Rapid Builder IUL®
Rapid Builder IUL is an indexed universal life insurance product designed to help provide death benefit protection along with building cash value in the early policy years.
- 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 cash value grow as quickly as possible.
- Access to 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 through Accelerated Death Benefit endorsements to help cover the cost of illness or use for other purposes.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.
To learn more about Rapid Builder IUL, download the brochure, or contact 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, Net Zero Cost Loans are charged and credited at 3.0% for a net zero cost in years 6+.
3 Subject to eligibility requirements. The actual payment received in connection with any acceleration will be discounted and is lower than the Death Benefit amount accelerated. In addition, there is an administrative fee required at time an election is made.
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, refer to the policy, call or write North American Company, Administrative Office, Sioux Falls, SD 57193, Telephone (877) 872-0757.
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.
Texas Residents: 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.
Rapid Builder IUL is issued on policy form series LS176/LS176W with Waiver of Surrender Charge Option 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.