IUL and Term Products: Sammons Financial Group Makes Changes

The two main life insurers that make up Sammons Financial Group have announced upgrades to their life insurance products. One of the two companies, Midland National Life Insurance Company, has added a premium deposit agreement feature for most of their single-life (indexed universal) products.

The deposit agreement feature gives IUL purchasers a means of automatically feeding enough cash into the IUL to make sure that the policy continues to be a part of IUL, and not turn into a modified endowment contract.

The starting interest rate that is charged on the cash is 3.25 percent.

A member does not have to pay any extra or hidden charges to have their money put in a premium deposit agreement.

This feature is accessible to policyholders in all states apart from the British Virgin Islands, Alaska, Illinois, Kansas, Marianna Islands, Oregon, Pennsylvania, New Hampshire, and the Virgin Islands.

Midland National Life Insurance and North American Company for Life and Health Insurance, its sister company, have announced an addition: accelerated death benefit endorsements for critical, terminal, and chronic illness to their term products.

North American Company for Life and Health is adding its endorsements to its ADDvantage Term Products, while Midland National Life Insurance Company is adding endorsements to its Premier Term Products.

Overall cost of the endorsements will be bundled together into regular policy premiums. The premium deposit agreement feature could accelerate up to $2million in benefits for critical, terminal, and chronic illness.

The endorsements to Premier Term are available in all territories except the Mariana Islands, California, Florida, the British Virgin Islands, and the Virgin Islands. The ADDvantage Term versions of the endorsement are accessible to policyholders in all states apart from California and Florida.