Allianz 222 Annuity Review: Rates, Features, Pros & Cons
Allianz 222 is a deferred fixed index annuity with features that make it a worth-considering retirement investment. It is a 10-year contract provided by Allianz Life Insurance Company of North America, one of the long-standing insurers on the market.
If your concerns include high medical costs and leaving a financial nest egg for your heirs, read our review to find out how this annuity can help you.
Quick Facts
The Allianz 222 is a fixed index annuity offering a mix of guaranteed income and market-linked growth.
You can make free annual withdrawals of up to 10% without surrender charges.
The annuity includes a 15% premium bonus and a 50% interest bonus credited to your Protected Income Value (PIV).
Lifetime income withdrawals can begin after 10 years and age 60, with the Allianz Income Multiplier (AIM) potentially doubling payments for long-term care.
A death benefit ensures your beneficiaries receive either the full account value or Protected Income Value, providing added security.
About Allianz Life Insurance Company of North America
| Company Name | Allianz Life of North America |
|---|---|
| Website | www.allianzlife.com |
| Phone Number | 800-950-1962 |
| AM Best | A+ |
| Standard and Poor’s Global | AA |
| Moody’s | Aa3 |
Allianz Life Insurance Company of North America, a subsidiary of the global financial leader Allianz SE, has been serving customers since 1896. With more than 2.6 million contracts issued, it stands among the nation’s top providers of retirement income solutions.
The insurer offers a wide range of annuities and life insurance, helping numerous Americans increase their wealth, protect assets, and secure a financially stable retirement.
You may know Allianz Life for its other popular products, including Allianz 360, Benefit Control, and Retirement Foundation.
Allianz 222 Annuity Overview
| 🔔 Important Information | |
|---|---|
| Product Name | Allianz 222 |
| Type of Annuity | Fixed Index |
| Annuity Term | 10 years |
| Product Information | The Allianz 222 is a fixed-indexed annuity that combines the stability of a fixed annuity with the growth potential of an indexed one. It offers guaranteed income payments along with the opportunity to benefit from market performance. All benefits combined, conservative investors seeking steady, reliable retirement income may find this investment suitable. |
| Interest | 2.80% of fixed interest (as of 10/07/2025) |
| Premium Type | Flexible |
| Maximum Issue Age | 80 years |
| Withdrawal Charge Schedule | 10%, 10%, 10%, 8.75%, 7.5%, 6.25%, 5%, 3.75%, 2.5%, 1.25% |
| Minimum Premium | $20,000 |
| Maximum Premium | $1,000,000 |
| RMD | Yes |
| Market Value Adjustment | Yes |
| Product Brochure | https://www.allianzlife.com/-/media/Files/Global/documents/2019/05/06/11/52/CB95352-1.pdf |
| Account Types | Personal, Traditional IRA, Roth IRA, SEP-IRA, Simple-IRA, 403(b) |
| Not Available In | PR, VI, NY |
Allianz 222 Key Features & Benefits
The Allianz 222 Annuity may be a strong fit for pre-retirees and conservative investors seeking guaranteed lifetime income with added flexibility and protection.
Explore the annuity’s features and benefits to see whether the investment can help you achieve your financial goals:
Free Withdrawals
Allianz 222 offers flexible annual and fee-free withdrawals of up to 10%. As long as you stick to that limit, you won’t have to pay extra to access your funds.
Keep in mind that taking up to 10% of your funds will reduce your accumulation value by the dollar amount withdrawn, and your Protected Income Value (PIV) will also be reduced.
The Allianz Income Multiplier (AIM) Benefit
The Allianz Income Multiplier (AIM) is a special feature that can double your yearly income payments if you ever need long-term care.
You may qualify if you’re unable to perform at least two basic daily activities or if you’re confined to a care facility for an extended period.
💡 Helpful Tip: When insurers mention “basic daily activities,” they’re referring to everyday tasks like bathing, dressing, eating, or using the restroom.
This benefit helps provide extra financial support when health challenges increase your expenses.
Death Benefit
The Allianz 222 annuity also comes with a death benefit that is paid to your beneficiaries after you pass away. Your beneficiaries can receive either the complete account value or the protected income value (provided it was taken over 5 years).
Protected Income Value Bonus
The Protected Income Value (PIV) is the guaranteed amount of income you’ll receive for life, no matter how the market performs.
With the Allianz 222, your PIV gets an extra boost through bonuses like a 15% premium bonus added upfront and a 50% interest bonus that increases your credited earnings.
These bonuses help grow your future income potential, giving you more financial confidence in retirement.
Market Value Adjustment (MVA)
A Market Value Adjustment (MVA) is a fee or credit that applies if you take money out of your annuity before the contract ends.
With the Allianz 222, this amount changes based on market conditions, specifically the Bloomberg US Intermediate Corporate Bond Index. In simple terms, if you keep your annuity until it matures, you won’t have to worry about any MVA charges.
Rates & Crediting Strategies
Crediting Methods
Crediting methods are mathematical formulas used to determine how much an indexed interest the annuity receives based on index changes during the ‘crediting period.’ Allianz 222 beneficiaries can choose among the following crediting methods:
- Annual point-to-point with a cap
- Monthly sum
- Annual point-to-point with a participation rate
- Multi-year point-to-point with a participation rate
Index Options
With the Allianz 222 fixed index annuity, you can allocate your funds across several market indexes such as the S&P 500. These indexes can potentially earn interest based on their performance.
Allianz fixed index annuity rates determine how much interest your contract can earn over time.
The following rates are as of 10/07/2025 and may be subject to change:
| Protected Income Value (PIV) premium bonus | PIV interest bonus | Fixed Interest |
|---|---|---|
| 50% | 0% | 2.80% |
| Monthly sum with a cap | |
|---|---|
| S&P 500 Index | 1.70% |
| Annual point-to-point with a cap | |
|---|---|
| S&P 500 Index | 5.00% |
| Annual point-to-point with a participation rate | |
|---|---|
| BlackRock iBLD Claria ER Index | 105% |
| Bloomberg US Dynamic Balance II ER Index | 90% |
| PIMCO Tactical Balanced ER Index | 85% |
| 2-year MY point-to-point with a participation rate | Year 1 | Year 2 |
|---|---|---|
| Bloomberg US Dynamic Balance II ER Index | 115% | 140% |
| PIMCO Tactical Balanced ER Index | 110% | 135% |
| S&P 500 Future Daily Risk Control 5% Index | 125% | 150% |
| 5-year MY point-to-point with a participation rate | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Bloomberg US Dynamic Balance II ER Index | 50% | 175% | 195% | 215% | 240% |
| PIMCO Tactical Balanced ER Index | 150% | 170% | 190% | 210% | 235% |
| S&P 500 Future Daily Risk Control 5% Index | 170% | 190% | 210% | 235% | 260% |
Fees, Surrender Charges & Liquidity
Fees and Charges
The good news is that Allianz doesn’t charge any additional fees or expenses for its Allianz 222 annuity.
Surrender Charge Schedule
Like other annuities, Allianz 22 charges penalties for early withdrawals of annuity contracts. These penalties are called annuity surrender charges and refer to a percentage of the withdrawal amount that decreases over time all the way to zero when the term ends.
Here is the Allianz 222 surrender schedule:
| Contract Year | Y1 | Y2 | Y3 | Y4 | Y5 | Y6 | Y7 | Y8 | Y9 | Y10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Charge % | 10% | 10% | 10% | 8.75% | 7.50% | 6.25% | 5% | 3.75% | 2.50% | 1.25% |
* Please note that charge rates may vary based on your state
Lifetime Withdrawal Percentage
Once the contract term comes to an end, you can withdraw your PIV in the form of lifelong payments. The exact amount will be based on your age and when payments begin.
| Age | Single life premium | Joint life premium |
|---|---|---|
| 60-69 | 5.00% | 4.50% |
| 70-79 | 5.50% | 5.00% |
| 80-100 | 6.00% | 5.50% |
Want to See Whether Allianz 222 Annuity Is Right for You?
Pros and Cons of Allianz 222
- No additional fees or charges
- Six different market indexes available
- Five different crediting methods available
- Allianz 222 is RMD-friendly
- Excellent ratings from top rating companies
- Flexible premiums and withdrawal amounts
- The Allianz Income Multiplier benefit
- Market value adjustments on withdrawals
- 10-year surrender period
- The rate of return isn’t overly impressive
- $20,000 minimum premium
How It Compares
Allianz 222 vs. Athene Performance Elite
| Item | Allianz 222 | Athene Performance Elite (7/10/15/15 Plus) |
|---|---|---|
| Issuer | Allianz Life Insurance Company of North America | Athene Annuity & Life Company |
| Type | Fixed Indexed Annuity (deferred) | Fixed Indexed Annuity (deferred) |
| Typical Terms | 10 years | 7, 10, 15 years |
| Minimum Premium | $20,000 | $10,000 |
| Index Options / Methods | ✔️ Multiple index options ✔️ Annual or multi-year point-to-point with caps or participation rates ✔️ Fixed account for stable growth | ✔️ S&P 500® + volatility-controlled indices ✔️ Fixed account ✔️ Mix of annual/bi-annual point-to-point, cap/participation/spread |
| Liquidity | Free withdrawals of up to 10% | Free withdrawals of up to 10% |
| Income Features | ✔️Allianz Income Multiplier (AIM) ✔️ Protected Income Value bonus | ✔️ Optional income riders on some versions ✔️ Lifetime income options ✔️ 15 Plus adds bonus/liquidity features |
Allianz 222 vs. Power 5 Protector
| Item | Allianz 222 | Power 5 Protector |
|---|---|---|
| Issuer | Allianz Life Insurance Company of North America | Corebridge Financial |
| Type | Fixed Indexed Annuity (deferred) | Fixed Indexed Annuity (deferred) |
| Typical Terms | 10 years | 5 years |
| Minimum Premium | $20,000 | $25,000 |
| Index Options / Methods | ✔️ Multiple index options ✔️ Annual or multi-year point-to-point with caps or participation rates ✔️ Fixed account for stable growth | ✔️ Multiple index options ✔️ Annual or multi-year point-to-point with caps and rates |
| Liquidity | Free withdrawals of up to 10% | Free withdrawals of up to 10% |
| Income Features | ✔️Allianz Income Multiplier (AIM) ✔️ Protected Income Value bonus | ✔️ Guaranteed Income for Life ✔️ High first-year yield |
Allianz 222 vs. Nationwide Summit
| Item | Allianz 222 | Nationwide Summit |
|---|---|---|
| Issuer | Allianz Life Insurance Company of North America | Nationwide |
| Type | Fixed Indexed Annuity (deferred) | Fixed Indexed Annuity (deferred) |
| Typical Terms | 10 years | 7 years |
| Minimum Premium | $20,000 | $25,000 |
| Index Options / Methods | ✔️ Multiple index options ✔️ Annual or multi-year point-to-point with caps or participation rates ✔️ Fixed account for stable growth | ✔️ S&P 500® Index and J.P. Morgan Mozaic II℠ Index options |
| Liquidity | Free withdrawals of up to 10% | Free withdrawals of up to 10% |
| Income Features | ✔️Allianz Income Multiplier (AIM) ✔️ Protected Income Value bonus | ✔️ Optional income riders available |
Who This Annuity Is Best For
✔️ Individuals seeking reliable growth potential while keeping their principal protected.
✔️ Pre-retirees and retirees who want guaranteed lifetime income without taking on full market risk.
✔️ Conservative investors who prefer consistent, steady accumulation instead of high-risk returns.
✔️ Those who appreciate flexible withdrawal options and built-in income or care benefits.
✔️ Investors aged 50+ looking for income access or added support through the Allianz Income Multiplier (AIM).
✔️ People who want to balance long-term growth opportunities with protection from market downturns.
How to Buy & Next Steps
Are you ready to find the annuity solution that secures your retirement?
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FREQUENTLY ASKED QUESTIONS
What is the minimum investment for the Allianz 222 Annuity?
The minimum investment is $20,000, with a maximum of $1,000,000 without prior company approval.
How does the Allianz 222 earn interest?
Your annuity earns indexed interest based on the performance of selected market indexes without exposing your principal to market losses.
What bonuses does the Allianz 222 offer?
The annuity includes a 15% premium bonus and a 50% interest bonus, both credited to your Protected Income Value (PIV), boosting your future income potential.
What is the Allianz Income Multiplier (AIM)?
The AIM benefit can double your annual income payments if you require long-term care or can’t perform at least two daily activities.
Is there a death benefit?
Yes. Upon death, your beneficiaries can receive either the full account value or the Protected Income Value, depending on the payout option chosen.
Can I add more money to my annuity later?
Yes, you can add premium payments anytime during the first 18 months of your contract (up until the first day of the 19th month or before annuity payments begin). Your new funds will start earning interest right away through an interim rate and will be applied to your chosen allocations on your next contract anniversary.
Can I cancel the Protected Income Value (PIV) rider?
You can cancel your PIV rider at any time, but doing so ends your lifetime income benefits, including the premium bonus, interest bonus, and the Allianz Income Multiplier (AIM).
Other Allianz Life Fixed Index Annuity Products
Allianz 360
A standard fixed index annuity that increases your income each year you wait to start collecting payments.
Allianz Core Income 7
Core Income 7 lasts seven years and has a lower minimum deposit of $10,000, providing a rider that increases your income during the saving period.
Allianz Accumulation
This annuity allows beneficiaries to invest in 17 different market indexes, focusing on growing the money for the future.
Allianz Essential Income 7
The Essential 7 annuity offers the option to grow the income each year in retirement, offering a smaller minimum deposit of $10,000 and no surrender charges after seven years.
Allianz Retirement Foundation
The Retirement Foundation annuity through advisory platforms and not directly to individuals, meaning you need to work with an advisor to buy this product.
Annuity Expert
Jeremiah Konger
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