Custom GrowthCV®
Custom GrowthCV is universal life insurance specifically designed to help you build cash value. This product makes it easy to build cash value, and easy to access it – all with the security of a death benefit coverage, guaranteed.1
Product Highlights:
- Interest Bonuses and a Premium Bonus to help build long-term cash values for future financial needs.
- Access to your cash value through withdrawals and policy loans, including Net Zero-Cost Loans2,3 in policy years 6 and later.
- Access to a portion of the Death Benefit to help cover the cost of a chronic or terminal illness
Your growing family or expanding business needs attention and protection. North American's Custom GrowthCV universal life insurance helps you meet your needs with ease and peace of mind.
To learn more about Custom GrowthCV universal life insurance, download the brochure or contact your North American representative.
1 Coverage is guaranteed for twenty years or to age 70 (whichever is less, but never less than five years) provided the no-lapse guarantee premium requirement is met. If you do not meet the requirement, significantly higher premiums may be necessary to keep the policy in force. Paying a premium that is equal to, but not greater than, the no-lapse guarantee premium will keep the policy in force, but may result in a negative or zero account value. By paying only the no-lapse guarantee premium, you may be forgoing the advantage of building more cash values.
2Death benefit value may be reduced by the net amount withdrawn.
3Net zero cost loans are charged and credited at 3.0% for a net zero cost in years 6+. Policy loans from life insurance policies are generally not subject to income tax, provided the contract is not a Modified Endowment contract. A policy loan or withdrawal from a policy that is a Modified Endowment Contract is taxable upon receipt to the extent cash value of the contract exceeds premiums paid. Policy loans and withdrawals will reduce the cash value and death benefit. Neither North American Company nor its agents provide tax or legal advice. Please consult your legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.
Custom GrowthCV is issued on policy form series LS166; Accelerated Benefit Endorsement is issued on form series LR352A; and Chronic Illness Accelerated Benefit Rider is issued on form series LR450A or state variation by North American Company for Life and Health Insurance, Executive Office, Chicago, IL 60607. Product, features, riders, endorsements or issue ages may not be available in all jurisdictions. Limitations and restrictions may apply.
Life insurance policies have terms under which the policy may be continued in force or discontinued. Current cost of insurance rates and interest rates are not guaranteed. Therefore, the planned periodic premium may not be sufficient to carry the contract to maturity. For costs and complete details, contact North American Company at (877) 872-0757.