North American Life Insurance is a well-known life insurance company that offers a range of life insurance products to help individuals protect their loved ones financially. With so many life insurance companies to choose from, it’s important to review the company’s financial strength, customer service, and policies before making a decision.
In this article, we will provide a comprehensive review of North American Life Insurance. We will cover the company’s history, types of life insurance policies offered, coverage and protection, cost and rates, financial strength and ratings, customer service and reviews, and frequently asked questions. By the end of this article, you will have a better understanding of North American Life Insurance and be better equipped to make an informed decision about your life insurance needs.
Key Takeaways
- North American Life Insurance offers a variety of life insurance products to help individuals protect their loved ones financially.
- The company has a strong financial rating and provides excellent customer service to its policyholders.
- Understanding the types of life insurance policies, coverage and protection, cost and rates, and financial strength and ratings can help you make an informed decision about your life insurance needs.
North American Life Insurance Overview
North American Company for Life and Health Insurance is a leading provider of life insurance and annuities in the United States. The company offers a wide range of insurance products to meet the needs of individuals and families, including term life, universal life, and indexed universal life insurance.
Company History
North American Company for Life and Health Insurance was founded in 1886 in Chicago, Illinois. The company has a long history of providing quality life insurance products to its customers. In 1996, North American became a member of the Sammons Financial Group, a group of financial companies dedicated to helping individuals and families achieve financial security.
Financial Strength
North American Company for Life and Health Insurance has a strong financial rating. The company is rated A+ by AM Best, which is an independent rating agency that evaluates the financial strength of insurance companies. North American also has a Comdex Score of 92, which is a composite score that takes into account the ratings of multiple rating agencies.
Insurance Products
North American Company for Life and Health Insurance offers a variety of insurance products to meet the needs of its customers. These products include:
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Term Life Insurance: Provides coverage for a specific period of time, typically 10, 20, or 30 years.
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Universal Life Insurance: Provides flexible premiums and death benefits, as well as the ability to accumulate cash value.
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Indexed Universal Life Insurance: Provides the same benefits as universal life insurance, with the added benefit of earning interest based on the performance of a stock market index.
North American Company for Life and Health Insurance also offers riders, which are additional benefits that can be added to a policy for an additional cost. These riders include:
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Accelerated Death Benefit Rider: Allows the policyholder to receive a portion of the death benefit if they are diagnosed with a terminal illness.
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Children’s Term Rider: Provides coverage for the policyholder’s children.
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Waiver of Premium Rider: Waives the policyholder’s premiums if they become disabled.
Overall, North American Company for Life and Health Insurance is a reputable and financially strong provider of life insurance products. With a long history of providing quality insurance products and a strong financial rating, North American is a reliable choice for individuals and families looking for life insurance coverage.
Types of Life Insurance
When it comes to life insurance, there are a few different types to choose from. Each type of life insurance has its own unique features and benefits. Here are the three main types of life insurance:
Term Life Insurance
Term life insurance is the most affordable and straightforward type of life insurance. It provides coverage for a specific period, usually 10, 20, or 30 years. If the policyholder passes away during the term, their beneficiaries receive a death benefit. Term life insurance is ideal for those who want to provide financial protection for their loved ones during a specific time period, such as while they are paying off their mortgage or while their children are still dependents.
Permanent Life Insurance
Permanent life insurance is a type of life insurance that provides coverage for the policyholder’s entire life, as long as they pay their premiums. There are two main types of permanent life insurance: whole life insurance and universal life insurance. Whole life insurance provides a guaranteed death benefit and has a cash value component that grows over time. Universal life insurance is more flexible and allows the policyholder to adjust their premiums and death benefit as their needs change.
Indexed Universal Life Insurance
Indexed universal life insurance is a type of permanent life insurance that offers the same benefits as traditional universal life insurance, but with the added benefit of earning interest based on the performance of a stock market index. This allows policyholders to potentially earn higher returns on their cash value component. Indexed universal life insurance is ideal for those who want the flexibility of universal life insurance with the potential for higher returns.
In summary, term life insurance is the most affordable and straightforward type of life insurance, while permanent life insurance offers coverage for the policyholder’s entire life and has a cash value component. Indexed universal life insurance is a type of permanent life insurance that offers the potential for higher returns based on the performance of a stock market index.
Coverage and Protection
When it comes to life insurance, North American Life Insurance Company offers a range of coverage options to meet the needs of its customers. In this section, we will explore the different types of coverage and protection offered by the company.
Death Benefit
The death benefit is the amount of money paid out to your beneficiaries upon your death. North American Life Insurance Company offers a range of death benefit options, including:
- Level Death Benefit: This option provides a fixed death benefit throughout the life of the policy.
- Increasing Death Benefit: With this option, the death benefit increases over time, providing more coverage as you age.
- Decreasing Death Benefit: This option provides a decreasing death benefit over time, making it a good choice for those who want coverage for a specific period, such as a mortgage.
Riders
Riders are additional features that can be added to your life insurance policy to provide extra protection. North American Life Insurance Company offers a range of riders, including:
- Accelerated Death Benefit Rider: This rider allows you to receive a portion of your death benefit if you are diagnosed with a terminal illness.
- Child Rider: This rider provides coverage for your children.
- Waiver of Premium Rider: This rider waives your premium payments if you become disabled and are unable to work.
Living Benefits
Living benefits are features that allow you to access your life insurance policy while you are still alive. North American Life Insurance Company offers a range of living benefits, including:
- Chronic Illness Rider: This rider allows you to access a portion of your death benefit if you are diagnosed with a chronic illness.
- Long-Term Care Rider: This rider provides coverage for long-term care expenses, such as nursing home care.
- Critical Illness Rider: This rider provides a lump sum payment if you are diagnosed with a critical illness, such as cancer or a heart attack.
Overall, North American Life Insurance Company offers a range of coverage and protection options to meet the needs of its customers. Whether you are looking for basic coverage or want to add extra protection with riders and living benefits, North American has options to suit your needs.
Cost and Rates
Methodology
To evaluate the cost and rates of North American Life Insurance, we analyzed over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature offerings, and cost competitiveness. North American Life Insurance was included in our analysis.
Availability
North American Life Insurance is available in all 50 states and the District of Columbia. The company offers a range of life insurance products, including term life, universal life, and indexed universal life insurance.
Life Insurance Rates
North American Life Insurance offers competitive rates for its life insurance products. The exact cost of a policy will depend on factors such as the policyholder’s age, health, and lifestyle, as well as the type and amount of coverage selected.
To give an idea of the range of rates offered by North American Life Insurance, we have included the following sample rates for a 35-year-old non-smoker in good health:
| Coverage Amount | Term Length | Monthly Premium |
|---|---|---|
| $250,000 | 10 years | $12.58 |
| $500,000 | 20 years | $26.23 |
| $1,000,000 | 30 years | $59.06 |
It is important to note that the rates listed above are for illustrative purposes only and may not reflect the exact rates offered to every policyholder. To get an accurate quote for a North American Life Insurance policy, interested individuals should contact a licensed agent or use the company’s online quote tool.
In conclusion, North American Life Insurance offers competitive rates for its life insurance products. The exact cost of a policy will depend on a variety of factors, and interested individuals should contact a licensed agent or use the company’s online quote tool to get an accurate quote.
Financial Strength and Ratings
When it comes to choosing a life insurance company, one of the most important factors to consider is the financial strength of the company. A financially strong company is more likely to be able to pay out claims and provide long-term stability for policyholders. North American Life Insurance Company has been given high ratings by several independent rating agencies, indicating its strong financial position.
A.M. Best Rating
North American Life Insurance Company has been assigned an A+ (Superior) rating by A.M. Best, one of the most respected rating agencies in the insurance industry. This rating is based on the company’s financial strength and ability to meet its obligations to policyholders. A.M. Best considers North American’s financial strength to be “superior,” which is the highest rating possible.
Fitch Rating
Fitch Ratings has also given North American Life Insurance Company a high rating of A+ (Strong). This rating reflects the company’s strong financial position and ability to meet its obligations to policyholders. Fitch Ratings is one of the three major credit rating agencies, along with Moody’s and Standard & Poor’s.
Comdex Score
The Comdex score is a composite score that takes into account the ratings assigned to a company by multiple rating agencies. North American Life Insurance Company has a Comdex score of 92, which is considered to be very high. This score indicates that North American has a strong financial position and is considered to be a financially sound company.
In summary, North American Life Insurance Company has been given high ratings by several independent rating agencies, indicating its strong financial position and ability to meet its obligations to policyholders. With an A+ rating from A.M. Best, an A+ rating from Fitch Ratings, and a Comdex score of 92, North American is considered to be a financially sound company that policyholders can rely on.
Customer Service and Reviews
When it comes to life insurance, customer service is an important factor to consider. North American Company for Life and Health Insurance has a reputation for providing quality customer service, but what do customers have to say about their experience?
Customer Complaints
As with any company, North American has received some customer complaints. According to the Better Business Bureau (BBB), North American has received 29 complaints in the past three years. Most of these complaints were related to problems with the product or service, followed by billing and collection issues.
However, it’s worth noting that North American has resolved all of these complaints. This indicates that the company is committed to addressing customer concerns and finding a resolution.
J.D. Power Rating
J.D. Power is a trusted source for customer satisfaction ratings. Unfortunately, North American has not been included in J.D. Power’s life insurance study. This means that we don’t have data on how North American compares to other life insurance companies when it comes to customer satisfaction.
Better Business Bureau Rating
The Better Business Bureau (BBB) rates companies based on factors such as the number of complaints, how quickly complaints are resolved, and how transparent the company is. North American has an A+ rating with the BBB, which is the highest possible rating.
This rating indicates that North American is committed to providing quality customer service and resolving any issues that arise. It also suggests that the company is transparent and honest in its dealings with customers.
Overall, while North American has received some customer complaints, the company has a strong reputation for customer service. Its A+ rating with the BBB is a testament to its commitment to resolving customer issues and providing quality service.
Frequently Asked Questions
Is North American a reputable life insurance company?
Yes, North American Company for Life and Health Insurance is a reputable life insurance company that has been in business for over 130 years. They have an A+ rating from AM Best, which is a testament to their financial strength and stability.
What are the ratings for North American Life Insurance?
North American Company for Life and Health Insurance has an A+ rating from AM Best, which is the highest possible rating. They also have a Comdex score of 92, which is a composite score based on their financial strength ratings from multiple rating agencies.
What are customers saying about North American Life Insurance?
Customer reviews for North American Company for Life and Health Insurance are generally positive. Customers appreciate their competitive pricing and excellent customer service. However, some customers have reported difficulty with the claims process.
How do I log in to my North American Life Insurance account?
To log in to your North American Life Insurance account, you can visit their website and click on “Customer Login” at the top of the page. From there, you can enter your username and password to access your account.
What types of insurance does North American offer?
North American Company for Life and Health Insurance offers a variety of insurance products, including term life insurance, universal life insurance, and indexed universal life insurance. They also offer annuities and long-term care insurance.
What is the financial strength rating of North American Life Insurance?
North American Company for Life and Health Insurance has an A+ rating from AM Best, which is the highest possible rating. This indicates that they have a strong financial foundation and are well-equipped to meet their financial obligations to policyholders.