North American Company for Life and Health Insurance, a member of Sammons Financial, has launched a new Indexed Universal Life (IUL) insurance product.

Smart Builder IUL is claimed to help in addressing consumer concern over quickly building cash value for liquidity while ensuring money is in place for beneficiaries.

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Smart Builder IUL builds the policy’s cash value given that it does not have either a premium load charge or a surrender charge,  both of which are found in traditional insurance policies.

As these charges are not levied, the premium paid by a client goes immediately to adding to the policy’s cash value.

North American Company for Life and Health Insurance claimed that this is important to a policyowner’s strategic financial plan given that in addition to the death benefit protection they also seek liquidity along with an ability to grow cash value in the long-term.

The surrender charge will be waived if elected during the time of application.

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North American Company for Life and Health Insurance chief distribution officer Jerry Blair said: “The new Smart Builder IUL is designed to fill a void that could potentially exist in many clients’ financial strategy.

“Smart Builder combines the death protection that everyone who purchases life insurance needs with the flexibility they want.”

A benefit offered by IUL policy is the tax-deferred cash accumulation that can serve as an additional source of emergency funds during retirement.

Blair added: “Today’s high cost of medical care requires you to be prepared. Smart Builder includes accelerated death benefit endorsements2 for critical, chronic and terminal illness for no additional premium.

“This can provide access to cash from the policy’s death benefit while the insured is living and if diagnosed with a qualifying illness.”