North American Company for Health and Life Insurance has a new life insurance option with the company's Legacy Optimizer indexed universal life (IUL) product.
The policy includes a guaranteed death benefit, with liquidity and living benefits, according to an announcement. This plan includes an accelerated death benefit that allows a policyowner to use a portion of the death benefit while they are living. In some situations, like chronic of terminal illness, a policyowner can accelerate a portion of the death benefit, subject to eligibility requirements.
“Legacy Optimizer is a great addition to our portfolio,” Garth Garlock, senior vice president and chief distribution officer, said in the announcement. “On top of the great features and the ability to leverage your client’s money into a larger guaranteed death benefit, what sets Legacy Optimizer apart is the smooth, simple application and underwriting process.”
Interested individuals can use SimpleSubmit to apply, the announcement said. SimpleSubmit is the company's electronic application system. Part of what sets this policy apart is the way that medical information is collected and what is required as part of the application. Individuals who are interested can give their medical information in a 15-20 minute phone call and forego the medical exam and blood work often required for other insurance options.
It is designed for adults age 50 to 80 who have between $25,000 and $200,000 in assets that are not necessary for retirement of daily needs.
This is the fifth product added to North American Company's current IUL portfolio.