Part three of our five-part webinar series “Grow Your Business with IUL” discussed the compelling features of North American’s IUL product. NA’s Sales Development Specialist Chris Korfe joined us for 20 minutes to provide insight.
Here are links to the other parts of this webinar series:
- Part I: IUL Mechanics
- Part II: How Insurance Companies Cover Indexed Credits
- Part III: Compelling Features (you're here now)
- Part IV: Illustration Tips
- Part V: How to Sell IUL
Here are a few takeaways from Chris's presentation:
Index Selections:
- The Builder IUL and Guaranteed Builder IUL have 13 index selections. The Rapid Builder IUL has seven.
- On annual point-to-point, North American uses a variety of indexes including the S&P500, NASDAQ-100, and Russell 2000 to name just a few. This allows the client to diversify within one product without locking themselves into one index.
Daily Sweeps
- Typically other carriers sweep on the 15th or at the end of the month, but this causes funds to sit in a fixed interest holding account. North American sweeps funds and allocates to index segments at the next available trading day.
- North American does not require a percentage of the funds to go into a fixed account like other carriers do.
- Clients can transfer funds from a fixed account on a daily basis if desired and without a fee.
- If there is a $1,000 premium with a $200 maintenance cost, interest is credited at the beginning of the year before the charges are taken out. So based on $1,000, not $800, the client will see more dollars working in their favor.
Protected Death Benefit
- An individual takes a loan out and uses the cash value built up to purchase a paid up policy. Say there is $500,000 of cash in the policy, and the client wants to leave behind $200,000 to the children. He or she can pay up for up for $200,000 of death benefit and keep the remainder.
Chronic Illness Accelerated
- This feature is attached to the Builder IUL for no additional premium and is an automatic issue if the policyholder becomes unable to perform two of the six activities of daily living (ADLs). If the policyholder elects to accelerate, the death benefit is simply reduced by the amount accelerated. North American ensures the policy will not lapse.
Also Discussed…
- Interest Rate Bonuses
- North American’s Standard Loan Rates
- NA’s Variable Interest Rate Loans
- Standard vs. Variable
- Overloan Protection