GLENMONT, N.Y., Feb. 14, 2017 (GLOBE NEWSWIRE) -- 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 Rider 2 : 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-NY 3
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. Best 1 | A | |
| Standard & Poor’s 2 | 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). 2 Ratings 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
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