North American to Reduce Cap Rates Effective April 1st

From North American:

Updated: Cap, participation, spread, and illustrated rates for indexed universal life products

Please be advised that we are making changes to the cap, participation, illustrated, and spread rates (if applicable) for the following currently marketed products: Builder Plus IUL® 3, Protection Builder IUL®, and Smart Builder® IUL 2.

For these products to receive the current rates, ALL monies must be placed into the index accounts with an effective date ON OR BEFORE March 31, 2022. All monies with an effective date ON OR AFTER April 1, 2022, will receive the new rates.

Transition Rules

The following criteria must be met for monies to be placed into the index accounts with an effective date on or before March 31, 2022:

• For applications in New Business:

  • Policy Anniversary Date of 3/28/22 or earlier

  • Money received and applied by 3/30/22

  • All requirements received in good order by 3/30/22

  • Policy placed in force by 3/30/22

• For applications in Policy Change:

  • Policy Anniversary Date of 3/28/22 or earlier

  • Money received and applied by 3/29/22

  • All requirements received in good order by 3/29/22

  • Policy placed in force by 3/29/22