North American – New Minimum Face Amount

Effective: April 24, 2021

As North American continue to navigate the current economic environment with a long-term focus in mind, They remain committed to making decisions that will benefit their producers and policyholders for years to
come.  As a result of their continued analysis, North American will be adjusting their minimum face amount
requirements on universal life (UL) and indexed universal life (IUL) insurance products with applications signed April 24, 2021 or after. The minimum face amounts will change as follows:

New Minimum Face Amount Requirements*:

• Custom Guarantee® UL 9
o Ages 60-70: changing from $25,000 to $50,000
o Ages 71-85: changing from $25,000 to $100,000
• Protection Builder IUL®
o Ages 60-70: changing from $25,000 to $50,000
o Ages 71-85: changing from $25,000 to $100,000
• Builder Plus IUL® 2
o Ages 71-75: changing from $50,000 to $100,000
• Smart Builder IUL
o No changes

*Please note that per the temporary COVID-19 guidelines, North American does not currently accept application submissions for ages 80 and above.

Illustrations and SimpleSubmit® e-app

Beginning April 24, 2021, SimpleSubmit and Web-based Illustrations will be updated with the minimum
face amounts. Any electronic application that is locked for the first time or unlocked after April 24,
2021 will be required to follow the updated minimum face amounts.

 

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