North American Company for Life and Health
4.0
based on complex data
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Annuity review

NAC Charter Plus 10 High Band (State Variation) with EBR

The NAC Charter Plus 10 High Band (State Variation) with EBR is a fantastic annuity product for those planning for retirement. It offers peace of mind with stable growth and secure income features. Not to mention, it provides the extra bonuses of tax deferrals!

What's great about this product is the EBR (Enhanced Benefit Rider) feature, offering a unique safety net. It provides special benefits for unforeseen life scenarios, such as chronic illness. With this security, you can truly enjoy your golden years without constantly worrying about your finances.

NAC Charter Plus 10 High Band (State Variation) with EBR-brochure NAC Charter Plus 10 High Band (State Variation) with EBR-brochure

NAC Charter Plus 10 High Band (State Variation) with EBR

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About Product

Type
Fixed Index
Purpose
Accumulation
Premium Bonus
20%
Term
10 Years
Surrender schedule
9%
8.5%
7.5%
6.5%
5.5%
4.5%
3.5%
3%
2%
1%
Fee withdrawal:
10%
Flexible premium
Product Life
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$75,000
Maximum Contribution
$2,000,000
Max Age Qualified
79
Types Of Funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and TSP
Launch Date
09/01/2015
The Charter Plus 10 is a flexible premium annuity with a 10-year surrender charge period and an MVA provision. 
Available in states: AK, CT, DE, HI, ID, IN, MN, MO, NV, NJ, OH, OK, OR, PA, SC, TX, UT, VA, and WA

Allocation Accounts

Name Type Rates
1-Year Fixed Account
Fixed
2.45% Fixed
1-Year S&P 500 PTP Cap
Point to Point
Annual
5.5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
20% Participation
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
1.15% Cap
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Biennial
125% Participation
1-Year Barclays Transitions 6 PTP Participation Rate
Point to Point
Annual
75% Participation
1-Year Barclays Transitions 12 PTP Participation Rate
Point to Point
Annual
35% Participation
2-Year Barclays Transitions 6 PTP Participation Rate
Point to Point
Biennial
115% Participation
2-Year Barclays Transitions 12 PTP Participation Rate
Point to Point
Biennial
55% Participation
2-Year Morgan Stanley Dynamic Global PTP Enhanced Participation Rate
Point to Point
Biennial
185% Participation
1-Year Morgan Stanley Dynamic Global PTP Enhanced Participation Rate
Point to Point
Annual
130% Participation
2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate
Point to Point
Biennial
185% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate
Point to Point
Annual
130% Participation
2-Year Morgan Stanley Dynamic Global PTP Participation Rate
Point to Point
Biennial
125% Participation
1-Year Morgan Stanley Dynamic Global PTP Participation Rate
Point to Point
Annual
85% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Annual
85% Participation
2-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Biennial
120% Participation
1-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Annual
85% Participation
2-Year Goldman Sachs Equity TimeX PTP Participation Rate
Point to Point
Biennial
65% Participation
1-Year Goldman Sachs Equity TimeX PTP Participation Rate
Point to Point
Annual
35% Participation
2-Year S&P 500 PTP Participation Rate
Point to Point
Biennial
25% Participation

Surrender schedule

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

Hypothetical Projection

Comparison against S&P 500 using current rates
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Riders

Name Inbuilt Fee
NAC Charter Plus 10 Еnhanced bonus rider No 0.95% annually

Waivers

Nursing Home

Unavailable in states: CA

After the first contract anniversary, if the annuitant becomes confined to a qualified nursing care center (skilled nursing facility or residential care facility for the elderly in CA), as defined in the rider, up to 100% of the accumulation value is available each year while the annuitant is confined. If 100% of the accumulation value is taken, it will be considered a full surrender. The annuitant cannot be confined at the time the contract is issued. This rider is automatically included with the annuity at no additional charge. If joint annuitants are named on the annuity, the rider will apply to the first annuitant who qualifies for the benefit.

Premium Notes

Subsequent Premium
All subsequent premiums will initially be credited a fixed interest rate. We will declare this interest rate for each subsequent premium at the time that subsequent premium is received. The interest rate applicable to each subsequent premium is guaranteed until the end of the contract year. On each contract anniversary, North American will allocate any premiums received since the prior contract anniversary, according to your most recent instructions.

Withdrawal Provisions

Free Withdrawals After the first contract anniversary, a penalty-free withdrawal (also known as a penalty-free partial surrender), of up to 10% of the accumulation value may be taken each year. After the surrender charge period, surrender charges, premium bonus recapture, and a market value adjustment no longer apply to any withdrawals. 

Company Founded: 1886
TOP Rated Company
North American Company for Life and Health
Company Ratings
5
  • A.M. Best A+
  • Fitch A+
  • S&P A+
  • Comdex 89
Assets: $39,625,115,715
Iowa

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