September, 23 2017

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North American Company Life Insurance Review

North American Company Life Insurance Review

Author
  • Price
  • Underwriting
  • Financial Strength

North American Company Life Insurance Review

Pros: Ratings– North American Company is A+ (Superior) rated by A.M. Best for financial strength and has a 92 out of 100 Comdex scoreLong History– North American was founded in 1886 and has successfully protected families for over 125 years.  Universal Life- Their universal life insurance products typically have some of the cheapest rates in the country (along with their sister company Midland National).

Cons: Their term rates are typically not typically absolute cheapest like their universal products are.

Bottom Line: North American Company (a member of Sammons Financial Group-a top 25 life company in America by market share) is a highly rated and very financially secure life insurance company that has been around for over 125 years.  While they offer a good term product it is typically not the lowest priced like their universal life product is.  The bottom line is that you can’t go wrong with having your policy with North American Company for Life and Health.  However, as with all the companies we review, we recommend receiving a quote from North American but from other carriers as well and choose the best one for you and your situation.

About

Type: Private (Member of Sammons Financial Group)

Issued by: North American Company

Founded: 1886

Website: northamericancompany.com

Phone: (800) 800-3656

Address: 525 W. Van Buren, Chicago, IL 60607

A.M Best Rating: A+ (Superior) Second highest of 16 possible ratings

Comdex Ranking: 92 out of 100

BBB Rating: B

Competitors: Ohio National Life, New York Life, Northwestern Mutual, MassMutual, Mutual of Omaha, John Hancock, PennMutual, Principal, State Farm, Farmers, Allstate, American General Life, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, ANICO, TIAA-CREF, Guardian, OneAmerica, Sagicor, Amica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie.

Price Comparison Chart

Sample rates for a  in each company’s best health class for $500,000-20 year term for a 40 year old.

AgeNorth AmericanProtective LifePacific LifeMetLife
40$35.44$30.26$31.26$37.26

 

 

Summary
Review Date
Reviewed Item
North American Company Life Insurance
Author Rating
4