Builder Plus IUL 2
Indexed Universal Life Insurance
Builder Plus IUL 2 is indexed universal life insurance (IUL) designed for stronger performance and marketability with the features of our other IUL products.
- Solid death benefit protection
- Strong, long-term cash value accumulation potential through the account interest multiplier1
- Interest bonuses on both the fixed and indexed accounts2
- Choice of loans3
- Return of Premium death benefit option4
- Accelerated death benefits for critical, chronic, and terminal illness5
- Premium Deposit Agreement available:
- Retirement planning
- College funding
- 1035 exchanges
- Buy-sell agreements
- Executive bonus
Client materials are not approved for use in Nevada.
Indexed Universal Life products are not an investment in the "market" or in the applicable index and are subject to all policy fees and charges normally associated with most universal life insurance.
1. The account interest multiplier is applied after interest credit or index credit is determined before any interest bonus. The multiplier is not applied to the interest bonus, the minimum account value, nor to any portion of the account value that is policy debt.
2. Builder Plus IUL 2 offers a conditionally guaranteed interest bonus on the fixed account. If we are crediting interest in excess of the guaranteed interest rate and your client’s policy is in effect after the 10th policy anniversary, your client’s policy will receive an interest bonus. The interest bonus is 1.0% above the then current interest rate. The interest bonus percentages are not guaranteed and are subject to change; however, once a policy is issued, the percentage will not change. For standard policy loans the interest bonus is not applied to any loaned amount.
3. In some situations loans and withdrawals may be subject to federal taxes. Neither North American Company nor its agents give tax or legal advice. Customers should be instructed to consult with and rely on their own tax advisor or attorney for advice on their specific situation. Income and growth on accumulated cash values is generally taxable only upon withdrawal. Adverse tax consequences may result if withdrawals exceed premiums paid into the policy. Withdrawals or surrenders made during a surrender charge period will be subject to surrender charges and may reduce the ultimate death benefit and cash value. Surrender charges vary by product, issue age, sex, underwriting class, and policy year.
4. Subject to eligibility requirements. The maximum issue age is 70. Not allowed if the primary insured has a table rating greater than 4 or a flat extra rating.
5. Subject to eligibility requirements. The death benefit will be reduced by the amount of the death benefit accelerated. Since benefits are paid prior to death, a discount will be applied to the death benefit accelerated. As a result, the actual amount received will be less than the amount of the death benefit accelerated. There is an administrative fee at time of election.
Agents offering, marketing, or selling accelerated death benefits for chronic illness in California must be able to describe the differences between benefits provided under an accelerated death benefit for chronic illness and benefits provided under long-term care insurance to clients. You must provide clients with the ADBE Consumer Brochure for California that includes the comparison. Comparison is for solicitation purpose only, not for conversions.
Builder Plus IUL 2 (policy form series L183), Premium Deposit Agreement (form series LR509), Accelerated Death Benefit Endorsement for Critical, Chronic and Terminal Illness (form series LR508), Accelerated Death Benefit Endorsement for Chronic and Terminal Illness (form series LR507), Accelerated Death Benefit Endorsement for Terminal Illness (form series LR506), Accelerated Death Benefit Endorsement for Critical Illness (form LR498, CA only), Accelerated Death Benefit Endorsement for Chronic Illness (form LR492, CA only), and Accelerated Death Benefit Endorsement for Terminal Illness (form series LR466, CA only) are issued by North American, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, riders, endorsements or issue ages may not be available in all jurisdictions. Limitations and restrictions may apply.
FOR AGENT USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES.