North American Company Announces SimpleSubmit® e-app for Indexed Universal Life Products
Chicago, IL | February 9, 2016
Use of SimpleSubmit will allow North American Company's agents to schedule paramed exams online and submit complete application packages without re-keying the data. In addition to the increased efficiency of application submission, SimpleSubmit will allow faster turnaround times and quicker commission payments.
"Our agents have been enthusiastic about the way SimpleSubmit has made their administrative tasks easier, and we are very glad to be able to extend the functionality to our indexed universal life portfolio," said Garth A. Garlock, Senior Vice President & Chief Distribution Officer.
Indexed universal life insurance (IUL) is a form of permanent insurance that provides an opportunity to accumulate cash value, based on the performance of stock market indices, without the risk of investing directly in the market. Popular features of IUL insurance include living benefits, like access to cash value in the form of policy loans, or access to a portion of the death benefit through the accelerated death benefit feature.
ABOUT NORTH AMERICAN COMPANY
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.
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.