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North American introduces new trigger product

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North American Company for Life and Health Insurance, West Des Moines, Iowa, announces the launch of the NA Performance Choice Fixed Indexed Annuity. The new product has an inverse performance trigger option, which allows index-linked growth potential in a down market with a more favorable earning potential than the current fixed account rate.

Along with the IPT, contract holders may choose from a variety of index options within the product and have the ability to transfer between accounts. These options allow contract holders to customize their annuity according to their own personal retirement objectives.

The IPT compares the Standard & Poor 500 values on the first and last day of the contract year. If the ending index value is equal to or less than the beginning index values, the account is credited interest at the declared rate. If the ending Index value is greater than the beginning value, the account is credited zero interest. The declared rate is subject to change and is set annually in advance of the index period but is never less than the guaranteed minimum. Contract holders incur no additional fees when opting for the IPT.

Contract holders can also choose from a variety of terms and benefits:

  • Two surrender charge periods to choose from: eight or 12 year.
  • Premium bonus and nonpremium bonus options.

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