One company who just missed our list of best life insurance companies of 2019 is North American Company for Life and Health Insurance, or North American, for short.
A growing company, North American continues to expand their market share in the life insurance industry, with expertise in several different areas.
They’ve increasingly put themselves on our radar, and for good reason.
But is this enough for you and your family to consider them?
Below we expand on the company, their products, and more on the history of the company to help you understand where they are, or aren’t, a good fit.
This review of North American Life and Health Insurance Company is our own, and should only be used as a small supplement to your own research. Let’s get started.
Our North American Life Insurance Review
For nearly 130 years, North American has been a provider of life insurance in the United States.
Longevity, financial strength, and a great series of products available across the nation have made this company one to standout.
Although not on our top 10 list, North American has several sweet spots for each consumer to consider.
Able to boast nearly 600,000 policies in force and assets passing over the $22 billion mark, North American is large and among the elite life insurers in America today.
North American has greater than $13 billion in life and annuity reserves and over 90% of their portfolio is considered to be investment grade. According to the NAIC, North American’s investments are considering investment grade 96% of the time.
The large market share, significant reserves and safe investments have earned them an “A+” rating from A.M. Best, considered to be one of the premiere rating agencies.
They have recently sought accreditation with the Better Business Bureau and earned yet another “A+” score.
Life Insurance Products
Several different types of life insurance are available through North American, including:
- a traditional term policy
- a universal life insurance policy
- an indexed universal life policy
No whole life insurance is offered, although the two universal types offer permanent coverage for a lower cost.
Term Life Insurance
Term life is a very basic form of life insurance coverage, with a stated premium and death benefit which last as long as you choose.
Industry speaking, there is not much of a standout for this product, although they do allow payment by credit card, which is attractive to some.
They also offer a no exam life insurance product through Bestow, if skipping the exam is something you prefer.
Permanent Life Insurance
A permanent life insurance policy, just like the name would imply, can last as long as you live.
Previously, three individual types of the universal option are available, but the full product line has been somewhat reduced and consolidated.
However, the only remaining universal option is the Custom Guarantee universal life, which is lifetime coverage guaranteed not to change up to age 120.
The great thing about this particular option is the level death benefit, and flexible premiums, which stop at age 100.
The guaranteed death benefit is standard in the first five years, however you would need to extend this guarantee utilizing the Extended No Lapse Guarantee to ensure longevity beyond this time frame.
For their indexed options, you can choose from the:
- Builder IUL
- Guarantee Builder IUL
- Rapid Builder IUL
- Survivorship GIUL
These provide increased growth potential from select indices of the stock market in addition to the standard interest rates offered by the carrier themselves.
Indexed universal life insurance policies from North American are gaining in popularity due to flexibility, cash growth and access, and growth potential.
North American, in addition to their life insurance portfolio, does have annuity options, too.
- Fixed Index Annuities
- Traditional Fixed Rate Annuities
- Immediate Annuities
These are important to know, especially for the those who consider a single carrier when putting together a pension maximization plan, which uses both permanent life insurance and immediate annuities.
If your needs are strictly term life insurance and you want the lowest rates, North American likely won’t be your first choice.
If you have certain health risks they may, however, be more fitting as they tend to be somewhat liberal in their underwriting.
Last, cash value growth options are plenty at North American Life Insurance Company, so consider them when choosing to make a long term protection choice. While they lack a variable option, there are benefits to using an indexed universal, as well.
Overall, this growing company is definitely worth consideration for impaired risk underwriting or permanent insurance.