Introducing Builder Plus IUL 3, Available 05/24/21
North American is pleased to announce a new Indexed Universal Life (IUL) insurance product available May 24, 2021. Builder Plus IUL 3 is designed for death benefit protection and strong long-term cash value accumulation potential.
Builder Plus IUL 3 highlights:
- Strong death benefit protection
- Includes new 7702 and 7702A calculations for Guideline Premium Test (GPT), Cash Value Accumulation Test (CVAT), and what qualifies as a Modified Endowment Contract
- New fixed interest participating policy loans available in year one
- Strong long-term cash value accumulation potential through multiple interest bonus opportunities:
- A base bonus on fixed and index accounts1 in years 11+
- A higher current bonus beginning in year one for allocations to Fidelity Multifactor Yield Index 5% ER
- A separate bonus for funds borrowed as a result of fixed interest participating policy loans
- Accelerated Death Benefit Endorsements for critical, chronic, and terminal illness2
- WriteAway® accelerated underwriting available for eligible cases
1. Conditionally Guaranteed Interest Bonus on Fixed Account – If we are crediting interest in excess of the guaranteed fixed account interest rate and your client’s policy is in effect after the 10th policy anniversary, your client’s policy will receive an Interest Bonus. The current Interest Bonus is 1.0% above the then current fixed account interest rate. The Interest Bonus percentages are not guaranteed and subject to change; however, once a policy is issued, the guaranteed percentage will not change. This bonus is not applied to any loaned amount.
2. Subject to eligibility requirements. The death benefit will be reduced by the amount of the death benefit accelerated. Since benefits are paid prior to death, a discount will be applied to the death benefit accelerated. As a result, the actual amount received will be less than the amount of the death benefit accelerated. An administrative fee applies for an election of the chronic or terminal illness. There is no administrative fee for critical illness.