Page 1
NYLU569 (SelectDirections, Custom Portfolio, Provider)
The following changes are made to the Master Policy.
(a) The Beneficiary provision in the Master Policy is deleted and replaced with
the following:
Beneficiary The Beneficiary is the person(s) named on the Annuity Data Page
unless later changed by the Owner. The Primary Beneficiary is the
Beneficiary(ies) who is first entitled to receive benefits under the Certificate
upon the death of the sole surviving Owner. The Contingent Beneficiary is the
Beneficiary(ies) entitled to receive benefits under the Certificate when all
Primary Beneficiary(ies) predecease the Owner(s).
The Owner may change or add Beneficiaries at any time by written notice in a
form satisfactory to us unless the Owner has designated an irrevocable
Beneficiary. Once we receive a request, the change will take effect as of the
date the Owner signed the request. Any change is subject to any payment we make
or other action we take before we accept it.
Benefits Payable to Beneficiaries
If the sole surviving Owner dies after the Payout Start Date, the
Beneficiary(ies) will receive any guaranteed income payments scheduled to
continue.
If the sole surviving Owner dies before the Payout Start Date, the
Beneficiary(ies) may elect to receive a Death Benefit or become the new
Owner with rights as defined in the Death of Owner provision.
Order of Payment of Benefits
As described under Benefits Payable to Beneficiaries, Beneficiary(ies) will
receive any guaranteed income payments scheduled to continue, or the right
to elect to receive a death benefit or become the new Owner, in the
following order of classes:
Primary Beneficiary
Upon the death of the sole surviving Owner after the Payout Start Date, the
Primary Beneficiary(ies),if living, will receive the guaranteed income
payments scheduled to continue. Upon the death of the sole surviving Owner
before the Payout Start Date, the Primary Beneficiary(ies), if living, will
have the right to elect to receive a death benefit or become the new Owner
with rights as defined in the Death of Owner provision.
Contingent Beneficiary
After the Payout Start Date, if no Primary Beneficiary(ies) survives the
sole surviving Owner, the Contingent Beneficiary(ies), if living, will
receive the income payments scheduled to continue. If the sole surviving
Owner and all Primary Beneficiaries die before the Payout Start Date, the
Contingent Beneficiary(ies), if living, will have the right to elect to
receive a death benefit or become the new Owner with rights as defined in
the Death of Owner provision.
If no named Beneficiary is living when the sole surviving Owner dies, or if a
Beneficiary has not been named, the new Beneficiary will be:
i. the Owner's spouse, or if he or she is no longer living,
ii. the Owner's surviving children equally, or if the Owner has no
surviving children,
iii. the Owner's estate.
If there is more than one Beneficiary and one of the Beneficiaries is a
corporation or other type of non-living person, all Beneficiaries will be
considered to be non-living persons for the above purposes.
Unless the Owner has provided directions to the contrary, the Beneficiaries will
take equal shares. If there is more than one Beneficiary in a class and one of
the Beneficiaries predeceases the Owner, the remaining Beneficiaries in that
class will divide the deceased Beneficiary share in proportion to the original
share of the remaining Beneficiaries.
If there is more than one Beneficiary taking shares of the death proceeds, each
Beneficiary will be treated as a separate and independent owner of his or her
respective share of the death proceeds. Each Beneficiary will exercise all
rights related to his or her share of the death proceeds, including the sole
right to select a payout option, subject to any restrictions previously placed
upon the Beneficiary. Each Beneficiary may designate a Beneficiary(ies) for his
or her respective share, but that designated Beneficiary(ies) will be restricted
to the payout option chosen by the original Beneficiary.
(b) The following sentence is added to the Owner provision of the Master Policy:
If the Owner is a Grantor Trust, the Owner will be considered a non-living
person for purposes of the Death of Owner and Death of Annuitant provisions of
the Certificate.
(c) The Death of Owner or Annuitant provision in the Master Policy is deleted
and replaced with the following:
Death of Owner If the Owner dies prior to the Payout Start Date, the new Owner
will be the surviving Owner. If there is no surviving Owner, the new Owner will
be the Beneficiary(ies) as described in the Beneficiary provision. The new Owner
will have the options described below; except that if the new Owner took
ownership as the Beneficiary, the new Owner's options will be subject to any
restrictions previously placed upon the Beneficiary.
1. If the Owner's spouse is the sole surviving Owner or is the sole Beneficiary
if no surviving Owner:
a. The Owner's spouse may elect to receive the death proceeds described
below in a lump sum; or
b. The Owner's spouse may elect to receive the death proceeds paid out
under one of the Income Plans described in the Payout Phase section,
subject to the following conditions:
The Payout Start Date must be within one year of the Owner's date of death.
Income Payments must be payable:
i. over the life of the Owner's spouse; or
ii. for a guaranteed number of payments from 5 to 50 years but not to
exceed the life expectancy of the Owner's spouse; or
iii. over the life of the Owner's spouse with a guaranteed number of
payments from 5 to 30 years but not to exceed the life expectancy
of the Owner's spouse.
c. If the Owner's spouse does not elect one of the options above, then
the Certificate will continue in the Accumulation Phase as if the
death had not occurred. If the Certificate is continued in the
Accumulation Phase, the following conditions apply:
The Certificate Value of the continued Certificate will be the death
proceeds. Unless otherwise instructed by the continuing spouse, the
excess, if any, of the death proceeds over the Certificate Value will
be allocated to the Sub-accounts of the Variable Account. This excess
will be allocated in proportion to the Certificate Value in those
Sub-accounts as of the end of the Valuation Period during which we
receive the complete request for settlement of the death proceeds,
except that any portion of this excess attributable to the Fixed
Account Options will be allocated to the Money Market Variable
Sub-account. Within 30 days of the date the Certificate is continued,
the Owner's surviving spouse may choose one of the following transfer
alternatives without incurring a transfer fee:
i. transfer all or a portion of the excess among the Variable
Sub-accounts;
ii. transfer all or a portion of the excess into the Fixed Account
and begin a new Guarantee Period; or
iii. transfer all or a portion of the excess into a combination of
Variable Sub-accounts and the Fixed Account.
Any such transfer does not count as one of the free transfers allowed
each Certificate Year and is subject to any minimum allocation amount
specified in the Certificate.
The surviving spouse may make a single withdrawal of any amount within
one year of the date of the Owner's death without incurring a
Withdrawal Charge or Market Value Adjustment.
Prior to the Payout Start Date, the Death Benefit of the continued
Certificate will be as defined in the Death Benefit provision.
Only one spousal continuation is allowed under this Certificate.
2. If the new Owner is not the Owner's spouse but is a living person:
a. The new Owner may elect to receive the death proceeds in a lump sum;
or
b. The new Owner may elect to receive the death proceeds paid out under
one of the Income Plans described in the Payout Phase section, subject
to the following conditions:
The Payout Start Date must be within one year of the Owner's date of
death. Income Payments must be payable:
i. over the life of the new Owner; or
ii. for a guaranteed number of payments from 5 to 50 years but not to
exceed the life expectancy of the new Owner; or
iii. over the life of the new Owner with a guaranteed number of
payments from 5 to 30 years but not to exceed the life expectancy
of the new Owner.
c. If the New Owner does not elect one of the options above, then the new
Owner must receive the Certificate Value payable within 5 years of the
Owner's date of death. On the date we receive the complete request for
settlement of the death proceeds, the Certificate Value under this
option will be the death proceeds. Unless otherwise instructed by the
new Owner, the excess, if any, of the death proceeds over the
Certificate Value will be allocated to the Money Market Variable
Sub-Account. Henceforth, the new Owner may exercise all rights as set
forth in the Transfers provision during this 5 year period.
No additional purchase payments may be added to the Certificate under
this election. Withdrawal Charges will be waived for any withdrawals
made during this 5 year period.
We reserve the right to offer additional options upon Death of Owner.
If the new Owner dies prior to the complete liquidation of the
Certificate Value, then the new Owner's named beneficiary(ies) will
receive the greater of the Settlement Value or the remaining
Certificate Value. This amount must be liquidated as a lump sum within
5 years of the date of the original Owner's death.
3. If the new Owner is a corporation or other type of non-living person:
a. The new Owner may elect to receive the death proceeds in a lump sum;
or
b. If the new Owner does not elect the option above, then the new Owner
must receive the Certificate Value payable within 5 years of the
Owner's date of death. On the date we receive the complete request for
settlement of the death proceeds, the Certificate Value under this
option will be the death proceeds. Unless otherwise instructed by the
new Owner, the excess, if any, of the death proceeds over the
Certificate Value will be allocated to the Money Market Variable
Sub-Account. Henceforth, the new Owner may exercise all rights as set
forth in the Transfers provision during this 5 year period.
No additional purchase payments may be added to the Certificate under
this election. Withdrawal Charges will be waived during this 5 year
period.
We reserve the right to offer additional options upon Death of Owner.
If any new Owner is a non-living person, all new Owners will be considered to be
non-living persons for the above purposes.
Under any of these options, all ownership rights, subject to any restrictions
previously placed upon the Beneficiary, are available to the new Owner from the
date of the Owner's death to the date on which the death proceeds are paid.
Death Proceeds If we receive a complete request for settlement of the death
proceeds within 180 days of the date of the Owner's death, the death proceeds
are equal to the Death Benefit described below. Otherwise, the death proceeds
are equal to the greater of the Certificate Value or the Settlement Value.
We reserve the right to extend, on a non-discriminatory basis, the 180-day
period in which the death proceeds will equal the Death Benefit as described
below. This right applies only to the amount payable as death proceeds and in no
way restricts when a claim may be filed.
Death of Annuitant If the Annuitant who is not also the Owner dies prior to the
Payout Start Date, the following apply:
1. If the Owner is a living person, then the Certificate will continue with a
new Annuitant as described in the Annuitant provision above.
2. If the Owner is a non-living person:
a. The Owner may elect to receive the death proceeds in a lump sum; or
b. If the Owner does not elect the option above, then the Owner must
receive the Certificate Value payable within 5 years of the
Annuitant's date of death. On the date we receive the complete request
for settlement of the death proceeds, the Certificate Value under this
option will be the death proceeds. Unless otherwise instructed by the
Owner, the excess, if any, of the death proceeds over the Certificate
Value will be allocated to the Money Market Variable Sub-Account.
Henceforth, the Owner may exercise all rights as set forth in the
Transfers provision during this 5 year period.
No additional purchase payments may be added to the Certificate under this
election. Withdrawal Charges will be waived during this 5 year period.
We reserve the right to offer additional options upon Death of Annuitant.
Under any of these options, all ownership rights are available to the non-living
Owner from the date of the Annuitant's death to the date on which the death
proceeds are paid.
Death Proceeds If we receive a complete request for settlement of the death
proceeds within 180 days of the date of the Annuitant's death, the death
proceeds are equal to the Death Benefit described below. Otherwise, the death
proceeds are equal to the greater of the Certificate Value or the Settlement
Value.
We reserve the right to extend, on a non-discriminatory basis, the 180-day
period in which the death proceeds will equal the Death Benefit as described
below. This right applies only to the amount payable as death proceeds and in no
way restricts when a claim may be filed.
Except as amended in this endorsement, the Master Policy remains unchanged.
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Secretary Chairman and Chief Executive Officer
Page 1
NYLU570 (SelectDirections, Custom Portfolio, Provider)
ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
(herein called "we" or "us")
Amendatory Endorsement
The following changes are made to your Certificate.
(a) The Beneficiary provision in your Certificate is deleted and replaced with
the following:
Beneficiary The Beneficiary is the person(s) named on the Annuity Data Page
unless later changed by the Owner. The Primary Beneficiary is the
Beneficiary(ies) who is first entitled to receive benefits under the Certificate
upon the death of the sole surviving Owner. The Contingent Beneficiary is the
Beneficiary(ies) entitled to receive benefits under the Certificate when all
Primary Beneficiary(ies) predecease the Owner(s).
You may change or add Beneficiaries at any time by written notice in a form
satisfactory to us unless you have designated an irrevocable Beneficiary. Once
we receive a request, the change will take effect as of the date you signed the
request. Any change is subject to any payment we make or other action we take
before we accept it.
Benefits Payable to Beneficiaries
If the sole surviving Owner dies after the Payout Start Date, the
Beneficiary(ies) will receive any guaranteed income payments scheduled to
continue.
If the sole surviving Owner dies before the Payout Start Date, the
Beneficiary(ies) may elect to receive a Death Benefit or become the new
Owner with rights as defined in the Death of Owner provision.
Order of Payment of Benefits
As described under Benefits Payable to Beneficiaries, Beneficiary(ies) will
receive any guaranteed income payments scheduled to continue, or the right
to elect to receive a death benefit or become the new Owner, in the
following order of classes:
Primary Beneficiary
Upon the death of the sole surviving Owner after the Payout Start Date, the
Primary Beneficiary(ies),if living, will receive the guaranteed income
payments scheduled to continue. Upon the death of the sole surviving Owner
before the Payout Start Date, the Primary Beneficiary(ies), if living, will
have the right to elect to receive a death benefit or become the new Owner
with rights as defined in the Death of Owner provision.
Contingent Beneficiary
After the Payout Start Date, if no Primary Beneficiary(ies) survives the
sole surviving Owner, the Contingent Beneficiary(ies), if living, will
receive the income payments scheduled to continue. If the sole surviving
Owner and all Primary Beneficiaries die before the Payout Start Date, the
Contingent Beneficiary(ies), if living, will have the right to elect to
receive a death benefit or become the new Owner with rights as defined in
the Death of Owner provision.
If no named Beneficiary is living when the sole surviving Owner dies, or if a
Beneficiary has not been named, the new Beneficiary will be:
NYLU570 (SelectDirections, Custom Portfolio, Provider)
i. your spouse, or if he or she is no longer living,
ii. your surviving children equally, or if you have no surviving
children,
iii. your estate.
If there is more than one Beneficiary and one of the Beneficiaries is a
corporation or other type of non-living person, all Beneficiaries will be
considered to be non-living persons for the above purposes.
Unless you have provided directions to the contrary, the Beneficiaries will take
equal shares. If there is more than one Beneficiary in a class and one of the
Beneficiaries predeceases the Owner, the remaining Beneficiaries in that class
will divide the deceased Beneficiary share in proportion to the original share
of the remaining Beneficiaries.
If there is more than one Beneficiary taking shares of the death proceeds, each
Beneficiary will be treated as a separate and independent owner of his or her
respective share of the death proceeds. Each Beneficiary will exercise all
rights related to his or her share of the death proceeds, including the sole
right to select a payout option, subject to any restrictions previously placed
upon the Beneficiary. Each Beneficiary may designate a Beneficiary(ies) for his
or her respective share, but that designated Beneficiary(ies) will be restricted
to the payout option chosen by the original Beneficiary.
(b) The following sentence is added to the Owner provision of your Certificate:
If the Owner is a Grantor Trust, the Owner will be considered a non-living
person for purposes of the Death of Owner and Death of Annuitant provisions of
your Certificate.
(c) The Death of Owner or Annuitant provision in your Certificate is deleted and
replaced with the following:
Death of Owner If you die prior to the Payout Start Date, the new Owner will be
the surviving Owner. If there is no surviving Owner, the new Owner will be the
Beneficiary(ies) as described in the Beneficiary provision. The new Owner will
have the options described below; except that if the new Owner took ownership as
the Beneficiary, the new Owner's options will be subject to any restrictions
previously placed upon the Beneficiary.
1. If your spouse is the sole surviving Owner or is the sole Beneficiary if no
surviving Owner:
a. Your spouse may elect to receive the death proceeds described
below in a lump sum; or
b. Your spouse may elect to receive the death proceeds paid out
under one of the Income Plans described in the Payout Phase
section, subject to the following conditions:
The Payout Start Date must be within one year of your date of death. Income
Payments must be payable:
i. over the life of your spouse; or
ii. for a guaranteed number of payments from 5 to 50 years but not to
exceed the life expectancy of your spouse; or
iii. over the life of your spouse with a guaranteed number of payments
from 5 to 30 years but not to exceed the life expectancy of your
spouse.
c. If your spouse does not elect one of the options above, then the
Certificate will continue in the Accumulation Phase as if the death had not
occurred. If the Certificate is continued in the Accumulation Phase, the
following conditions apply:
The Certificate Value of the continued Certificate will be the death
proceeds. Unless otherwise instructed by the continuing spouse, the excess,
if any, of the death proceeds over the Certificate Value will be allocated
to the Sub-accounts of the Variable Account. This excess will be allocated
in proportion to your Certificate Value in those Sub-accounts as of the end
of the Valuation Period during which we receive the complete request for
settlement of the death proceeds, except that any portion of this excess
attributable to the Fixed Account Options will be allocated to the Money
Market Variable Sub-account. Within 30 days of the date the Certificate is
continued, your surviving spouse may choose one of the following transfer
alternatives without incurring a transfer fee:
i. transfer all or a portion of the excess among the Variable
Sub-accounts;
ii. transfer all or a portion of the excess into the Fixed Account
and begin a new Guarantee Period; or
iii. transfer all or a portion of the excess into a combination of
Variable Sub-accounts and the Fixed Account.
Any such transfer does not count as one of the free transfers allowed each
Certificate Year and is subject to any minimum allocation amount specified
in your Certificate.
The surviving spouse may make a single withdrawal of any amount within one
year of the date of your death without incurring a Withdrawal Charge or
Market Value Adjustment.
Prior to the Payout Start Date, the Death Benefit of the continued
Certificate will be as defined in the Death Benefit provision.
Only one spousal continuation is allowed under this Certificate.
2. If the new Owner is not your spouse but is a living person:
a. The new Owner may elect to receive the death proceeds in a lump
sum; or
b. The new Owner may elect to receive the death proceeds paid out
under one of the Income Plans described in the Payout Phase
section, subject to the following conditions:
The Payout Start Date must be within one year of your date of
death. Income Payments must be payable:
i. over the life of the new Owner; or
ii. for a guaranteed number of payments from 5 to 50 years but
not to exceed the life expectancy of the new Owner; or
iii. over the life of the new Owner with a guaranteed number of
payments from 5 to 30 years but not to exceed the life
expectancy of the new Owner.
c. If the New Owner does not elect one of the options above, then the new
Owner must receive the Certificate Value payable within 5 years of
your date of death. On the date we receive the complete request for
settlement of the death proceeds, the Certificate Value under this
option will be the death proceeds. Unless otherwise instructed by the
new Owner, the excess, if any, of the death proceeds over the
Certificate Value will be allocated to the Money Market Variable
Sub-Account. Henceforth, the new Owner may exercise all rights as set
forth in the Transfers provision during this 5 year period.
No additional purchase payments may be added to the Certificate under
this election. Withdrawal Charges will be waived for any withdrawals
made during this 5 year period.
We reserve the right to offer additional options upon Death of Owner.
If the new Owner dies prior to the complete liquidation of the Certificate
Value, then the new Owner's named beneficiary(ies) will receive the greater of
the Settlement Value or the remaining Certificate Value. This amount must be
liquidated as a lump sum within 5 years of the date of the original Owner's
death.
3. If the new Owner is a corporation or other type of non-living person:
a. The new Owner may elect to receive the death proceeds in a lump
sum; or
b. If the new Owner does not elect the option above, then the new
Owner must receive the Certificate Value payable within 5 years
of your date of death. On the date we receive the complete
request for settlement of the death proceeds, the Certificate
Value under this option will be the death proceeds. Unless
otherwise instructed by the new Owner, the excess, if any, of the
death proceeds over the Certificate Value will be allocated to
the Money Market Variable Sub-Account. Henceforth, the new Owner
may exercise all rights as set forth in the Transfers provision
during this 5 year period.
No additional purchase payments may be added to the Certificate under
this election. Withdrawal Charges will be waived during this 5 year
period.
We reserve the right to offer additional options upon Death of Owner.
If any new Owner is a non-living person, all new Owners will be considered to be
non-living persons for the above purposes.
Under any of these options, all ownership rights, subject to any restrictions
previously placed upon the Beneficiary, are available to the new Owner from the
date of your death to the date on which the death proceeds are paid.
Death Proceeds If we receive a complete request for settlement of the death
proceeds within 180 days of the date of your death, the death proceeds are equal
to the Death Benefit described below. Otherwise, the death proceeds are equal to
the greater of the Certificate Value or the Settlement Value.
We reserve the right to extend, on a non-discriminatory basis, the 180-day
period in which the death proceeds will equal the Death Benefit as described
below. This right applies only to the amount payable as death proceeds and in no
way restricts when a claim may be filed.
Death of Annuitant If the Annuitant who is not also the Owner dies prior to the
Payout Start Date, the following apply:
1. If the Owner is a living person, then the Certificate will continue
with a new Annuitant as described in the Annuitant provision above.
2. If the Owner is a non-living person:
a. The Owner may elect to receive the death proceeds in a lump sum; or
b. If the Owner does not elect the option above, then the Owner must
receive the Certificate Value payable within 5 years of the
Annuitant's date of death. On the date we receive the complete request
for settlement of the death proceeds, the Certificate Value under this
option will be the death proceeds. Unless otherwise instructed by the
Owner, the excess, if any, of the death proceeds over the Certificate
Value will be allocated to the Money Market Variable Sub-Account.
Henceforth, the Owner may exercise all rights as set forth in the
Transfers provision during this 5 year period.
No additional purchase payments may be added to the Certificate under this
election. Withdrawal Charges will be waived during this 5 year period.
We reserve the right to offer additional options upon Death of Annuitant.
Under any of these options, all ownership rights are available to the non-living
Owner from the date of the Annuitant's death to the date on which the death
proceeds are paid.
Death Proceeds If we receive a complete request for settlement of the death
proceeds within 180 days of the date of the Annuitant's death, the death
proceeds are equal to the Death Benefit described below. Otherwise, the death
proceeds are equal to the greater of the Certificate Value or the Settlement
Value.
We reserve the right to extend, on a non-discriminatory basis, the 180-day
period in which the death proceeds will equal the Death Benefit as described
below. This right applies only to the amount payable as death proceeds and in no
way restricts when a claim may be filed.
Except as amended in this endorsement, the Certificate remains unchanged.
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Secretary Chairman and Chief Executive Officer