North American has announced product and pricing changes that we would like to make you aware of.
Act fast, time is running out to take advantage of current pricing – on January 30, 2017, premium increases will go into effect for their Custom Guarantee UL product. The increase will be substantial (could be as much as 5-10%). North American’s Custom Guarantee UL has been an industry leader in pricing. Transition rules can be found below for Custom Guarantee UL.
North American also announced a 5% commission reduction for the following IUL products effective January 30, 2017. Product features may change in the near future on these as well. Separate transition rules for these products can also be found below:
- Builder IUL
- Guarantee Builder IUL
- Rapid Builder IUL
Transition Rules for Custom Guarantee UL: Applications (Traditional forms or Simple Submit® e-app)
The increased guaranteed premium rates will be available to illustrate starting January 30, 2017. In order to receive the current guaranteed premium rates, applications (paper or e-app) will need to be signed by all signing parties and received in the North American Administrative Office by February 17, 2017. Applications signed after February 17, 2017 will receive the revised product with increased guaranteed rates regardless of the date received.
All agents must be appointed or able to be appointed with the application signed and received by February 17, 2017. If a new application is required due to the agent not submitting business within the designated appointment rules, the new rates or product will apply.
Transition Rules for Builder IUL, Guarantee Builder IUL, and Rapid Builder IUL
Both new and old generation products will be available for issue between January 30, 2017 and February 17, 2017. In order to receive the “old” product versions, the applications must be signed and received by the administration office by February 17, 2017.
Call me today for your illustration!
Thomas P. Hyland, Jr.
Business Development Specialist
(732) 758-9300 x127
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