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  • New Strategic Design Annuity Offers Industry-first Flexibility for Retirement Income Planning, Downturn Protection

    November 6, 2018 by North American Company for Life and Health

    WEST DES MOINES, Iowa, Nov. 06, 2018 (GLOBE NEWSWIRE) —  The Strategic Design AnnuitySM X (SDA X), fixed index annuity from North American Company for Life and Health Insurance® (North American) is being introduced to offer the flexibility needed to help meet the challenges of retirement income planning.

    “SDA X is designed to be as dynamic as life itself,” said Rhonda Elming, North American’s senior vice president of annuity product development. “It’ll help you adapt to the unexpected twists and turns of retirement income planning.”

    SDA X is the industry’s first fixed index annuity to offer an enhanced penalty free withdrawal feature through the embedded benefits rider1, which increases up to 32 percent2. The SDA X penalty free withdrawal amount is based on the customer’s deposit, making the withdrawal amounts predictable each year even after withdrawals are started. Additionally, SDA X boasts a strong guaranteed lifetime withdrawal benefit value that increases at 200% of the interest credited.

    Another key feature of SDA X is the ability to choose which type of lifetime income payment is needed. As clients turn on their guaranteed lifetime income payments3, they can opt for either a level lifetime payment or an increasing lifetime payment.

    In times of market corrections, SDA X provides much needed interest to help balance clients’ overall retirement income plans. The Inverse Edge Trigger crediting strategy4 affords clients’ positive interest credits when the S&P 500 index is flat or loses value, providing a unique diversification option. The bigger the loss, the bigger the potential interest credit. According to Chris Conroy, North American’s head of annuity sales, “It’s just one more of the features that led the company to call SDA X the industry X-factor.”

    “SDA X is another innovation from North American designed to help meet retirees where they are in life. As a retirement income planning tool, SDA X is designed to offer the needed flexibility and liquidity to meet planning challenges,” Conroy said.

    SDA X is now available nationally in 42 states.

    About North American Company

    North American Company for Life and Health Insurance®  is a member of Sammons® Financial Group, Inc. Since 1886, North American has established a tradition of providing quality insurance products to consumers throughout the U.S. We offer a comprehensive portfolio of term, universal life, and indexed universal life insurance products. North American also offers a wide variety of traditional fixed and fixed index annuities and consistently ranks among the top fixed index annuity carriers in the U.S. (Source: Wink Sales & Market Report, 2017). For more information, please visit www.northamericancompany.com.

    Sammons® Financial Group is comprised of North American Company for Life and Health Insurance®, Midland National® Life Insurance CompanySammons Institutional GroupSM, Inc., and Sammons Financial Network® LLC, member FINRA.

    1 The embedded benefits rider is automatically included for a 0.95% annual charge. 

    2 Withdrawals taken prior to age 59 ½ may be subject to IRS penalties.  32 percent is based on the first year of withdrawal being in year 8 or after.

    3 “Income” or “lifetime income” refers to guaranteed payment of lifetime payment amounts (“LPAs”) as defined in the rider. It does not refer to interest credited to the contract. You should consult with your own tax advisor regarding tax treatment of LPAs, which will vary according to individual circumstances.

    4 Additional crediting method options are also available.

    Insurance products issued by North American Company for Life and Health Insurance®, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.
    The Strategic Design AnnuitySM X is issued on form NA1013A/ICC18-1013A.MVA (contract) or appropriate state variation.

    Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for additional optional benefit riders could under certain scenarios exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients.
    The “S&P 500®“,”, Indices (“Indices”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by North American Company for Life and Health Insurance® (“the Company”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Company. Strategic Design Annuity X is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indices.

    Contact: John Myers 
    Associate Vice President 
    Corporate Communications

    Originally Posted at Globe Newswire on November 6, 2018 by North American Company for Life and Health.

    Categories: Industry Articles
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