Announcing changes to Custom Guarantee Universal Life and Guarantee Builder IUL.
As one of the leading providers of life insurance and annuities in the United States, we have continuously fulfilled commitments to our customers since 1886. Today, we remain focused on our commitment to our policyowners and our distribution partners and continue to make decisions for the long-term. With this focus in mind and the continuing low interest rate environment, we are making rate changes to our Custom Guarantee UL and Guarantee Builder IUL products. We believe these updates will help better position us to maintain long-term visibility and ensure we continue to fulfill the commitments made to your clients. On October 8, 2016, North American will offer new versions of the Custom Guarantee UL and Guarantee Builder IUL.
Applications signed on or before October 7, 2016 AND received by the Administrative Office on of before October 21, 2016 will receive the current product. If the application is signed on or after October 8, 2016 the new Custom Guarantee UL and Guarantee Builder IUL must be used, regardless of the date received.
How are the Custom Guarantee UL and Guarantee IUL different?
Rates: Custom Guarantee UL and Guarantee Builder IUL products will reflect higher premiums to guarantee the death benefit to maturity. The magnitude of the change will depend on a number of factors including the issue age, underwriting class, face amount, and funding pattern.