Goldstein Scorecard: B (dated October 4, 2026). See how it is graded.
Allianz Life Annuities: Current Products, Rates and Reviews
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Allianz Life's product lineup, rates pages, product pages and ratings page on October 4, 2026 · Updated
Allianz Life Insurance Company of North America sells eleven fixed index annuities on its current lineup (checked October 4, 2026), from the income-focused Allianz 222+ and Benefit Control+ to the Accumulation Advantage family. It is rated A+ (Superior) by AM Best, affirmed March 27, 2026. Headline current rates as of 9/1/2026 range from a 45% PIV bonus on the 222+ to a 4.80% fixed rate on Accumulation Advantage 5.
Correction (October 4, 2026): an earlier version of this hub called Allianz a "mutual carrier," cited a "Tier S" renewal-rate grade and an unsourced Allianz SE asset figure, described a "step rate" product, and graded products with letter verdicts and complexity scores.
Allianz Life is a subsidiary of Allianz SE (AM Best, March 27, 2026), and the "step rate" is Allianz's 1-year performance trigger. Those items, the star rating and the Weiss, Fitch, COMDEX and service grades are removed.
This hub lists what Allianz Life Insurance Company of North America sells today, with the headline numbers from Allianz's own rates pages and links to our product reviews. Everything was checked on October 4, 2026.
CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge.
In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
Allianz fixed index annuities, current lineup (rates as of 9/1/2026)
| Product | Built for | Withdrawal charge | Headline current rates (9/1/2026) | Charges | Review |
|---|---|---|---|---|---|
| Allianz 222+ (222 in Oregon) | Lifetime income after 10 years | 10 yrs, 9.30% to 1.05% | 45% PIV bonus; S&P 500 annual cap 4.50%; fixed 2.80% (rates) | No PIV/AIM rider charge | 222+ detail · vs Athene PE 10 |
| Allianz 360 | Income with an interest bonus | 10 yrs, 10% to 1.25% | 105% interest bonus; S&P 500 annual cap 4.25%; fixed 2.70% (rates) | 360 Benefit rider 0.95% | Not yet reviewed |
| Benefit Control+ (Benefit Control in Oregon) | Lifetime income from age 50 | 10 yrs, 9.30% to 1.05% | 35% PIV bonus (28% declared 10/6/2026); S&P 500 cap 4.00%; fixed 2.50% (rates) | No PIV/AIM rider charge | Benefit Control+ review |
| Accumulation Advantage Classic | Accumulation, no bonus | 10 yrs, 9.30% to 1.00% | S&P 500 cap 9.00%; trigger 7.00%; fixed 4.00% ($100,000+) (rates) | Enhanced options 0.95% | Trigger ("step rate") detail |
| Accumulation Advantage+ | Accumulation with a vesting bonus | 10 yrs, 9.30% to 1.00% | 15% bonus vesting over 10 years; S&P 500 cap 5.75%; fixed 3.10% ($100,000+) (rates) | Enhanced options 0.95% | Trigger detail |
| Accumulation Advantage | Accumulation | 10 yrs, 9.30% to 1.00% | Fixed 7.90% year 1 (base 4.40% + 3.5% enhancement), 4.40% year 2; S&P 500 cap 8.50% ($100,000+) (rates) | MY options: 0% now, 2.5% max | Not yet reviewed |
| Accumulation Advantage 7 | Accumulation, 7 years | 7 yrs, 8.50% to 3.00% | S&P 500 cap 9.25%; trigger 7.10%; fixed 4.40% ($100,000+) (rates) | No allocation charge listed on rates page | Trigger detail |
| Accumulation Advantage 5 | Accumulation, 5 years | 5 yrs, 8.50% to 5.00% | S&P 500 cap 10.50%; trigger 7.95%; fixed 4.80% ($100,000+) (rates) | No allocation charge listed on rates page | Trigger detail |
| Core Income 7 | Lifetime income, 7 years | 7 yrs, 8.5% to 3.0% | S&P 500 cap 4.00%; fixed 2.60% (rates) | Core Income Benefit rider 1.25% | Not yet reviewed |
| Essential Income 7 | Lifetime income, 7 years | 7 yrs, 8.5% to 3.0% | S&P 500 cap 4.00%; fixed 2.60% (rates) | Benefit charge 1.05% | Essential Income 7 review |
| Retirement Foundation ADV | Income, advisory channel | 7 yrs, 6.5% to 1% | S&P 500 cap 4.50%; fixed 2.80% (rates) | Rider charge 1.25% | Not yet reviewed |
Also sold by Allianz Life
Allianz also lists registered index-linked annuities (Index Advantage+, Index Advantage+ NF, Index Advantage+ Income, Index Advantage+ Select Income and Index Advantage Income ADV) on its RILA page. These are securities sold by prospectus and are not reviewed here. Products no longer on the lineup that owners still ask about: Allianz 365i and Allianz MasterDex X.
Is the annuity you're looking at actually the best one available?
Send your email and I'll send what it really guarantees, what the surrender schedule costs you, and the two or three carriers paying more for the same guarantee. If it's already a good fit, I'll tell you that.
We’ll email it to you. Hans reads every one himself and replies within one business day. Hans Goldstein · NPN 20602398.
Rather talk it through? Or book 15 minutes on Hans’s calendar.
Product detail: 222+, Accumulation Advantage trigger, and legacy 365i and MasterDex X
Jump to: Allianz 222+ and 222 · 222+ vs Athene Performance Elite 10 · Accumulation Advantage performance trigger ("step rate") · Allianz 365i (legacy) · Allianz MasterDex X (legacy)
Allianz 222+ (222 in Oregon): status, specs and current rates
Status: current sale. Allianz sells the 222 only in Oregon and the 222+ in every other state. On the 222+ rates page, the S&P 500 annual cap is 4.50% and the fixed rate 2.80% on current rates as of 9/1/2026; declared rates for 10/6/2026 raise them to 5.50% and 3.20%.
The 45% premium bonus and the 150% interest bonus factor apply on both dates, and both go to the Protected Income Value (PIV) only. At a 45% bonus, $100,000 starts at a $145,000 PIV and a $100,000 accumulation value. A 3% credited year adds 4.5% to the PIV.
| Feature | Allianz 222+ |
|---|---|
| Withdrawal charge by contract year | 9.30%, 9.30%, 8.30%, 7.30%, 6.25%, 5.25%, 4.20%, 3.15%, 2.10%, 1.05%, then 0% |
| Market value adjustment | Yes, on full and excess withdrawals in the first 10 years; it cannot push cash value below the contract's minimum value or above the accumulation value. Reference rate 5.81% as of 10/2/2026 (Bloomberg US Intermediate Corporate Bond Index yield). |
| Free withdrawals | In years after a year premium is paid: up to 10% of paid premium or beginning-of-year accumulation value, whichever is greater; unused percentage carries over up to 20% |
| Premium and issue age | $20,000 minimum; up to $2,000,000 without prior approval; additional premium in the first 18 contract months ($25 to $25,000 per payment unless Allianz approves more); issue ages to 80 |
| Bonuses | 45% premium bonus on premium paid in the first 18 months and 150% interest bonus factor, both credited to the PIV only |
| Rider charges | PIV and Allianz Income Multiplier (AIM) riders at no additional cost. 5-year MY point-to-point allocation charge: 0% now, 2.5% maximum |
| Lifetime withdrawals | On or after the 10th contract anniversary, ages 60 to 100. Single life: 5.00% (60 to 69), 5.50% (70 to 79), 6.00% (80+). Joint life: 4.50%, 5.00%, 5.50%. Applied to the PIV |
| Income Multiplier | Up to double the lifetime withdrawal amount if unable to perform 2 of 6 ADLs, or confined to a qualified hospital, nursing facility or assisted living facility for 90 days in a 120-day period |
| Death benefit | Lump sum of the greater of accumulation value, minimum value or cumulative withdrawal amount (no PIV bonuses), or the full PIV as annuity payments over at least 5 years (limited in CT, HI, MD, NJ, OH, PA, UT and WA) |
| Contract minimums | 222+: in the Statement of Understanding, not on the public rates page. Oregon 222 (rates page): 0.25% minimum annual cap, 0.50% minimum monthly cap, 5% minimum participation rate, 0.10% minimum interest |
| 222+ allocation (participation rate) | Current 9/1/2026 | Declared 10/6/2026 |
|---|---|---|
| Bloomberg US Dynamic Balance III ER, 1-yr highest daily value | 45% | 57% |
| Bloomberg US Dynamic Balance III ER, annual point-to-point | 85% | 105% |
| PIMCO Tactical Balanced ER, annual point-to-point | 80% | 100% |
| Morgan Stanley Strategic Trends 10 ER, annual point-to-point | 55% | 75% |
| Blended Futures Index, annual point-to-point | 50% | 70% |
| S&P 500 Futures Index ER, annual point-to-point | 45% | 55% |
| Bloomberg US Dynamic Balance III ER, 2-yr MY (year 2) | 140% | 160% |
| Bloomberg US Dynamic Balance III ER, 5-yr MY (year 5) | 235% | 255% |
| PIMCO Tactical Balanced ER, 5-yr MY (year 5) | 230% | 250% |
The Oregon 222 uses a different index lineup (Bloomberg US Dynamic Balance II ER, BlackRock iBLD Claria ER, S&P 500 Futures Daily Risk Control 5%).
On either version, read an illustration with the PIV column covered: the accumulation value and the minimum value are what you can walk away with and what a lump-sum death benefit pays. The 45% matters only if you will take lifetime withdrawals after year 10 and age 60.
Allianz 222+ vs Athene Performance Elite 10
Both are 10-year fixed index annuities from A+ insurers, often shown side by side, but built for different jobs: the 222+ for lifetime withdrawals, the Performance Elite 10 for accumulation.
| Feature | Allianz 222+ | Athene Performance Elite 10 |
|---|---|---|
| AM Best | A+ (Superior), affirmed March 27, 2026 | A+ (Superior), Athene Annuity and Life Company, affirmed August 27, 2026 |
| Built for | Lifetime withdrawals after year 10 | Accumulation |
| Bonus | 45% premium bonus and 150% interest bonus factor, PIV only | Premium bonus by state and age, e.g. 22% (ages 0 to 70, most states), 17% (CA); Plus version 25% / 20%; vests over 10 years |
| S&P 500 1-year cap | 4.50% current (9/1/2026); 5.50% declared (10/6/2026) | 5.50% with no strategy charge; 8.00% with a 1.25% strategy charge (9/25/2026) |
| Fixed rate | 2.80% current; 3.20% declared | 2.90% (CA 2.90%) |
| Withdrawal charge | 9.30, 9.30, 8.30, 7.30, 6.25, 5.25, 4.20, 3.15, 2.10, 1.05% | Most states: 12, 12, 12, 11, 10, 9, 8, 7, 6, 4%. CA: 8.2, 7.7, 6.6, 5.6, 4.5, 3.4, 2.3, 1.2, 0.1%, then 0% |
| MVA | Yes, first 10 years | Yes, during the withdrawal charge period (not in MD or MO) |
| Free withdrawals | 10% of paid premium or accumulation value; carryover to 20% | Base: 0% in year 1, 5% from year 2. Plus: 10% from year 1, up to 20% if none taken the prior year |
| Charges | No PIV or Income Multiplier charge; 5-year MY allocation charge 0% now, 2.5% max | Optional 1.25% strategy charge; Plus liquidity rider 0.95% a year |
| Lifetime income | Lifetime withdrawals from the 10th anniversary, ages 60 to 100; single life 5.00% to 6.00% | No lifetime withdrawal rider listed; annuitization options (Plus: enhanced annuitization after year 7, not CA or FL) |
| Minimum premium / issue ages | $20,000 (to $2,000,000 without approval) / to 80 | $10,000 ($5,000 in some states), $1,000,000 maximum without approval / 0 to 78 |
| Contract minimum cap | Not public (Statement of Understanding) | 0.50% S&P 500 1-year cap; 10% minimum participation on uncapped strategies (form 22642) |
Hypothetical, for illustration only, not an insurer illustration: $100,000 in each, no withdrawals. In the 222+, the PIV starts at $145,000 and the accumulation value at $100,000.
In a most-states Performance Elite 10 for a 65-year-old, the 22% bonus brings the accumulated value to $122,000, with 0% of the bonus vested in years 1 to 6 under Chart A; a year-3 surrender faces a 12% withdrawal charge, an MVA and loss of the unvested bonus.
Decide first whether the money's job is income or growth; the two headline bonuses are not comparable.
Accumulation Advantage 1-year performance trigger (the "step rate")
Status: current sale. Allianz does not use the term "step rate." What agents quote under that name is the 1-year performance trigger: if the S&P 500 change for the crediting year is 0% or more, the allocation gets the declared trigger rate; if it is negative, 0%. It is offered on Accumulation Advantage Classic, Accumulation Advantage+, 5 and 7, not on the original Accumulation Advantage.
| Product (withdrawal charge years) | Trigger, $100,000+, current 9/1/2026 | Declared 10/6/2026 | Under $100,000, current |
|---|---|---|---|
| Accumulation Advantage Classic (10), standard | 7.00% | 7.25% | 5.00% |
| Accumulation Advantage Classic (10), enhanced (0.95% allocation charge) | 8.25% | 8.50% | 6.50% |
| Accumulation Advantage+ (10, 15% vesting bonus), standard | 4.60% | 4.60% | 2.85% |
| Accumulation Advantage+ (10), enhanced (0.95% allocation charge) | 5.85% | 5.85% | 4.10% |
| Accumulation Advantage 7 (7) | 7.10% | 7.35% | 5.10% |
| Accumulation Advantage 5 (5) | 7.95% | 8.20% | 5.95% |
| Accumulation Advantage (original, 10) | No trigger option | Not offered | Not offered |
Hypothetical, for illustration only, using Classic standard rates for $100,000+ (current 9/1/2026): trigger 7.00% vs annual point-to-point cap 9.00%.
| S&P 500 change for the year (hypothetical) | Performance trigger 7.00% | Annual cap 9.00% |
|---|---|---|
| -8% | 0% | 0% |
| 0% | 7.00% | 0% |
| +3% | 7.00% | 3.00% |
| +7% | 7.00% | 7.00% |
| +15% | 7.00% | 9.00% |
The trigger wins in flat to modestly positive years; the cap wins when the index rises more than the trigger rate. Both credit 0% in a down year.
Rates reset each contract anniversary: Accumulation Advantage+, 5 and 7 rates pages state a 0.15% minimum trigger rate and a 0.25% minimum annual cap (Accumulation Advantage 5 rates page, Accumulation Advantage+ rates page); the earlier C64237 Accumulation Advantage lists 0.25% annual and 0.50% monthly (rates page).
Classic's trigger and cap minimums are in the Statement of Understanding only; its public minimum is 0.10% on fixed interest.
| Accumulation Advantage Classic | Detail |
|---|---|
| Withdrawal charge by contract year | 9.30%, 8.85%, 7.90%, 6.95%, 5.95%, 5.00%, 4.00%, 3.00%, 2.00%, 1.00%, then 0%; MVA in the first 10 years (reference rate 5.81% as of 10/2/2026) |
| Free withdrawals | Up to 10% a year of premium or accumulation value, whichever is greater, from the contract year after the last premium; carryover to 20% |
| Premium, issue age, bonus | $20,000 minimum, $2,000,000 without approval; issue ages to 80; no premium bonus |
| Fixed interest (current 9/1/2026) | 4.00% ($100,000+), 3.50% under $100,000; declared 10/6/2026: 4.10% and 3.60% |
| S&P 500 annual cap, $100,000+ | Standard 9.00%, enhanced 10.75% (9/1/2026); declared 10/6/2026: 9.25% and 11.00% |
| S&P 500 monthly sum cap, $100,000+ | Standard 2.50%, enhanced 3.00% (9/1/2026) |
| Allocation charges | Enhanced options 0.95% current and maximum, deducted even in a 0% year; 5-year MY standard 0% current, 2.50% maximum; 5-year MY enhanced 0.95% |
| Annuity payments | Payments begun on or after the fifth contract anniversary use the greater of cash value or accumulation value |
Allianz 365i (legacy, owners only)
Status: not on Allianz's current lineup (checked October 4, 2026); existing contracts stay in force. There is no public rate sheet; renewal caps appear only on the owner's annual statement. Terms below are from Allianz's 2017 documents and can differ for other versions and states; your contract governs.
| Feature | Allianz 365i (profile R-8/2017) |
|---|---|
| Premium and issue ages | $20,000 minimum, qualified and nonqualified; additional premium through the first contract year; ages 0 to 80 |
| Premium bonus | 3% on premium received in the first contract year; vests 10% per anniversary, 100% at the start of year 11 |
| Surrender charge by contract year | 10%, 10%, 10%, 8.75%, 7.50%, 6.25%, 5.00%, 3.75%, 2.50%, 1.25%, then 0% |
| MVA | On partial or full surrenders during the surrender charge period, and on annuitization before year 6 or over fewer than 10 years |
| Free withdrawals | After year 1, up to 10% of premium paid each contract year |
| Crediting methods | Monthly sum (S&P 500, Nasdaq-100, Russell 2000); annual point-to-point with cap; annual point-to-point with spread; monthly average (blended index); fixed interest |
| Contract minimums | Monthly cap 0.50%, annual cap 0.25%, maximum annual spread 12%, minimum interest 0.10%; participation rate 100% for the life of the contract |
| Minimum value | 87.5% of premium less withdrawals, credited at no less than 1.65% a year for 10 years, then at least 1% (may vary by state) |
| Death benefit | Accumulation value including vested and unvested bonus, lump sum or over at least 5 years, plus an enhancement equal to 25% of all interest credited (conditions apply) |
| Optional riders | Income Maximizer Rider and Flexible Withdrawal Benefit Rider, at additional cost; the charge is in your rider pages, not the public profile |
Why owners see 0% in an up year: monthly sum caps each positive month but not negative months, then adds all 12.
Hypothetical, not a 365i rate: with a 1.60% monthly cap and monthly index changes of +4, +3, -6, +2, +3, -5, +4, +1, +3, -3, +2 and +3 percent, the capped months add to -0.20%, so the year credits 0%, while the index itself finished up about 10.8%.
For context only, the S&P 500 monthly sum cap on a new Accumulation Advantage Classic was 2.50% (standard, $100,000+, current 9/1/2026); that says nothing about a 365i renewal cap.
Allianz MasterDex X (legacy, owners only)
Status: retired, not offered for new purchase (not on Allianz's current lineup, checked October 4, 2026). The newest MasterDex X document found is the 2015 product profile. Terms differ by version, so find yours by contract number and issue date. Earlier MasterDex products (for example MasterDex 10 and MasterDex 10 Plus) have their own contracts.
| Feature | SOU52575-2 (R-3/2011) | Profile AG52575 (R-3/2015) |
|---|---|---|
| Minimum premium | $20,000; additional premium in the first three contract years | Same; issue ages 0 to 80 |
| Premium bonus | 10% on all premium paid | 4% on premium received in the first three contract years |
| Bonus vesting | 0% in year 1, then 10% per anniversary, 100% at year 11 | Same |
| Surrender charge by year | 10, 10, 10, 8.75, 7.50, 6.25, 5.00, 3.75, 2.50, 1.25%, then 0% (applied to accumulation value minus unvested bonus) | Same |
| Crediting methods | Annual point-to-point, monthly sum (S&P 500, Nasdaq-100, EURO STOXX 50), monthly average (blended index), fixed | Same, plus optional Select S&P 500 allocations with a 1% annual allocation charge |
| Contract minimums | Annual cap 1%, monthly cap 0.5%, spread at most 12%, fixed rate 0.5% | Monthly cap 0.50%, annual cap 0.25%, spread at most 12%, minimum interest 0.10% |
| Minimum value | 87.5% of premium less withdrawals, at no less than 2.25% a year | 87.5% of premium less withdrawals, at no less than 1.75% for 10 years, then 1% |
| Reaching full accumulation value | Lump sum after 10 years, or annuity payments on 100% of accumulation value after 5 years | 5x10 and 5x5 payout options on full accumulation value; period-certain option after 1 year, less bonus |
| Other | Contract loans (up to 50% of cash surrender value, $50,000 maximum; 7.4% interest in advance), Nursing Home Benefit, penalty-free RMDs | Nursing Home Benefit, Flexible Annuity Option Rider, penalty-free RMDs |
A MasterDex X statement shows three values: accumulation value (premium, bonus and credited interest), cash surrender value (accumulation value minus surrender charge and unvested bonus) and the contract's minimum value. Allianz's own 2011 example, $100,000 with a 10% bonus, shows $110,000 of accumulation value at issue and a $90,000 cash surrender value. In the first 10 years, a surrender or exchange moves the cash surrender value, not the accumulation value.
Legacy owner checklist (365i and MasterDex X): write down your contract year, the current renewal cap on each allocation next to the contract minimums, and today's cash surrender value after surrender charge, MVA and unvested bonus. That is the number any replacement must beat after its own new surrender period.
A direct 1035 exchange avoids current income tax but not the old contract's surrender charge (1035 exchange step by step). Owners in year 9 or 10 usually lose little by waiting until the charge reaches 0%.
Allianz Life financial strength (verified)
| Agency | Rating | Date |
|---|---|---|
| AM Best (Financial Strength Rating) | A+ (Superior), stable outlook | Affirmed March 27, 2026 |
| S&P | AA (Very strong) | Affirmed March 2026 |
| Moody's | Aa3 | Most recently affirmed September 2025 |
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | AM Best A+ (Superior), stable, affirmed March 27, 2026; S&P AA; Moody's Aa3. |
| Rate or cap competitiveness | C+ | Highest fixed rate on the lineup is 4.80% (Accumulation Advantage 5, $100,000+, 9/1/2026), below the 5.50% to 6.05% A-rated 5-year MYGA range of October 14, 2026. Income products spend on PIV bonuses instead. |
| Guaranteed floor | D | Public contract minimums on Allianz rates pages are low: 0.10% fixed interest, 0.25% annual cap, 0.50% monthly cap where listed; several products keep minimums in the Statement of Understanding only. |
| Liquidity | B- | Withdrawal charges run 5, 7 or 10 years, with MVAs; 10% free withdrawals appear in each brochure we checked (222+, Benefit Control+, Accumulation Advantage Classic and +). |
| Costs | B | PIV designs (222+, Benefit Control+) have no rider charge; 360, Core Income 7, Essential Income 7 and Retirement Foundation ADV charge 0.95% to 1.25% a year; enhanced options 0.95%. |
| Transparency | A | Current and declared rates, withdrawal charge schedules and many minimums are public and dated for every product on the lineup. |
| Guaranteed minimum cap | 0.25% (where published) | 0.25% annual cap and 0.50% monthly sum cap on the Allianz 222 rates page (Oregon 222), Allianz 360 rates page, Allianz Core Income 7 rates page, Accumulation Advantage 5 rates page and Accumulation Advantage+ rates page; Essential Income 7: 3.00% in years 1 to 7 (Allianz Essential Income 7 rates page); 222+, Benefit Control+ and Accumulation Advantage Classic: Statement of Understanding only (checked October 4, 2026). |
| Minimum participation rate | 5% (where published) | Participation strategies on the 222 (Oregon), 360 and Core Income 7 rates pages. |
| Maximum spread | 12% | Core Income 7 annual spread strategy, Allianz Core Income 7 rates page. |
| Overall | B | Strong insurer with unusually open rate disclosure; rates on the income products are low by design, and fixed rates trail MYGAs. |
How these contract minimums compare across products: guaranteed minimum caps across FIAs (October 2026).
Pros and cons
| Pros | Cons |
|---|---|
| AM Best A+ (stable) and S&P AA. | No MYGA on the lineup; fixed rates trail MYGAs. |
| Public, dated current and declared rates for every product. | Income-product caps are low (4.00% to 4.50% S&P caps). |
| No-charge PIV income designs (222+, Benefit Control+). | PIV bonuses never reach cash value. |
| 5- and 7-year accumulation options as well as 10-year. | Withdrawal charges up to 10% plus MVAs. |
Who it's for, and when to look elsewhere
Fits: buyers who want an index-linked contract from an A+ insurer, either for lifetime withdrawals (222+, Benefit Control+, Essential Income 7) or accumulation over 5, 7 or 10 years (Accumulation Advantage family).
Look elsewhere if:
- You want a declared fixed rate for a set term. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
- You may need more than 10% a year before the withdrawal charge ends.
- You want to compare carriers side by side: see Athene vs F&G vs Allianz and Allianz 222+ vs Athene Performance Elite 10.
Run the numbers: annuity surrender charge calculator, annuity calculator and lifetime income rider vs annuitization. Other carrier hubs: Athene products hub.
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
Send your details. Within one business day you get a written review of your quote, a side-by-side with two alternatives, and a free 15-minute call if you want one.
Rather talk it through? Or book 15 minutes on Hans’s calendar, or call 213-414-2808.
Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Questions to ask your agent
- Which Allianz product and version are you proposing, and are the rates on my illustration the current or the declared ones?
- What are the guaranteed minimum caps, participation rates and fixed rate in the Statement of Understanding? In writing, please.
- Show me the full withdrawal charge schedule by year, how the MVA works, and my free withdrawal amount.
- If it is an income product: what is my withdrawal percentage at the age I plan to start, and what is my accumulation value (not PIV) at year 10?
- How are you paid on this product? Commission comes from Allianz and is built into the product's pricing, not deducted from my premium. What percentage is it, and would a longer surrender term pay you more? (Background: how annuity commissions work.)
From my desk
When someone brings me an Allianz proposal, I first identify which of the eleven lineup products it is, because the 222+, Benefit Control+ and Accumulation Advantage Classic work very differently. Then I pull that product's rates page and check that the illustration uses the current or declared rates, not an old month.
The number buyers misread most often across the Allianz income products is the Protected Income Value. It is a base for lifetime withdrawals, not money you can take out. On the accumulation products it is the premium band: rates for under $100,000 are lower.
My MYGA test is the same for every product: if the buyer needs a known amount on a known date, I put the illustration's guaranteed column next to a MYGA at its declared rate for the same years before talking about index options.
Hans Goldstein, independent licensed insurance producer, CA license 4273294, NPN 20602398. No carrier paid for this review.
Frequently asked questions
Which fixed index annuities does Allianz Life sell today?
Allianz Life's fixed index annuity page, checked October 4, 2026, lists the Allianz 222+ (and 222 in Oregon), Allianz 360, Accumulation Advantage, Accumulation Advantage+, Accumulation Advantage Classic, Accumulation Advantage 5, Accumulation Advantage 7, Benefit Control+ (and Benefit Control in Oregon), Core Income 7, Essential Income 7 and Retirement Foundation ADV.
What is Allianz Life's AM Best rating?
A+ (Superior), affirmed with a stable outlook by AM Best on March 27, 2026. Allianz's ratings page also shows S&P AA (affirmed March 2026) and Moody's Aa3 (most recently affirmed September 2025).
Does Allianz sell a MYGA?
Allianz Life's annuity pages list fixed index annuities and registered index-linked annuities; no multi-year guaranteed annuity is listed on the pages we checked October 4, 2026. For a declared fixed rate for a set term, buyers compare MYGAs from other insurers.
How often do Allianz FIA rates change?
Allianz posts current rates and, before a change, declared rates. On October 4, 2026 its pages showed current rates as of 09/01/2026 and declared rates as of 10/06/2026. New and pending applications get a 60-day rate lock at the higher of the rates available during that period.
Are the 365i and MasterDex X still sold?
Neither appears on Allianz's current fixed index annuity lineup page. Owner detail for both is on this page: Allianz 365i and Allianz MasterDex X.
Is the Allianz 222+ 45% bonus added to my account value?
No. Allianz credits the 45% premium bonus and the 150% interest bonus factor only to the Protected Income Value (PIV), which sets lifetime withdrawals on or after the 10th contract anniversary, ages 60 to 100. The PIV is not available as a lump sum; a full surrender pays from the accumulation value (222+ rates page and brochure 222PL-001, checked October 4, 2026).
What is the Allianz Accumulation Advantage step rate?
Allianz calls it the 1-year performance trigger. If the S&P 500 change for the crediting year is 0% or more, the allocation gets the declared trigger rate; if negative, 0%. On Accumulation Advantage Classic ($100,000 or more) it was 7.00% standard and 8.25% enhanced on current rates as of 9/1/2026, with 7.25% and 8.50% declared for 10/6/2026. The enhanced option carries a 0.95% annual allocation charge.
Which has the higher S&P 500 cap, the Allianz 222+ or Athene Performance Elite 10?
Athene Performance Elite 10: 5.50% with no strategy charge, or 8.00% with a 1.25% annual strategy charge (rates effective 9/25/2026). Allianz 222+: 4.50% on current rates as of 9/1/2026, 5.50% declared for 10/6/2026. The 222+ is built for lifetime withdrawals and the Performance Elite 10 for accumulation, so the cap is not the deciding number.
Why is my MasterDex X or 365i cash surrender value lower than the accumulation value?
During the first 10 contract years the cash surrender value is the accumulation value minus the surrender charge and the unvested bonus (and an MVA where it applies). Allianz's 2011 MasterDex X example shows $110,000 of accumulation value and a $90,000 cash surrender value on a $100,000 premium with a 10% bonus. From year 11 the surrender charge is 0% and the bonus is fully vested.
Sources (checked October 4, 2026)
- Allianz Life, Fixed index annuities lineup and registered index-linked annuities page, checked October 4, 2026.
- Allianz Life rates pages for each product listed (current rates as of 09/01/2026; declared rates as of 10/06/2026), linked in the table.
- Allianz Life product pages for each product (withdrawal charge schedules; MVA reference rate 5.81% as of 10/2/2026), checked October 4, 2026.
- Allianz Life, Financial ratings: AM Best A+ (Superior) and S&P AA affirmed March 2026; Moody's Aa3 most recently affirmed September 2025. AM Best, press release affirming Allianz Life of North America, March 27, 2026.
- Allianz 222+ and 222: 222+ consumer brochure 222PL-001 (R-6/2026), 222+ product page and Oregon 222 rates page (contract minimums), checked October 4, 2026.
- Accumulation Advantage: rate guides M-10134, M-8060, M-8013, AAA5-028 and Classic brochure AAAC-001 (R-4/2026).
- Athene: Performance Elite 10 product guide 68069 (rates effective 9/25/2026), allocation form 22642 (Rev. 12/23); AM Best, Athene Holding Ltd. and subsidiaries, August 27, 2026.
- Legacy products: Allianz 365i product profile AG55012 (R-8/2017) and brochure CB55012 (copies hosted by BGA Insurance Group); MasterDex X Statement of Understanding SOU52575-2 (R-3/2011) and product profile AG52575 (R-3/2015) (Allianz documents hosted by third parties).
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors and crediting methods change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398). This review is not an endorsement, and no carrier paid for it. Always read the actual contract before purchasing any annuity. Past index performance does not predict future credited interest. Annuities are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change.