrender charge period, a surrender charge will apply. Standard and preferred loan options do not apply to cash value allocated to an index. If you take a policy loan, the loan will be proportionately deducted from your policy s current index allocations and/or fixed interest allocations. Loans will reduce your cash value and death benefit and could affect your death benefit guarantee. Ask your financial professional for more details about the policy you re considering. 6 Page 8 of 12

9 How indexed interest can build your policy s cash value. With a fixed index universal life policy, your premium (less any premium charges) can earn interest based on changes in an external index. (This is known as indexed interest. ) When you purchase your FIUL policy, you can select one or more index allocation options. The performance of your selected index(es) is tracked for you and a crediting method is used to calculate the indexed interest, which is applied to your policy s cash value. If, at the end of each policy year: The result is positive: Your policy will be credited with indexed interest (subject to a monthly or annual cap or a participation rate, depending on the crediting method you use). And because you re not actually participating in the market or investing in any stock or bond, any interest you receive is locked in. Once it s locked in, it can never be lost even if the index drops below this amount. If the policy is surrendered during the surrender period, surrender charges will apply. The result is negative: In this case, you won t receive any indexed interest, but your policy s cash value will not decrease. Page 9 of 12 7

10 How your indexed interest is calculated. The indexed interest is credited annually to your policy. The amount is calculated through one of three crediting methods, and participation rate which you choose when you buy your policy. You may change your crediting method on each policy anniversary. No single crediting method is most effective in all situations, so discuss with your financial professional how crediting methods work and request an illustration before you buy your policy. Annual point-to-point: This method tracks changes in an index from one policy anniversary to the next. Any positive change from the previous year, up to the cap, is credited to the policy s cash value. If that change is negative, the indexed interest for that year is zero. Monthly average: We track the positive and negative monthly index values. At the end of the policy year, we add up those index values and divide them by 12 to determine the average. We then subtract the starting index value from the average to determine the amount of positive or negative change in the index. This amount is divided by the starting value to determine the percentage of annual change. If the result is negative, indexed interest for that year will be zero. A positive result is multiplied by the participation rate (which can be less than 100% and can be changed annually) to determine the indexed interest rate. Monthly sum: Every month, the company tracks the positive and negative monthly changes in the market index(es). Each monthly positive change is subject to a cap and the negative change is not subject to a cap. At the end of each year, the 12 monthly changes are added up and, if positive, the total is credited to your policy. If the total is negative, the indexed interest for that year will be zero. The cap is subject to change on an annual basis. Participation rate: When the indexes reflect a positive change, the cash value of your policy will increase, subject to a percentage known as the participation rate. If you choose the monthly sum or annual point-to-point crediting methods, Allianz Life Insurance Company of North America guarantees a 100% participation rate over the life of the policy. If you choose the monthly average crediting method, the company will establish the participation rate every year. This rate is guaranteed to never be less than 25%. Please note: Additional factors may affect how much indexed interest you receive. For the complete, product-specific information, ask your financial professional. As an alternative to indexed interest, you can allocate part or all of your money to a fixed interest account. 8 Page 10 of 12

11 Put fixed index universal life insurance to work for you. A fixed index universal life policy from Allianz can provide a death benefit for your family and protection if you re a small-business owner while helping accumulate cash value to help supplement your retirement income and fund unexpected financial needs. Ask your financial professional to show you how. Page 11 of 12

12 True to our promises so you can be true to yours ṢM A leading provider of annuities and life insurance, Allianz Life Insurance Company of North America (Allianz) bases each decision on a philosophy of being true: True to our strength as an important part of a leading global financial organization. True to our passion for making wise investment decisions. And true to the people we serve, each and every day. Through a line of innovative products and our network of trusted financial professionals, Allianz helps more than 1.2 million people as they seek to achieve their financial and retirement goals. Founded in 1896, Allianz is now proud to play a vital role in the success of our global parent, Allianz SE, one of the world s largest financial services companies. While we pride ourselves on our financial strength, we re made of much more than our balance sheet. We believe in making a difference with our clients by being true to our commitments and keeping our promises. People rely on Allianz today and count on us for tomorrow when they need us most. Guarantees are backed solely by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America. Products are issued by: Allianz Life Insurance Company of North America 5701 Golden Hills Drive Minneapolis, MN Product and feature availability may vary by state. (R-10/2010) Page 12 of 12

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