What if... Spousal continuance Before the LEPD
Death benefit Even if you purchased your annuity for lifetime payments, the PrimePath Pro 10 annuity’s death benefit provides the opportunity to leave your annuity’s value to loved ones. If you should pass away, your beneficiaries have the option to receive your Benefit Base paid out in five equal annual payments. Alternatively, your beneficiaries also have the option to receive any remaining accumulation value as a lump sum. Only one Death Benefit will be paid. Your beneficiary has the option to elect either the death benefit offered under the contract or the rider death benefit as long as the rider is not in the settlement phase.
If your spouse is your sole beneficiary, then your spouse can continue the annuity contract until he/she is ready to start taking LPAs. After the LPED, spousal continuance of the benefits rider is not available. If the annuity contract is continued, then the benefits rider will terminate. If joint income is elected on your PrimePath Pro 10 annuity, your spouse can continue taking LPAs for the rest of his/her life. LPAs cannot continue if single life withdrawals are taken.
Value at death
$220,000
Total $179,085
Hypothetical death benefit example Assumptions:
$200,000
$35,817
$180,000
$160,000
• $100,000 initial premium • No additional premium, no withdrawals
$35,817
$140,000
$120,000
• 10-year accumulation prior to death; the weighted average interest credit percentage is an assumed and hypothetical rate of 3%
$35,817
$100,000
$80,000
$134,392
$35,817
$60,000
$40,000
$35,817
$20,000
$
Or
Accumulation value lump sum
Benefit base 5-year payout
This hypothetical example is not intended to predict future performance. Alternative assumptions could produce different results.
Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance. A.M. Best is a large, third-party independent reporting and rating company that rates an insurance company on the basis of the company’s financial strength, operating performance, and ability to meet its obligations to policyholders. S&P Global Ratings is an independent, third-party rating firm that rates on the basis of financial strength. Ratings shown reflect the opinions of the rating agencies and are not implied warranties of the company’s ability to meet its financial obligations. The ratings apply to North American’s financial strength and claims-paying ability. A) A.M. Best rating affirmed on August 29, 2023. For the latest rating, access ambest.com. B) Awarded to North American as part of Sammons® Financial Group Inc., which consists of Midland National® Life Insurance Company and North American Company for Life and Health Insurance®. C) S&P Global rating assigned Feb. 26, 2009 and affirmed on May 24, 2023. D) Fitch Ratings, a global leader in financial information services and credit ratings, on Nov. 30, 2023, assigned an Insurer Financial Strength rating of A+ Stable for North American. This rating is the fifth highest of 19 possible rating categories. The rating reflects the organization’s strong business profile, low financial leverage, very strong statutory capitalization and strong operating profitability supported by strong investment performance. For more information access fitchratings.com.
32754Z
14
REV 1-24
Made with FlippingBook - Share PDF online