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

National Life Group said September 28 that it had added four interest-crediting options to SummitLife, its indexed universal life policy for death benefits of $1 million or more. The change gives shoppers more ways to select how policy interest is calculated, including a new S&P 500 option with a 2% minimum interest credit. That floor does not guarantee growth in the policy’s cash value after charges.

The additions, detailed in the company’s announcement and on its SummitLife index page, reference two new indexes: Bloomberg MAVIN 10, a multi-asset index, and Nasdaq-100 Multi-Asset Edge 8%, which combines technology-stock, gold and Treasury exposure. The other additions are S&P 500 methods called No Cap and 2% Floor. They join existing S&P 500 Cap Focus and Participation Focus methods.

What the floor covers

National Life says its indexed strategies have a 0% minimum interest credit during a crediting period; the new 2% Floor method has a 2% minimum interest credit. Those figures describe interest credited under a strategy, not a return on the whole policy. Insurance costs, policy fees and applicable rider charges continue and can reduce cash value. Caps and participation rates can change annually, so an illustrated value should not be treated as a guaranteed result.

National Life says policyowners can divide allocations among available options and change future allocations. The two new multi-asset indexes are unavailable in Oregon or New York, according to the product page. SummitLife’s issuer, Life Insurance Company of the Southwest, is not authorized to conduct insurance business in New York, and product availability varies by state. An existing owner considering a different allocation needs to confirm which new methods their contract permits.