| North American is pleased to announce a new Indexed Universal Life (IUL) insurance product available 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 |
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| 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 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. |
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