North American is pleased to announce a new Indexed Universal Life (IUL) insurance product available on November 22, 2021. Smart Builder 2 is designed for death benefit protection and the potential for strong early cash surrender values through a 0% premium load and optional Waiver of Surrender Charge (WOSC) Option Rider.
Changes to Smart Builder IUL policies impacted by updates to Section 7702
Earlier this year, North American shared a field bulletin and FAQ surrounding Section 7702 after the passing of the Consolidation Appropriations Act, which included a change to the rates used in determining whether a policy qualifies as life insurance. These rates are also used to evaluate whether the policy qualifies for the preferential tax treatment of distributions from the policy. As a result of changes to Section 7702, life insurers, including North American, are updating rates on impacted products issued on or after January 1, 2021.
With NFG Brokerage, you no longer need to depend on a one size fits all approach. We work hard for you to create customized insurance strategies to help you deliver the most affective solutions to your clients. Your success is our success...don't delay!
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