North American Introduces 3 UL Products

The Custom Extra policy offers a rider option that lets the insured double the death benefit amount, up to $500,000, for the first 3 to 5 policy years at no additional cost. When the rider period ends, the insured can convert the term rider to permanent coverage without evidence of insurability. That product is aimed at individuals who need big death benefits to protect their families and at businesses that need big death benefits for key-person arrangements or buy-sell arrangements, North American says.

The Custom Guarantee policy lets the customer specify any guarantee period from a minimum of 10 years to a maximum of a period that will last from the issue date until the insured reaches age 100.

North American will issue the policies to applicants ranging in age from 15 days to 90 years. The policy matures at age 120, but there are no cost-of-insurance charges after age 100.