If you are looking for a North American Life Insurance review then you have come to the right place. We love this company. In fact, North American Life currently makes our top ten best life insurance companies in the United States list as well as our list of no exam life insurance companies. In this review of North American Company Life Insurance, we discuss the company’s pros and cons and offer our readers a recommendation.
Review of North American Company for Life and Health Insurance
Thank you for stopping by. TermLife2Go works with North American Life as well as dozens of top rated life insurance carriers. When you apply for life insurance with us we make sure we are placing you with the best company at the best price for you, based on your unique health and lifestyle. Although the Company is often among the most affordable life insurance companies, the question remains: Is North American Insurance the right choice for you?
PROS to North American Company
A.M. Best Company Rating
Any good North American Life Insurance review will begin with the company’s rating from A.M. Best. A.M. Best is the premier ratings agency for life insurance and helps give us a clear picture of the health on a life insurance company. As of June, 2015, A.M. Best Company gives North American Company an A+ rating, or “Superior”. This is the second highest rating that A.M Best Company offers. Therefore, you can sleep easy knowing you are in solid financial hands if your life insurance provider is North America Company.
North American Insurance is a privately owned company which allows the company to invest in more secure assets. Unlike some of its competitors (think AIG), North American Company for Life and Health Insurance invests in secure instruments, such as U.S. Savings Bonds. This company is a good steward of their client’s money.
Insures clients up to age 85
Yes, you read that right. North American Company for Life will insure up to age 85.
North American Company offers strong competition to the current class of carriers that offer some of the more creative and innovative underwriting, such as AIG, Banner, Protective, Prudential and Transamerica.
- Prospective clients with Cholesterol levels up to 300 may qualify for the best rate class
- Prospective clients with Blood pressure treatment may still qualify for the top rate class
Reviewing North American Company’s Solid Product Offering
North American Company for Life and Health has a healthy offering of life insurance products, including term, universal and indexed universal life insurance.
Term Life Insurance
LifeVue Simplified Issue: Simplified issue term life insurance policy available in 15, 20 and 30 year terms. Since LifeVue is a simplified issue policy, the company does require you answer health and lifestyle questions but it does not require a medical exam.
- No paramed exam, no needles, no doctors, no urine sample
- Face amounts range from $50,000 to $500,000.
- Available for Ages 18-50.
- Pricing is highly competitive even when compared to fully underwritten term coverage.
- Approvals may be less than 30 minutes.
- Accelerated Death Benefit.
- Multiple Underwriting Classes:
- Super Preferred
- Preferred Tobacco
- Standard Tobacco
- Substandard Tobacco
ADDvantage Term: Level term product (meaning the face amount and premium remained fixed for the life of the policy), with term lengths of 10, 15, 20, and 30 year terms.
North American also offers solid pricing. For example, the companies $500,000 30 year term for a 40 year old male in perfect health comes in at $685 a year or $35 a month. That is right there with many of the top companies, such as Banner and SBLI. And they are better priced than MetLife, VOYA and Transamerica, to name a few.
Term Life is a great option for those who need protection for a discernible time frame, such as to cover the primary bread winner while the kids are young, for SBA loan life insurance, or to fulfill the requirements of a divorce decree.
Universal Life Insurance
Custom GrowthCV: This product is focused on building cash value. The policy comes with a guaranteed death benefit. The policy also offers access to some of the death benefit to meet the financial obligations of a client’s needs due to a chronic or terminal illness.
Custom Guarantee: This policy provides clients with a guaranteed death benefit up to age 120 and no premiums are due after age 100. This Universal Life product offered through North American Company for Life is offered for face amounts as low as $25,000. For example, a 39 year old preferred plus male applying for $25,000 would pay $288.75 annually. That same policy is also available for an 85 year old male for $2,499 annually.
Custom TermGUL: This policy provides clients on a tight budget with an affordable death benefit along with the opportunity for long-term cash value growth.
From North American Company’s website: What differentiates IUL from other permanent life insurance is the way interest is credited to the policy. In addition to the company offering its own declared interest rate, IUL also offers an interest option linked to the movement of a selected stock market index over a specific period of time.
- Builder IUL
- Guarantee Builder IUL
- Rapid Builder IUL
- Survivorship GIUL: this is a great survivorship life insurance policy that would work well for a couple looking to create an immediate estate on the death of the surviving spouse.
Indexed and Guaranteed Universal Life works well when you need permanent protection. For example, permanent life insurance for estate planning or for funds to use in a buy-sell agreement is typically the best choice. Key person insurance can also benefit from choosing permanent coverage.
North American Company’s Competitive Pricing
Anyone looking for an online review of North American Company will probably be somewhat internet savvy. And most internet savvy consumers are ultimately looking for the best deal available for life insurance. As of mid 2015, the Company has improved the rates. As a result, the Company ranks in the top five for various face amounts and term lengths. And there are many instances where the Company comes in at the top life insurance rates by age.
Sample North American Company Life Insurance Quotes
All sample ADDvantage Term quotes are based on a preferred plus 50 year old male as of July 2, 2015. Rates are for entertainment purposes and are subject to change. Sample rates are no guarantee of what your rate or health classification may be.
|Face Amount||10 Year||15 Year||20 Year||30 Year||GUL to 121|
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CONS to North American Company
This is the part of the North American Company for Life and Health Insurance review where we point out the weaknesses of the company. However, there are not a lot of negatives about this company. In fact, only one thing stands out:
One weakness of North American Company is the same negative that I would have to give to any life insurance company. As great a company that North American is, they are only one of many life insurance companies. Therefore, if you want to make sure that you are going with the best company for you, then you will need to speak with a life insurance agent who works with all the top companies, and can review quotes from multiple carriers. That is where TermLife2Go comes in.
TermLife2Go is an agency. We work with dozens of the top rated life insurance carriers in an effort to find you the best whole and term life insurance rates. If you are considering North American Company as your life insurance provider, give us a call and let us take a look around for you. Our #1 priority is to find you the best company at the best price…for you! That means we tailor a policy specifically to you because no two clients are the same. Let us leverage our expertise for you and see if we can’t save you thousands of dollars on life insurance.
We do not favor one life insurance company over another. Instead, we find out what you need and then we recommend the lowest priced, best life insurance company to meet your specific need. Therefore, if price matters to you, give us a chance to earn your business. We are here to serve you!
For a free life insurance consultation and for free quotes from North American Company and dozens of other top rated life insurance companies, please call us today.
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