FROM NORTH AMERICAN…
North American is pleased to announce a new Indexed Universal Life (IUL) insurance product available November 22, 2021. Smart Builder 2 is designed for death benefit protection and the potential for strong early cash surrender values through a 0% premium load and optional Waiver of Surrender Charge (WOSC) Option Rider.
Smart Builder 2 highlights:
- Death benefit protection
- Includes new 7702 and 7702A calculations for Guideline Premium Test, Cash Value Accumulation Test, and what qualifies as a Modified Endowment Contract
- 0% premium load
- 0% surrender charge when the WOSC Option Rider is selected*
- Surrender charge period is 10 years
- Strong early cash value performance
- Accelerated death benefit endorsement for critical, chronic, and terminal illness1
- Variable interest rate policy loans allowed in policy year one2
- 10% of the surrender value is available for a penalty free withdrawal beginning in policy year two
- As of December 15, 2021, the previous version of Smart Builder will no longer be available in SimpleSubmit®.
- Electronic applications for the previous version of Smart Builder must be signed by all parties and submitted by December 14, 2021.
- To receive the previous version of Smart Builder, the application must clearly indicate that product, be signed by December 14, 2021, AND received by December 27, 2021.
- Paper applications signed November 22, 2021, and after that do not specify which series is wanted, will automatically receive Smart Builder 2.
- All applications received December 28, 2021, and after will automatically receive Smart Builder 2, regardless of what is requested on the application.
Current pending business
- Existing applications that are currently being processed in New Business or Policy Change but have not yet been placed inforce can be changed to Smart Builder 2.
- To change an existing case to Smart Builder 2, a new fully completed application that is dated November 22, 2021, or later, will be required.
Find out more about these changes from North American…