Everlake RightFit Annuity - Allstate

Everlake RightFit Annuity

Everlake Life Insurance Company P.O. Box 660191 Dallas, TX 75266-0191 Telephone Number: 1-800-632-3492 Fax Number: 1-877-525-2689

Prospectus dated April 29, 2022

Everlake Life Insurance Company ("Everlake Life") has issued the Everlake RightFit, a group and individual single premium deferred indexed linked annuity contract ("Contract"). The Contract is no longer being offered for sale. This prospectus contains information about the Contract. Please keep it for future reference.

This prospectus is not your Contract, although this prospectus provides a description of all of your Contract's material features, benefits, rights and obligations. The description of the Contract's material provisions in this prospectus is current as of the date of this prospectus. If certain material provisions under the Contract are changed after the date of this prospectus in accordance with the Contract, those changes will be described in a supplement to this prospectus and the supplement will become a part of this prospectus. You should carefully read this prospectus in conjunction with any applicable supplements before taking any action under your Contract.

The Contract is no longer being offered for sale.

The Contracts were available through Allstate Distributors, L.L.C., n/k/a Everlake Distributors, L.L.C., the principal underwriter for the Contracts. Everlake Distributors, L.L.C., is not required to sell any specific number or dollar amount of securities but will use its best efforts to sell the securities offered.

Discussion of Risk Factors begins on page 8 of this prospectus.

Index-linked annuity contracts are complex insurance and investment vehicles. Investors should speak with a financial professional about the contract's features, benefits, risks, and fees, and whether the contract is appropriate for the investor based upon his or her financial situation and objectives.

The registrant's obligations under the contract are subject to the financial strength and claims paying ability of the registrant.

There is a risk of loss of principal under the contract and that loss can become greater if there is an early withdrawal because it may be subject to charges and adjustments. Please also note the possibility of losses on amounts withdrawn from the contract even if the S&P 500 has risen in value since the issue date.

IMPORTANT NOTICES

Investment in the Contracts involves serious investment risks, including possible loss of principal.

This prospectus does not constitute an offering in any jurisdiction in which such offering may not lawfully be made. We do not authorize anyone to provide any information or representations regarding the offering described in this prospectus other than as contained in this prospectus.

Neither the Securities and Exchange Commission ("SEC") nor any State securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.

The Contracts are not FDIC insured. The Contracts may not be available in all states.

1 PROSPECTUS

Table of Contents

Overview Important Terms What is the Everlake RightFit annuity? The Contract at a Glance How the Contract Works

Contract Features The Contract Contract Owner Annuitant Beneficiary Assignment Written Requests and Forms in Good Order Modification of the Contract Purchasing the Contract Purchase Payment Issue Date Allocation of the Purchase Payment Trial Examination Period Contract Values Maturity Value Investment Option Maturity Value Interim Value Investment Option Interim Value Access Account Value Accumulation Phase Investment Option Period Investment Options Access Account Period Performance Index How We Apply Performance Transfers Bailout Provision Access to Your Money PWreitfhedrrreadwWal iAthmdroauwnatsl iAnmEoxucnests of the Preferred Withdrawal Amount

Withdrawals during the Access Account Period Net or Gross Withdrawals Systematic Withdrawal Program Required Minimum Distributions Postponement of Payments Minimum Value Expenses

Page

3 4 5 8

9 10 10 10 11

11 11 11 12 12 12 12 12 13 13 14 13 16 16 16 16 17 18 18 19 21 21 21 22 22

22 22 23 23 23 23 23

Withdrawal Charge Withdrawal Charge Waiver Premium Taxes Payout Phase Payout Phase Payout Start Date Amount Applied to Your Income Plan Income Plans Income Payments Certain Employee Benefit Plans Payments Upon Death Death of Owner Death of Annuitant Death Proceeds Other Information More Information Everlake Life The Contract Annuities Held within a Qualified Plan Legal Matters Experts TaxTeasxation of Allstate Life Insurance Company Taxation of Fixed Annuities in General Income Tax Withholding Tax Qualified Contracts Additional Considerations

Annual Reports and Other Documents

Annual Statements

Disclosure of Commission Position on Indemnification for Securities Act Liabilities

Reliance on Rule 12h-7

Appendix A ? Determination of Interim Value Including Calculation of Fair Value Index

Appendix B ? Determination of Values with Withdrawals

Appendix C ? Information with Respect to the Registrant

Page 23 25 26 26 26 26 27 27 28 28 28 28 29 30

31 31 31 32 32 32 32 32 32 35 35 41 43 43

43 43

44

46

47

2 PROSPECTUS

Important Terms

This prospectus uses a number of important terms with which you may not be familiar. The index below identifies the page that defines each term. Each term will appear in bold italics on the page on which it is first defined.

Access Account Anniversary Access Account Period Access Account Value Access Account Year Accumulation Phase

Adjustment for the change in the Fair Value Index Allstate Life Annuitant Bailout Provision Beneficiary Contract Anniversary Contract Contract Maturity Date Contract Owner ("You") Contract Year Death Proceeds Due Proof of Death Fair Value Index Income Plan Index Interim Value

Page 12 17 16 12 8

13 5 10 21 10 12 4 26 5 12 28 30 13 27 18 14

Investment Option Interim Value Investment Option Maturity Value Investment Option Period Investment Options Issue Date Maturity Value Maximum Access Account Performance Rate Minimum Access Account Performance Rate Payout Phase Payout Start Date Performance Preferred Withdrawal Amount Purchase Payment Right to Cancel SEC Systematic Withdrawal Program Tax Qualified Contracts The Maximum Investment Performance Rate The Minimum Investment Performance Rate Trial Examination Period Withdrawal Request Amount

Page 13 13 16 16 8 13 5 5 8 8 18 22 12 12 1 23 35 5 5 12 22

3 PROSPECTUS

What is the Everlake RightFit annuity?

Everlake RightFit is a single premium deferred indexed linked annuity contract (Contract) issued by Everlake Life Insurance Company. It provides investment options allowing you to balance a level of protection and growth potential, up to a ceiling, in your investment portfolio. During the Investment Option Period you allocate the single Purchase Payment into one or more Investment Options with differing levels of risk/return profiles. Withdrawals made during the Investment Option Period are subject to Withdrawal Charges or Adjustments for the change in the Fair Value Index. The Performance for each Investment Option is applied to your Contract daily based on the amount of increase or decrease in the Standard & Poor's 500 Composite Stock Price Index, commonly known as the S&P 500 Index ("S&P 500 Index") subject to the minimum performance rates and maximum performance rates. Your Performance may be positive, zero or negative, it is possible for you to lose a portion of the Purchase Payment invested in the Contract. At the end of the Investment Option Period, the values in your Investment Options are transferred to a single account, which allows you to withdraw some or all of your money at any time without incurring any Withdrawal Charges or Adjustments for the change in the Fair Value Index. You may remain in the Access Account until the Contract Maturity Date.

4 PROSPECTUS

The Contract at a Glance

Preliminary Note Regarding Terms Used in the Prospectus Here are some important terms you should understand before you go any further: ? The "Contract" is the Everlake RightFit annuity contract described in this prospectus. ? "We," "Us," "Our," and "Everlake Life" mean Everlake Life Insurance Company. ? "You," "Your," "Owner," and "Contract Owner" mean the person(s) who purchased the Everlake RightFit annuity

contract. The following is a snapshot of the Contract. It is intended to provide a basic overview of how the Contract functions. To fully understand the Contract you should read the entire prospectus.

Contract Type Purchase Payment Right to Cancel Phases of the Contract

Performance

Investment Option Period

Single Premium Deferred Indexed Linked Annuity contract offering 5, 7 and 10 year Investment Option Period

The amount you pay to purchase your Contract. The minimum Purchase Payment is $10,000.

You may cancel your Contract within 10 days of receipt or any longer period as the state in which your Contract is issued may require. Upon cancellation, we will return your Interim Value or other value as the state in which your Contract is issued may require less any withdrawals. See Purchasing the Contract - Trial Examination Period for the full definition of Right to Cancel.

The Contract has two Phases:

? The Accumulation Phase, during which Performance is applied to your Contract based on the amount of increase or decrease in the S&P 500 Index, subject to the minimum performance rates and maximum performance rates. The Accumulation Phase includes the Investment Option Period, and the Access Account Period; and

? The Payout Phase, during which you receive payments under an Income Plan.

Each Investment Option and the Access Account will have an individual rate of Performance based on the amount of increase or decrease in the S&P 500 Index subject to the specified minimum performance rates and a maximum performance rates.

The Minimum Investment Performance Rate ("Floor") and the Minimum Access Account Performance Rate ("Floor") are the lowest rates of Performance for an Investment Option and the Access Account that can be applied to your Contract in a Contract Year.

The Maximum Investment Performance Rate ("Ceiling") and the Maximum Access Account Performance Rate ("Ceiling") are the highest rates of Performance for an Investment Option and the Access Account that can be applied to your Contract in a Contract Year.

The first period of the Accumulation Phase may be 5, 7, or 10 years in length, based on the Investment Option Period you select as shown on your Annuity Data Page. After the Issue Date, you can not change the length of the Investment Option Period.

5 PROSPECTUS

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download