North American Updates Cap & Par Rates and Premium LimitsScott Karstens
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® 2 and Protection Builder IUL. There are no changes for Smart Builder IUL. For these products to receive the current rates, ALL monies must be placed into the index accounts with an effective date ON OR BEFORE to March 31, 2020. All monies with an effective date ON OR AFTER April 1, 2020 will receive the new rates.
Updated Premium Limits for GUL and IUL Products
In the recent weeks, we have seen unprecedented volatility in the markets. Those factors coupled with a continued low-interest rate environment have prompted us to evaluate our premium limits to ensure we are being prudent for the long-term. As a result of that analysis, North American will be decreasing the current annual premium limit in all policy years on the following products:
- Builder Plus IUL® 2
- Protection Builder IUL
- Custom Guarantee® UL 9