Guarantee Builder IUL®
North American's Guarantee Builder IUL provides a death benefit guarantee – even up to age 120 – with strong cash value accumulation potential.1
- The ability to have guaranteed death benefit protection up to age 120.1
- 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 at right for full information about minimum and maximum rates.)
- Features that help build long-term cash values for future financial needs.
- Access to the cash value through withdrawals and policy loans.2
- Access to a portion of the death benefit to help cover the cost of an unexpected illness.3
1 After the policy's no lapse guarantee period, coverage can be guaranteed to any age up to age 120 through the Premium Guarantee Rider. Coverage is guaranteed provided the no lapse guarantee premium requirement is met. If you do not meet the requirement significantly higher premiums may be necessary to keep the policy in force. Paying a premium that is equal to, but not greater than the no lapse guarantee premium will keep the policy in force but may result in a negative or zero account value. By paying only the no lapse guarantee premium you may be forgoing the advantage of building more cash values.
2 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.
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.
Guarantee Builder IUL is issued on policy form series LS175; or state version 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. Limitations and restrictions 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.