If you’re looking for an honest, independent North American Life Insurance Review, you’re in the perfect place!
That’s because I’m independent!
… I don’t have to use North American unless they’re right for my client.
I can use any one of the 30+ companies I represent, so I’ll shoot straight with you.
In this North American Company review, we’ll discuss:
- Are they a “good company”?
- 5 Reasons to Trust N.A.
- What are their financial ratings?
- Do they get many complaints?
- What types of life insurance to they offer?
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5 Reasons to Trust the North American Company for Life and Health
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:
- #1 – 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.
- #2 – 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.
- #3 – 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.
#4 – 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 Voya/Reliastar.
*Update 7/26/16 – Genworth is no longer in the life insurance business while North American IS, so it just goes to show there really is something to financial ratings.
#5 – Types of Life Insurance Offered by North American Company for Life and Health Insurance
One of the benefits I’d like to point out in this North American Life Insurance Co. review is the wide array of products they have.
North American 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 IUL– Offers 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 IUL – offers 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.
In terms of pricing, North American is in the middle of the pack for term life insurance.
If you’re simply looking for the best deal, North American may not be the most suitable for you.
If you consider ratings, company history, and service, though, then perhaps you might still go with them.
But here’s the catch:
If you’re looking for the absolute best deal on life insurance, and are considering North American (or any other company), do yourself a huge favor and get a quote from us.
As stated, since we’re an independent agency, we work with 30+ top rated life insurance companies.
… not just North American.
Why is that important?
Well, if you apply and we find out you have high cholesterol or blood pressure that you didn’t know about, or some lab level is high, or have any number of health conditions, North American may or may not be your best bet.
We know which companies will give you the best deal, so anytime you’re shopping for life insurance start with a quote from Huntley Wealth.
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.
Why is that important?
If you logged on 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 Voya. But I’m not sure if they offer products from North American.
That tells me they don’t just let any life insurance agency represent them.
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.