Confidential Review Library · Allianz Life Insurance Company of North America
Allianz 222 review
Fixed indexed annuity with bonus and income value
Allianz 222 is a fixed indexed annuity built around a Protected Income Value with a premium bonus and interest bonus that vest only through lifetime income withdrawals. Cash surrender does not capture the bonus, which is the single most misunderstood mechanic in the contract.
Last updated 2026-08-03
The five pillars
Cost
Rider charge applies to the income value
The contract carries an annual charge tied to the Protected Income Value rather than the accumulation value. Because the income value is generally the larger number, the charge in dollars-per-year terms rises as that value grows. Review the actual charge deducted on recent statements, not the illustrated one.
Surrender
Ten-year schedule with a bonus that does not surrender
The bonus components live in the income value. A cash surrender pays the accumulation value less any remaining charge — not the number an owner often remembers from the sale. This mismatch is the most common reason an owner is surprised by the position of the contract.
Riders
Income benefit is mandatory to realise the bonus
The bonuses vest only if income is taken as lifetime withdrawals after the required waiting period. Review how many years remain before the increasing income option becomes attractive, and whether the owner intends to annuitise at all.
Rate
Two values credit differently
The accumulation value and the income value grow on different terms. Comparing this contract to a rate-only product on headline crediting alone is not a like-for-like comparison.
Fit
Fits committed long-horizon income planning
This works for an owner who genuinely intends to take lifetime income and can wait through the required period. It reviews poorly where the owner wants flexibility, liquidity, or a lump sum exit.
What to watch on your own contract
- —Whether the remembered value is the income value rather than cash value
- —The number of years remaining before income can be activated on best terms
- —The rider charge actually deducted in each of the last three contract years
- —Whether the plan of record still calls for lifetime income at all
Questions owners ask
- Can I cash out Allianz 222 and keep the bonus?
- No. The bonus components sit inside the Protected Income Value and vest through lifetime income withdrawals. A cash surrender pays the accumulation value less any applicable charge.
- What is the Protected Income Value?
- It is an accounting value used to calculate lifetime income. It is not a withdrawable balance, which is why reviews of this contract separate the two numbers explicitly.
- Is Allianz 222 still competitive?
- It depends entirely on the owner's horizon and intent. For a committed income plan the structure remains coherent; for a liquidity or growth objective it usually reviews poorly.
About the carrier
Allianz Life is one of the largest fixed indexed annuity issuers in the United States, carrying an A.M. Best rating of A+ in the AnnuityScore carrier network. Its contracts are typically built around income benefits and secondary benefit values, which is where most owner confusion — and most review findings — originate.
Read the full Allianz Life carrier profile and A.M. Best rating →Confidential
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Educational content only. AnnuityScore is not affiliated with, endorsed by, or acting on behalf of Allianz Life Insurance Company of North America. Product names are the trademarks of their respective owners. Contract features vary by state, issue date and product version — your contract governs. Nothing on this page is a recommendation or a solicitation.