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How can your brokers assist their New York clients that have been stricken with an unexpected chronic or terminal illness?
Zurich can help! We are pleased to announce the Zurich Accelerated Death Benefit Rider for Chronic Illness now available in New York. This high limit chronic illness rider will be included at no additional premium cost on all eligible newly issued individual Zurich Value Index UL policies offered by Zurich American Life Insurance Company of New York. To be eligible for this important benefit, at the time of policy issuance, the insured must be age 75 or younger and generally rated Table D or better.
The launch materials below are designed to help you fully understand the comprehensive attractiveness of the Accelerated Death Benefit Rider for Chronic and Terminal Illness:
The specifications of the Accelerated Death Benefit Rider for Chronic Illness are very competitive. To be eligible for claim, the insured must be unable to perform two out of six activities of daily living OR have a severe cognitive impairment AND the underlying condition is expected to be permanent. The rider has a highly competitive $2 million lifetime maximum benefit per insured. Please refer to the descriptive one-page broker use only informational brochure for complete details.
In addition to the new Chronic Illness Rider, we have also amended the Accelerated Death Benefit Rider for TERMINAL ILLNESS on the Zurich Value Index UL policy offered by Zurich American Life Insurance Company of New York. This terminal illness benefit is now up to 75% of the policy’s death benefit up to a maximum advanced benefit of $2 million per insured. This benefit will be included at no additional premium cost on all eligible newly issued Zurich Value Index UL policies offered by Zurich American Life Insurance Company of New York.
Additional marketing materials are available onwww.zlifeusa.com.
Should you have any questions, please contact your Regional Vice President or Field Marketing Consultant.
Thank you for your consideration. We appreciate your support of the Zurich Affluent Markets Group. Together, we are building something special.
Best regards,
Dennis H. Roberts, CLU, CFP®
President – Affluent Markets Group
Zurich American Life Insurance Company
Phone: 713-787-5994
Cell: 281-224-5807
Visit our website at www.zlifeusa.com
For Agent and Broker Information Only. Not for Use with Clients or the Public.
Zurich American Life Insurance Company of New York
Zurich American Life Insurance Company
Administrative Office:
7045 College Boulevard
Overland Park, Kansas 66211-1523
877-678-7534 www.zlifeusa.com
In New York, the terms and conditions for the Flexible Premium Adjustable Life Insurance Policy with Index-Linked Interest Options are set forth in policy form number IUL121NY-03; Accelerated Death Benefit Rider for Chronic Illness and Accelerated Death Benefit Rider For Terminal Illness are set forth in policy form number IULCIRNY-01 and IULTIRNY-01. The policy is issued by Zurich American Life Insurance Company of New York, a New York domestic life insurance company located at its registered home address of One Liberty Plaza, 165 Broadway, New York, NY 10006.
In all states other than New York, the terms and conditions for the Flexible Premium Adjustable Life Insurance Policy with Index-Linked Interest Options are set forth in policy form number ICC11-IUL121-01; Accelerated Death Benefit Rider for Chronic Illness and Accelerated Death Benefit Rider for Terminal Illness are set forth in policy form number ICC14-IULCIR-01 and ICC14-IULTIR-01 or applicable state variation. The policy is issued by Zurich American Life Insurance Company, an Illinois domestic life insurance company, located at its registered home address of 1400 American Lane, Schaumburg, IL 61096.
The policies are subject to the laws of the state where they are issued. This material is a summary of the product features only. Please read the policy carefully for details. Certain coverages may not be available in all states and policy provisions may vary by state.
Accelerated Death Benefit Rider for Chronic Illness:
The Accelerated Death Benefit Rider for Chronic Illness is a life insurance benefit 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.
This is a life insurance benefit that also gives you the option to accelerate some or all of the death benefit in the event that you meet the criteria for a qualifying event described in the Accelerated Death Benefit Rider for Chronic Illness. The Rider does not provide long-term care insurance subject to California long-term care insurance law. The Rider is not a California Partnership for Long-Term Care program policy. The Rider is not a Medicare supplement (policy or certificate).
The Accelerated Death Benefit Rider for Chronic Illness is intended for favorable tax treatment under Section 101(g) of the Internal Revenue Code (26 U.S.C. Sec. 101(g)). Receiving accelerated death benefits greater than the amount that would be tax qualified under the Internal Revenue Code may have tax consequences for you. We cannot give you advice about this. You may wish to obtain advice from a tax professional or an attorney before you decide to receive accelerated benefits from a life insurance policy.
If the insured is diagnosed with a permanent chronic illness, some or all of the death benefit may be paid before the death of the insured. The Accelerated Death Benefit Rider for Chronic Illness is an indemnity rider, and there are no restrictions on the use of this payment. The maximum amount payable on an annual basis is the lesser of 25% of the eligible death benefit (as defined in the rider) or $500,000. The maximum lifetime benefit payable pursuant to this rider is $2,000,000.
Long-term care insurance policies typically reimburse policyholders for services to assist them with activities of daily living such as bathing, dressing, or eating. Comparatively, accelerated death benefits are typically a single lump-sum advance on future life insurance benefits paid in the case of chronic or terminal illness.
Receipt of the accelerated death benefits may affect eligibility for public assistance programs and may be taxable.
©2015 Zurich American Life Insurance Company
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