Which One is Better for Midland CV4 IUL or North America Builder IUL7 ?

Discussion in 'Indexed Universal Life Forum' started by blueskyqtc, Jun 1, 2016.

  1. blueskyqtc
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    blueskyqtc Member

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    Dear all,

    I know that these Midland CV4 IUL or North America builder IUL7 are very similar, because their parents' company are the same.

    So which IUL is better for Midland CV4 IUL or North America builder IUL7 ? ( Any detailed comparison info here ? ) Thanks!
     
  2. ///MJay
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    ///MJay Well-Known Member

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    MNL has a 1% higher cap rate.

    The rest are some comparison I found between the companies in general when I was looking.

    NA starts 10% higher comp to the agent. But without bonus opportunity.

    North American only allows Term Conversion to age 69, not age 75 like Midland…

    North American does not allow non-underwritten approval for Accelerated Benefits (ABR) in the first 5 years of a Term conversion like Midland does…

    North American only includes the ABR benefits on policies issued up to age 75, not age 80 like with Midland…

    On North American ABR, they do not waive policy charges like Midland does on the Chronic Illness rider…

    Midland pays total GA Compensation with Bonus Money up to 135% and N/A only pays what the IMO gives you… Typically Street Level plus a little extra based on how much you produce annually..

    Midland provides Convention, Co-op Money and Deferred Compensation qualification access and N/A does not…

    Midland provides a fully supportive and experience Regional Office in US and North American relies on the support of the IMO support who also deal with dozens of other carriers
     
  3. jboussea
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    jboussea Well-Known Member

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    Thanks for the breakdown ... it sounds like Midland is better for agent who plan to be the client's advisor for the long haul .. while NA is aiming at agents who focus on other types of life insurance but need to sell IUL's here and there
     
  4. Hopwood04
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    Hopwood04 Well-Known Member

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    Midland also pays a much higher commission via Option C vs. North American pays you off of target and 1.5% of excess when selling the EC4 as a single premium alternative with waiver of surrender penalty.
     
  5. AboutThatLife
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    AboutThatLife Well-Known Member

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    Speaking of Option C. Is it return of premium at any time? Or return of premium only at a specified time.

    What if the insured has only one year of cash value left in their policy. If they cancel, do they get all of their premiums back?
     
  6. Hopwood04
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    Hopwood04 Well-Known Member

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    Option c is with waiver of surrender charge not return of premium.
     
  7. AboutThatLife
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    AboutThatLife Well-Known Member

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    It is not. Option C is return of premium. No one ever explains how it works. I think its a fabulous thing if you can just wait until the lapse year, cancel the policy, and get all the premiums you ever paid into it back.

    Pacific Life
    ANICO
     
  8. scagnt83
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    scagnt83 Well-Known Member

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    They are talking about compensation options... not the death benefit option. They are two totally different things.
     
  9. TevisVerrett
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    TevisVerrett Well-Known Member

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    A massive thank you MJay. The IMO's keep us ignorant. I have been exclusively writing NA Builder IUL 7. . . now I am a bit pissed.

    How does one get (direct) to Midland?
     
  10. sonseeker
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    sonseeker Member

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    Looks like Midland may be worth looking into??
     
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