North American is excited to be launching the new Smart Builder IUL. We know this is a remarkable product with a 0% premium load and offering a Waiver of Surrender Charge Option Rider which can completely eliminate surrender charges.
Unfortunately, we discovered an error with the supplemental commission report on Web illustrations. This error results in the Web Illustration software displaying an excess commission rate that is one percentage point lower than the correct rate. When corrected, the illustration commission report will display a 1% higher rate. We are working overtime to ensure that we get the supplemental commission report corrected and in your hands by this coming Saturday, February 29.
There are no other issues impacted other than the supplemental commission report for commission Options A and B. Web Illustrations show the correct excess commission rate for commission option C, both with and without the Waiver of Surrender Charge rider selected.
Please note that any Smart Builder IUL policies that go paid will be compensated at the correct rate. No additional action is required from the MGA or agent.
Thank you for your business. Contact your Regional Vice President or our internal sales support teams with any questions.
Smart Builder IUL is issued on policy form series LS187 or state variation, including all applicable endorsements and riders, by North American Company for Life and Health Insurance, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Product, features, endorsements, riders or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.
Sammons FinancialSM is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance®.