National Life Adds Four Crediting Choices for $1 Million-Plus SummitLife Coverage

National Life Group said September 28 that it has added four index-crediting options to SummitLife, its indexed universal life product for death benefits of $1 million or more. The change gives shoppers considering the coverage more allocation choices. Existing policyowners should check their contracts to determine which new options, if any, they can use.

National Life says owners can select one available index or allocate among options and update future allocations. That choice affects how index-linked interest may be credited to the policy; it does not guarantee an increase in cash value.

What was added

The four options draw on two new indexes—the Bloomberg MAVIN 10 and Nasdaq-100 Multi-Asset Edge 8%—and the S&P 500. National Life labels one S&P 500 method “No Cap and 2% Floor.” The announcement identifies the choices but does not establish that every SummitLife contract offers every method.

What a floor protects

The 2% floor in that method’s name should not be read as a promise of 2% annual growth in net cash value. National Life’s SummitLife disclosure describes a general 0% floor against negative index interest while explaining that insurance and rider charges, expenses and fees can still reduce policy value. Cash-value accumulation is not guaranteed. Loans and withdrawals can also reduce values or benefits.

SummitLife is underwritten by Life Insurance Company of the Southwest. National Life says the two new multi-asset indexes are unavailable in Oregon and New York; LSW does not conduct insurance business in New York. For an eligible owner considering a change, the useful comparison is between the crediting methods available under that particular policy, alongside its continuing charges.