North American Commission reduction and SPIA Change Effective 9-1-16
North American is committed to delivering strong consumer value in all our product offerings. Interest rates have continued to decline and the yield curve has continued to flatten. As a result of these economic conditions, the Company is making the following changes:
Commissions are reducing on the following fixed index annuities and multi-year guarantee annuity (MYGA):
NAC BenefitSolutions® (14-year only)
North American Charter® Plus (14-year only)
NAC RetireChoice® (10- and 14-year)
HI and PA Only: North American Charter®, North American Precision Series® (14-year only)
North American Guarantee ChoiceSM (MYGA, 5-year only)
Period certain terms less than 10 years on the North American Income® single premium immediate annuity (SPIA) will temporarily be unavailable.
NOTE: New commission rates and SPIA change will apply to applications received in the Home Office on or after September 1, 2016. To receive current rates and SPIA period certain terms, get applications in before September 1, 2016. (For electronic apps/e-App, applications must be electronically submitted and received in the Home Office prior to midnight CDT on August 31, 2016.)
Updated commission schedules will be available on North American’s website by September 1, 2016.
FOR AGENT USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES. Products issued by North American Company for Life and Health Insurance®, West Des Moines, IA. Product features and options may not be available in all states or appropriate for all clients. See product brochures, disclosures and state availability chart for further details, limitations and information on appropriate state variations. The NAC BenefitSolutions® is issued on form NC/NA1006A (contract/certificate), AE560A, AE561A, AE563A, AE564A, AE565A, AE567A, LR427A and LR433A (riders/endorsements). The North American Charter® Plus is issued on form NC/NA1007A (certificate/contract), AE576A, AE577A, AE578A, AE580A.PB, AE581A, AE582A, AE583A, AE584A, AE585A, AE586A and AE587A (riders/endorsements). The NAC RetireChoice® is issued on form LC/LS160A (certificate/contract), LR431A, LR424A-1, LR423A, AE520A, AE533A, AE529A, AE532A, AE531A, AE556A, AE557A, LR433A, AE530A, AE528A, AE511A and LR427A (riders/endorsements). The North American Charter® is issued on form LS156A (contract), LR342A, LR398A and LR445A (riders/endorsements). The North American Precision Series® is issued on form LS155A (contract), LR342A, LR398A, and LR444A (endorsements/riders). The North American Guarantee ChoiceSM is issued on forms NC/NA1000A (certificate/contract) AE515A, AE516A, LR427A, LR433A, LR441A and LR441A-1 (endorsements/riders). The North American Income® annuity is issued on form LS116A.
1. Commission is based on WA Regular schedule and may vary according to the product, client’s issue age, and issue state. See your current commission schedule for further details.
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