How Can You Take Advantage of Increased Premium Limits?
Have previous premium limits prevented you from offering Protection Builder IUL® (indexed universal life) insurance? Now may be a great time to have a conversation with your clients about Protection Builder IUL, which recently doubled in premium limits, plus other great features.
Competitive Short Pay
Clients appreciate seeing a finish line for their premiums with North American’s competitive short-pay scenarios.
Accelerated Death Benefits2
Help your client be prepared in the event of qualifying critical, chronic, or terminal illnesses.
Premium Recovery Endorsement1,3
Get some, or all, of the total paid premiums back during eligible periods if your client’s needs happen to change in the future.
See how Protection Builder IUL could fit into a policy review.
1. On Protection Builder IUL, the Premium Recovery Endorsement is only available if the Premium Guarantee Rider is selected.
2. Subject to eligibility requirements. An administration fee is required at time of election of an accelerated death benefit. The death benefit amount will be reduced by the accelerated death benefit amount. Since benefits are paid prior to death, a discount will be applied to the death benefit amount accelerated. As a result, the actual amount received will be less than the amount of death benefit amount accelerated. There is an administrative fee at time of election.
3. The Premium Recovery Endorsement allows the owner to fully surrender the policy during the premium recovery period and recover all or a portion of the total premiums paid less any policy debt or withdrawals, including withdrawal charges and processing fees. The total premiums paid will be reduced by the same portion as the death benefit for any acceleration of the death benefit. This endorsement will remain in effect to the 25-year policy anniversary as long as the qualification test is satisfied at each policy anniversary. Generally, the qualification test is met if the gross premiums paid guarantee the policy to at least the insured’s attained age of 95, assuming no policy loans are taken. In some instances, additional premium may be required based on underwriting class, table ratings or flat extras. If the Premium Recovery Endorsement terminates, it cannot be reinstated. This benefit is available for a 60-day window following the 15, 20, and 25-year policy anniversaries. The owner may recover up to 50% of paid premiums if exercised following the 15-year anniversary, and up to 100% of paid premiums if exercised following the 20 or 25-year anniversaries. The maximum amount that can be recovered is capped at 50% of the lowest specified amount of the policy. The premium recovery value will never be less that the net cash surrender value. Please reference the policy for complete details.
THE ACCELERATED DEATH BENEFIT ENDORSEMENT FOR CRITICAL ILLNESS IS NOT HEALTH INSURANCE NOR IS IT INTENDED TO REPLACE HEALTH INSURANCE.
THE ACCELERATED DEATH BENEFIT FOR CHRONIC ILLNESS IS NOT LONG TERM CARE INSURANCE NOR IS IT INTENDED TO REPLACE LONG TERM CARE INSURANCE.