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Date: June 17, 2008
To: North American Company Annuity Distributors and Producers
From: North American Company Annuity Service Center
SUBJECT: ENHANCED GUARANTEED INCOME ADVANTAGE PLUSSM RIDER EFFECTIVE JUNE 23, 2008
North American has added more flexibility and value to our existing living benefit rider. The Guaranteed Income Advantage Plus (GIAP) offers a higher bonus credit – 8% for the first 10 contract years (see Highlights box for details.). It is available to issue ages 40+ on both qualified and non-qualified money and the annual cost will no longer be taxed as income.
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Highlights
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8% bonus credit is credited to the GPB at the end of each contract year, for the first 10 contract years, when a withdrawal is not taken. |
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Low annual cost – 0.50%2
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Available on ages 40 and above with most North American Fixed Index Annuities. (Qualified and Non-qualified)
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Guaranteed a lifetime income benefit anytime after age 50. (Qualified and Non-qualified)
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Beginning at age 50 lifetime withdrawals can be started or stopped depending on your needs and objectives.
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Guarantees that surrender charges and/or interest adjustment will not be assessed if withdrawals do not exceed maximum limits.
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Offer your clients all the benefits of a guaranteed lifetime income that they control with the GIAP. They decide when to start and stop payments based on their specific needs during the Accumulation phase of their annuity contract. This rider can be added to many of North American's fixed index annuities at the time of issue.1 The Guaranteed Payment Balance (GPB) will receive an 8% bonus credit every year during the first 10 contract years, when a withdrawal is not taken.
The annual charge of 0.50% will be deducted out of the accumulation value each anniversary and will not be taxed as ordinary income. The annual charge is deducted annually and guaranteed for life, saving your clients money in the long run.
The GIAP can be elected using the GIAP Election form, 12407Z. Effective 6-23-08 the GIAP Election form, 12293Z, will no longer be accepted. Brochures and election forms for the GIAP rider will be available for order on Monday, June 23, 2008 or log onto www.nacannuity.com to download supplies beginning Monday, June 23, 2008.
Please contact Madison Brokerage at 888-539-3232 to order Marketing materials and for more information regarding the Guaranteed Income Advantage Plus.
Thank you for your continued business.
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