Allianz Annuity Review: Company Overview And Annuity Offerings

An annuity is an insurance product that promises a stream of income in retirement — sometimes for life — in exchange for a lump sum or series of payments. They’re designed for people who want predictable, long-term financial security, especially in their later years.

As demand for these products climbs, Allianz is doubling down on its annuity business with a lineup that includes fixed index and registered index-linked options. The insurance giant is leaning into its reputation for stability, offering products tailored to investors concerned about market volatility but who still want to experience some upside potential.

This review breaks down top annuity offerings from Allianz, their key features, cost and everything else you need to know before signing a contract.

What types of annuities does Allianz offer?

Allianz sticks to two main types of annuities: fixed index and registered index-linked annuities. There are no basic fixed annuities or income-only options here — you’re either getting some market exposure or you’re not buying an annuity from Allianz.

Indexed-linked annuities may appear simple, but take a peek under the hood, and the nitty-gritty details get complicated fast. Allianz loves to slap the word “innovative” on its annuities, but what that often translates to is a dizzying maze of crediting methods, fees buried in fine print and confusing rider options that will leave most consumers feeling lost.

Yes, index-linked annuities are complex in general — but it feels like Allianz makes it even more difficult to parse through information. The benefits aren’t all that compelling compared to competitors, and unless you’re willing to wade through dense disclosures, it’s impossible to tell what you’re actually paying for or how your returns are calculated.

Fixed index annuities (FIAs)

Fixed index annuities are built for people who want to grow their money but don’t want to expose their principal to market crashes. Your gains are tied to a stock market index (like the S&P 500), but your initial investment is protected — so if the market tanks, you don’t lose money. That said, you also don’t capture the full market gains. A cap or participation rate limits your upside.

In short, if you’re worried about exposing your retirement investment to market risk but still want more than a CD rate, fixed index annuities may be a solid middle ground.

• Allianz Accumulation Advantage Annuity
  

  • • $20,000 minimum premium.
    • No annual contract or rider fees.
    • Principal protection.
    • Four crediting methods to choose from.
    • Multiple allocation options, including several indexes and a fixed rate.
    • Index Lock feature lets you lock in index performance during the crediting period.
    • Free standard death benefit, giving your beneficiary the greater of your accumulation value, guaranteed minimum value or your premium minus any withdrawals.
    • 10-year surrender period starting at 9.30 percent in year one and declining to 1 percent by year 10.
    • 10 percent free annual withdrawal.
    • No free withdrawals for terminal illness or nursing home care.

• Allianz 360 Annuity
  

  • • Principal protection from market losses.
    • Three crediting methods: monthly sum, annual point-to-point and monthly average.
    • 360 Benefit rider provides an interest bonus on credited interest. The cost is 0.95 percent annually, though the fee can increase to as much as 3 percent after the first year. The rider is mandatory for the first five years of the contract. If you cancel it, you give up the privilege of lifetime withdrawals.
    • Interest credits subject to caps and participation rates.
    • Rising lifetime withdrawal percentages for each year income is deferred after age 40.
    • Free standard death benefit.
    • Surrender period lasts 10 years, with charges starting at 10 percent in year one and decreasing to 1.25 percent in year 10.
    • Free annual 10 percent withdrawal.

• Allianz Benefit Control Annuity
  

  • • $20,000 minimum.
    • No explicit annual contract fee, though a maximum 2.5 percent “allocation fee” may apply for certain crediting methods.
    • Principal protection.
    • 25 percent bonus for any additional premiums you make in the first 18 months.
    • Complex bonus structure.
    • Payouts can start as early as age 50, which might make it a good option for early retirees.
    • Surrender charges last 10 years, starting at 9.30 percent in year one and declining to 1.05 percent by year 10.
    • After five years, you can take out up to 20 percent of your contract penalty-free for qualifying health events.

Registered index-linked annuities (RILAs)

Registered index-linked annuities take more risks for potentially higher rewards. You still get downside protection, but now your principal isn’t 100 percent safe — you could lose money depending on how much the market declines and what buffer or floor you pick. So, RILAs are good for people who want market-like gains but still need some guardrails.

Allianz lets you customize a lot here. You can tweak protection levels, index strategies and how long you commit your money. Registered index-linked annuities are more flexible than a fixed annuity, but they’re also more complicated. You need to understand how caps, buffers and participation rates work before you commit to signing a contract.

• Allianz Index Advantage+ Variable Annuity
  

  • • Minimum $10,000.
    • 1.25 percent annual product fee.
    • $50 annual fee for accounts with less than $100,000.
    • Investment fund fees are 0.65 percent.
    • Investment risk still exists so your principal isn’t fully protected.
    • Multiple index options and crediting methods.
    • You can limit your losses by choosing either a buffer ranging from 10 to 30 percent or with a floor of -10 percent.
    • Free standard death benefit. Optional death benefit rider available for 0.20 percent fee. Death benefits only available before the contract is annuitized.
    • Surrender charges start at 8 percent, then gradually decline to 0 percent in year six.
    • Free annual 10 percent withdrawal.

• Allianz Index Advantage+ Income Variable Annuity
  

  • • $5,000 minimum.
    • 1.25 percent annual product fee plus a 0.70 percent Income Benefit rider fee. The Income Benefit is automatically included in the contract.
    • $50 annual fee for accounts with less than $100,000.
    • Investment fund fees are 0.65 percent.
    • Income percentage increases the longer you defer income (starting at age 45).
    • Two income options, either level or increasing.
    • Multiple crediting methods and index strategies.
    • Investment risk and complexity in strategy selection.
    • You can limit your losses by choosing either a buffer ranging from 10 to 30 percent or with a floor of -10 percent.
    • Free standard death benefit. Optional death benefit rider available for 0.20 percent fee. Death benefits only available before the contract is annuitized.
    • Six-year surrender period, with charges starting at 8 percent and year one and declining to 0 percent by year six.
    • Free annual 10 percent withdrawal.

About Allianz

Allianz Life Insurance Company of North America was established in 1896. It’s part of Allianz SE, a massive global financial powerhouse based in Germany. In the U.S., Allianz Life is headquartered in Minneapolis and manages over $160 billion in assets.

The company focuses on retirement and insurance products — mostly annuities and life insurance. Over the years, Allianz has made a big name for itself in the annuity industry. In 2024, the company ranked second for the most registered index-linked annuity sales with more than $9 billion, according to LIMRA, a trade association for insurance companies.

Allianz maintains strong financial ratings, including an A+ from AM Best and an AA from Standard & Poor’s.

Pros and cons of Allianz annuities

Pros

• Wide range of fixed index annuities: Whether you’re cautious or can stomach some risk, Allianz has fixed index products that fit different needs.
• Tax-deferred growth: As with all annuities, you don’t owe taxes on your gains until you take money out.
• Customizable income features: You can add riders for lifetime income — if you’re willing to pay extra.

Cons

• Complexity: These products are complex and difficult to understand. You’ll need to have a solid grasp on industry-specific jargon, including index strategies, caps, buffers and spreads. If you don’t understand how the money moves, you could be disappointed with your returns.
• Riders cost extra: Want more guarantees? You have to pay for them, and those fees can eat into your returns.
• No pure immediate annuities: If you want something simple and straightforward that starts making payments quickly, Allianz probably isn’t a good fit.
• Long commitment: Surrender periods can be up to 10 years, which is a long time considering the industry standard is about seven years.

Bottom line

Allianz annuities aren’t for people looking for simplicity or quick access to cash. But if you want long-term retirement income with a mix of protection and growth, they might be a suitable option — especially if you’re willing to read the fine print and commit for the long haul.

But it’s important to know what you’re getting into. These products aren’t one-size-fits-all. The right annuity depends on your risk tolerance, age and financial goals. Talk to a financial advisor who knows annuities, and make sure they’re a fiduciary, not just an insurance agent trying to sell you a retirement cure-all. Because once you’re in, getting out of an annuity isn’t easy — or cheap.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.