American National Life Insurance Company of New York Introduces an Industry Leading Guaranteed Universal Life Policy with a Guaranteed Cash-Out Option – Signature Guaranteed Universal Life Insurance
August 1, 2016 by American National Life Insurance Company of New York
GLENMONT, N.Y., Aug. 01, 2016 (GLOBE NEWSWIRE) — American National Life Insurance Company of New York (NASDAQ:ANAT) (American National) is proud to announce that a new product, the Signature Guaranteed Universal Life Insurance, is available in New York [August 1, 2016]. This industry leading, innovative life product can provide guaranteed lifetime protection along with the option to cash out the policy if the policy owner’s needs change in the future.
With this new life product, American National proves to be a leader in the Guaranteed UL market by offering consumers a guaranteed death benefit along with flexibility and features to fit their needs. The Signature Guaranteed UL allows the client to customize the length of the guaranteed death benefit between ages 95 to 121.1 Also included with the Signature Guaranteed UL is the Guaranteed Cash-Out Rider which provides three 60-day periods following the 15th, 20th, and 25th policy anniversaries, at which the insured may choose to fully surrender the policy for a return of premiums. 2 The percentage of premium returned will depend on the specific policy and will be subject to a maximum. This allows the insured to access policy premiums at no additional cost if their needs change in the future.
Signature Guaranteed UL is a death benefit product that can provide for a family’s needs after the death of the insured, maintain the standard of living and retirement needs of the surviving spouse, complete children’s and grandchildren’s education, assure continuation of the family business and provide for tax-advantaged wealth transfer to future generations.
Signature Guaranteed UL’s highly competitive premiums offer customers a cost-effective way to leave their loved ones a legacy while also serving as an emergency fund with three guaranteed Cash-Out periods if their circumstances change. This product also includes, at no additional premium, the Accelerated Benefit Rider for Terminal Illness.3 In the unfortunate event that the insured is diagnosed with an illness that is expected to result in death within 12 months, they will be eligible to accelerate a portion of the death benefit in advance.
David A. Behrens, President and Chief Operating Officer of American National Life Insurance Company of New York stated, “Signature Guaranteed UL is a leader in the UL market and is the only Guaranteed UL in New York with a Cash-Out Rider. Signature GUL provides the security of a dialable guaranteed death benefit and allows the policy to be fully surrendered for up to 65% of premiums at the 15th policy anniversary or up to 100% of the premiums on the 20th or 25th policy anniversaries.4”
Signature Guaranteed UL-NY is the latest addition to American National Life Insurance Company of New York’s extensive portfolio of life insurance products. Life insurance products also available in New York include the Signature IUL-NY, Signature Plus IUL-NY, and Signature Term-NY. Signature IUL and Signature Plus IUL offer clients permanent life insurance along with the ability to earn interest based upon the performance of an index with protection in the event that the index drops below 0%. Signature IUL and Signature Plus are flexible premium policies with a fixed crediting option as well as four indexed interest crediting options. In exchange for differing Caps, Specified Rates, and Interest Rate Spreads, the Signature Plus IUL features an Interest Rate Enhancement up to 1% starting in year eleven that will continue for the life of the policy.5 At our lowest starting premium, Signature Term is also available for clients that only need coverage for a specific period of time. Signature Term also allows the policy to be converted to one of American National’s permanent policies subject to the term policy convertibility provisions.
Disclosures:
1. Guarantee is subject to premium payment requirements. 2. Cash-Out Rider may not be available on all substandard rated policies and some may only qualify for the Cash-Out option in the 15th Policy anniversary. Minimum funding of the Policy is required to keep the rider in effect. 3. Receipt of accelerated death benefits may affect eligibility for public assistance programs. The rider is offered at no additional premium, however, an administrative fee not to exceed $300 will be deducted from the initial accelerated benefit. Any amounts accelerated will be held as a lien against the death benefit. 4. Policies issued with a specified amount of $250,000 or less are eligible to receive up to 50% of premiums at the 15th policy anniversary. The benefit amount may never exceed 45% of the specified amount for policies with a specified amount of $250,000 or less; and 65% of the specified amount for policies with a specified amount more than $250,000. 5. The Interest Rate Enhancement may range from 0-1% and may fluctuate over the life of the policy. The Enhancement is only guaranteed for policies issued by American National Life Insurance Company of New York.
The Signature Indexed Universal Life Insurance policy and Signature Plus Indexed Universal Life Insurance policy are not registered securities or stock market investments and do not directly participate in any stock or equity investments or index. When you buy a policy, you are not buying an ownership interest in any stock or index. American National and its agents do not make any recommendations regarding the selection of indexed strategies. American National and its agents do not guarantee the performance of any indexed strategies. There is not one particular interest crediting strategy that will deliver the most interest under all economic conditions.
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 [June 2016].
| A.M. Best1 | ||
| A | ||
| “An excellent ability to meet their ongoing insurance obligations” | ||
| Standard & Poor’s2 | A | |
| “Strong capacity to meet financial commitments but somewhat susceptible to adverse economic conditions and changes in circumstances” | ||
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 visit American National Life Insurance Company of New York 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 a full list of Standard & Poor’s active company rating scale visit www.standardandpoors.com.
For additional information, contact the Field Support Center at 877-755-2667
Form Series: SGUL15(NY); GCOR15(NY); ADB11(NY); IUL14(NY); IRER15(NY); ART12(NY)
NYIMG0784 | 07.16
Contact: Angie Hitchman PH: 877-755-2667
