ALLIANZ BLUE NEWSLETTER

Beginning June 21, 2010, the transfer process for some cases will change.

Allianz will make the suitability determination prior to initiating the transfer process for a select group of consumers who meet a specific set of criteria.

This change will impact fixed annuity applicants age 65 or older who have either:

  • Liquidity less than $60,000, OR
  • Surrender charge greater than 5%.

Allianz is implementing this change to improve service quality for our agents and their clients. This change will eliminate the potential for funds to be returned to the transfer company if an application requires modification or is declined for suitability. Some companies are no longer accepting returned premium, resulting in clients incurring tax penalties, fees, and inconvenience.

Due to continuing improvements in the suitability process, we do not anticipate any material impact to the overall timeline of policy issuance. As a result, no general announcement will be made to agents.

If you have any questions on transfer changes, please contact an InsurMark Personal Annuity Consultant at 800-752-0207 today.

  

Products are issued by:
Allianz Life Insurance Company of North America
5701 Golden Hills Drive, Minneapolis, MN 55416-1297

http://www.allianzlife.com/

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Product and feature availability may vary by state.

EFIX-1701 (6/2010)