NU Online News Service, Jan. 14, 2004, 11:45 a.m. EST – North American Company for Life and Health Insurance, Chicago, has introduced the Custom Series family of universal life plans.[@@]
The first products in the family are the Custom Accumulator, Custom Extra and Custom Guarantee UL policies.
North American designed the Custom Accumulator policy for consumers who want to save for college expenses or retirement expenses. The policy has a surrender period of 9 years and a zero net loan cost after policy year 10.
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.