An excellent product for those looking to help provide financial protection in the form of a death benefit, while building cash value accumulation to help supplement retirement income.
- The ability to earn interest based on the movement of a stock market index without the risk of investing directly in the market.
- The interest rate credited is never less than zero percent—guaranteed! (See the "Understanding Indexed UL" brochure for full information about minimum and maximum rates.)
- Access to the cash value through withdrawals and policy loans1, including net zero-cost loans, in policy years 6 and later.2
- Access to a portion of the Death Benefit to help cover the cost of an unexpected illness.3
By selecting life insurance from North American, you may have the option to submit your insurance application through a secure on-line process that can help get your insurance application processed quicker.
If death benefit protection and long-term cash value growth matter most, Builder IUL may be the right product for you.
To learn more about Builder IUL, call your North American representative today.
1 Policy loans from life insurance policies generally are not subject to income tax, provided the contract is not a Modified Endowment Contract (MEC), as defined by Section 7702A of the Internal Revenue Code. A policy loan or withdrawal from a life insurance policy that is a MEC is taxable upon receipt to the extent cash value of the contract exceeds premium paid. Distributions from MECs are subject to federal income tax to the extent of the gain in the policy and taxable distributions are subject to a 10% additional tax prior to age 59½, with certain exceptions. Policy loans and withdrawals will reduce cash value and death benefit. Policy loans are subject to interest charges. Consult with and rely on your tax advisor or attorney on your specific situation. Income and growth on accumulated cash values is generally taxable only upon withdrawal. Adverse tax consequences may result if withdrawals exceed premiums paid into the policy. Withdrawals or surrenders made during a Surrender Charge period will be subject to surrender charges and may reduce the ultimate death benefit and cash value. Surrender charges vary by product, issue age, sex, underwriting class, and policy year.
2 Net Zero cost loans are available on our universal life products after a specified number of years. Please refer to the policy for details. For this policy, zero cost loans are charged and credited 2.5% for a net zero cost in years 11+.
3 Some benefits are subject to eligibility requirements.
Texas Consumers: Receipt of acceleration-of-life-insurance benefits may affect your, your spouse's or your family's eligibility for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary social security income (SSI), and drug assistance programs. You are advised to consult with a qualified tax advisor and with social service agencies concerning how receipt of such a payment will affect your, your spouse's and your family's eligibility for public assistance.
Indexed Universal Life products are not an investment in the "market" or in the applicable index and are subject to all policy fees and charges normally associated with most universal life insurance.
BuilderIUL is issued on policy form series LS172 by North American Company for Life and Health Insurance, Administrative Office, Sioux Falls, SD 57193. Product, features, riders, endorsements or issue ages may not be available in all jurisdictions. Restrictions or limitations may apply.
Life insurance policies have terms under which the policy may be continued in force or discontinued. Current cost of insurance rates and interest rates are not guaranteed. Therefore, the planned periodic premium may not be sufficient to carry the contract to maturity. The Index Accounts are subject to caps and participation rates. In no case will the interest credited be less than zero percent. Please refer to the customized illustration provided by your agent for additional detail. The policy's death benefit is paid upon the death of the insured. The policy does not continue to accumulate cash value and excess interest after the insured's death. For costs and complete details, call or write North American Company, Administrative Office, Sioux Falls, SD 57193. Telephone (877) 872-0757.