Longevity Planning Using Life Insurance

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Longevity planning is a strategy that helps your clients prepare for a long, healthy retirement. The desire to travel, a new home, new hobbies, and gifting assets are all desires that might be beyond your client’s current plan for income replacement in their later years. An unexpected illness might also make a long retirement more costly. Help your client plan for the best. Talk to them about using permanent life insurance as a longevity planning strategy.


How it works

Life insurance provides death benefit protection during working years, and your client can access potential cash value during retirement generally tax-free.1 It also can provide flexibility to address changing needs, through an adjustable death benefit, flexible premiums, and accelerated death benefits.

These features from North American make permanent life insurance a great choice for longevity planning:

  • Protected Death Benefit3 – This allows the client to select a minimum death benefit amount that is guaranteed, while he or she continues to access accumulated cash values through loans or withdrawals.2
  • Accelerated Death Benefit Endorsement – This feature allows your client to accelerate a portion of the death benefit for a qualifying critical, chronic, or terminal illness when certain eligibility conditions are met.4


Check out all of North American’s Longevity Planning materials today. For help, contact us at 800-800-3656 ext. 10411 or email salessupport@nacolah.com.


1 Neither North American Company for Life and Health Insurance nor any of its agents, employees or representatives is authorized to give tax or legal advice. Advise customers to contact their own independent qualified tax or legal advisor before entering into or paying additional premiums with respect to such arrangements or before commencing any charitable giving plan.

2 Death benefit guarantees are subject to premium payment requirements. In some situations loans and withdrawals may be subject to federal taxes. North American Company does not give tax or legal advice. Clients 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.

3 If Policy has a Premium Guarantee Rider attached to it, such rider will be terminated upon the election of the Protected Death Benefit.

4 Subject to eligibility requirements. Availability varies by state and product. For full details, see our Accelerated Death Benefit Endorsement Guide. An administrative fee is required at time of election for the Chronic or Terminal Illness benefit. There is no administrative fee when the Critical Illness benefit is elected. 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.

Accelerated Death Benefit Endorsement for Critical, Chronic and Terminal Illness is issued on form series LR477; Accelerated Death Benefit Endorsement 2 for Critical, Chronic, and Terminal Illness is issued on form series LR503; Accelerated Death Benefit Endorsement - Chronic Illness is issued on form LR492, (California only), Accelerated Death Benefit Endorsement - Critical Illness is issued on form LR498, (California only); by North American Company for Life and Health Insurance, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193 Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply.

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 this comparison. Comparison is for solicitation purpose only, not for conversions.




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