North American Company Life Insurance Review

Written by Jeff Root

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.

This company offers life insurance policies for people up to 85 years of age. They also have some of the most affordable life insurance quotes for seniors.

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.

For example:

  • Any applicant with cholesterol levels up to 300 are still going to qualify for the top-rated class.
  • Any applicant who is undergoing blood pressure treatment can still qualify for the top rate class.

North American Term Life Insurance Policy Review

North American LifeVue Simplified

This is a simplified term that you can have for 15 years, 20 years, or 30 years. The company does will ask you questions about your health or your lifestyle, but they will not require a medical exam.

  • There are no urine samples and no needles.
  • You can get a face amount between $50,000 and $500,000.
  • This is available for anyone between the age of 18 and 50.
  • You can get approvals in under 30 minutes.
  • They have accelerated death benefits.
  • You will find highly competitive pricing.
  • With regard to the underwriting classes there are multiple classes available without having to undergo any medical exam including:

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.

40 year old male Term Life—30 year– $500,000 $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.

40 year old male Universal Life–$25,000 $24 per month
85 year old male     Universal Life–$25,000 $208 per month

This inexpensive Universal policy allows people on a tighter budget to still maintain cash value growth alongside a death benefit.

North American Whole Life Insurance Policy Review

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.

North American Life Insurance Policy Riders

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.

Guaranteed Insurability

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.

North American Life Insurance Rates

How does the company compare for different terms and coverage amounts? These are samples for two age brackets. Note that these rates indicate the annual/monthly premiums.

Below is a sample of the rates available for a 60 year old female with a $500,000 policy:

Super Preferred Non-Tobacco Preferred Non-Tobacco Standard Non-Tobacco Preferred Tobacco Standard Tobacco
ADDvantage 10 year Term Policy $935.00/ $82.28 $1,130.00/ $99.44 $1,710.00/ $150.48 $3,650.00/ $320.76 $4,780.00/ $420.64
ADDvantage 15 year Term Policy $1,180.00/ $103.84 $1490.00/ $131.12 $2,365.00/ $208.12 $4,760.00/ $418.88 $6,455.00/ $567.16
ADDvantage 20 year Term Policy $1,760.00/

$154.88

$2,090.00/ $183.92 $3,265.00/ $287.32 $6,090.00/ $535.92 $7,765.00/ $683.32
ADDvantage 30 year Term Policy N/A N/A N/A N/A N/A

Below is a sample of the rates available for a 60 year old male, with a $500,000 policy:

Super Preferred Non-Tobacco Preferred Non-Tobacco Standard Non-Tobacco Preferred Tobacco Standard Tobacco
ADDvantage 10 year Term Policy $1,355.00/ $119.24 $1,640.00/ $144.32 $2,535.00/ $223.08 $5,165.00/ $454.52 $7,020.00/ $617.76
ADDvantage 15 year Term Policy $1,790.00/ $157.52 $2,285.00/ $201.08 $3,5400.00/ $311.52 $6,710.00/ $590.48 $8,845.00/ $778.36
ADDvantage 20 year Term Policy $2,485.00/ $218.68 $30,45.00/ $267.96 $4,880.00/ $429.44 $8,435.00/ $742.28 $10,480.00/ $922.24
ADDvantage 30 year Term Policy N/A N/A N/A N/A N/A

Below is a sample of the rates available for a 50 year old male, with a $500,000 policy:

Super Preferred Non-Tobacco Preferred Non-Tobacco Standard Non-Tobacco Preferred Tobacco Standard Tobacco
ADDvantage 10 year Term Policy $515.00/ $45.32 $640.00/ $56.32 $995.00/ $87.56 $2,120.00/ $186.56 $3,010.00/ $264.88
ADDvantage 15 year Term Policy $685.00/ $60.28 $840.00/ $73.92 $1,355.00/ $119.24 $2,740.00/ $241.12 $3,795.00/ $333.96
ADDvantage 20 year Term Policy $900.00/ $79.20 $1,100.00/ $98.80 $1,745.00/ $152.56 $3,610.00/ $317.68 $4,865.00/ $428.12
ADDvantage 30 year Term Policy $1,650.00/ $145.20 $1,995.00/ $175.56 $3,120.00/ $274.56 $6,280.00/ $552.64 $7,265.00/ $629.32

Below is a sample of the rates available for a 50 year old female, with a $500,000 policy:

Super Preferred Non-Tobacco Preferred Non-Tobacco Standard Non-Tobacco Preferred Tobacco Standard Tobacco
ADDvantage 10 year Term Policy $415.00/ $36.52 $525.00/ $46.20 $770.00/ $67.76 $1,645.00/ $144.76 $2,260.00/ $198.88
ADDvantage 15 year Term Policy $510.00/ $44.88 $645.00/ $56.76 $1,015.00/ $89.32 $2,140.00/ $188.32 $2,885.00/ $253.88
ADDvantage 20 year Term Policy $700.00/ $61.60 $820.00/ $72.16 $1,285.00/ $113.08 $2,590.00/ $227.92 $3,430.00/ $301.84
ADDvantage 30 year Term Policy $1,210.00/ $106.48 $1,450.00/ $127.60 $2,220.00/ $195.36 $4,290.00/ $377.52 $5,480.00/ $482.24

North American Life Insurance Company Review – Takeaway

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.

How to Find the Best Life Insurance Rates

When it comes to finding the best life insurance rates, it is recommended that you work with an expert, particularly, an independent life insurance agent who is not bound to one company, but who can help you compare life insurance rates, policies and providers in order to find the best coverage for you and your family.

Our agents represent over 20 of the best life insurance companies on the market, and certainly have a multitude of coverage options for your specific situation.

Give us a call today, or use our online quoting engine to begin comparing life insurance rates instantly!

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