The North American company has a solid financial strength rating. They are given a superior rating which is the second highest rating you can get, from A.M. Best. They also have an A+ from the S&P rating and Fitch rating.
The North American company is privately owned so they are able to invest in Secure assets which many people prefer compared to insurers like AIG who invest in government bonds.
These are one of two things that many other insurance providers simply fail to offer. Older clients are obviously going to be better off pursuing this avenue.
North American Accelerated Underwriting
The company has an automated underwriting program called WriteAway.
This program allows approved applicants to avoid having to take any type of invasive laboratory test or medical exams.
Eligible applicants who are 50 years or younger can receive approval in as little as 48 hours.
This is available on the term policies offered by the company but at the end of this year, they plan to provide at the faster underwriting service for all their other life insurance products.
They have strong competition for their underwriting especially for those who have health conditions.
Term Life Insurance Options
Let’s look over the term life insurance options available to you through North American:
North American LifeVue Simplified
This is a simplified term that you can have for 15 years, 20 years, or 30 years.
The company will ask you questions about your health or your lifestyle, but they will not require a medical exam.
Super Preferred, Preferred, Standard, Substandard, Preferred tobacco, Standard tobacco, Substandard tobacco.
North American ADDVantage Term
This is a level term life insurance policy, so your premiums will remain the same for the duration of the policy.
You can pick a 10-year policy, a 15-year policy, a 20-year policy, or a 30-year policy.
If you are a 40 year old male in good health and you want a 30-year policy with $500,000 in coverage you will only pay $36 per month.
This is a great solution for people who need protection for a discernible length of time, those who need to make sure they cover outstanding debt payments, have enough money for the rest of the mortgage, or need to provide money as part of alimony.
North American Custom GrowthCV
This is the universal life insurance policy they offer to help you build cash value.
You will enjoy a guaranteed death benefit and you have access to a portion of your death benefit if you are diagnosed with a chronic or terminal illness.
The policy provides you with guaranteed coverage up to age 120 if you get the custom guarantee. With the custom guarantee, you do not have to pay premiums after the age of 100. You can select this product with face amounts as low as $25,000.
If you were a 40 year old man in good health and you wanted this universal life product valued at $25,000, you would pay just $24 a month.
By comparison a man applying for the same policy at 85 years old in otherwise normal health would only pay $208 per month.
This inexpensive Universal policy allows people on a tighter budget to still maintain cash value growth alongside a death benefit.
Whole Life Insurance Options
Now, let’s look over the whole life insurance policy options available to you through North American life insurance:
Indexed Universal Life
With North American company the indexed universal life policy is different from other permanent policies because your growth is tied directly to the movement of a stock for a selected amount of time.
You can enjoy many tax advantages with this, a guaranteed rate for the premiums, and cash value growth.
The policy has a floor and a cat designed to help you minimize any potential losses, but it also maximizes any potential gains, so you won’t be able to earn more than a certain percentage, 12% currently, but you won’t be able to lose as much.
With other indexed policies, you can lose a significant part of your death benefit if a stock performs poorly.
Rapid Builder Indexed Universal Life
This is similar to the policy above, but it earns more cash value early on and has less death benefit protection in the long-term.
Survivorship Guaranteed Indexed Universal Life
This policy is intended for spouses or couples who want to purchase a single policy that covers both parties and it provides a death benefit to whichever spouse is the second to pass away.
Life Insurance Policy Rider Options
There are many riders that you can add to your policy but the two most important include:
Waiver for Monthly Deductions
This comes into effect 6 months after your policy and, if you become disabled at any point during the lifespan of your policy you no longer have to pay the premiums, or any additional fees associated with your policy until your disability is mended.
Obviously, if it is a permanent disability you do not have to pay for the remainder of the premiums.
This provides you with additional for your children under your existing policy without having to undergo medical examinations or other types of proof of insurance.
Smokers and Diabetics
Smokers and diabetics have great policy options with this company. They offer many of their term policies to people with occasional smoking habits for “non-smoker” rates. You can see a comparison below.
Get Quotes with North American Life Insurance Company Today
Overall, North American Company has some high quality term life insurance for many different stages of life and life insurance coverage needs.
Their specialty is providing some of the best term life insurance rates for smokers and diabetics. For people who fit into this target market, North American may very well be the best life insurance company for your needs.
While North American is certainly one of the best life insurance companies on the market, they are just one in a sea of great life insurance companies.