North American Life Insurance Review

Is North American a Good Life Insurance Company?

North American Company for Life and Health Insurance (NACOLAH) is part of the Sammons Financial Company.

Since 1886, NACOLAH has been providing life insurance to protect families and businesses.

North American Life Insurance Review

Financial Strength

AM Best – “A+”
S&P – “A+”
Fitch – “A+”

Ratings as of – AM Best – 08/2020, S&P – 05/2020, Fitch – 05/2020 – Subject to change

North American is a good life insurance company worth considering for your coverage needs.

How Easy is it to Get a Policy with North American?

It’s easy to get a policy with the WriteAway accelerated underwriting program.

With this program, it may be possible to get approved in 48-72 hours.

Criteria include:

Issue Ages – 18-60
Face Amounts:
- 18-50 – Up to $1,000,000
- 51-60 – Up to $500,000
Available for term and universal life
No major medical impairments
Rate classes available:
- Super Preferred
- Preferred Non-Tobacco
- Standard Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
No non-medical impairments
Flat extras only for aviation and avocations

The process is pretty simple with an e-application followed by a phone interview.

If you qualify, you will be notified that you are approved.

Otherwise underwriting will let you know that a paramed exam is required.

Are North American Policies Competitive?

A number of term life insurance and universal life policies are available.

Term life insurance from North American

The Classic Term and ADDvantage are the term life policies available.

Classic Term:
- 10-year term – 18-75
- 15-year term – 18-70
Minimum Face – $500,000
Riders – None available
Conversion – None available

ADDvantage
- 10-year term – 18-75
- 15-year term – 18-70
- 20-year term – 18-65
- 30-year term – 18-55 (50 for smokers)
Minimum Face – $100,000
Riders:
- Children’s Term Life Insurance Rider
- Waiver of Term Premium for Disability Rider
- Accelerated death benefit for critical, chronic, and terminal illness
Conversion – Allowed during the level premium period of policy or up to age 75(age 70 fo 30-year term) whichever is earlier. Conversion is never less than 5 years.

We recommend the ADDvantage product over the Classic Term due to the Classic not having conversion or riders.

Other companies like Transamerica offer similar pricing with riders and conversion.

Universal Life Insurance from North American

A number of universal life insurance policies are available, and NACOLAH is known for its competitive IUL products.

When looking at index universal life policies, compare to policies offered by Lincoln National and Prudential.

Custom Guarantee:
- Minimum face:
  - Up to 59 = $50,000
  - 60-85 = $25,000
- Guaranteed death benefit up to age 120
- Premium Recovery Endorsement¹
- Guaranteed Exchange Privilege²
- Accelerated death benefit for critical, chronic, terminal
Protection Builder:
- Minimum face:
  - Up to 59 = $50,000
  - 60-85 = $25,000
- Strong potential for cash value accumulation
- Optional no lapse guarantee up to age 120
- Premium Recovery Endorsement¹
- Indexed interest
- Policy loans with overloan protection
- Accelerated death benefit for critical, chronic, terminal
Builder Plus IUL 2
- Ages – 15 days – age 75
- Minimum face = $50,000
- Long term cash value accumulation
- Return of premium death benefit option
- Accelerated death benefit for critical, chronic, terminal
- Policy loans
- Indexed interest
Smart Builder
- Ages – 15 days – age 80
- Minimum face – $100,000
- Used to leverage premium into larger death benefit
- Waiver of Surrender Charge Option Rider
- Strong early cash value performance
- Accelerated death benefit for critical, chronic, terminal
- 10% of account value is available for withdrawal starting in year 2.

Premium Recovery Endorsement – provides the opportunity to recover part or all of the total premiums paid within a 60-day window after the 15th, 20th, and 25th anniversary upon full surrender of the policy
Guaranteed Exchange Privilege – allows exchange to IUL products without evidence of insurability and NO surrender charge

Please note that the availability of riders may vary by state, age, underwriting and other factors.

We will provide you with full company illustrations and let you know exactly what is available to you.

Does North American Provide Good Customer Service?

The customer service phone number is 877-872-0757

You will find online access to your policy information – here

North American’s headquarters is located at:

One Sammons Plaza – Sioux Falls, South Dakota 57193

Conclusion

North American is a good quality life insurance company to consider for your life insurance needs.

Other Companies We Reviewed

Michael J. Horbal

Owner of RiskQuoter

Too many people overpay for life insurance because they have the wrong life insurance company, agent, or both. That’s why I started RiskQuoter – To help you get the best life insurance rates available.

As an independent insurance agent, I’m licensed in all 50 states and the District of Columbia and offer 40+ life insurance companies to ensure you get your best rate!

By Michael Horbal – Updated on 01/28/2023