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  • North American Company Releases Legacy Optimizer IUL

    August 10, 2017 by North American Company for Life and Health

    CHICAGO, Aug. 09, 2017 (GLOBE NEWSWIRE) — North American Company for Life and Health Insurance® announced August 1, 2017 the release of the new Legacy Optimizer Indexed Universal Life insurance (IUL) product. Designed to provide a guaranteed death benefit in a single premium1, Legacy Optimizer touts desirable features like liquidity and living benefits. 

    “Legacy Optimizer is a great addition to our portfolio,” said Garth Garlock, senior vice president and chief distribution officer. “On top of the great features and the ability to leverage your client’s money into a larger guaranteed death benefit, what sets Legacy Optimizer apart is the smooth, simple application and underwriting process.”

    Legacy Optimizer is available through North American Company’s e-app system, SimpleSubmit®. Medical information is generally collected on a 15 to 20-minute phone call without the typical requirements of a medical exam2 or blood work of the insured.

    “We’ve really streamlined the process with Legacy Optimizer,” said Garlock. “Now the agent can provide a quote, complete the e-app, and get a decision over the phone typically in 20 minutes or less. It’s never been simpler to write IUL business.”

    Legacy Optimizer also includes an Accelerated Death Benefit Feature, which means a policyowner may be able to use a portion of the death benefit while they are living. The policyowner can accelerate a portion of the death benefit should the insured become chronically or terminally ill, subject to eligibility requirements.

    Legacy Optimizer is designed for people aged 50-80 who have between $25,000 and $200,000 ($150,000 for Ages 50-59) of liquid assets not needed for retirement or daily needs and are looking for a flexible and simple solution for passing on a portion of their estate to their beneficiaries. This latest release is the fifth product added to the company’s current IUL portfolio.

    ABOUT NORTH AMERICAN COMPANY

    North American Company for Life and Health Insurance is a member of Sammons® Financial Group, Inc.3 Since 1886, North American has established a tradition of providing quality insurance products to consumers throughout the U.S. We offer a comprehensive portfolio of term, universal life, and indexed universal life insurance products. North American also offers a wide variety of traditional fixed and fixed index annuities and consistently ranks among the top fixed index annuity carriers in the U.S. (Source: Wink Sales & Market Report, 2017). For more information, please visit www.northamericancompany.com.

    Chronically ill is defined as unable to perform at least two of the six Activities of Daily Living (bathing, continence, dressing, eating, toileting and transferring) without substantial assistance from another person. Chronic illness also includes severe cognitive impairment which means the insured requires substantial supervision by another person to protect him or herself from threats to health and safety due to a severe cognitive impairment.

    Indexed Universal Life Insurance 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.

    Legacy Optimizer (policy form series LS180) and Return of Premium Endorsement (form series LR500) are issued by North American, Administrative Office, Sioux Falls, SD 57193. Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply

    1 Although Legacy Optimizer is filed as a Flexible Premium Universal Life and allows additional premiums, the product is designed for a single premium payment. There are limited benefits to adding premiums after policy issue – for example, the Account Value will increase with additional premium payments, but the guaranteed death benefit and the Return of Premium Value will NOT. Therefore, clients should carefully consider whether additional premiums should be paid.

    2 Coverage is subject to some health and lifestyle questions.

    3 Sammons® Financial Group is comprised of North American Company for Life and Health Insurance®, Midland National® Life Insurance Company, Sammons Retirement Solutions® Inc. and Sammons Financial Network® LLC, member FINRA.

    Contact: John Myers
    Associate Vice President
    Corporate Communications

    Originally Posted at GlobeNewsWire on August 9, 2017 by North American Company for Life and Health.

    Categories: Industry Articles
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