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North American Adds UL, Term Policies

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NU Online News Service, Sept. 7, 2004, 5:29 p.m. EDT

North American Company for Life and Health Insurance, Chicago, is introducing 2 life insurance policies.[@@]

The new policies are the Custom Access universal life insurance policy and the Impact Plus term life insurance policy.

North American, a unit of Sammons Financial Group Inc., Chicago, has designed the Custom Access UL policy to appeal to baby boomers who are planning their estates. The policy gives customers a choice of making 1 payment or a series of 10 payments, and it guarantees an interest rate of 3%. The policy’s accelerated death benefit rider can help pay for convalescent care and home care as well as costs related to a terminal illness, North American says.

The Impact Plus term life policy is similar to North American’s Impact Term policy, but North American says the new policy adds a super-preferred underwriting class and improved standard rates for policyholders who don’t use tobacco.

The minimum face amount for the Impact Plus policy is $100,000.


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