Allianz 222 review

Yes, for the right buyer. The 222 is a good annuity for someone who is focused on building future protected lifetime income, values having a long-term care income doubler built in, and is comfortable waiting at least 10 years and reaching age 60 before activating income. It is less attractive for someone who needs income flexibility in the near term or wants access to the full income benefit value as a lump sum.

The main reason to buy the Allianz 222 is to build a protected income stream for retirement using the PIV's 150% interest bonus. Every year the contract earns index-linked interest, the PIV gets credited 150% of that amount, which means the income base can grow faster than the account value. The premium bonus to the PIV adds to that head start. Over a 10-year deferral period, that compounding advantage can produce a meaningfully higher income payout than products that grow the income base at the same rate as the account value. The secondary reason is the AIM benefit — having a built-in income doubler for long-term care situations at no additional cost is a genuine competitive advantage.

I think the 222 is best for someone in their late 40s to mid-50s who has money they do not expect to need for at least a decade and wants to create a reliable income stream for retirement. It is also a reasonable fit for someone who values having some long-term care protection built into the contract without paying a separate rider fee. It is not the best fit for someone who is already retired and needs income soon, or for someone who places a high priority on accumulation and liquidity over guaranteed income.

You are buying a future income machine. The Allianz 222 is not primarily an accumulation product — it is designed to build the highest possible income base over time through the PIV's 150% interest bonus and premium bonus, then convert that into lifetime income payments. The account value is secondary to the PIV in terms of what drives the product's value proposition. That is an important distinction, because the PIV is not a pot of money you can withdraw. It is a calculation that determines how much income you will receive for life.

The Protected Income Value starts with your premium plus a premium bonus (the amount varies by the current rate insert). Each year, any interest credited to the contract is multiplied by 150% and added to the PIV. When you activate lifetime income — which requires both 10 contract years and being between ages 60 and 100 — your annual income is the PIV multiplied by the payout percentage for your age band.

Payout percentages are straightforward. Ages 60–69 get 5.00% single life or 4.50% joint. Ages 70–79 get 5.50% or 5.00%. Ages 80 and above get 6.00% or 5.50%. These are competitive within the peer group, though not the highest available. The real advantage is the 150% interest bonus, which can push the PIV well above the account value over time.

The Allianz Income Multiplier is the secondary feature that separates the 222 from simpler income FIAs. If the contract owner cannot perform two or more activities of daily living, or is confined to a qualifying facility for 90 or more days, the AIM benefit doubles the lifetime income payment. This is not a long-term care insurance policy — it does not pay for care directly — but it provides a meaningful income boost during a period when expenses are likely to be elevated.

The AIM benefit is built in at no additional charge. Many competing products either do not offer this feature or charge an explicit rider fee for it. Having it included automatically makes the 222 more complete as a retirement planning tool, especially for buyers who are concerned about the financial impact of needing care later in life. The AIM benefit is not available in Hawaii or Connecticut.

The death benefit also matters. Beneficiaries can choose to receive the PIV over five or more years, or take the account value as a lump sum. That gives heirs a meaningful option, especially if the PIV has grown substantially above the AV.

The 222 provides free withdrawals of up to 10% of paid premium or beginning-of-year account value, whichever is greater. If you do not use the full 10% in a given year, the unused portion carries over to the next year, up to a maximum of 20%. That carryover feature is more generous than many competitors.

The surrender schedule runs 10 years: **9.30% / 9.30% / 8.30% / 7.30% / 6.25% / 5.25% / 4.20% / 3.15% / 2.10% / 1.05%**. A market value adjustment also applies during the surrender period. The schedule is moderate by 10-year FIA standards — the first-year charge is well below the 12% seen on some competing products, and the charges decline steadily. RMDs qualify as free partial withdrawals, which is important for buyers funding this with qualified money.

This is still a 10-year commitment. The free withdrawal provisions are reasonable, but this is not a product to treat as a liquid asset.

There is no explicit fee for the PIV rider or the AIM benefit. That is a genuine advantage. The allocation charge is currently 0% but has a contractual maximum of 2.5%, which applies to annual and multi-year point-to-point strategies. If Allianz ever raises the allocation charge, it would reduce the effective crediting on those strategies.

The less obvious tradeoffs are structural. The PIV is not accessible as a lump sum by the contract owner — it only pays out as lifetime income or as a death benefit option. Income requires both 10 contract years and age 60, which is a dual trigger that limits flexibility. And the MVA can work against you if you need to surrender during a rising interest rate environment. These are not dealbreakers, but they are real constraints that buyers should understand before committing.

The Allianz 222 is issued by Allianz Life Insurance Company of North America, headquartered in Minneapolis, Minnesota. Allianz Life carries an A.M. Best rating of A+ (Superior), an S&P rating of AA, and a Moody's rating of Aa3, with a Comdex score of 96. The company was founded in 1896 and is a subsidiary of Allianz SE, one of the largest financial services companies in the world. Allianz Life has issued approximately 3.9 million contracts and is one of the dominant carriers in the fixed indexed annuity market, particularly in income-focused products.