North American Company for Life and Health Insurance, Chicago, has launched its latest version of Builder IUL. The indexed universal life insurance product offers flexibility and provides families with financial protection while offering the opportunity to accumulate long-term cash value growth for future financial needs.
Builder IUL offers cash value growth potential based on the performance of a well-known market index, like the S&P 500, but will never credit less than zero percent, guaranteeing downside protection in a poorly performing market. Several index selections are available to meet clients’ needs. Upon receipt of premium payments, they are allocated to the index account daily on any trading day when the markets are open. There is also a guaranteed interest bonus on the policy’s index account in years 11 and after. The fixed account offers a guaranteed interest rate of 3% and currently credits a competitive interest rate.
The product allows policyholders to access the cash value through variable loans or standard loans. With standard loans, net zero cost loans are available starting in policy year six, which means loans are credited and charged the same percentage for a net zero cost.