North American Company for Life and Health Insurance Review (2020)

North American Company for Life and Health Insurance has been serving clients for over a century. With an A+ rating with A.M. Best and other rating companies, North American Company Life Insurance offers term life insurance, including features like accelerated death benefit, conversion option, and more. This review will highlight North American Company for Life & Health Insurance’s customer-focused service, competitive insurance, and more.

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Tim is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. He writes and creates stuff for QuickQuote and other insurance and financial websites.

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UPDATED: Nov 17, 2020

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Quick Facts: North American Company for Life and Health Insurance
Company InformationDetails
Year Founded1886
Number of Employees950+
HQ AddressOne Sammons Plaza, Sioux Falls, SD 57193
Phone Number877-872-0757
Company Websitewww.northamericancompany.com
Best ForTerm life insurance
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With an A.M. Best rating of an A+, the North American Company for Life and Health Insurance offers a range of life insurance options.

North American Company Life Insurance has been around for over 120 years and offers several types of term life insurance with features like accelerated death benefit, conversion option, Children’s Life Insurance Rider, and more.

This North American Company for Life and Health Insurance review provides the basic company and policy information you need to help you decide if the company is right for your needs.

We’ll also look at North American Company for Life and Health Insurance rates and more.

Before we get started on this review, enter your ZIP code into our free quote tool to start comparing rates for life insurance in your area today.

Table of Contents

North American Company for Life and Health Insurance Rates

We know there are a number of factors you’re probably considering as you search for whole or term life insurance companies, and one of those factors is price.

While it is difficult to estimate average rates for life insurance because there are so many variables, finding affordable North American Company for Life and Health Insurance is easy as it is known for lower-than-average rates.

We do have some example rates for healthy individuals at two different ages, but keep in mind these are examples only. Take a look at this table for more.

Average Monthly Rates for a 20-Year Term Life Policy for Men and Women at 20 and 50 Years Old
 Death Benefit Payout of $100KDeath Benefit Payout of $250KDeath Benefit Payout of $500K
Average Monthly Rate for a 20-Year-Old Male$10$14$21
Average Monthly Rate for a 20-Year-Old Female$9$12$18
Average Monthly Rate for a 50-Year-Old Male$24$43$77
Average Monthly Rate for a 50-Year-Old Female$19$33$58
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As might be expected, younger insureds pay lower rates, and male insureds typically pay more than females.

However, as we already noted, these are example rates, which can be used as a baseline, but your rates may vary significantly depending on your personal statistics, where you live, the type of policy you’re looking to purchase, and more.

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What is North American Company for Life and Health Insurance availability by state? 

The North American Company for Life and Health Insurance quotes are available for policies in every state in the U.S. except for New York. You can also purchase coverage from the company in the Virgin Islands, Puerto Rico, and Guam. 

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North American Company for Life and Health Insurance Coverages Offered

North American Company for Life & Health Insurance policies focus on term life insurance. Insureds can choose from traditional term policies, universal life insurance policies, and indexed universal life insurance policies.

However, you won’t be able to purchase a whole life insurance policy from  North American Co for Life and Health because the company does not offer that policy type.

Read through the next couple of sections to find out more about North American’s life insurance policy options.

What term life features are included in a traditional term life policy?

When you purchase a traditional term life policy from North American Co for Life and Health insurance, the following features are typically included at no extra cost:

  • Accelerated death benefit: Allows insureds to receive 75% of their policy’s face amount in advance (up to $750,000) in the event of a terminal illness that would likely result in death within 24 months.
  • Conversion Option:  Option to convert a policy to one of North American’s currently available permanent life products offered for conversion without a physical exam. This conversion to permanent coverage can be made throughout the level premium period (10, 15, 20, or 30 years) or through age 74 (69 for the 30-year term), whichever is earlier.

It’s important to note, with regard to the conversion option, the conversion period is never less than five years, regardless of issue age.

For example, if a policy is issued to an insured at age 73, they can convert through age 78, which offers great flexibility based on changing needs.

Next we’ll look at optional term life features you can add to your policy.

What optional term life features can be added to my policy? 

You have a couple of options for additional term life features. Take a look:

  • Children’s Life Insurance Rider: Provides level term coverage for any unmarried child, stepchild, or legally adopted child if certain criteria are met (you can speak to an agent to find out if your child qualifies). One unit equals $5,000 of coverage; the minimum is one unit and the maximum is five units ($5,000 to $25,000). The cost per unit is $6 annually.
  • Waiver of Term Premium for Disability Rider: Available with extra premium. This rider allows the premium payments to be waived, including rider premiums, if the insured is totally disabled.

You also need to be aware of a few legal considerations regarding North American company life insurance policies. Keep reading for more.

What legal considerations apply to North American term life insurance policies?

A two-year contestable and suicide provision applies. Specific policy types and forms include: 

  • ADDvantage plans are issued on policy form series LS174
  • Accelerated Death Benefit Endorsement is issued on form series LR474
  • Children’s Term Insurance Rider is issued on form series LR456
  • Waiver of Term Premium for Disability Rider is issued on form series LR472; or state variations by North American Company for Life and Health Insurance, Administrative Office, Sioux Falls, SD 57193

Products, features, riders, endorsements, or issue ages may not be available in all jurisdictions. Limitations and restrictions may apply.

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What life insurance products are offered by North American?

OPTerm policies are renewable and convertible term life insurance, which provides a level death benefit. We’ve summarized the main North American company life insurance products below. Take a look.

  • ADDvantage 10: Term life insurance with level premiums during the initial 10-year period. Premiums increase annually in years 11 and later.
  • ADDvantage 15: Term life insurance with level premiums during the initial 15-year period. Premiums increase annually in years 16 and later.
  • ADDvantage 20: Term life insurance with level premiums during the initial 20-year period. Premiums increase annually in years 21 and later.
  • ADDvantage 25: Term life insurance with level premiums during the initial 25-year period. Premiums increase annually in years 26 and later.
  • ADDvantage 30: Term life insurance with level premiums during the initial 30-year period. Premiums increase annually in years 31 and later.

You can speak to an agent to help you narrow down which option is best for you and your specific needs.

Does North American Company for Life and Health offer annuity options?

North American Company for Life and Health Insurance offers a few different annuity options. These include fixed index annuities, traditional fixed rate annuities, and immediate annuities.

North American Company for Life and Health Insurance Basics 

North American Co for Life and Health Insurance of Chicago, Illinois, a member company of Sammon Financial (which we’ll discuss further in a moment), is considered a leading provider of life insurance and annuities in the U.S.

The company was founded in 1886, serving the life insurance needs of both families and businesses.

The company does this by focusing on:

Outstanding customer service, competitive insurance and retirement solutions, and a foundation of financial strength

It is interesting to note that North American Co for Life and Health Insurance is privately owned. The benefit of private ownership is that the company is not under pressure to meet short-term earnings for shareholders, which can benefit insureds.

As we noted earlier, North American Company for Life and Health Insurance is part of Sammons Financial Group, Inc. (SFG).

SFG has a parent company, Sammons Enterprises, Inc., which is a diversified holding corporation that owns and operates businesses across a wide range of industries and ranks among the largest privately-owned companies in the country.

The North American Company for Life and Health Insurance phone number and address can be found at the top of this page.

Using your North American Company for Life and Health Insurance login, you can access forms including a beneficiary change request.

North American Company for Life and Health Insurance Ratings 

Another factor to take into consideration is the financial and customer service ratings of companies you are looking at purchasing a life insurance policy from. In the case of North American Company for Life and Health Insurance, you’re in luck.

According to A.M. Best, a financial ratings company focused on the insurance industry, North American Life Insurance has a rating of A+, which indicates a strong financial position both currently and in the future.

To learn a little more about A.M. Best and its rating system, take a minute to watch this video.

Standard and Poor’s (S&P), a credit rating company, also gives North American Co for Life and Health Insurance an A+ rating.

And when it comes to customer service, we looked at the Better Business Bureau rating for North American Co for Life and Health Insurance and found that again the company has an A+ rating. They are also BBB-accredited.

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The Bottom Line for North American Company for Life and Health Insurance

North American Company for Life & Health Insurance offers affordable coverage on term life insurance policies across the country. In fact, the only place you can’t buy North American Company for Life and Health Insurance is the state of New York.

The company is rated A+ by A.M. Best, BBB, and other rating agencies, which means it has strong financial and customer service ratings. This is also a solid mark in the “pro” column for North American Company for Life & Health Insurance.

Now that you’ve read our review on affordable North American Life Insurance, use your ZIP code in our free tool to start comparing life insurance rates near you.

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