I’m reviewing North American Company for Life and Health Insurance. It’s part of Sammons Financial Group and Sammons Enterprises. We’ll look at their products, prices, customer service, and claims handling. This is for those wanting to know if North American is a top choice for life insurance.
We’ll check out term, whole, universal, and indexed universal life products. We’ll also look at riders and living benefits. Our review will use customer feedback and company facts to show what’s good and what’s not.
Next, we’ll talk about how to get quotes and use their online tools. You’ll learn how to find an agent, file claims, and compare features. This will help you decide if North American meets your financial needs.
Key Notes;
- North American is part of Sammons Financial Group with a long history and a diverse product portfolio.
- The company offers competitive term, universal, and indexed universal life options for many needs.
- Available riders and accelerated benefits add flexibility for life coverage.
- Customer portals and agent access simplify policy management, though online limits exist.
- Comparing quotes and underwriting outcomes is essential to find the best life insurance plans for you.
Overview of North American Life Insurance and Company Background
I look into North American Company for Life and Health Insurance’s roots and scope. This gives readers a clear view before we dive into products. The company started in 1886 and is now part of Sammons Financial Group.
This connection means North American is linked to more retirement and insurance businesses. They are all under Sammons Enterprises, Inc.
When I assess an insurer, I consider their size and reach. North American has over $35 billion in assets. They also have more than 600,000 life insurance policies and annuities.
The company has about $120 billion of life insurance in force. Sammons Enterprises is one of the biggest privately owned U.S. companies. This helps ensure North American can keep operating well.
It’s important to know what third-party appraisers say about an insurer. North American gets high marks from AM Best, S&P Global Ratings, and Fitch. They also have an A+ grade from the Better Business Bureau and a Comdex Score of 89.
These ratings show North American’s financial strength. They prove the company can meet its promises to policyholders.
I’ll keep these points in mind when we compare policies. The company’s history, assets, and ratings show its reliability and support for policyholders.
north american life insurance: Policy Types Offered
I look at the main life insurance options from North American Markets. Each option meets different needs. You can choose from simple protection, flexible cash-value growth, or indexed strategies.
Term life insurance offerings
Term life insurance starts at $100,000 face amount. It goes up to 30 years, perfect for many families. You can switch to permanent coverage without a physical exam during certain times.
North American uses tiered underwriting. Their WriteAway underwriting speeds up decisions for some. This makes getting term insurance faster.
Universal life options
Custom Guarantee Universal Life offers coverage until age 120 with required premiums. It grows cash value and lets you adjust premiums. There’s also a premium recovery option to repay some or all premiums at certain times.
These policies have riders for accelerated death benefits. You can switch to indexed universal life without showing new health info. This makes it easy to adapt as your needs change.
Indexed Universal Life (IUL) portfolio
North American’s IULs aim at different goals. Builder Plus IUL 4 is for tax-free retirement income. Smart Builder IUL 3 focuses on quick cash value growth. Protection Builder IUL 2 offers a guaranteed death benefit and safe risk.
IULs use indexes like the S&P 500 and a Fidelity Index. They have a 0% floor and caps or spreads to limit gains. You can choose from annual or monthly crediting, or both with a spread. Some IULs also offer interest bonuses and fixed interest loans.
I want to help you compare North American’s policies with others. Each type—term, universal, and indexed universal—meets different needs. This gives clients a wide range of options.
Coverage Options, Riders, and Living Benefits
I look at how different coverage choices and riders change what a policy offers. North American offers several built-in benefits for serious illnesses. These benefits let policyholders get part of the death benefit early. But, there are fees and rules, so it’s key to check the policy before claiming.
I check out common riders that add more protection or flexibility. The Children’s Term Life Benefit Rider is a favorite. It turns into a policy for the child when they grow up. There’s also a rider for waiving monthly payments if you get disabled, but it’s not in New Jersey.
I also look at other options in insurance policies. Riders for accidental death benefit increase payouts for accidents. There’s a rider for keeping a term policy active during disability. And, there are riders for getting money early under certain conditions. But, these vary by state and product.
I explain how adding riders affects the price and what you can do later. Each rider makes the policy more expensive or complex. Some riders can change how much you get back if you cancel the policy. Conversion rules can also change, depending on the rider and state.
I suggest thinking carefully about the choices. Built-in benefits can save you money, but riders offer specific protection. The rider for waiving monthly payments can help during disability. Just make sure to check the details and waiting periods before you decide.
Pricing, Rates, and Affordability Compared to Competitors
I look at how North American compares in cost. This helps you see if affordable life insurance rates are worth it. I focus on term pricing, IUL costs, and how underwriting affects your quotes.
Term pricing and percentile placement
North American’s term rates are in the lower 25th percentile among 32 insurers. This means their rates are often cheaper than about 75% of others for standard ages and risks.
I compare coverage levels from $100,000 to $1,000,000+. This shows how rates change with age and coverage amount. It helps you find the right coverage at a good price.
IUL expense structure and rate competitiveness
North American’s IULs are top picks due to their low costs and features. For example, Builder Plus IUL 4 has low monthly charges.
I check caps, participation rates, crediting methods, and loan options. These factors impact long-term value and your quotes when comparing providers.
How underwriting affects quotes
Underwriting rules affect premiums more than base tables. North American’s programs like WriteAway and a no-exam option speed up approvals for those who qualify.
Coverage limits go up to $3 million for those 50 or younger, and up to $2 million for 51–60. Your underwriting class affects your quote in the pricing comparison.
| Factor | What I look for | How it affects cost |
|---|---|---|
| Term percentile placement | Benchmark vs 32 insurers, age bands, face amounts | Lower 25th percentile means more affordable life insurance rates for many buyers |
| IUL expense structure | Monthly account charges, caps, participation, loan features | Lower charges improve illustrated cash value and make life insurance quotes more competitive |
| Accelerated underwriting | WriteAway program, no-exam limits, age-based caps | Faster approval and lower cost for qualified applicants |
| Underwriting class | Health, lifestyle, test results, medical history | Higher class means lower quotes; small changes can affect premiums a lot |
| Face amount bands | $100k to $1M+, term vs permanent | Larger policies can have lower per-thousand pricing |
Customer Experience, Service Channels, and Digital Access
I looked into how North American handles customer service and digital tools. I focused on contact options, account access, and how happy customers and agents are.
Customer service contact details and hours
There are clear phone and mail options for policyholders. For general life insurance help, call 877-872-0757 during business hours. For claim help, call 877-733-2524 with the same hours. You can email customerservice@northamericancompany.com.
Paper claim forms should be mailed to North American Life Insurance, One Sammons Plaza, Sioux Falls, SD 57193. These options make it easy to get help when you need it.
Account management and provider portals
I checked how easy it is to manage accounts and use portals. The company offers both agent and client access. There’s SimpleSubmit for electronic applications and WriteAway for quick underwriting.
Agents have a portal for illustrations and policy submissions. Policyholders can log in to the website to view documents and manage billing.
Complaint index and customer satisfaction
I looked at regulatory and review data to see how good the service is. The NAIC complaint index for North American is below 1.00 over the last three years. This means there are few complaints for the company size.
The Better Business Bureau has eight closed complaints in three years and an A+ grade. Independent reviews average about 3.9 out of 5, showing mostly positive feedback.
| Service Area | Contact or Metric | Availability / Note |
|---|---|---|
| General customer service | 877-872-0757; customerservice@northamericancompany.com | Mon–Thu 7:30 a.m.–5:00 p.m., Fri 7:30 a.m.–12:30 p.m. CT |
| Claims | 877-733-2524; Mail: One Sammons Plaza, Sioux Falls, SD 57193 | Same business hours; dedicated claim support |
| Digital tools | Agent provider portal; SimpleSubmit; WriteAway | Agent training and submission tools; north american life insurance login for policyholders |
| Regulatory feedback | NAIC complaint index & BBB closed complaints | Index below 1.00; BBB A+ and eight closed complaints over 3 years |
| Customer sentiment | Independent review score | Approx. 3.9/5, reflecting solid customer satisfaction |
Claims and Policy Administration Process
I guide you through filing claims and managing policies with North American. This guide covers how to file a claim and what to expect. It also talks about managing beneficiaries and policy loans.
How to file a claim
Beneficiaries should download claim forms from northamericancompany.com. Then, fill them out and mail to North American Life Insurance, One Sammons Plaza, Sioux Falls, South Dakota 57193. If you need help, call 877-733-2524 during customer service hours.
Remember, North American does not support online claim filing. So, it’s important to follow the mail instructions.
Typical claims timeline and payout considerations
The claims timeline can vary based on case complexity and documentation. I recommend gathering certified death certificates and policy documents before submitting. This can help speed up verification.
Payouts depend on verifying the insured’s death and policy status. They also look at beneficiary designation and any exclusions in the contestability period.
Accelerated benefits for terminal, chronic, or critical illness need eligibility checks. They may also have administrative fees. North American’s financial strength supports a consistent claim-paying history. Yet, each claim has its own verification path.
Beneficiary management and policy loans
I advise policyholders to update beneficiary designations through their agent or the policyholder portal tools. This keeps records current. Agents can help file beneficiary forms and confirm receipt with the insurer.
For UL and IUL policies, cash value access is available through policy loans and withdrawals. Some IULs offer Fixed Interest Participating Policy Loans and capped variable interest loan options. Borrowing reduces both the death benefit and cash value. It may also have specific interest terms or bonus mechanics that affect long-term policy performance.
Pros of Choosing North American Life Insurance
I look at why North American Life Insurance is a top pick. It offers stability, choice, and value. These are key when choosing a life insurance plan for your family or business.
Financial strength
North American gets high ratings from AM Best (A+ Superior), S&P (A+ Strong), and Fitch (A+ Stable). It has a long history and over $35 billion in assets. This builds trust in claims payments and policy durability.
Product innovation
The company offers IULs like Builder Plus IUL 4 and Smart Builder IUL 3. It has features like the Fidelity Multifactor Yield Index and interest bonuses. These options give policyholders flexibility.
It also has accelerated living benefits and conversion options. Plus, Fixed Interest Participating Policy Loans are available when needed.
Competitive pricing
Term rates are in the lower 25th percentile among 32 insurers. This makes North American a good choice for those watching their budget. It keeps strong policy features without breaking the bank.
Underwriting flexibility
WriteAway accelerated underwriting and selective no-exam options speed up the process for some. Conversion options from term to permanent without a physical exam add to planning flexibility.
| Strength | What it means for you | Concrete examples |
|---|---|---|
| Financial strength | High confidence in claim payments and long-term stability | A+ ratings from AM Best, S&P, and Fitch; $35B+ in assets |
| Product innovation | More choices and generous policy features | Builder Plus IUL 4, Fidelity Multifactor Yield Index, interest bonuses |
| Competitive pricing | Lower cost entry to life insurance coverage | Term rates in the lower 25th percentile versus peers |
| Underwriting flexibility | Faster issue and easier access for many applicants | WriteAway accelerated underwriting; no-exam options; term-to-perm conversions |
Cons and Limitations to Consider
I look at some key drawbacks to think about. These are important when you’re looking at North American life insurance. It’s good to weigh these against the benefits before you decide.
The online application limits are a big deal for tech lovers. North American has online tools like electronic quoting and SimpleSubmit. But, you often need an agent to finish the deal. This can slow things down for those who want everything online.
Claims handling also has its limits. You can’t file claims online. Most forms need to be sent by mail. This can be a problem for those who need quick action and might lead to complaints if there are delays.
IULs offer a lot of flexibility but can be complex. Indexed Universal Life policies have many parts like crediting methods and caps. Without a good understanding, it’s hard to predict how they’ll perform over time.
Fees can be hard to understand for those new to this. IULs charge for insurance, admin fees, and rider costs. These can eat into your cash value. It’s important to look closely at how these fees might affect your policy over the long term.
Product choices can vary by state. Some riders are only available in certain places. For example, a Waiver of Monthly Deductions rider might not be in New Jersey. This means the features and prices can change based on where you live.
Availability can also affect what agents suggest. Make sure to check what’s available in your state early on. This way, you know what riders you can get. It helps avoid surprises later on.
It’s also important to consider customer service trends. If there are a lot of complaints in your state, ask how they were handled. This can give you a better idea of the service quality beyond what they say in ads.
Use this list to ask the right questions. Ask about online application limits, IUL charges, and which riders are available in your state. Clear answers help make sure the policy fits your needs.
How to Find a North American Life Insurance Agent Near Me
I explain how to find a licensed representative for North American life insurance. Start by using the company’s channels. Then, look for independent sources for more options. Follow these tips to find a north american life insurance agent near you.
Using company channels
Visit the North American Company website to find authorized agents. They can help with agent login and use tools like SimpleSubmit. For phone help, call 877-872-0757 to talk to a local agent.
Working with independent agents and broker platforms
Independent agents are great for comparing options. They can show you different policy quotes and explain how riders work. Many platforms also have North American’s application tools for quick filing.
Questions to ask an agent
Ask about underwriting classes and if you might get preferred pricing. Inquire about conversion windows and rider availability. Also, ask about IUL crediting methods and policy fees.
Find out how to manage your policy after it’s issued. Ask about using the provider portal for updates and service requests. If the agent uses the portal often, they should show you how to access policy documents.
If you need help finding an agent, ask for multiple policy illustrations. Request that independent agents compare term and permanent coverage options. Using both company channels and broker platforms helps you understand your options better.
Comparing North American with Other Top Life Insurance Providers
I look at how North American compares to others on price, products, ratings, and service. I aim to highlight the differences clearly. This way, readers can easily compare and choose the best life insurance.
How North American stacks up on price and product variety
North American’s term rates are in the lower 25th percentile among big term insurers. This makes them a good choice for term coverage when comparing prices.
They have a wide range of permanent products, including several Indexed Universal Life (IUL) designs. Their strong conversion privileges also make them a top choice for advanced permanent planning.
Ratings, service, and complaint comparisons
North American gets A+ ratings from AM Best, S&P, and Fitch, with a Comdex near 89. These ratings show they have strong capital and underwriting discipline.
NAIC complaint data shows fewer complaints than expected for their size in recent years. The Better Business Bureau gives them an A+ grade with few closed complaints. Reviews on customer service are mostly positive, though some competitors offer more digital claims submission.
Best use cases for choosing North American vs competitors
I suggest North American for those looking for strong IUL solutions for retirement and estate planning. Their wide range of products and conversion features are great for complex planning.
For clients wanting low-cost term coverage, North American is a good choice. For a fully digital experience, compare with providers that focus on online applications and claims tools.
| Feature | North American | Typical Competitor |
|---|---|---|
| Term pricing | Lower 25th percentile | Median to upper tiers |
| IUL product variety | Multiple designs, strong conversions | Limited IUL choices |
| Insurance ratings | A+ from AM Best, S&P, Fitch | Ranges A to A+ |
| Customer service comparison | Generally positive; fewer complaints | Varies; some offer full digital service |
| Unique features | Premium recovery endorsements, participating loans | Standard riders, fewer premium recovery options |
Conclusion
I looked into North American Company for Life and Health Insurance. They have strong finances and many products. They offer ADDvantage Term, Custom Guarantee Universal Life, and three IUL options.
Their IULs are Protection Builder IUL 2, Smart Builder IUL 3, and Builder Plus IUL 4. They also have three accelerated living benefits. Plus, their term prices are competitive and their IULs are well-known.
If you want flexible permanent coverage, get quotes from North American. Compare underwriting classes and illustrations. Use their accelerated underwriting if you qualify.
Work with an authorized agent or independent broker. They can help with crediting methods, fees, and loan provisions. Check state-specific rider availability too.
For more help, visit northamericancompany.com. Or call 877-872-0757 for general help and 877-733-2524 for claims.
In short, North American is great for those seeking strong finances, flexible IULs, and good term prices. If you value a fully digital application and claim filing, compare other companies too.
