National Life Group has added two indexes and four index crediting options to its SummitLife Indexed Universal Life Insurance product for policies with death benefits of $1mn or more.
The new choices are based on the Bloomberg MAVIN 10 Index, Nasdaq 100 Multi-Asset Edge 8% Index and S&P 500. They give policyholders more flexibility in how interest is credited to policy value without directly investing policy funds in the market.
National Life Group has been keeping promises since 1848, providing access to flexible, secure life insurance and annuities for families, businesses, educators, and first responders nationwide.
- The Bloomberg MAVIN 10 Index combines exposure to U.S. large-cap equities, Treasuries, the U.S. dollar and gold. Its rules-based structure spreads exposure across several asset classes and uses risk targeting to manage changes in market conditions rather than concentrating on equity returns alone.
- The Nasdaq 100 Multi-Asset Edge 8% Index combines U.S. large-cap technology stocks with gold and U.S. Treasuries. Its performance differs from the S&P 500 and could lag during strong equity rallies, but it gives policyholders exposure to large U.S. companies alongside assets with different market behaviour.
- National Life also added an S&P 500 No Cap and 2% Floor option. The S&P 500 tracks 500 large U.S. companies, while the crediting structure applies a 2% floor and no stated cap under the option’s terms. It joins the existing S&P 500 Cap Focus and Participation Focus options.
Policyholders can allocate value to one crediting option or split it among several. Future allocations can also be changed as financial goals, market views or liquidity needs change.
As with other indexed universal life products, policy value is partly linked to the performance of the selected index crediting option. Policyholders don’t directly own the stocks, bonds, gold or other assets represented by those indexes.
Life insurance is about protecting what matters today while helping people prepare for what is possible tomorrow. SummitLife menu gives financial professionals more flexibility when structuring long-term insurance plans.
Mehran Assadi, chair, CEO and president of National Life Group
SummitLife is designed for financial strategies including wealth transfer, retirement income, premium financing, living benefits and business planning.
For wealth transfer, National Life lists strategies involving Spousal Lifetime Access Trusts, Legacy IRAs and Dynasty Trusts. Clients approaching retirement can use the policy for death-benefit protection during their working years while building policy value that could later support retirement income.
The product includes four loan options, allowing financial professionals to consider different approaches depending on policy terms and the economic environment.
For affluent individuals and business owners, SummitLife can also be used in premium-financing arrangements intended to preserve liquidity while funding larger life insurance needs. Such structures can be coordinated with expected cash flows or future liquidity events.
The policy includes living benefits for qualifying critical, chronic and terminal illnesses and qualifying critical injuries. These provisions provide access to accelerated death benefits when policy conditions are met.
National Life also positions SummitLife for business succession planning, buy-sell arrangements and executive benefit programs.
The expanded crediting menu gives policyholders with death benefits of at least $1mn more ways to structure the accumulation component of the policy while retaining permanent life insurance coverage.
