North American Life Insurance Review

Welcome to our web page! Where we do honest, and unbiased articles filled with information for our clients to come up with their own opinion and decisions instead of being shoving our opinions down your throats! If you are looking for some concrete information about North American Life Insurance Company then you have come to the right place! North American Life Insurance Company is a very well known company and has been around for over 130 years and is one of the top 15 life insurance companies out there! However, we always inform consumers that the best thing for you to do as a life insurance shopper is shop until you can’t shop around anymore. This company may be a reputable company but may not be the best fit for your health or lifestyle and that’s not a problem at all because if this isn’t your company, then there are other top rated companies you can look into just like there are many fish in the sea! In this North American Life Insurance review we will be covering these key points and more;

North American Life Insurance has been around since 1886 so they are a dinosaur.
The company was acquired by Sammons Financial Group in 1996 and achieved $100 billion of in-force insurance by 2001 when they also released their fixed annuities life insurance product.
North American Life is privately owned which means that they are not subject to short-term earning pressures that are often faced by publicly traded companies.
A.M Best rated North American Life an ‘A+’ also known as superior which is very hard for a company to obtain this high rating since it’s the second highest rating that A.M Best can give a company.
They are also rated an ‘A+’ also known as strong according to Standard & Poor’s which is is the fifth highest out of twenty-two!
North American Life offers two types of insurance, Permanent life, and Term life.
Another good thing they have going on is their niche underwriting. They are known for approving a lot of people with health considerations.
They also stand out for their chronic illness accelerate benefit rider which is not a very common.
Also, the fact that they offer coverage for clients up to age 85 is another good thing they have going on!
Buying life insurance is just like buying a new car, you have to invest in time to compare cars and dealers, and it’s never a good idea to go with the first one you see because of the bigger offers you can get later.
Remember that the company’s rating is important because it reflects how financially stable they are in their company. You don’t want to invest your money into a company that won’t even be around in 20 or 30 years when its time to get paid out.

About North American Life

North American Life Insurance has been around since 1886 and survived all types of economic downturns and wars.

North American Life is privately owned which means that they are not subject to short-term earning pressures that are often faced by publicly traded companies. This makes it possible for the company to be able to create more personal service and they say it’s their priority to provide this service as well as run it efficiently.

North American Rating

North American Life insurance is an all around commendable company. Their fantastic ratings match too! A.M Best rated North American Life an ‘A+’ also known as superior which is very hard for a company to obtain this high rating since it’s the second highest rating that A.M Best can give a company. They are also rated an ‘A+’ also known as strong according to Standard & Poor’s which is is the fifth highest out of twenty-two! North American Life has a wide variety of products as well which means that they provide more than one option. However, North American Life is just another fish in the sea. There are many other insurance companies that are also top rated, always try and shop around for quotes because you never know you might get a better rate in another top rated company.

Their Products

North American Life offers two types of insurance, Permanent life, and Term life. Term life is a type of insurance that is only provided for a certain period of time and does not build cash value over time. Permanent life is the opposite, this type of life insurance is permanent so it’s for your entire life and includes a cash value feature. So basically if you are looking into short term insurance to address temporary needs then term life policies are your best bet. But if you want life insurance that remains long after the kids have graduated college or financial stability for your spouse who would be faced with daily living expenses after you’re gone than permanent life is the best type of insurance for you.

Permanent Life

Custom Guarantee Universal Life

With this policy, you are assured that you will have financial protection. The death benefit is fixed so your loved ones are always taking care of.
Comes with Accelerated Death Benefit so you can access your policy if you have a terminal illness.
This policy is very flexible so if there’s a time you want to make any changes you can.
Available policy riders are; Accidental Death Benefit Rider, Children’s Term Insurance Rider, Guaranteed Insurability Rider, and Waiver of Monthly Deductions Rider.

Custom GrowthCV

This policy comes with a guaranteed death benefit.
This policy also offers access to some of your death benefits in case you get diagnosed with a chronic or terminal illness.
This product focuses a lot on building cash value.

Custom TermGUL

This policy offers low-cost coverage with maximum coverage to attain affordable lifetime death benefit protection.
You can also grow some cash value and earn interest on your premium payments and you are able to have the potential to use these funds for future financial needs.
After you reach age 100 there will be no premiums due until you are age 120, and you are able to keep the same coverage amount with no premiums except for any rider costs.

Builder IUL (Indexed Universal Life)

With this policy you will be able to feel financially secure because it is a great vehicle for death benefit protection.
There is a long-term cash value accumulation plan with this policy.
Accessibility comes with this policy which can offer several ways to access the potential cash value within your policy.
This policy also provides protection meaning you can accelerate your death benefit when certain qualifying condition are met.

Rapid Builder IUL (Indexed Universal Life)

This policy allows you to earn interest based on the movement of a stock market index without the risk of investing directly in the market.
This product helps you build cash value as quickly as possible.
You are also able to access your cash value that has been accumulated through withdrawals and policy loans.
This includes Net Zero Cost Loans in policy years six and later.
Death benefit is accessible in case of sudden illness or less than six months left to live through Accelerated Death Benefit.

Term Life

LifeVue Term Life

This policy is available in 15, 20, and 30-year terms.
Fixed premiums so that they do not increase during your whole term.
There are custom options to be able to design your policy to meet your needs with available policy riders.
This policy offers conversion privilege which allows you to switch all of your coverage over to a permanent life policy if your need change.

LifeVue Simplified Issue

This policy is available for ages 18-50.
There is accelerated death benefits with this policy so in case you are diagnosed with any illnesses you will be covered with all medical expenses.
There is no need to have a medical exam with this policy.
Quick 30-minute approval.

The Good

There are some pros about North American Life Insurance such as the fact that they are privately owned. This is a good thing because it can be frustrating when talking to a robot, not at North American Life, they have personable customer service and that is pretty rare in big boxed insurance companies.

Another good thing they have going on is their niche underwriting. They are known for approving a lot of people with health considerations. It can be tough for high-risk clients to find some coverage and North American Life beat some of their competitors when it comes to insuring the uninsurable. They also stand out for their chronic illness accelerate benefit rider which is not a very common. Also, the fact that they offer coverage for clients up to age 85 is another good thing they have going on!

The Bad

It’s not usual that we only have one complaint and it isn’t even a complaint because it’s something we say all the time when we do insurance company reviews. What we mean is that North American Life Insurance is just one of many fish in the sea! There are many other top rated companies out there, maybe this one doesn’t really fit your lifestyle but don’t be upset because there are tons of other top rated companies.

Shopping for life insurance?

We understand how time-consuming it can be to shop around for life insurance. I mean buying life insurance is just like buying a new car, you have to invest the time to compare cars and dealers, and it’s never a good idea to go with the first one you see because of the bigger offers you can get later. Something you should do is read some more reviews and ratings of some companies you are looking into. Remember that the company’s rating is important because it reflects how financially stable they are in their company. You don’t want to invest your money into a company that won’t even be around in 20 or 30 years when its time to get paid out. Your premiums will be gone with the wind with an incompetent company and the company ratings will help you determine who is incompetent and who isn’t. If you don’t have the time to read a million reviews, we understand 100%! It gets easy getting caught up in life because it’s always going 200 mph, so if that’s you, look into an independent life insurance brokerage (like us). Most of them don’t charge (we don’t charge a penny) for their services, and they will compare different companies and who offer the best price and maximum coverage for you and your family.

This is where we come in

We are an independent life insurance brokerage who strives to ensure everybody at a rate that anyone can afford. It is hard to differentiate one independent life insurance brokerage to another but we can safely say that here at InsureChance we care about our clients and want to provide the best coverage regardless of commission. Unlike other independent life insurance brokerages, our agents don’t give outrageously expensive policies just to pocket the big commissions. We work with over 60 top ‘A’ rated companies so we have a big selection to work from so we can find the best fit for our extraordinary clients. Our mission is to make life insurance more simple and make your life a little more simple. Give us a call if you have any questions or concerns 888-492-1967.