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Review of North American Company for Life and Health Insurance

North American Life and Health InsuranceFor an independent North American Life Insurance Review, you’re in the perfect place!

That’s because I’m independent and can use any one of the two dozen companies I represent, so I’ll shoot straight with you.

We’ll discuss the following about North American:

  • Are they a “good company”?
  • What are their financial ratings?
  • Do they get many complaints?
  • What types of life insurance to they offer?

North American Company for Life and Health Overview

There are many great life insurance companies and some not so great.  I truly believe North American Company for Life and Health Insurance is one of the best due to:

  • Over 100 Years in Business –  The company was founded in 1886 so it clearly has been around for awhile and weathered some pretty turbulent and difficult economic times in our history.  They are part of the Sammons Financial Group.
  • Approvals for People with Health Considerations – I have not personally sent them too many cases in the few years I’ve been contracted there (maybe a dozen or so), but so far, have gotten some nice approvals on tough, high risk cases with them.
  • Additional Benefits with Chronic Illness – Also, they stand out for their Chronic Illness Accelerated Benefit rider, which allows policy holders to take their death benefit early if they meet the definition of having a chronic illness.  This is not too common with other companies, and is available on all North American permanent plans at no additional charge.

Let’s move on to your questions about whether North American has any complaints against them, their financial ratings, and more of my personal review for them.

 Financial Strength and Ratings for North American

One way to judge the financial health of any insurance company is to see they rate with the financial rating companies which evaluate every company of any significance. They minutely review all the annual reports a company is required to submit to its stakeholders and those financial reports required by law.

When buying life insurance you want to buy from a financially healthy company.  One away to learn about the financial strength of a company is through the rating companies such as Standard’s and Poor’s, A.M. Best,  Moody’s, Fitch and others, who examine the corporate books of these companies in minute detail and rate their health accordingly.

Let’s look at how North American Company for Life and Health Insurance fares.  From the ratings, North American  can be viewed as financially sound.  This means it has strong capital assets and good liquidity.

  • Standard and Poor’s gives this company an A+ or ‘Strong’
  • A.M. Best rate this company as A+ which is ‘Superior’
  • Comdex ranking for this company is rated as 93, and is based on a scale of 1-100.

Their Comdex score is better than that of some massive, well know companies like Genworth (see my Genworth review) and ING/Reliastar.

Types of Life Insurance Offered by North American Company for Life and Health Insurance

North American Company for Life and Health Insurance offers the following types of life insurance policies to its customers;

ADDvantage Term Life Insurance 

Term life insurance is the cheapest form of life insurance. With this policy you get guaranteed level premiums and can get terms of 10, 15, 20 or 30 years with the option of rider endorsements. This policy covers death benefits only and allows you to change your term insurance policy to a permanent insurance policy.

Universal Life Insurance

North American Company for Life and Health Insurance offers 2 types of universal life policies which include 4 policy options for standard universal life insurance, and indexed universal life insurance which also has 4 policy options. Let’s look at these in more detail.

Universal Life Policy Options – Your 4 policy choices include:

·         Custom Accumulator -Custom Accumulator  provides death benefits protection, and the ability to build a cash value for use in later years. Has a return of premium feature of up to 95% of the premiums you pay in the first six years, and helps build cash values for your financial future. Can also borrow against, and allows access to death benefits to cover a chronic illness.

·         Custom GrowthCV- Custom GrowthCV is designed to aid you in building a cash value which is easy to access, and has a guaranteed death benefit coverage. Can also borrow against, and allows access to death benefits to cover a chronic illness.

·         Custom Guarantee – Custom Guarantee provides guaranteed coverage from any age up to age 120. No premiums are payable after age 100. Offers premium flexibility in terms of time and amount of premium payments, and allows access to death benefits to cover a chronic illness.

·         Custom TermGUL – Offers low-cost death benefit protection on either a current or guaranteed basis ( Premium Guarantee Rider required). Can also borrow against, and allows access to death benefits to cover a chronic illness.

Indexed Universal Life Insurance – Your 4 policy choices include:

  • Builder IUL – Allows you earn interest based on the stock market index without having to invest in the market. Builds cash values for future financial needs. Can also borrow against and allows access to death benefits to cover a chronic illness.
  • Guarantee Builder IULOffers a cash value and guaranteed death benefit up to age 120, and earn interest from the stock market without investing directly. Can access your cash value for withdrawals or loans, and access death benefits to cover a chronic illness.
  • Rapid Builder IULoffers the ability to earn interest based on the movement of a stock market without the risk of investing directly in the market. Helps your cash value grow quickly. Can access your cash value for withdrawals or loans in the market, and access death benefits to cover a chronic illness.
  • Survivorship GIUL – An indexed universal life insurance policy that insures two individuals. Pays death benefits upon the death of the last survivor. Can be     customized. Offers low-cost death benefits for either a current or guaranteed basis ( See Premium Guarantee Rider). Insures two lives with a single premium payment and can earn interest based on the stock market without investing directly in the market. Can access your cash value for withdrawals or loans.

Complaints against North American Company for Life and Health Insurance

As I said, I’m the perfect person to give a North American Review, because I’m an agent for them, along with many other companies, so I can compare them.  Here are a few other complaints or cons about them.

A personal complaint – They are just a bit behind in the technology age.  I say this as an agent who does 99% of his business with clients over the phone.  North American makes this a bit difficult since they don’t currently allow for electronically signed policies.

Consumer complaints – Every insurance company has consumer complaints.  North American Company for Life and Health Insurance also receives complaints like all other life insurance companies.  There are many consumer complaint sites on the web but frankly, they are suspect and should be viewed with extreme caution.

Are they a Scam?  Why don’t all the Online Agencies offer their products?

One of the things I like about North American is that not every agency offers their products.  For example, if you went to Select Quote, I could tell you right now and be 100% sure that they will offer products from some of the major carriers like Banner, Prudential, and ING.  But I’m not sure if they offer products from North American.

Of course, some people could consider this a complaint.  “Why don’t all the major online agencies offer North American?” they might say.  It truly can tell you they are not a scam.  They are super reputable, but I just think not all the online insurance agencies have picked them up due to the electronic signature barrier.

This would be another Intelliquote complaint I would have, that they may not offer products from NA.  Some agencies do and others don’t, so if you like what you read, give us a call at 877-443-9467 and we’ll be happy to get you a quote.

*Written by Chris Huntley. Huntley Wealth Insurance and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.
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Chris Huntley
Chris Huntley is the owner of Huntley Wealth Insurance, a San Diego life insurance agency. You can find him on Google + and Facebook. Over the past 8 years, Chris has consulted with over 2000 individuals about their insurance needs. He is a proud husband and father to three adorable girls.
Chris Huntley
Chris Huntley

For an independent North American Life Insurance Review, you're in the perfect place! That's because I'm independent and can use any one of the two dozen companies I represent, so I'll shoot straight with you. We'll discuss the following about North American: Are they a "good company"? What are their financial ratings? Do they get [...]


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{ 19 comments… add one }

  • Ham,Tae Bong October 11, 2012, 11:27 am

    I got life insurance N/A
    I cloused my bank account.
    Please, tell me
    What can I do?

    • Chris Huntley October 22, 2012, 1:08 pm

      You should call North American to give them your new account details.

  • Paul Allen April 5, 2013, 4:09 pm

    Chris,

    What exactly is Index universal life? is it like an equity index annuity? What are the pros and cons of this type of insurance? If someone buys an annual point to point how does this work? Thanks for any details.

    PA

  • Victor Iskandrayan September 17, 2013, 12:03 pm

    Hey Chris,

    Can you give me some advice? Ive been a policy holder with North American for about two years and now im getting life insurance from my employer. I dont think its worth me paying $70 per month since im 26 years old and this monthly cost will go up. I wanted to close my account and get my cash value of $5000 but im stuck because there is a surrender charge for 14 years and i can only take out $300 of my $5000 cash value.

    • Chris Huntley September 17, 2013, 3:45 pm

      Hey Victor,
      Well, this is really a question for the agent who sold you this North American policy. There are many issues involved as to whether you should keep the current policy or replace it with a policy thru your employer, but I’ll just name a few:
      1. insurance through your employer may not be portable, so if you leave the company, you may no longer have coverage
      2. you need an illustration from north american showing how long your current policy projects to stay in force if you reduce your premium to say, $50 per month, or stay at current payment
      3. there’s really nothing you can do to get to that cash value, so you may consider holding onto it for future cash value considerations
      4. who the heck sold you a cash value policy at age 25 when you weren’t committed for the long run? doesn’t make sense to me. I’d say go back to your agent and you need to get reminded again about the benefits of sticking to the current plan.
      5. call us if you don’t want to stick to the north american policy. you’re much better off buying your own policy rather than one thru your employer. (probably cheaper, and it’s yours to do what you want with it.)

  • Victor Iskandrayan September 18, 2013, 8:19 am

    Thanks!

  • Hai December 13, 2013, 7:43 am

    I am going to buy a Universal Lift Ins Policy for $41675.84 one time pay off for a 250000 Death Benefit this week end.
    The account value and the Surrender Value will be $0 dollars in about 12 year. The
    Benefit continues until 120 year old or 65 years.
    I am 55 female with good health.
    Is it expensive?

  • jack armeni February 6, 2014, 11:43 am

    This phone system you folks use to handle us sucks, been holding for most of afternoon an still no human. I really don’t understand what went wrong with my benificary change after I called in an wrote everthing she asked down as was requested by her. And I received a letter an new form to fill out same, same. Why in the world did you not send me the original and have me sign and send in??

    • Chris Huntley February 26, 2014, 11:29 am

      Hey Jack,
      Sorry for your troubles. As the article states, we’re just writing a review for North American. We are not North American.

  • Vic February 9, 2014, 7:58 pm

    Hi Chris,

    Thanks for all the info you are providing here sp as I am interested in EIUL. I have one with Midland Life. Now I am looking for one for my wife. Another agent has given a quote for Minnesota life as a better plan than my current (XL-CV4). I also got an ING quote. I came across your site as I was trying to get more informed where it seems like you are sold on N. American :) Too many choices!!

    Which policy would be best in my scenario and why?

    Thanking you in anticipation.

    • Chris Huntley April 16, 2014, 9:03 am

      Hey Vic,
      Thanks for your comment. I really don’t know “your situation” as you said in your comment, so can’t comment on what’s best for you. All those carriers are excellent.

      Give us a call if you need further help at 877-443-9467.

      Chris

  • John DeMartino July 14, 2014, 3:47 pm

    I am considering a universal life Rapid Builder age 68 and in good health.
    Some financial advisers have told me that NA has had many litigation’s by policy holders for breach of contract.
    Do you have any comments on this?

    JD

    • Chris Huntley July 21, 2014, 1:38 am

      Hi JD
      One of our well versed agents will be in touch with you to explain this to you.

  • Sunny July 23, 2014, 10:46 pm

    Can someone explain the alleged litigation to me as well? I am also considering a NA policy.

    • Chris Huntley July 25, 2014, 1:16 pm

      Hi Sunny,
      I have not heard about any litigation. Give us a call at 877-443-9467 to discuss your insurance needs.

  • Gladys July 31, 2014, 3:02 pm

    I’m 53 and currently in the process of converting my Term life Insurence to Universal life. I have been given two quotes from two different Co for the same amount of $100.000. Mutual of Omaha is one and the other is NA. NA is $ 7.00 more, but so far I like what I’m reading. Please advise.

    • Chris Huntley August 3, 2014, 11:11 pm

      Hi Gladys,
      We would love to help you with your life insurance needs. We will send you a few questions to help us find the best policy for you.

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