While there are a few life insurance companies that offer accelerated death benefits for critical illness, it’s not yet commonplace in the industry.
Chicago, IL (PRWEB) September 04, 2013
North American’s Accelerated Death Benefit Endorsement now includes a new critical illness benefit in addition to the previously available terminal and chronic illness benefits. The release is part of an update to the company’s update of their Guarantee Builder® Indexed Universal Life insurance product.
The frequency of critical illness conditions continues to increase*, resulting in significant financial burdens for families. While the “living benefit” associated with critical illness benefit on a life insurance policy is not a substitute for health or disability insurance, it can provide peace of mind and flexibility in the event a qualifying illness occurs.
“This update to our line of endorsements is consistent with North American’s focus on keeping the bedrock of our value proposition, competitive product, true for our customers,” said Garth Garlock, the company’s senior vice president and chief marketing officer.
While there are a few life insurance companies that offer accelerated death benefits for critical illness, it’s not yet commonplace in the industry. North American is offering the benefit on its Custom Guarantee® Universal Life, Builder® IUL, and the newly updated Guarantee Builder IUL.
“With rates and structure that have been adjusted for Actuarial Guideline 38 and the addition of critical illness, we’re giving our clients options to meet their needs,” Garlock said of the new Guarantee Builder product. “That means, first of all, low-cost death benefit protection, plus the opportunity for significant cash value accumulation and the added ability to accelerate a portion of the death benefit for terminal, chronic, or critical illness.”
Get up to speed on the details of the new Critical Illness benefit with the Frequently Asked Questions available on http://www.NorthAmericanCompany.com.
About North American Company
Since 1886, North American has established a tradition of providing quality life insurance and annuity products to consumers throughout the U.S. The privately held company offers a comprehensive portfolio of term, universal life, and indexed universal life insurance products as well as annuities.
For more information, email SalesSupport(at)nacolah(dot)com or call (800) 800-3656, ext. 10411. Visit us at http://www.NorthAmericanCompany.com.
- Center for Disease Control and Prevention, http://www.cdc.gov, 2013.
Index 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.
Builder IUL is issued on policy form series LS172, Guarantee Builder IUL is issued on policy form series LS175, Custom Guarantee is issued on policy form series LS170, Accelerated Death Benefit Endorsement is issued on form series LR352A; Accelerated Death Benefit Endorsement for Critical Illness is issued on form series LR477, Chronic Illness and Terminal Illness is issued on form series LR465 for Builder IUL; Accelerated Death Benefit Endorsement for Terminal Illness are issued on form series LR466 for Builder IUL; or state variation by North American Company, Administrative Office, Sioux Falls, SD 57193. Products, features, riders, endorsements, or issue ages may not be available in all jurisdictions. Limitations and restrictions may apply.