North American is a leading provider of life insurance and financial products in the U.S. Founded in 1886, the company is part of the Sammons Financial Group, one of the largest privately held financial services companies in the industry.
Our review covers everything you need to know about North American, including financial strength, available products, underwriting, and more, so you can make an informed decision.
Company Overview
North American Company for Life and Health Insurance (NACOLAH) has built a reputation for stability and reliability. As of November 2024, the latest financial strength ratings available are:
- AM Best: “A+” (08/2023)
- S&P: “A+” (05/2023)
- Fitch: “A+” (12/2022)
Product Offerings
North American offers several types of life insurance products, including term life insurance and universal life. The company also offers annuities.
ADDvantage Term
The ADDvantage term life insurance policy offers several benefits and features that may appeal to you.
- ADDvantage
- 10-year term: Ages 18-75
- 15-year term: Ages 18-70
- 20-year term: Ages 18-65
- 30-year term: Ages 18-55 (50 for smokers)
- Policies are renewable to age 95
- Minimum Face – $100,000
- Riders:
- Children’s Term Life Insurance Rider
- Waiver of Term Premium for Disability Rider
- Accelerated death benefits for critical, chronic, and terminal illness
- Conversion Privilege is never less than 5 years regardless of issue age.
Pricing tends to be in the middle of the pack compared to other companies like Banner, Protective Life, or Corebridge Financial.
Accelerated Death Benefits
The ADDvantage product includes accelerated benefits for critical, chronic, and terminal illnesses, providing valuable support built into the policy. Although not available in every state, this feature can be a significant advantage.
Critical Illness: Policyholders can accelerate part of the death benefit after experiencing a critical illness such as a heart attack, stroke, or certain types of cancer.
Chronic Illness: If diagnosed with a chronic illness that prevents performing daily living activities, policyholders can access a portion of the death benefit to help cover related expenses.
Terminal Illness: Policyholders diagnosed with a terminal illness with a life expectancy of 24 months or less (12 months in some states), can receive part of the death benefit while still living.
Only one accelerated benefit can be used at a time. Similar riders are available with other companies, including Transamerica.
Custom Guarantee UL
The Custom Guarantee is North American’s universal life insurance policy offering a no-lapse guarantee to age 120.
- Custom Guarantee Highlights:
- Minimum face:
- Up to age 70 = $50,000
- Age 71-79 = $100,000
- Level or Increasing Death Benefit Option
- Guaranteed death benefit up to age 120
- Premium Recovery Endorsement1
- Guaranteed Exchange Privilege2
- Accelerated death benefits for critical, chronic, and terminal illness
- Riders Available:
- Accidental Death Benefit Rider
- Children’s Term Insurance Rider
- Guaranteed Insurability Rider
- Waiver of Monthly Deductions Rider
- Minimum face:
Premium Recovery Endorsement: Allows you to fully surrender the policy on the 15th year for a 50% refund, or surrender the policy on the 20th or 25th year for a 100% recovery of premiums (subject to availability and rules). It’s a great option to have if your needs change down the road.
Guarantee Exchange Privilege: Allows you to exchange your policy for one of the index universal life insurance policies available.
Other companies that offer age 120 guaranteed universal life insurance include Pacific Life, Protective, Nationwide, Corebridge, and Mass Mutual.
Protection Builder IUL
The Protection Builder IUL policy offers guaranteed death benefit protection with the opportunity to build cash value. The policy is competitive for individual as well as business life insurance cases.
- Protection Builder:
- Minimum face:
- 0 – 70 = $50,000
- 71-75 = $100,000
- Strong potential for cash value accumulation
- Optional no lapse guarantee up to age 120
- Premium Recovery Endorsement1
- Indexed interest
- Policy loans with overloan protection
- Accelerated death benefits for critical, chronic, terminal
- Minimum face:
Smart Builder IUL 3
The Smart Builder 3 is an index universal life insurance policy designed to build early cash value and provide access to the cash value through loans and withdrawals.
- Smart Builder IUL 3
- Minimum face
- 0 – 70 – $50,000
- 71 – 75 – $100,000
- Long term cash value accumulation
- Return of premium death benefit endorsement
- Waiver of Surrender Charge Option
- Accelerated death benefit for critical, chronic, terminal
- Policy loans
- Indexed interest
- Riders
- Accidental Death Benefit Rider
- Children’s Term Life Insurance Rider
- Waiver of Monthly Deductions Rider
- Guaranteed Insurability Rider
- Minimum face
Other companies with early-cash-building policies include Guardian, Minnesota Life, and Symetra to name a few.
Builder Plus IUL 4
The Builder Plus IUL 4 is designed to provide an income stream while reducing the effects of volatility and taxes on your financial portfolio. This policy is for people who will be funding the policy at a high level vs other products paying a lower premium
- Builder Plus IUL 4:
- Ages – 18-79
- Minimum face – $100,000
- Return of Premium Death Benefit Endorsement
- Strong early cash value performance
- Accelerated death benefits for critical, chronic, terminal
- 10% of the account value is available for withdrawal starting in year 2.
- Riders:
- Overloan Protection Benefit Endorsement
- Accidental Death Benefit Rider
- Children’s Term Life Insurance Rider
- Waiver of Monthly Deductions Rider
- Guaranteed Insurability Rider
Please note that the availability of riders may vary by state, age, underwriting, and other factors.
When looking at index universal life policies, compare to policies offered by Lincoln National, John Hancock, Mutual of Omaha, and Prudential.
Underwriting
North American offers accelerated underwriting through their WriteAway process. With this program, getting approved in 48-72 hours may be possible.
Criteria include:
- Issue Ages – 18-60
- Face Amounts:
- 15-50 – Up to $2,000,000
- 51-60 – Up to $1,000,000
- Available for term and universal life
- No major medical impairments
- Rate classes available:
- Super Preferred
- Preferred Non-Tobacco
- Standard Non-Tobacco
- Preferred Tobacco
- Standard Tobacco
- No non-medical impairments
- Flat extras only for aviation and avocations
The process is pretty simple with an e-application where we submit some basic information to underwriting. You will then receive an email with a link to NACOLAH’s online underwriting questions.
While we recommend the online interview process, it is possible to complete it during a phone interview instead.
If you qualify, you will be notified that you are approved. Otherwise, underwriting will let you know that a paramed exam and traditional underwriting are required.
Does North American Provide Good Customer Service?
The customer service phone number is 877-872-0757
You will find online access to your policy information – here
North American’s headquarters is located at:
One Sammons Plaza – Sioux Falls, South Dakota 57193
Final Thoughts
North American is a good quality life insurance company to consider for your life insurance needs.
Get a quote today to see how North American compares to other companies.
