Ron Attias is a licensed insurance broker. He has no particular loyalty to any one insurance company, so he is able to shop all major insurance carriers. This means that you always get the BEST plan at the LOWEST price. Each plan can be customized to fit your specific healthcare needs and budget.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Jul 9, 2019

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Today, we would like to bring you a review of North American Life Insurance Company. At Effortless Insurance, we love writing reviews about life insurance companies because we believe that getting the best life insurance rates starts with giving consumers a baseline of understanding about products, rates, and the underwriting process before they talk to a licensed broker.

Let’s examine how North American Life Insurance stacks against the best and see if it would be a good fit for you.

North American History

A privately-owned company, which is unusual in the life insurance industry, North American is one of the leading providers of life insurance and annuities in the United States. They have been keeping commitments for their clients since 1886—over 130 years.

North American is part of Sammons Financial Group, Inc, a diversified corporation which owns businesses in the industries of life insurance, annuities, and retirement solutions. North American has more than 609,000 life insurance and annuities, more than $25.6 billion in assets, and over $120 billion in life insurance policies in force.

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North American Financial Ratings

  • A.M. Best: A+ (Superior)
  • S&P Global: A+ (Strong)
  • Fitch: A+

Products Offered by North American

North American Company offers annuities, retirement solutions, and life insurance products. In this review, we will focus solely on the life insurance products they offer. There are two primary types of life insurance: term and permanent coverage. Let’s take an in-depth look.

ADDvantage Term Life Insurance

Purchasing term life insurance is the easiest, most cost-effective coverage one’s money can buy. Since most obligations you are trying to protect aren’t permanent (such as your mortgage or your kids’ college education), this is a sensible option when considering term coverage.

You only buy coverage for the needed time and nothing more. North American’s ADDvantage Term offers 10-, 15-, 20-, or 30-year durations where the premium and death benefit remain level throughout the initial term period.

At the end of the contract, you may convert the policy to whole life without proof of insurability before the age 74, renew it on an annual basis, or drop it altogether. The accelerated death benefit rider comes at no extra charge and will let the policy-owner withdraw up to 75% of the policy value or $750,000 should he/she be diagnosed with a terminal illness with less than 24 months to live.

ADDvantage Term Life Insurance Highlights

  • Minimum benefit amount $100,000
  • Issue ages 18–75 for a 10-year term
  • Issue ages 18–70 for a 15-year term
  • Issue ages 18–65 for a 20-year term
  • Issue ages 18–55 for a 30-year term
  • A level premium for 10, 15, 20, or 30 years
  • Conversion before the end of the initial term or age 74, whichever comes first

Optional Riders

  • Children’s term insurance
  • Waiver of term premium for disability (not available in CA)

Related: What are life insurance riders?

WriteAway Accelerated Underwriting

Accelerated underwriting is a new way North American underwrites the healthiest of clients by carrying out the phone interview and data collection and eliminating the need for the medical exam as part of the underwriting process. There is no additional fee for this process, and the policy can be issued in 48–72 hours. The maximum face value is $1,000,000.

Related: No-exam life insurance

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Custom Guarantee Universal Life Generation 8

Guaranteed Universal Life or GUL is permanent life insurance which allows you to choose your coverage based on age rather than a specific term length such as 10, 20, or 30 years. For instance, instead of buying a 20-year term, you could buy a GUL to age 90, 95, 100, or even 121.

The death benefit and premium remain level, but the policy does not carry any cash value as whole life does. If your primary concern is to leave money to heirs through death benefit and not cash accumulation, GUL is the way to go.

North American also allows you to have the guaranteed death benefit to age 120 without the need to keep paying after age 100.

Custom Guarantee Universal Life Highlights

  • Minimum benefit amount $25,000
  • Issue ages 0–85
  • Guaranteed interest rate 2.5%
  • A guaranteed death benefit to age 120 with no premium payment after age 100

Indexed Universal Life

Indexed universal life insurance (IUL) is another form of permanent coverage. It builds cash value and pays the death benefit, should the insured die, just like other permanent insurance.

The difference is in the way the cash value in the account grows. With whole life or universal life, the interest credited to your account is fixed. On the other hand, with IUL, the earned interest is based on the movement of a selected stock market index.

North American guarantees that, even if the index goes down, your credited interest rate is never less than 0%. You choose how the premium is allocated through the use of “buckets” or segments. You have 12 buckets from which to choose, or you can keep it in the fixed account which earns 1.5% per year. Every year, the account resets so that you can choose to allocate to a different bucket for future years.

North American offers five types of IUL:

  1. Builder IUL: Offers guaranteed death benefit with the opportunity to build cash value accumulation. During the early policy years, there is a built-in provision called “no-lapse guarantee” which allows the policy owner to pay the minimum payment to keep the policy in force for the first 20 years or until the insured turns 70, whichever comes first.
  2. Guarantee Builder IUL: Offers higher potential for financial growth than Builder IUL by providing ten index crediting methods from which to choose. An ideal product for estate planning needs.
  3. Legacy Optimizer IUL: Simplicity at its best—for those who have the cash. This is a single premium permanent coverage. Pay once and done. The death benefit is guaranteed with a higher potential growth because the policy is funded earlier rather than through the years. There is no bloodwork, doctor appointments, or missed premiums. After the phone interview, you will know if you’re approved.
  4. Rapid Builder IUL: Rapid builder does not have a premium load, which means 100% of your money is going to work for you earning interest. A waiver of surrender charge option is offered to avoid any fees if you surrender the policy in the early policy years.
  5. Survivorship GIUL: Also called second-to-die coverage which insures two people under one policy and only pays the death benefit when the second person dies.

Optional Riders

  • Accelerated death benefit
  • Accidental death benefit
  • Children’s term insurance
  • Guaranteed insurability
  • Waiver of premium
  • Premium guaranteed

North American’s Underwriting Strengths

Life insurance underwriting is the process through which the insurer evaluates the risk you pose based on your health history, current health, profession, and driving record to name a few. All life insurance companies have a different set of rules when insuring individuals.

A broker’s job is to match the individual with the best company for his/her health situation by understanding each company’s underwriting guidelines. Here, we would like to present a few of the underwriting guidelines by North American:

  • Blood pressure: To be eligible for super preferred rate, your blood pressure has to be in 140/85 range. The use of medication is allowed.
  • Cholesterol: Cholesterol of 300 or less and ratio up to 5.5 can get you the super preferred rate.
  • Driving history: To be eligible for a super preferred, you can’t have more than two moving violation in the past three years or a DUI in the last five years

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North American vs. Other Carriers’ Sample Monthly Rates

Male 20-year Term $250,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $13.12  $17.85  $41.50  $111.59
 Banner  $13.33  $19.26  $40.85  $111.13
 AIG  $13.54  $19.38  $42.73  $114.74
 Foresters  $13.56  $18.81  $42.66  $114.84
 Lincoln $13.56  $18.38  $46.55  $190.53
 Mutual of Omaha  $13.56  $20.08  $46.55  $134.05
 North American  $14.30  $20.02  $43.56  $115.06
 SBLI  $14.79  $21.67  $51.68  $147.70
 Transamerica  $20.34  $26.45  $51.17  $135.88
 Prudential  $20.34  $24.50  $45.50  $128.84
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Female 20-year Term $250,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $11.83  $15.27  $31.18  $77.61
 Banner  $11.74  $15.67  $31.17  $78.83
 AIG  $11.81  $18.51  $35.59  $89.66
 Foresters  $12.47  $16.63  $31.94  $85.97
 Lincoln $12.08  $16.14  $32.77  $160.13
 Mutual of Omaha  $12.64  $19.21  $36.05  $94.02
 North American  $12.76  $16.94  $34.10  $81.84
 SBLI  $13.31  $18.99  $36.46  $90.37
 Transamerica  $13.98  $21.72  $40.64  $110.51
 Prudential  $17.28  $22.53  $40.03  $89.25
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Male 20-year Term $500,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $20.21  $28.38  $75.68  $205.97
 Banner  $20.12  $32.68  $74.39  $205.97
 AIG  $20.24  $30.62  $77.76  $213.57
 Foresters  $21.00  $31.50  $79.19  $223.56
 Lincoln $21.00  $30.28  $78.71  $214.33
 Mutual of Omaha  $21.61  $33.42  $85.05  $249.55
 North American  $22.44  $33.44  $79.20  $218.68
 SBLI  $21.32  $36.92  $96.06  $286.85
 Transamerica  $23.65  $43.00  $95.46  $253.70
 Prudential  $33.25  $41.56  $83.56  $250.25
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Female 20-year Term $500,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $17.63  $24.94  $55.47  $139.32
 Banner  $17.11  $25.49  $55.47  $145.00
 AIG  $17.21  $27.16  $63.06  $163.40
 Foresters  $18.81  $27.13  $57.75  $165.81
 Lincoln $18.16  $26.16  $58.41  $148.05
 Mutual of Omaha  $18.99  $28.61  $64.05  $169.93
 North American  $19.36  $28.16  $61.60  $154.88
 SBLI  $19.14  $29.67  $65.87  $173.03
 Transamerica  $19.78  $34.83  $73.10  $204.68
 Prudential  $27.13  $37.63  $72.63  $171.06
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Male 20-year Term $1,000,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $33.97  $51.17  $142.33  $396.03
 Banner  $37.84  $58.48  $140.61  $406.63
 AIG  $34.95  $53.98  $144.80  $418.14
 Foresters  $34.13  $56.00  $150.50  $438.38
 Lincoln $49.00  $70.00  $147.70  $418.78
 Mutual of Omaha  $37.80  $59.68  $161.18  $481.43
 North American  $39.16  $60.28  $150.92  $427.24
 SBLI  $35.24  $56.03  $147.73  $457.62
 Transamerica  $39.56  $80.84  $178.02  $483.32
 Prudential  $48.56  $70.44  $157.94  $467.69
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Female 20-year Term $1,000,000

 Company Age 30 Age 40 Age 50 Age 60
 Protective  $28.81  $43.43  $101.91  $267.03
 Banner  $28.72  $50.09  $110.51  $294.55
 AIG  $28.89  $47.92  $117.12  $309.15
 Foresters  $29.75  $47.25  $107.63  $322.88
 Lincoln $38.50  $53.38  $108.50  $283.33
 Mutual of Omaha  $31.68  $50.93  $119.18  $324.80
 North American  $32.12  $48.84  $113.08  $283.80
 SBLI  $29.67  $44.28  $104.57  $272.92
 Transamerica  $32.68  $65.36  $139.32  $388.72
 Prudential  $37.19  $59.94  $124.69  $319.81
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*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of July 2018 and are subject to underwriting approval.*

Last Word

North American is an outstanding privately-owned company with a superb financial rating and fantastic life insurance products. North American’s Term product is competitively priced for ages 50 plus and offers excellent convertibility options to a permanent policy before the age of 74.

Also, if you are healthy enough for a no-exam policy, you may qualify for up to $1,000,000 in death benefit using their WriteAway Accelerated process. North American has probably the best selection for IUL plans when compared to Banner or AIG.

We at Effortless Insurance represent North American and more than 50 carriers. North American isn’t the best solution if you have any major health issues. You can go ahead and run the quotes on this page to compare North American’s rates with others.