Allianz Life Annuities

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Consumer Complaints and Reviews

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Satisfaction Rating

I dealt with the customer service on a monthly basis. I had to take partial withdrawals and it was very easy to call in and get what I wanted. The customer service is polite and understanding. There are many options with Allianz. Partial withdrawals are easy to just call in and they are processed within 24 hours. They also have programs to take distributions on an automatic monthly basis. I took a full withdrawal a few years after nine eleven. It was a simple process of writing in a letter with my signature guaranteed. I mailed it to the process center and within 48 hours I had it wired into my account with was highly efficient and easy. There are many different funding options. I opened my annuity moving it from a previous IRA. It was very easy and the paperwork was user-friendly and simplistic to go over with my financial officer.

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Satisfaction Rating

What a great experience I have had with Allianz. My grandmother has an Annuity with them and needed to take a withdrawal to do some repairs to her home. Both her agent and the customer service people made everything so easy. We just had to fill out a form with our agent and about a week later we received a check in the mail. Thank you Allianz!

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In the past couple of months I've had some questions about my statement. I was able to talk to a live person, who was able to give me the answers I needed. I had several available based on my needs. They were also very clear about any applicable penalties that might be incurred. All the options were favorable. The options were great ranging from check to direct deposit, or even to reinvest the withdraw into other investment options. I liked having the various options. This was nice. I could set it up to have funds put into my account from my paycheck. This way I could fund my account without worrying about missing a deposit.

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Satisfaction Rating

After the death of our father this past January (2016) we learned our parents had purchased three annuities. My siblings and I chose our method and timing of disbursement late January or early February. Approximately May 19th, 2016 we received a letter from Allianz with header of "Complaint Determination: Justified". The letter contained a lot of legalese but stated "Because the complaint has been determined to be "Justified," you are being offered a single cash payment of a full refund of your share of the funds paid into the above-mentioned annuity, less any funds removed." The amount offered was approximately 41% of each of our portion of our annuitization value. In bold print the second paragraph began, "You are not required to accept this relief. Accepting this relief award would result in your receiving an additional cash payment. If you do not wish to accept this payment you should do nothing and not accept the relief offer.

Confused, we had our attorney draft a letter for clarification. Response stated our father had logged the complaint. Our father had not even written a check. My sister handled all his business affairs after our mother passed away in 2010. We were advised by our attorney that accepting our "Justified" cash payment would result in the surrender of the balance of our policies. Considering an Allianz annuity? Form your own opinion and beware.

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Satisfaction Rating

Allianz Life insurance Company of North America holds an Annuity we purchased some 30 ago; The fund performed very poorly however we kept it because it had a guaranteed death benefit of $50,000. After my husband turned about 70 Allianz kept trying to put it into annuitization. We kept declining this. In 2015 we notified them that we wanted the maturity date postponed to the 100 year age limit (which now they conveniently have no record of). On July 12 2016 our broker received a letter and form to be signed by husband and I, to postpone annuitization. The form was filled out, dated and signed and returned however it was a couple days late, as the requested response date was 20 July as we were out of the country.

In the meantime our broker also received a letter on July 14 stating the annuity had gone into a non-revocable annuitization, which was six days prior to the requested response date, of July 20th. A few days later the first check arrived and was dated August 1; which we have not cashed. We tried many times to reach out and communicate with Allianz and explain that we had indeed filed the paper to postpone the maturity date to the 100 year age limit in 2015; As well as via our broker in 2016. We finally were able to speak with a supervisor (Jamie) who advised us our case would be reviewed by the accommodation committee, after several phone calls; they finally returned a call to us they stated that they would not revoke the decision and return it to annuity status. Because I could not prove we had signed and returned the form which extended the maturity date to the 100 year age limit; as it was sent via regular mail.

Allianz states they had sent a request prior to the forced annuitization, which we did not receive. They did not mention the same form to postpone the annuity to the 100 year age limit which was faxed to them by our investment broker July 2016. Seems to us they had already made their decision, (July 14) as no life Insur. Co. wants to pay out the death benefit which is much greater than the market value of annuity.

Upon further review, nowhere, on said form does it state the form needs to be returned via registered mail. (however Jamie at Alliance indicated that because it wasn't, we had no recourse) We have also reviewed our original contract, no where do we see anything that states Allianz has the right to put the annuity into forced annuitization without our specific consent to begin receiving monthly payments. (as neither of us have reached the 100 year age limit)

We have requested that Allianz provide us a copy of the contract, and specifically indicate where it states we must begin annuitization prior to age 100. Which they have not done so yet. We have discovered Allianz has a bad reputation for trying to take advantage of the elderly. Seems they intimidate and distort facts to confuse people into accepting Allianz's decision. This imposes a hardship on the elderly who rely on the death benefit to cover their final expenses. BAD COMPANY!!!! BEWARE.

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Satisfaction Rating

My father has had an annuity/Life Insurance policy with Allianz since 2012. He has never taken any income from the annuity as of this time. He is in an Assisted Living Facility and is not mentally or physically capable of managing his own finances. In June 2016 I received a letter stating that there had been an address change for his policy. I checked the property tax records for the new address and found that the house belonged to someone with the same name. Considering the fact that you have to provide the account number, previous address, and last 4 of social prior to conducting any business with Allianz, it is inconceivable how this could happen.

I then logged onto his account online and the account was there, but the money was GONE!!! I then called the automated customer service number and when I entered his last 4, the computer said there was no record of that number. Then I had to drive 3 hours to have him sitting next to me while he gave them permission to talk with me about the account (he lives by my sister now, but she has a business to run). When we gave the HUMAN on the phone his last 4, she said that # was not associated with the account. After going round and round about the situation, her conclusion was that he was receiving statements on an account that was not his.

I believe we have it straightened out now (after about a week). Had he been childless, without an advocate, he would not have found out that he was broke for at least a year. By then, they would have written him off as a senile old man. He would have been kicked out of the ASL facility and placed in a run down government/medicare approved facility, where they pack them in like sardines and the paint is peeling off the walls (I've seen those facilities when he went in for rehab).

It is absolutely MIND BLOWING how this could have happened. The employee responsible should have been fired IMMEDIATELY if not put in jail. I reported their actions to Florida Elder Abuse hotline (just to get it on record) and to Florida Dept of Financial Services and submitted a complaint (again to get it on record). If it happened to him, it's happened to others.

It will haunt me for years when I remember an old lady in a nursing home my dad had stayed in for rehab. She told me the court assigned someone (an attorney I think), to handle her affairs. She told me, "they took all my money. Now they just move me from one nursing home to another." Her room was barren of personal items except 2 photos. A lifetime of memorabilia was gone. I wrote her off as being senile. Now it saddens me immensely that she may have been telling the truth. So not only does the policy pay an absolute MINIMAL amount of interest (No matter what the broker says), but their handling of customer's retirement savings is REPREHENSIBLE!! The stress they caused my family is INEXCUSABLE!

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Consumer Increased Rating!
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My savings has finally been returned to me and no overnight delivery fees were applied. Glad to hopefully have this "bad" experience over. Will deposit the check into my credit co. account, and wait for an additional 10 days so my adviser is assured that their dollars are good now. All I can say is...Allianz, what a mess this has been.

Katherine of Converse, TX on

Original Review

Started with a IRA account that I presume will be doing well! Then proceeded to add another acct, a investment acct... with non-qualified funds. Allianz people added these $$$ to my IRA already started. That, I understood, was a "wrong" thing to do. I caught this when I checked on my accts through computer. The rep at Allianz immediately moved to a different investment acct, 3 days later... but too late, I lost trust that this company is knowledgeable regarding "Other People's Money"... mine.

Now, 4 weeks later, and way too many hands touching my funds and way too many calls to "whoever answers the phone". For 3 weeks, all they're keep saying, "these were IRA funds" and now a whole bunch of paperwork is required. Allianz made these $$$ an IRA. Finally, someone named Greta in Customer Relations... was finally "allowing my" $$$ to be mailed to me, the owner of my savings. But, that did not happen! Today, just got off the phone with another rep and he told me funds are allocated to be mailed out on Mon, 6/20/16. A week later than promised by Greta. This time I stated that I want overnight delivery, now am worried that this #1 rated co. will charge for the service, as noted in another critical review... even though... they have caused this whole adventure from hell. All I can say is be very careful before considering Allianz, and I must also add... anyone promoting this "outfit"!

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Kenmore is a good company. I have used them before and will always use them.

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I needed to take a partial surrender from my retirement account for an emergency. I called on two separate occasions, and spoke with two different reps, to verify the information I was given was correct. I was given the same answer from two different people so I was certain at this point that I could move forward with the withdrawal. Without going into great detail, the information I was given was in fact WRONG, and the transaction did not go the way it was planned or the way I was told it would go. Due to INCORRECT info given to me TWICE my account now has a balance of over $38k LESS than should be. This has now created a legal situation on my end due to the incompetence of Allianz and their support team. Just to verify their incompetence, once I received the money and knew what was going on I called to express my concerns and ask how we could reach a resolution. But before that I decided to ask for a third time what the procedure was.

Once I was told yet again about their procedure [in detail] I proceeded to tell the guy how it actually happened. His response: "Umm, I actually just told you wrong. That's not how it actually goes. We actually do this..." After I brought him up to speed on everything he assured me a manager would be in touch within 24-48 hrs. Over a week later and I HAD TO CALL THEM BACK and ask what the problem was. It wasn't until then they realized my whole situation was reported to the wrong department! I was again assure someone would definitely be in contact with me again within 24-48 hrs. “GUARANTEED” he said.

After 4 days I had to call them back yet again. To this moment, still no resolution!! I am now transferring every dime of my remaining retirement monies from this company and placing it with someone capable of communicating accurate information and will do what they say. No way I want these idiots handling my retirement!! There are far too many choices out there. So, if you're considering Allianz, I recommend you go the other way.

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Satisfaction Rating

The rep gave me a detailed scenario for fixed & variable annuities - what outcome would occur upon receipt & how the fluctuation of the market affects them. The repayment of the funds and early withdrawal penalties were explained in detail. She was VERY patient as I asked many questions in my attempt to understand more fully. She was very clear of the timeline for payment, any withdrawal penalties prior to that time and how their protocol of having that if the need arises.

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I have had an annuity with Allianz for over 4 years. I put the money in; I got a bonus; it grew and didn't lose money. All was good... UNTIL I requested a penalty-free withdrawal. When they received my request they IMMEDIATELY deducted the amount from my balance and they CLAIM they sent me a check... which I never received. Just sent it regular mail - no tracking, no insurance, no signature required. They said I should allow 10 business days for the check to process through US mail. It didn't show up.

They offer to stop payment and issue another check - which will take 4 more days - and send the new check the same way: regular mail with no tracking, etc. If I want special handling it will cost extra. If I want the money deposited directly into my bank account it will cost extra. AND of course they will not credit the amount of the missing check back to my account. Don't most checks get subtracted when they are CASHED? Not with Allianz. So the withdrawal was deducted from my account but I still don't have the money and probably won't for who knows how long. Allianz gets the benefit of my money and any interest it earns for a month or more. I WILL get all my money out of this company as soon as possible and I recommend you find another place to put yours.

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I received a 1099-R from Allianz for tax year 2015 that was incorrect. Many attempts via e-mail, phone and US mail have been ignored. A promised response from a supervisor in the policyholder service department was never forthcoming. It has been more than three weeks since I first tried to resolve this matter. They simply 'stone wall' my repeated requests.

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Its Feb. 5 and still no 1099. It's bad enough that I haven't received my paper 1099 yet. This company doesn't even offer the option to get it electronically or by import through Turbo Tax. HELLO! It's 2016. Get on the ball, Allianz.

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Satisfaction Rating

It has been a very good investment for me and my husband in our retirement years. I highly recommend it to all. Comes in very handy for little unexpected cost, like when our a/c went out in the middle of summer and we needed a cans infusion, it was there for us. Nice to know you have it when emergencies come along.

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Very helpful answering questions and offering options. They described at least 10 different ways to better my annuity and helped me by allowing me to withdraw enough to buy a coop and guided me with putting the money back without incurring fees. They also assisted my husband in opening an annuity fund and he has been happy with them as well. The smaller type companies seem to be more compliant than some of the larger ones we have previously dealt with.

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I've had no problems. Allianz provides me with statements on a regular basis. When I had a name change due to divorce, there were no hoops to jump through. I also appreciate the ability to change my allocation percentage options annually.

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I have several annuities. They're great supplemental income. I highly recommend them and Allianz customer service has been very helpful when I needed to make changes. You Can Get cash, payments, or savings policies.

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Offers a high yield indexed fund that is based on market performance. Payments are calculated on a yearly change of market indexes. When the index is lower on the anniversary date than the previous year's anniversary date, no payments are issued. The percentage increase over the previous year less 1.5 percent is added to your principal. After ten years of investing and contributing to the fund, there will be a lifetime monthly payment that is calculated based on what has been accumulated.

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Satisfaction Rating

In general my annuity experience is positive. The one aspect of the Allianz annuity I do not like is the way it credits increases. It is based on the S&P 500 like many annuities. This one resets each year on the anniversary date which is fine. What I do not like is how the increased is figured. Each month on the monthly anniversary date the increase or decrease in the market is noted. Decreases have no limit when the market is down. Increases are limited to, this year, 2.6% of the market. In an up and down economy like we have now, one month's loss can take 5-6 months to recoup if the market does really well those months.

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I have had it for a long time! Just sits there earning! I have never looked around for another annuity! My wife has one, but I can't remember which company! Annuities are nice to have and I feel they are a safe bet!

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Bought 10 years ago when offered a nice bonus. Company no longer runs this bonus but it was easy to purchase. The rep was helpful. Easy to collect yearly payouts.

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They are very helpful explaining all my options and deciding what's best for me. Low deposits, low rewards, low risks. Steady and slow was the way to go for me. Others may be different.

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I bought into an Allianz annuity after being told it would "beef-up" my retirement money. I invested over $100,000 in the 5 year annuity. It was one of the worst mistakes I've made. In the five years I lost money. Please... don't buy Allianz annuity as part of your portfolio.

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I was informed by this company I am the beneficiary of a friend's policies but am being given the complete runaround. The company appears to be either dysfunctional or deliberately holding on to other people's money. This has only been going on for three weeks at this point but I am ready to report them to the state Department of Commerce. Phone calls are not returned at all, and they are very evasive about giving out contact information. I advise you: DO ZERO BUSINESS WITH THIS COMPANY.

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Went thru ticketmaster to purchase tix and bought their insurance and just like an insurance company didn't want to pay out on a claim. Sell your tixs and save your money from these scammers.

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I have been trying for a month to collect money from my retirement 403B fund. MY MONEY. I have been lied to (said they sent the check, but no check). Every time they screw up in takes 2 to 3 (trust me always 3) business days to try to get an answer to where my money is!!! One of the worst experiences in my life. HORRIBLE COMPANY. If I don't get my money in the next couple of days I will be forced to take legal action.

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We booked 2 rooms to stay in after a concert. The whole tour was cancelled. When I filed a claim for the refund of the rooms, it was denied. The band member having surgery and cancelling the concert is not a covered reason. In the LONG policy I guess I should have been able to figure that out.

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Satisfaction Rating

All these years I had a company sponsored 401 K. Over 30yrs we had T Rowe and Vanguard, all very fair people. Then I decide to retire. So I get a good financial adviser and he suggest I go with Allianz with a HUGE CHUNK of my retirement 401K. "It'll get 6% (vested over 10 yrs), a life insurance policy for 25% of the amount (of course I have to be dead to get it), you'll never lose the initial amount and on anniversary dates it'll go up to the new amount and you can make some money (up to 18%)," he said. I never pushed him for the past averages because all the companies I've dealt with played fair. If you’re not familiar with Allianz 365i, you have to play a game.

The game is they take your money and do whatever they want with it for 10 years and you have to play a game of, what will make the most money for me? They offer S&P monthly sum (I know this one good). It had a 1.5% cap each month (only on the profit side, you can lose any amount of it on the negative side). So if there is one bad day that falls on your day (let's say S&P down 6% from your last mark, it'll take 4 months of up 1.5% to get even), that's 5 months of 0's. This isn't easy. At the end of my first anniversary date I receive from Allianz a report stating that the amount of money in my account was the exact amount it was a year earlier except I had earn 1% of the 6% bonus they promised me and I didn't make any money on the HUGE CHUNK I gave them because I lost in the "game of S&P" over the last year (it lost 11% and I only made 9% in "the game" so I got 0.00%).

If the market had gone down this year or even was so.. so, I would have understood but 2014 this was a pretty good year and I expected something in the way of 8% on the HUGE CHUNK. My friends at work in Vanguard made 16% on their retirement acct last year. I made 0.00%!!! So I had a lively meeting with my financial adviser for the anniversary report and we have begun to get as much money as penalty-free as possible out of the AWFUL Allianz acct. Allianz sent me a note in the annual report that my new cap is 1.4%!!! I ALREADY MADE NOTHING LAST YEAR, ARE THEY AFRAID I MIGHT MAKE A PERCENT OR TWO.

Last year, before I signed the contract with them, I read some stuff on the computer about Allianz, I half believed it and felt my financial adviser would never put me in this position. They were right, every one of them. What they said and complained about was all true. My gut feeling was not to go with them but the allure of not losing anything in a bad market (which could happen) won out but I never thought that I would not get anything on my retirement money possibly for 10 years. And it is possible!!!

Allianz is deceptive, they don't outright lie but you do feel deceived. For the record, check out LAW SUITS against Allianz in 2001 Minnesota and 2009 in Cal. You’ll see that nothing has changed with them but the wording on the flyers. All this is true. I didn't have to lie to make my story sound better. BEWARE and READ ABOUT THEM BEFORE YOU SIGN. Biggest mistake I ever made, don't let it happen to you. Good Luck.

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In the spring of 2014 my wife decided to convert her annuity accumulation into an annuity. We filled out the paperwork and chose the NON-INSURANCE option on the first page of the application. We were to get over 3200.00 in one annual payment each year for ten years. A few weeks later we received a check for just $2595.96. In a series of back and forth calls with the Allianz representative we were told that our application showed we'd signed up for the INSURED option. We requested and received a copy of the first page of the application they claimed they received.

It was clear that someone in their organization had altered our application and had whited out our check mark for the non-insurance option and had checked the insured option instead. We were able to send Allianz a copy of the first page of the application we had sent in (my wife wisely made a copy of the application before sending it in). Without admitting any error/misdeed on their part Allianz told us to send them a second application and to return the $2,595.96 which we did.

On June 10th, 2014 they sent my wife a letter acknowledging the receipt of the $2,595.96 and information pertaining to paying taxes on the annuity. At the time we thought they were talking about the corrected annuity payment resulting from our second application. It was inconceivable to think they were talking about us paying the taxes on the check we had just returned. We were also told that we had to sign, date, and return this letter in order for the second application to be processed. The paper was signed, dated and returned to Allianz and the second application processed. We received our first Allianz annuity check (for $3220.48) that we were allowed to keep 2-3 weeks later.

In February, 2015 we finally received our 1099-R from Allianz that showed that they had paid my wife $5,816.44! When I called Allianz to tell them that they had made a mistake and that the 1099-R should have been for just $3220.48 they called attention to the letter they had sent us in June that my wife had signed and returned that had committed us to pay taxes on the $2595.96 as well as the $3220.48. They also admitted that they would not have processed the second annuity application if my wife had not signed and sent in that letter.

I don't think that letter legally binds us to paying taxes on money that we were not allowed to keep and I plan to report only the $3220.48 as the annuity payment on my federal income tax return for 2014 with an explanation and be prepared work it out with the IRS when they audit my return later on sometime.

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I booked a flight, hotel and car online. Due to personal family issues, our flight was reconfigured and I was able to reschedule the dates with the hotel and car rental. We were supposed to fly from New York to LA this morning at 8:10 am. However, due to a blizzard, Delta cancelled our flight and could not reschedule for days...literally three days. We were only travelling for 5 days for my daughter to tour universities.

The Radisson Hotel in LA said our hotel was prepaid because we ordered online through a third party (?) and they would not refund the $1,021.46 paid. I turned to Allianz who was paid close to $90.00 for trip insurance that would cover "everything." They were programmed to deny the claim...referring to excuse after excuse why we were not entitled to recover. They claim that because Delta and my family rescheduled the original flight to a different set of days within the same week...for the same period of time, they were not responsible to cover the loss. I am sickened by an outfit that is permitted to conduct business. Their business is a complete SCAM. I am a lawyer and if I could not read small print...and anticipate every ridiculous reason for a denial of coverage, then God help us. This company's behavior is unconscionable and tantamount to larcenous. DO NOT BUY TRAVEL INSURANCE WITH ALLIANZ!

Expert Review

ConsumerAffairs Research Team

The ConsumerAffairs Research Team believes everyone deserves to make smart decisions. We aim to provide readers with the most up-to-date information available about today's consumer products and services.

Allianz Life Annuities was founded in 1896 and is backed by the large global corporation, Allianz SE. Allianz was listed as the 31st largest company on the Fortune Global 500 list.

  • Financial strength: Allianz boasts a high level of liquidity as well as large cash reserves and a strong operating margin.
  • High financial ratings: The major rating companies have consistently rated Allianz with their top-tier ratings.
  • Conservative philosophy: Allianz stresses their conservative investment philosophy that focuses on diversified risk and long-term results.
  • ABCs of Annuities: Alliance provides concise and clear education about annuities for consumers via the ABCs of Annuities web portal.
  • Online access: Registered users can access documents, submit forms, and check account values via the online customer portal.
  • Best for Savers, savers plus income generators and Social Security recipients.

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Allianz Life Annuities Company Profile

Company Name:
Allianz Life Annuities
Address:
PO Box 1344
City:
Minneapolis
State/Province:
MN
Postal Code:
55416
Country:
United States
Website:
https://www.allianzlife.com/annuities