FIN2271NY. Allstate Bridge UL SM Lock in potential lifetime protection

Transcription

1 FIN2271NY Allstate Bridge UL SM Lock in potential lifetime protection

2 You re already enjoying the peace of mind and simplicity of term life insurance protection why not make it permanent? Owning permanent life insurance like Allstate Bridge UL SM, gives you protection you can t outlive and a lot more. Unlike term policies that last for 10 or 20 years and then end, Bridge UL provides permanent coverage which means that as long as sufficient premiums are paid, your protection won't expire. And along with providing lifetime protection, your policy is also accumulating cash value. Funds that may be accessed later on if you need them for an emergency or other financial need. 5 With Allstate Bridge UL SM, converting your existing Allstate term policy to permanent, lifetime protection has never been easier. 1 FIN2271NY 1

3 How will I benefit? n Get protection that lasts and the peace of mind of having permanent coverage that you can t outlive, as long as you make sufficient premium payments. n No hassle conversion there s no underwriting required to convert your existing term policy, unless you choose to add features, or riders, to your coverage. 2 n Future flexibility you can adjust your death benefit and premium levels should your needs change, even long after the policy has been issued. 3 n Accumulate cash value unlike a term policy, part of your premium goes toward building cash value that compounds tax-deferred 4 for future use. n Emergency access to funds you can access a portion of your policy's cash value in an emergency through loans and withdrawals. Keep in mind that loans or partial withdrawals can reduce the policy's cash value and death benefit. 5 Policy details Issue ages (some rate classifications may have issue age restrictions) Death benefit $10,000 minimum Death benefit options Option 1: Your death benefit stays the same over time. Option 2: You get an increasing death benefit equal to the initial coverage, or face amount, plus the policy value. At age 100, death benefit option will change to Option 1, regardless of previous election. Minimum guaranteed period Your death benefit will be guaranteed for 10 years if you are age at issue, or 5 years if you re age 76 or older at issue, by paying the minimum premiums by the required due date and continuing to meet the policy s safety net guarantee premium requirement. FIN2271NY 2

4 Extra policy features (Riders) 6 With Allstate Bridge UL, you may choose to retain the same type of extra features known as riders that are in your current term policy, with no additional underwriting. Consult your agent to review the features in your existing policy. The following riders on previously owned term policies will carry over to Allstate Bridge UL: Accelerated Benefit Rider (for terminal illness) * Accidental Death Benefit Rider Additional Insured Rider * Children s Level Term Rider * Waiver of Monthly Deductions Rider 7 (may be stated as Waiver of Premium on term policy) Receive a total payment up to 80% of the death benefit or $250,000, whichever is less, if insured is diagnosed with a terminal illness. Your beneficiaries will receive an increased benefit if death is caused by an accident covered under the rider. Life insurance protection for up to four family members (only available with Allstate Bridge UL if you had chosen to add it to your previous term policy). Add life insurance coverage for any children age 17 or younger. Guarantees all future monthly deductions of the policy will be covered in the event the insured becomes disabled as defined in the rider. * To enhance your coverage, the riders in the above table marked with an asterisk (*) can be added when you convert to Allstate Bridge UL if they were not on your original policy. If one or more of these riders are added, however, additional underwriting will be required. Note that all guarantees associated with Allstate Bridge UL and available riders are based on the claims-paying ability of the issuing insurance company. FIN2271NY 3

5 Is it time to switch your coverage? While it is always a good idea to periodically review your life insurance coverage, here are a few reasons you may want to switch to permanent coverage: You want to provide certain family members with a death benefit that does not expire after a fixed number of years to help cover estate costs, or to leave an inheritance. You're looking for permanent coverage that can last a lifetime unlike employerprovided life insurance that ends when you leave your job or term coverage that lasts only for a fixed number of years. You want to ensure your children's future coverage buying life insurance for your child today can help guarantee that he or she will have coverage tomorrow. 8 You prefer simplicity and flexibility with Allstate Bridge UL, get coverage that can last a lifetime, provided sufficient premiums are paid, with a death benefit and tax-deferred growth potential without the hassle of additional underwriting. FIN2271NY 4

6 Are you in GOOD HANDS? With more than 25 years of experience, Allstate Life Insurance Company of New York has a strong tradition of being there when people need us. Today, we offer innovative solutions and professional assistance to help you protect your family and achieve your lifelong dreams. To learn more, call or visit your Allstate agency today. 1 Allstate Bridge UL SM is available for all Allstate Life Insurance Company of New York underwritten products. 2 Additional underwriting will be required if additional riders are requested at the time of policy conversion. Changes to benefits can have income tax consequences. Consult a tax advisor for additional information. 3 Increases in benefits are subject to underwriting approval. Changes to benefits can have income tax consequences. Consult a tax advisor for additional information. 4 The death benefit of life insurance policies that are transferred for value may be subject to ordinary income taxes. Estate taxes may apply (even if the policy is not transferred). Consult a tax advisor for additional information. 5 Partial withdrawals and surrenders from life policies are generally taxed as ordinary income to the extent the withdrawal exceeds your investment in the contract, which is also called the basis. In some situations, partial withdrawals during the first 15 policy years may result in taxable income prior to recovery of the investment in the contract. Loans are generally not taxable if taken from a life insurance policy that is not a modified endowment contract. However, when cash values are used to repay a loan, the transaction is treated like a withdrawal and taxed accordingly. If a policy is a modified endowment contract, loans are treated as a taxable distribution to the extent of policy gain. Loans, withdrawals and surrenders are treated first as distributions of the policy gain subject to ordinary income taxation, and may be subject to an additional 10% federal tax penalty if made prior to age 59½. Loans, if not repaid, and withdrawals reduce the contract s death benefit and cash value. 6 Please see riders for terms, conditions, and restrictions. Additional costs may apply. 7 If you should become disabled prior to age 65, this rider will cover the monthly deductions for the policy including: a monthly policy fee, the monthly per $1,000 of face amount charge, the monthly cost of insurance and the monthly cost of any riders attached to the policy, assuming the policy and any riders are still in force. The waiver of monthly deductions coverage may be removed from the policy in the future. 8 A child may develop an illness that makes him or her uninsurable as an adult. An optional rider available with Allstate Bridge UL would help to ensure that child will be able to obtain coverage later in life. Allstate Bridge UL SM is a flexible premium universal life insurance policy issued by Allstate Life Insurance Company of New York, Hauppauge, NY. Allstate Bridge UL is available with contract series LU11007NY. Policy issuance is subject to availability and qualifications. This policy has exclusions, limitations, and terms that may affect coverage, renewal, cancellation, termination, or other contractual rights and benefits. Available riders include Children s Level Term Rider (NYLU682 series), Waiver of Monthly Deductions Rider ( LU11008NY series), Accidental Death Benefit Rider (NYLU680 series), Accelerated Benefit Rider for Terminal Illness (NYLU683 series), and Additional Insured Rider (LU11009NY series) Allstate Insurance Company allstate.com 04/14 FIN2271NY