Introducing Income Pay Pro Coming 11/08/22

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Introducing Income Pay ProSM, a retirement “paycheck” that lasts a lifetime
Not available in Idaho

Coming Nov. 8, a new fixed index annuity for guaranteed lifetime income with an embedded guaranteed lifetime withdrawal benefit (GLWB) rider (for a charge)1

  • Guaranteed lifetime income2 backed by an A+ rated3 , service focused company
  • Guaranteed GLWB rider features:
    • LPA options – level or increasing LPAs
    • LPA reserve4 – defer all or a portion of each LPA for future needs
    • Nursing home multiplier5 – double LPAs when your clients need it most
  • Strong accumulation & growth potential with index options from Morgan Stanley, Fidelity, and S&P

Get training and materials, including rates, and run an illustration today. 

To sell this competitive new product, complete required training on RegEd using code number 22SFGNAC_02. 

NEW BUSINESS GUIDELINES: New product and interest rates apply to applications received in the home office or submitted through e-App on or after Nov. 8.

GET NEW INCOME PAY PRO MATERIALS:
Brochure  |   Disclosure  |   Allocation form
Quick reference guide  |  Interest rate spotlight 

RUN AN ILLUSTRATION WITH THE NEW RATES NOW
Run an illustration with the new rates by changing the issue/effective date to Nov. 8 or after.

Product availability may vary by state or broker dealer. 

1. The embedded guaranteed lifetime withdrawal benefit (GLWB) rider includes a rider charge of 1.15% of the GLWB value, deducted as a partial surrender from the accumulation value on each contract anniversary while the rider is in effect.
2. Lifetime income refers to guaranteed payment of Lifetime Payment Amounts (LPA’s) as defined in the GLWB Rider included in this contract. It does not refer to interest credited to the contract. Advise clients to consult with their own tax advisor regarding tax treatment of LPAs, which will vary according to individual circumstances.
3. A.M. Best is a large, third-party independent reporting and rating company that rates an insurance company on the basis of the company’s financial strength, operating performance, and ability to meet its obligations to policyholders. S&P Global Ratings is an independent, third-party rating firm that rates on the basis of financial strength. Ratings shown reflect the opinions of the rating agencies and are not implied warranties of the company’s ability to meet its financial obligations. The ratings apply to North American’s financial strength and claims-paying ability. A) A.M. Best rating affirmed on July 29, 2022. For the latest rating, access ambest.com. B) Awarded to North American as part of Sammons® Financial Group Inc., which consists of Midland National® Life Insurance Company and North American Company for Life and Health Insurance®. C) S&P Global rating assigned Feb. 26, 2009 and affirmed on May 25, 2022. D) Fitch Ratings, a global leader in financial information services and credit ratings, on Dec. 14, 2021, assigned an Insurer Financial Strength rating of A+ Stable for North American. This rating is the fifth highest of 19 possible rating categories. The rating reflects the organization’s strong business profile, low financial leverage, very strong statutory capitalization and strong operating profitability supported by strong investment performance. For more information, access fitchratings.com.
4. The LPA Reserve refers to any year after the client has elected the LPA, they can choose to take less than the full LPA. At the end of the contract year, the portion of LPA that is not taken will be placed in the LPA reserve subject to the maximum LPA reserve. The LPA reserve value is available to be taken as a lump sum at any time or periodically withdrawn until depleted. See product brochure for further details and limitations.
5. The Nursing Home Multiplier (known as the LPA Multiplier Benefit in the contract) requires a 2-year minimum wait period and can be paid out for a maximum of five annual payments as long as the client continues to meet the requirements on each payment. Confirmation that the client continues to meet the requirements will be required on an annual basis. Certain conditions and limitations apply. See contract for complete details.