North American bundles a nice set of living benefits options into their Custom Guarantee universal policy. Additional riders may be added at a cost.
Extended No-Lapse Guarantee - Protection against policy lapses can be provided up to age 120 without paying any premiums after age 100.
Accelerated Death Benefits - Access a percentage of the death benefit while the insured is still living in the case of serious illness. No additional premium is required but there is a small administrative fee to activate.
The future death benefit will be reduced by the amount of accelerated benefits taken. Qualification requires the diagnosis of a certified medical professional and will apply towards:
- Critical Illness
- Chronic Illness
- Terminal Illness
The chronic illness being included is unique to North American. Other companies such as Symetra, offer a chronic illness rider but charge for it.
Customize your guaranteed universal policy by adding any of these riders:
Accidental Death Benefit Rider - Provides an additional death benefit when death occurs as the result of bodily injury.
Children's Term Insurance Rider - Add term life insurance coverage to any household children (natural or legally adopted). Children must be between the ages of 15 days and 20 years old.
Guaranteed Insurability Rider - Policy owner may add to the death benefit by purchasing additional insurance. This will not require new proof of insurability. Only available on policies issued up to age 40.
Waiver of Monthly Deductions Rider - If the insured has been totally disabled for more than 6 months, this rider will waive the monthly charges, loads, and administrative fees. Not available in CA.