New business guidelines

Annuity e-Biz

  • Applications completed through e-Biz and e-signed do not require a mailed copy; use the 1035 Yellow Pages feature to determine when transfer forms require a wet signature
  • If e-signature is declined and the application is mailed in, the application received date applies rather than the signed date
  • e-Biz applications can be submitted up to 11:59 p.m. (Central Time) on the business day prior to a change effective date to hold current rates
  • e-Biz applications submitted on weekends or holidays will have a received date of the next business day

Paper applications

  • Paper applications must be received or signed by the date indicated by product guidelines below to hold current rates
  • To hold rates, paper applications must be received in our office prior to the effective date; if on a Friday, by 12:30 p.m. (Central Time)
  • Paper applications received on weekends or holidays will have a received date of the next business day

Interest rate/interest credit factor changes
Interest rates and interest credit factors (“rates”) can change after we receive applications and before we receive the premiums. See chart below in order to determine how to qualify for a rate hold. Rate hold only applies for the first contract year.

Product feature changes
In general, a product feature change, such as premium bonuses, lifetime payment percentages, etc., may be based on the application received or signed date depending on the product (see chart below). No premium funding deadline applies to hold the more favorable rate. See the change announcement for specific details.

 

Product type Based on date / premium due date Rate and rate hold determination
Fixed index annuities (FIAs)
  • Based on application received date
  • Premium due within 45 days from application received date
Rate will be based on more favorable rates between:
  • application received date
  • premium received date
Multi-year guarantee annuities (MYGAs)
  • Based on application signed date
  • Premium due within 60 days after application signed date
Rate will be based on more favorable rates between:
  • application signed date
  • premium received date
Premium due date for weekends and holidays: If the 45th or 60th day falls on a weekend or holiday, the premium must be received on the business day before the weekend or holiday to hold current rates.

 

AnnuityNet, Affirm, or Pershing Subscribe order entry
  • For electronic applications submitted through the platforms above, the application signed date is determined by the final date the electronic order is submitted to the back office. Physical signature dates are not utilized.
  • The application received date is the date the electronic order is transmitted by the back office to our company.
  • A copy of the completed application kit must be submitted in addition to the electronic order. The hard copy may be uploaded securely online, emailed, or mailed to our company.
Subsequent contract years (Interest rates and interest credit factors are reflected on the annual statement)
  • For most products, the fixed and index account rates are effective for the first contract year or crediting period.
  • In subsequent contract years, rates will be declared on the contract anniversary.

FOR FINANCIAL PROFESSIONAL USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES.

Premium bonus may vary by annuity product, premium band, issue state, and surrender charge period selected and may be subject to a premium bonus recapture. Products that have premium bonuses may offer lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins than products that don’t offer a premium bonus. Over time and under certain scenarios the amount of the premium bonus may be offset by the lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins.

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 the 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.

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.

37105ZPRT 5-24