North American's Survivorship GIUL is an indexed universal life insurance policy that insures two individuals and pays a death benefit when the last individual dies. This product is designed to provide a death benefit to those who need financial support after both insureds are gone – typically children, an organization, or a trust1. With a variety of riders to choose from, Survivorship GIUL is a customizable product that may be your solution to estate planning and cash value accumulation needs..
- Low-cost death benefit protection.
- The ability to insure two lives with one premium payment.
- 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 cash value through withdrawals and policy loans, including Net Zero-Cost Loans in policy years 6 and later.2,3
Customize a plan that's right for you. Learn more about SurvivorshipGIUL by downloading the brochure, or contact your North American representative today!
1 Neither North American nor its agents give legal or tax advice. Trusts should be drafted only by an attorney familiar with such matters. Please consult with and rely on a qualified legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.
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 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, zero cost loans are charged and credited 2.5% for a net zero cost in years 11+.
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.
Survivorship GIUL is issued on policy form series LS171 without the Waiver of Surrender Charge and policy form series LS171W with the Waiver of Surrender Charge by North American Company for Life and Health Insurance, Administrative Office, Sioux Falls, SD 57193. Product features, issue ages, endorsements or riders may not be available in all jurisdictions. Limitations or restrictions may apply.