American National Life Insurance Company of New York Introduces Two New Accelerated Benefit Riders for Terminal and Chronic I...
February 14 2017 - 11:32AM
American National Life Insurance Company of New
York (American National) announces two new Accelerated
Benefit Riders for Terminal Illness and Chronic Illness, available
[February 1, 2017]. These industry leading innovative
Accelerated Benefit Riders provide the potential to receive a
partial or full accelerated life insurance benefit if the insured
is diagnosed with a qualifying Terminal or Chronic Illness at no
additional premium.1
The owner can choose to take a partial acceleration, paid in
lieu of a portion of the policy’s death benefit. Multiple
partial benefits are available if a partial benefit is taken.
For example if 25% of the death benefit is accelerated, 75%
of the death benefit would remain and could be accessed later, if
needed. Or, the owner can choose a full acceleration, paid in lieu
of the entire policy death benefit.
The maximum total Death Benefit available for acceleration is
$2,000,000 for issue ages 0-65 and $1,000,000 for issue ages
66+.
- Terminal Illness Rider: Terminal Illness
is defined as an illness or condition that is expected to result in
death within twelve months.
- Chronic Illness Rider2: Chronic Illness is
defined as an illness or condition where the Insured is unable to
perform two of the six activities of daily living (ADLs) for a
period of at least 90 days or requires constant supervision to
protect from threats of health and safety due to severe cognitive
impairment. ADLs include bathing, continence, dressing,
eating, toileting and transferring. This benefit is not
available for Table Ratings above Table 4.
This benefit will be available on the following New York life
policies:Term Life:ANICO Signature Term-NY, ANICO
Signature Term SI-NY3
Indexed Universal Life:Signature IUL-NY,
Signature Plus IUL-NY
Universal Life:Executive UL-NY, Executive SI
UL-NY, Signature GUL-NY
Although life insurance policies primarily provide a death
benefit, American National’s life policies have the additional
advantage of providing living benefits for insureds diagnosed with
a qualifying condition. When struck with an illness, bills
can pile up and the ability to provide for a family’s needs can be
dramatically affected. American National allows a policy
owner to access living benefits when they are going through an
illness and need them the most. The benefit is an
unrestricted cash benefit and can be used however the insured
decides. Because there are no restrictions on how the benefit
is used, the insured can decide whether to pay for care of the
insured, pay for household expenses, ease financial burdens of
illness, or go on the trip of a lifetime.
David A. Behrens, President and Chief Operating Officer of
American National Life Insurance Company of New York stated,
“American National Life Insurance Company of New York’s new
Accelerated Benefit Riders for Terminal Illness and Chronic Illness
will provide expanded options for life policy holders with more
choices including partial or full acceleration of these living
benefits.”
About the Company
American National Life Insurance Company of New York,
headquartered in Glenmont, New York is licensed to conduct the
business of insurance in the state of New York. American National
Life Insurance Company of New York offers a broad line of Life
Insurance and Annuity products and services, which include life
insurance, annuities, health insurance, credit insurance and
pension products.
Financial Strength Ratings
American National Life Insurance Company of New
York has been evaluated and assigned the following ratings by
nationally recognized, independent rating agencies. The ratings are
current as of October 20, 2016.
A.M.
Best1 |
|
A |
Standard &
Poor’s2 |
|
A |
Ratings reflect current independent opinions of the financial
capacity of an insurance organization to meet the obligations of
its insurance policies and contracts in accordance with their
terms. They are based on comprehensive quantitative and qualitative
evaluations of the company and its management strategy. The rating
agencies do not provide ratings as a recommendation to purchase
insurance or annuities. The ratings are not a
warranty of an insurer's current or future ability to meet
its contractual obligations.
Ratings may be changed, suspended, or withdrawn at any time. For
the most current ratings view the full rating reports on American
National Life Insurance Company of New York’s Internet site at
www.anicony.com
1 A.M. Best’s active company rating scale is: A++ (Superior), A+
(Superior), A (Excellent), A- (Excellent), B++ (Good), B+
(Good), B (Fair), B- (Fair), C++ (Marginal), C+ (Marginal), C
(Weak), C- (Weak) and D (Poor).2Ratings from ‘AA’ to ‘CCC’ may be
modified by the addition of a plus (+) or minus (-) sign to show
relative standing within the major rating categories.
For more information, including company news and investor
relations information, visit the company’s web site at
www.AmericanNational.com
Contact our Field Support Center at 888-501-4043
1) The riders are offered for no additional premium; however,
the accelerated death benefit payment will be less than the
requested death benefit because it will be reduced by an actuarial
discount and an administrative fee of up to $500. The amount of the
reduction is primarily dependent on American National’s
determination of the insured’s life expectancy at the time of
election. 2) The maximum benefit that may be paid to you in a
calendar year under the Chronic Illness rider may not exceed the
annualized per diem amount that is in effect for long term care
services. Please see 26 USC 7702B(d)(4) to determine the amount
currently in effect for the current year. 3) Chronic Illness is not
available in ANICO Signature Term SI-NY. See policy rider forms
ABR14-CH(NY) and ABR14-TM(NY) for a full description of terms and
conditions. Exercising an Accelerated Benefit Rider will reduce or
terminate the death benefit available for your beneficiary.
Accelerated life insurance benefits are not replacements for
long-term care insurance. The Accelerated Benefit Rider for
Terminal and Chronic Illness are intended to receive favorable tax
treatment under 101(g) of the IRC. Receipt of an accelerated
benefit could be a taxable event. Consult a tax advisor regarding
the tax status of any benefit paid under these riders. Receipt of
an accelerated benefit may affect eligibility for Medicaid,
supplemental security income or other governmental benefits or
entitlements. Before accelerating, consult an advisor to determine
the impact on eligibility. The Accelerated Benefit Rider
for Chronic Illness is a life insurance policy that accelerates the
death benefit on account of chronic illness and is not a health
insurance policy providing long term care insurance subject to the
minimum requirements of New York Law, does not qualify for the New
York State Long Term Care Partnership program, and is not a
Medicare supplement policy. Forms: ART12(NY); EXEC-UL(NY);
EXEC-ULU(NY); IUL14(NY); SGUL15(NY).
NYIMG0955
Contact: Independent Marketing Field Support Center PH: 888.501.4043
American National (NASDAQ:ANAT)
Historical Stock Chart
From Sep 2024 to Oct 2024
American National (NASDAQ:ANAT)
Historical Stock Chart
From Oct 2023 to Oct 2024