Helping you plan for guaranteed income for life
Many people are concerned about whether or not they have focused enough on preparing for retirement. With the disappearance of pension plans, a potential uncertain future for Social Security, and a fluctuating economy, consumers are facing a challenge to know where to turn with their retirement savings.
If there’s a gap between your expected income and projected expenses in retirement, the North American Income Pay ProSM Guaranteed Income Tool could help provide a retirement “paycheck” that lasts a lifetime.
Note: All estimate amounts are based on a level lifetime payment amount (LPA) selection. Calculations include 7.00% roll-up rate (also known as the GLWB value increase percentage). An excess withdrawal would disqualify the roll-up rate for that year.
Marketing materials may not be approved in all states.
1. 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.
2. 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.
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 August 29, 2023. 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 24, 2023. D) Fitch Ratings, a global leader in financial information services and credit ratings, on November 30, 2023, 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 Nursing Home Multiplier (known as the LPA Multiplier Benefit in the contract) 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.
5. The LPA reserve is subject to a maximum LPA reserve and is not available after the maturity date. See product disclosure for further details and limitations.
Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.'s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance.
The Income Pay ProSM is issued on base contract form NA1012A / ICC17-NA1012A.MVA AE665A/ICC22-AE665A, AE575A/ICC16-AE575A, AE577A/ICC15-AE577A, AE579A/ICC15-AE579B, AE584A/ICC15-AE584A, AE581A/ICC15-AE581A, AE583A/ICC15-AE583A, AE638A/ICC21-AE638A (riders/endorsements) or appropriate state variationby North American Company for Life and Health Insurance, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.
The information published on the website is not intended as a recommendation to purchase an annuity. We encourage you to talk to your financial professional and research other retirement planning and income solutions to determine if an annuity is right for you. Guarantees are backed by the financial strength and claims-paying ability of North American Company for Life and Health Insurance.
Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for optional benefit riders or strategy fees or charges associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.
For purposes of this product, "Income" refers to the contractual guarantee provided by election of lifetime payment amounts (LPA). It is not the same as and does not refer to interest credited to the annuity contract. Consult with your own tax advisor regarding tax treatment of LPAs, which will vary according to individual circumstances.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
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