DES MOINES, Iowa, May 24, 2021 / PRNewswire / – North American Company for Life and Health Insurance® (North American) now offers an indexed universal life insurance (IUL) product that provides death benefit protection that only life insurance can offer, while accumulating cash value for other purposes, including to help supplement retirement income. Builder Plus IUL 3 is a new addition to the innovative US IUL portfolio.
“Cash gain and cash value growth is critical, as so many times customers acquire years of protection (or even decades) before they may need help supplementing their retirement income. In this case, the time is literally money, ”he said. Jerry Blair, American, head of distribution. “This policy meets a growing consumer need: how to protect your family and, at the same time, have the ability to accumulate cash value or tax benefits for your overall financial portfolio.”
This IUL insurance product helps customers looking to plan their financial future. Builder Plus IUL 3 is ideal for:
- who need protection for death benefits
- worried about their family’s financial needs if death occurs during the work years
- who have maximized their 401 (k) savings plan or individual retirement account, or who may not be eligible for an IRA
- who have high incomes, a lot of assets to protect or both
- seeking an opportunity to mitigate tax implications on future retirement funds
“This product is designed to be competitive in the way it delivers potential future additional revenue streams,” Blair said. “It’s often necessary as policyholders face retirement. It also helps make this product stand out in a crowded market.”
The new IUL includes the Fidelity Multifactor Yield IndexSM 5% ER option which, as part of its strategy, seeks to reduce volatility. The Fidelity Index is exclusive to North American1 and currently has a participation rate of 125%, with no limit, an unsecured bonus of 1.65% from the first year and a 2.65% unsecured bonus l ‘year 11 and later with subject rates. to change.
Builder Plus IUL 3 offers a fixed interest participation policy loan2 that uses a declared interest rate and participates in the index account. Available in the first year of the policy, the loan currently receives a 2% interest bonus, but is not eligible for any other interest bonus. This type of loan can allow for better cash value management and provide an opportunity to improve financial performance.
In addition, customers can access a portion of the policy’s death benefits while experiencing accelerated death benefits, if they are diagnosed with a qualified illness.
To simplify the application process, Builder Plus IUL 3 is available with accelerated subscription and the ability to avoid lab tests or exams, an online application, and electronic signature options if a meeting is not possible or preferred. face-to-face agents.
North American Grows Index Universal Life Product Line / 2-2-2
About the American company for medical and life insurance
North American Company for Life and Health Insurance® is a member of Sammons® Financial Group, Inc. Since 1886, North American has established a tradition of providing quality assurance products to consumers throughout the United States. We offer a complete portfolio of universal term life, and universal indexed life insurance products. American also offers a wide variety of traditional fixed and fixed annuities and is consistently ranked among the top ten fixed-rate annuity writers in the United States (Source: WINK Sales & Market Reports and LIMRA Secure Retirement Institute). For more information, visit here.
- Exclusive to North America as part of Sammons Financial Group. American has licensed the 5% ER Fidelity multifactor profitability index for exclusive use of its IUL products.
- The net cost of a fixed-term loan could be negative if the credits obtained are less than the interest charged. The net cost of the loan may also be higher than in standard policy loans if the borrowed amount is less than the interest charged. In the extreme example, the borrowed amount could be zero and the net cost of the loan would be equal to the maximum interest rate charged minus the guaranteed bonus. In summary, fixed-rate loans have more uncertainty than standard-rate loans in the borrowed interest rate.
Fidelity’s 5% ER multifactor return index (the “index”) is a multi-asset index that offers exposure to companies with attractive valuations, high quality profiles, positive momentum signals, lower volatility and a higher dividend yield than the market in general. as U.S. treasury, which can reduce volatility over time. Fidelity and its related brands are service marks of FMR LLC. Fidelity Product Services LLC (“FPS”) has licensed this index for use for certain purposes by the American Life and Health Insurance Company® (the “Company”) on behalf of the product. The index is the exclusive property of FPS and is made and compiled without regard to needs, including, but not limited to, the suitability needs of the company, product, or product owners. The product is not sold, sponsored, approved or promoted by FPS or any other party involved in the completion or compilation of the index or related to it. The Company exercises exclusive discretion in determining whether the product will be linked and the value of the index. FPS does not provide investment advice to the owners of the product, or to any other person or entity with respect to the index, and in no case will any owner of the product contract be considered an FPS customer.
Neither FPS nor any other party involved in the performance or compilation of the Index or related to the preparation or compilation of the Index has any obligation to continue to provide the Index to the Company with respect to the Product. Neither FPS nor any other party involved in the performance or compilation of the Index or related to the preparation or compilation of the Index makes any representations about the Index, Index information, performance, annuities in general or the Product in particular. Fidelity Product Services LLC disclaims all warranties, express or implied, including all warranties of merchantability and fitness for a particular purpose or use. Fidelity Product Services LLC will have no responsibility or liability with respect to the Product.
Indexed universal life insurance products are not an investment in the “market” or the applicable index and are subject to all policy fees and charges normally associated with most universal life insurance.
Builder Plus IUL® 3 is issued on the LS191 series or state version policy form, including all applicable endorsements and drivers, by the North American Company for Life and Health Insurance®, Office Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, users, recommendations, or age issues may not be available in all jurisdictions. Limitations or restrictions may apply.
SOURCE American company for medical and life insurance