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North American Life Insurance Review

North American life insurance review
Insurance Quotes 2 Day Team

Written By Doug Mitchell

Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA.  Doug has spent close to 30 years in the insurance and financial planning industry and has held licenses to sell securities, long-term care insurance, health.  Doug is also a financial blogger addressing the topics of life insurance, annuities and retirement income planning.

Holly Mitchell  &

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Rob Pinner   &

Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

Louis LaBash

Results-driven and innovative life insurance professional with 30 plus years of life insurance industry sales and marketing experience. Recognized as a pioneer in the field, leveraging phone and internet channels to exceed personal sales of over $100 million during the first decade of the 21st century. Creator of a highly effective intuitive IUL life insurance sales software that facilitated the sale of millions of dollars of indexed universal policies by numerous life insurance agents. Proven track record as a Managing General Agent (MGA), Life Agent, IUL Life Insurance Sales Software developer, and leading-edge creator of insurance marketing tools, educational content, and delivery systems.

 6 minute read

North American is a top choice for us. 

They are rated A+ by AM Best and have a Comdex Score of 92.

Our full North American Life Insurance review for 2024 is below.

The History of North American Company for Life and Health Insurance

The North American Company for Life and Health Insurance has been serving customers in the area of building and protecting wealth ever since 1886. The company serves individuals and families, as well as businesses.

Unlike many other insurance carriers, North American Company is privately owned – and is a part of the Sammons Financial Group, Inc., whose companies provide a wide array of life insurance, annuity, and other retirement products.

Sammons Financial Group is comprised of the North American Company for Life and Health Insurance, as well as:

  • Midland National Life Insurance Company
  • Sammons Retirement Solutions, Inc.
  • Sammons Financial Network, LLC.

Sammons Financial Group has repeatedly been named to Glassdoor’s list of best places to work. 

The Sammons Financial Group is in turn owned by Sammons Enterprises, Inc., a diverse holding company that owns and operates businesses across a diverse range of industries. Sammons Enterprises is presently ranked among the largest privately owned companies in the U.S.

North American Life Insurance Company Review

North American Company for Life and Health Insurance is considered to be a large and stable insurance and financial services entity. As of , 2024, the company held over $35 billion in assets, with over 600,000 life insurance policies and annuities on the books.

At this time, the company has over $120 billion of life insurance in force. 

Insurer Ratings and Better Business Bureau Grade

Due mainly to its financial strength and stability, as well as to its stellar reputation for paying out policyholder claims, Sammons Financial Group – the parent company of North American – has earned high ratings from the insurer ratings agencies. These include an A+ (Superior) from A.M. Best Company and an A+ (Strong) from S&P Global Ratings.

Likewise, North American Company has also earned high marks from rating agencies, which is inclusive of an A+ (Superior) from A.M. Best, an A+ (Strong) from S&P Global, and an A+ from Fitch Ratings.

In addition, while North American Company for Life and Health Insurance is not an accredited business via the Better Business Bureau (BBB), the company has received a grade of A+ from this entity. (This is on an overall grade scale of A+ to F).

Throughout the past three years, North American Company has closed out eight customer complaints through the BBB, two of which have been closed out within the past 12 months. Of these eight total complaints, seven dealt with problems with the company’s products and services, and the remaining one had to do with the company’s billing/collection issues.

North American Company Indexed Universal Life Insurance

North American Company offers a wide range of life insurance products to choose from – one of which is the popular indexed universal life insurance coverage. With indexed universal life – a permanent form of life insurance protection – there is both death benefit coverage and a cash value component.

The return on the cash value is not based on a set interest rate, but rather in terms of the performance of an underlying market index (or indexes) such as the S&P 500. Here, should the underlying market index have a good, positive performance during a given year, then the cash value return in the policy is credited with a positive – up to a certain set maximum, or cap.

However, if the underlying index being tracked has a poor, negative performance in a given year, then the cash value will not receive a negative return, but rather it will just be credited with a 0% return for that time period. Because of this, indexed universal life insurance is frequently referred to as being the best of both worlds, as it allows for a market-related upward return, yet without the worry of downward market performance.

Due to the ability to obtain a higher return than regular universal life insurance or whole life, indexed universal life insurance is often used for both death benefit protection and a savings strategy. In fact, in some cases, retirees will opt to use the cash value from an indexed universal life policy to supplement retirement income and/or other financial needs.

You should consider North American when deciding on what life insurance policy to buy.  A full portfolio to choose from includes 10, 15, 20, 25, and 30-year term, indexed universal life, guaranteed universal life, and survivorship life insurance, also known as second-to-die policies.

The North American Company for Life and Health Insurance offers several different indexed universal life insurance policy options to choose from. These include the following:

Builder Plus IUL 3

The most recent IUL from North America is the Builder Plus IUL 3.

In addition to updating for 7702 changes, some new features are also now available on the newest Builder Plus IUL 3 policy.

  • Interest bonus starting in year 1 of 1.65% and beginning in year 11 2.65%
  • Fixed-interest participating loans
  • New fidelity-managed index
  • Decreasing surrender charge period of 10 years
  • Guaranteed 2% interest rate

The Builder Plus IUL 3 from North American is a solid choice for anyone looking to build a tax-free retirement plan.  Even if you aren’t ready to start saving for retirement in an indexed UL policy, you can start with term or GUL and convert these policies to an IUL when you are ready financially.

There are many reasons why someone may purchase life insurance. For many, knowing that loved ones and survivors will be able to move on financially is a key motivator. But for others, this financial tool may be geared towards helping them to save in a tax-advantaged manner so that there will be funds available for supplementing retirement income, paying off debts, and even covering healthcare costs in retirement.  

Here is a quick video to help you understand what Indexed UL is about:

YouTube video

With indexed universal life insurance, the funds that are in the policy’s cash value are able to grow based on the performance of an underlying market index such as the S&P 500, NASDAQ, DOW, and even proprietary indices like the Fidelity MFY 5%. When the chosen indexes perform well during a given year, a positive return is credited to the cash value (typically up to a certain maximum or cap).

But, if the underlying market index performs poorly during a given year, rather than incurring a negative in the cash account, the return for that year is simply credited as 0%. Therefore, while there is no gain, there is also no loss.

Because not all indexed universal life insurance products are exactly the same, it is important to first shop and compare several alternatives before making a purchasing decision. It can also be beneficial to review the insurance company that you’re considering buying the policy through. That way, you can be more assured of the company’s financial condition, as well as its reputation for paying out its policyholders’ claims.  North American Company for Life and Health Insurance checks that box.

Protection Builder IUL

The Protection Builder IUL is designed to provide a guaranteed death benefit for any desired length of time.  The previous product was called the Guarantee Builder.  You can actually guarantee coverage to age 121.

The policy is great for retirement planning, annuity maximization, estate planning, legacy building and 1035 exchanges.

Smart Builder IUL

The Smart Builder IUL offers solid death benefit protection while also having the ability to build up cash value.

There is access to the cash value via loans and/or withdrawals – which includes the opportunity to take net-zero cost loans. In addition, if the insured should contract an unexpected illness, he or she may be able to have access to a portion of the death benefit in order to assist with medical and other related expenses.

Other Products and Services Available

Term Life insurance in durations of 10, 15, 20, 25 and 30 years of coverage.

North American Company also offers retirement annuities. These products can help retirees to ensure that they will not run out of money – regardless of how long they may need it. Depending on the type of annuity purchased, these products will also allow for tax-deferred buildup of funds during the “accumulation” period. Through North American Company, purchasers can consider immediate annuities, traditional fixed annuities, and fixed indexed annuities.

We are Here to Listen and Help
For more information about any of the highly-rated insurers that we represent and to get a free and confidential quote, use the IUL calculator on this page or you can call 1-800-712-8519.

Frequently asked Questions

Is North American a good company for Indexed Universal Life Insurance?

LIRP index options

North American is one of our go-to companies for IUL policies because of the value and affordability of their products. They offer 5 different products for wealth accumulation plus they offer IULs designed for estate planning and asset transferance.

How do North American's rates compare with other IUL companies?

North American’s rates are very competitive with the top tier IUL companies depending on your medical history. As for IUL policies, the company offers very competitive CAP rates and FLOOR rates as well.

What about interest bonuses? Does North American offer them?

hand with bag of money icon

Yes. North American continually updates its IUL policies as far as cap rates, floor rates, participation percentage, and bonuses. In 2018, they introduced a 10% interest bonus that begins in the 6th year of the policy.

Does North American offer Term Insurance?

Yes. Consumers who need a lot of life insurance at a very affordable rate should consider North American’s term products which are very competitive in the marketplace. You can easily find term insurance rates on our website or give us a call at 800-712-8519.

author avatar
Doug Mitchell, CLU Independant Advisor
Doug Mitchell, CLU holds a BA degree in Finance from Auburn University as well as having obtained a Chartered Life Underwriter (CLU) designation from The American College in Bryn Mahr, PA. Doug has spent almost 30 years in the life insurance industry and has also held licenses to sell securities, long-term care insurance and home and auto insurance. Doug is a Top of the Table Million Dollar Round Table member (MDRT).  MDRT is a global, independent association of the world's leading life insurance advisors.  For two years, Doug served as President of the Auburn Opelika Association of Financial Advisors and has been a member of the Million Dollar Round Table. He obtained Life Millionaire status at Horace Mann Insurance Company and was awarded the Life Agent of the Year Award. Later in his career with New York Life he was an Executive Council Member. Doug currently serves as President of Ogletree Financial, a managing general agency serving life insurance agents and clients in all parts of the United States. Today, Doug’s main focus is servicing 1000s of policyholders and growing the agency through the reach of