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North American Company Life Insurance Review

Financial stability and a reliable claims history make this insurer a strong choice for term and universal life.
Pro Bullet Term life
Pro Bullet Universal life
Pro Bullet Guaranteed universal
Pro Bullet Indexed universal
4 out of 5 stars4.0
Licensed Life Insurance Agent/Staff Writer
Published on April 27, 2020

North American Company for Life and Health Insurance is a stable insurer that’s been around for more than 130 years. Strong financial ratings and a clean claims history make this insurer a contender for many shoppers. Still, if you're looking for whole life or a company with strong customer service, North American may not be right for you.

Who might choose North American for life insurance?
  • Shoppers on a budget: North American’s rates are significantly lower than average.
  • Older adults in search of high death benefits: Prices are particularly low for coverage of $1 million or more.
  • People looking for universal life: North American offers three types of universal life insurance policies.

North American life insurance policies

Term life policy
Starting from
  • 10-, 15-, 20-, or 30-year terms
  • May include accelerated death benefit rider
  • $100K–$5M
Universal life policy
Starting from
  • Straight universal
  • Guaranteed universal
  • Indexed universal

Created for illustration purposes only. Information available at Data effective 2/12/2020.

North American term life insurance

Term life insurance policies at North American come in term lengths between 10 and 30 years and death benefits between $100,000 and $1 million. Additionally, you can apply for coverage until age 75.

Classic Term allows you to choose from limited options of 10 or 15 years and may be available up to only $250,000 of coverage. North American describes these policies as “no frills,”1 and it’s not wrong.

ADDvantage Term includes an accelerated death benefit, which allows you to receive the death benefit early if you have a critical, chronic, or terminal illness. These policies come in terms of 10, 20, and 30 years.

North American universal life insurance

North American’s universal life insurance policies offer more flexibility that other policy types. Throughout the life of the policy, you may be able to adjust your premiums, death benefit, and cash value growth as needed. This insurer offers three types of universal life: straight universal life, guaranteed universal life, and indexed universal life.

Straight universal policies come with a fixed interest rate, which will be listed in your policy, and the option to choose how long you have coverage (until age 85, for example). In short, these are pretty standard universal life policies.

If lifetime coverage is your goal, consider a guaranteed universal policy from North American instead. Just know that your cash value may grow more slowly with a guaranteed policy than with other types of universal life.

Finally, indexed universal life ties your cash value growth to a stock market index such as the S&P 500. Your cash value isn’t actually invested in the stock market, however. You'll see a boost in interest when the market performs well, but the policy's minimum growth won't dip below 0% even if the market does.

North American life insurance rates

While North American doesn't have rock-bottom rates, it does price its policies at the low end of the scale. At smaller coverage amounts for younger shoppers, rates were a few dollars below average. But older adults looking for $1 million or more could save around $30 each month compared to other insurers.

North American sample rates

20-year term life policy for a healthy 25-year-old
Death benefit payout
Male monthly premium
Female monthly premium

Sample rates based on ADDvantage Term Life at and are for illustration purposes only. Actual rates may vary. Data effective 2/12/2020.

20-year term life policy for a healthy 50-year-old
Death benefit payout
Male monthly premium
Female monthly premium

Sample rates based on ADDvantage Term Life at and are for illustration purposes only. Actual rates may vary. Data effective 2/12/2020.

Things to consider about North American

North American is a reliable option for many people, but whether this insurer is right for you depends on the type of product you're looking for. If you're looking for whole life, North American can't help you. But if you want a life insurance company that also sells annuities, North American could be the right fit.

No whole life

North American Company for Life and Health Insurance offers term life and several universal life insurance options. Unfortunately, this insurer doesn't provide any whole life policies.

Whole life is the most popular type of permanent life insurance. Universal life is also permanent life insurance, but there are some significant differences. Learn more about the differences between whole life and universal life.

North American life insurance financial ratings

North American Company was established in 1886 and, along with Midland National and Sammons Institutional Group, is part of the Sammons Financial Company. This insurer’s longevity and the fact that it’s part of a larger financial services company suggest it’s likely to be around for many more years.

Is North American financially stable?

What it means
AM Best (FSR)A+Superior

Table created using information available at,,, and Data effective 2/12/2020

AM Best and Standard & Poor’s each give North American a rating of A+, but these marks mean something different to each agency. For AM Best, an A+ is in the highest category and second only to an A++. Meanwhile, an A+ is in Standard & Poor’s third-highest category. Moody’s and Fitch do not have current ratings for North American.

Overall, North American’s ratings suggest this insurer has a strong ability to cover its liabilities and pay your beneficiaries when the time comes.

North American claims and customer service

North American Company for Life and Health Insurance has a healthy claims record. The National Association of Insurance Commissioners (NAIC) shows just 13 total complaints filed against North American—or .48% of all US complaints. Considering this insurer holds .66% of the life insurance market share, this data tells us North American receives fewer than its fair share of complaints.2

Unfortunately, JD Power doesn’t rate North American for customer satisfaction in its 2019 Individual Life Insurance study. That means this insurer’s customer service is a bit of a mystery. If customer service tops your list of priorities, check out the top three companies on the JD Powers list instead:

Bottom line: A strong choice for term and universal life

North American may not be as well known as some of the other insurers we review, but this company has a lot to offer. Unfortunately, North American sells only term and universal life, so those looking for whole life won’t find what they need here. And if not having a clear record of excellent customer service rubs you the wrong way, we get it. 

But if you're hunting for term or universal life from a stable company that's likely to be around for decades to come, North American could be the right call. Of course, it never hurts to shop around, so compare quotes from a few insurers before making your final decision.

Not sure North American Company is right for you? Read up here: 

North American FAQ
Does North American sell children’s life insurance?

With some North American policies, you can add a Children’s term life rider, but this insurer doesn’t sell standalone life insurance for minors. If you’re looking for life insurance for someone under age 18, learn more about life insurance for children.


1  North American Company for Life and Health Insurance, “Free Term Quote Calculator

2  National Association of Insurance Commissioners, “North Amer Co Life & Hlth Ins

Written by
Kathryn Casna
Kathryn Casna is a licensed insurance agent and life insurance specialist who has appeared on The Simple Dollar and Best Company. On a weekly basis, she dives into complex life insurance topics to wring out genuinely useful information. When she’s not wrangling big ideas into easy-to-understand articles, Kathryn nerds out on budget-tracking spreadsheets and tries to coax her leash-trained cat to take outdoor adventures.