Conversion Privilege Changes Coming to North American Term Products

From North American:

North American is updating the conversion privileges for new sales of ADDvantage® Term. These changes put us in line with industry standards while also ensuring our products are aligned with the long-term focus you have come to expect from North American.

Please note the following changes to term conversion privileges, effective April 23, 2022. 

• 10-year:

  • Current: Earlier of 10 years or age 75

  • New: Earlier of 7 years or age 70

• 15-year:

  • Current: Earlier of 15 years or age 75

  • New: Earlier of 12 years or age 70

• 20-year:

  • Current: Earlier of 20 years or age 75

  • New: Earlier of 15 years or age 70

• 30-year:

  • Current: Earlier of 30 years or age 70

  • New: Earlier of 20 years or age 70

New Business Deadlines

To receive the current conversion periods, applications will need to be signed by April 22, 2022, and received by April 30, 2022. Note: if a new application is required for any reason (for example: due to contracting), the conversion period received will be based on the application signed date of the final application received. Inforce ADDvantage Term policies Inforce ADDvantage Term policies will have no change to their conversion period.