Ratings:

A.M. Best A+
Fitch A+
S&P A+
Comdex 89

James Alden

Experienced Financial Advisor

25 years

experience

3,712

career consultations

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Income Pay Pro 10

The North American Company for Life and Health Insurance, founded in 1886, has shown unwavering customer commitment for over 120 years by becoming a dependable player in the life insurance and annuities market. With a vast array of life insurance and annuity solutions, including a remarkable ‘Precision 14’ indexed annuity, the company strives to protect clients and their families from financial regressions through state-of-the-art offerings. Particularly designed for American families and businesses, North American has a long history of serving its clientele faithfully and withholding a positive impact on the communities surrounding them.

Income Pay Pro 10

Your Email

Ratings:

A.M. Best A+
Fitch A+
S&P A+
Comdex 89

About Product

Type

Fixed Index

Purpose

Lifetime Income

Term

10 Years

Surrender schedule

10%10%9%9%8%8%7%6%4%2%

Fee withdrawal:

10%

Market Value Adjustment

Yes

Return Of Premium

Minimum Contribution

$20,000

Maximum Contribution

$1,000,000

Max Age Qualified

Types Of Funds

Non-Qualified, 401k, Profit Sharing, IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, and 457 plan

Launch Date

11/08/2022

The Income Pay Pro 10 is a modified single premium deferred fixed index annuity with an embedded guaranteed lifetime withdrawal benefit (GLWB) rider offering competitive, guaranteed lifetime income. Lifetime payment amounts (LPAs) are made to you as long as you live or, if applicable, joint annuitant lives. It’s a retirement “paycheck” you can count on.
Income Pay Pro provides multiple options for taking retirement income. So you’re in the driver’s seat in determining how and when you start receiving payments.
Fixed and index account options offer upside potential without downside market risk. Your premium is protected from market downturns.
If you need access to funds, Income Pay Pro has different liquidity provisions that can help you when you need it most.

Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Allocation Accounts

Name	Type	Rates
1-Year Fixed Account	Fixed	2.5% Fixed
1-Year S&P 500 PTP Cap	Point to Point Annual	5% Cap
1-Year S&P 500 PTP Monthly Sum Cap	Point to Point Annual Monthly sum	1.85% Cap
1-Year S&P 500 PTP Participation Rate	Point to Point Annual	25% Participation
1-Year S&P MARC 5% ER PTP Participation Rate	Point to Point Annual	100% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate	Point to Point Annual	105% Participation
1-Year Morgan Stanley Dynamic Global PTP Participation Rate	Point to Point Annual	110% Participation
2-Year S&P 500 PTP Participation Rate	Point to Point Biennial	35% Participation
2-Year S&P MARC 5% ER PTP Participation Rate	Point to Point Biennial	145% Participation
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate	Point to Point Biennial	155% Participation
2-Year Morgan Stanley Dynamic Global PTP Participation Rate	Point to Point Biennial	155% Participation
1-Year Goldman Sachs Equity TimeX PTP Participation Rate	Point to Point Annual	55% Participation
2-Year Goldman Sachs Equity TimeX PTP Participation Rate	Point to Point Biennial	80% Participation
2-Year Barclays Transitions 12 VC PTP Participation Rate	Point to Point Biennial	75% Participation
2-Year Barclays Transitions 6 VC PTP Participation Rate	Point to Point Biennial	150% Participation
1-Year Barclays Transitions 12 VC PTP Participation Rate	Point to Point Annual	50% Participation
1-Year Barclays Transitions 6 VC PTP Participation Rate	Point to Point Annual	100% Participation

Surrender schedule

Year	1	2	3	4	5	6	7	8	9	10
Penalty	10%	10%	9%	9%	8%	8%	7%	6%	4%	2%

Riders

Name	Inbuilt	Fee
Income Pay Pro Rider Level	Yes	1.15% annually
Income Pay Pro Rider Increasing	Yes	1.15% annually

Waivers

No Waivers for Income Pay Pro 10 annuity.

Premium Notes

Issue ages
Available issue ages 40-79 (qualified and non-qualified)

Minimum premium
$20,000 at issue, qualified and non-qualified.
Additional premium can also be added during the first Contract year.

Notes
403(b) loans are not allowed on Income Pay Pro.
IRA, 401k, Profit Sharing, Pension, SIMPLE IRA, and 457 plan are accepted as a rollover.

Withdrawal Provisions

Penalty-free withdrawals
Like most annuities, you’ll be limited on when and how much you can withdraw from your annuity penalty-free. However, Income Pay Pro allows you to access a portion of funds each year. Starting in the first contract year, you may choose to take a penalty-free withdrawal (also known as a penalty-free partial surrender) of up to 10% of the beginning of the year accumulation value each year.
Taking out more money than what’s available penalty-free will incur a surrender charge. A market value adjustment may also apply.
Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may also have to pay a 10% IRS penalty. Withdrawals will reduce your accumulation value accordingly.