North American Company Insurance Review & Complaints: Life & Retirement Insurance (2024)
North American Company for Life and Health Insurance writes both term life and permanent life insurance, as well as annuities to provide retirement income. Our sample North American Company quotes for a 30-year-old male non-smoker returned North American Company insurance rates of $39.16/mo for a $1,000,0000 policy on a 2-year term.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Dec 4, 2023
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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Dec 4, 2023
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
North American Company focuses entirely on life and retirement insurance coverage and products, keeping their expertise and experience steady and concentrated. With over 125 years of experience, The company has strong roots and continues to grow.
What is North American Company?
In 1886, the North American Accident Association was founded, and their first agent was appointed in 1890 after the company came under new ownership. In 1918, they became the first company to offer disability insurance to women, and from there they continued to grow and expand across the nation.
The company is a part of Sammons Financial Group, a Texas-based company whose parent company, Sammons Enterprises, is among the largest private companies in the United States. This gives them solid financial backing.
The insurer writes a variety of competitive insurance products including life insurance coverage and annuity products through a network of agents across the country. Also known as North American Life and Health Insurance Company, the company maintains headquarters in Chicago – the main address for life insurance, and in Des Moines, IA – the main address for annuities. As part of Sammons Financial Group, they also have offices in Sioux Falls, SD.
Online quoting is available for some products, although they can only be purchased through an agent who can help you plan your financial future.
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What insurance products are offered?
The insurer writes both term life and permanent life insurance, as well as a wide range of annuities to provide retirement income. Although they have written other types of insurance, such as disability, in the past, they now focus entirely on these two areas and have a good selection of different product options.
Are life insurance policies available?
ADDvantage Term Life is the company’s term life insurance product, offering a choice of 10, 15, 20, or 30 years. Premiums are guaranteed, as is the death benefit. This policy can be converted to a permanent policy and has a number of available riders and endorsements.
The company also writes permanent life insurance in the form of Universal Life, which offers a lifelong guaranteed death benefit as well as a cash accumulation account that can grow over time. It offers the Custom Guarantee policy that offers a guaranteed death benefit up to the age of 120, flexibility to adjust your premium, and access to the benefit should an unexpected illness arise.
Finally, North American Company also writes Indexed Universal Life, which ties the growth of the cash accumulation account to an indexed account. There are four choices in the product line-up, including a survivorship option that covers two people under one policy. The choices are:
- Builder IUL
- Guarantee Builder IUL
- Rapid Builder IUL
- Survivorship IUL
Each of these policies has a different risk level and growth potential, and also provide death benefits.
Are annuities offered?
The insurer offers annuities that can provide retirement income on a tax-deferred basis. They offer several annuity types:
- Fixed Traditional Annuities
- Fixed Deferred Annuities
- Immediate Annuities
Are the company’s rates competitive?
A 30-year-old male non-smoker, in good health, can get a $1,000,0000 policy on a 2-year term for $39.16 a month. That’s about 20% below average and a very good rate for this policy.
A basic $100,000 10-year term policy can be purchased for the same insured for only $8.80 a month, which is very affordable.
The quoting system on the website is very simple and doesn’t ask for much in the way of information, which leads to some questions regarding the accuracy of the quote. Even with some adjustments for a more detailed quote, however, the company provides some very good prices.
Universal life insurance quotes are not available online, and can only be obtained through an agent. The website will direct customers to an agent in their area to get a quote as well as to complete the policy application for universal life insurance coverage.
Claims Process at North American Company Insurance
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
North American Company for Life and Health Insurance offers multiple channels for filing insurance claims, ensuring flexibility and convenience for policyholders. Whether you prefer to file your claim online, over the phone, or through mobile apps, the company aims to simplify the process.
Average Claim Processing Time
While specific claim processing times may vary depending on the nature of the claim and the documentation involved, North American Company is committed to efficient claims processing. Policyholders can expect timely responses and resolutions to their claims, allowing them to receive the support they need when it matters most.
Customer Feedback on Claim Resolutions and Payouts
Customer feedback is crucial when evaluating an insurance company’s claims process. North American Company strives to provide satisfactory claim resolutions and payouts to policyholders. Hearing from customers who have experienced the claims process firsthand can shed light on the company’s performance in this critical area.
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Discover the Digital and Technological Features Offered by North American Company Insurance
Mobile App Features and Functionality
North American Company recognizes the importance of digital convenience in today’s fast-paced world. The company’s mobile app offers a range of features and functionality to enhance the user experience. Whether it’s accessing policy information, making payments, or filing claims on the go, the mobile app aims to make managing insurance policies easier for customers.
Online Account Management Capabilities
Online account management is a fundamental aspect of modern insurance services. North American Company provides policyholders with robust online account management capabilities. This allows customers to review and update their policies, track claims, and access important documents, all from the convenience of their online accounts.
Digital Tools and Resources
In addition to mobile app and online account features, North American Company offers a suite of digital tools and resources designed to empower policyholders. These tools may include calculators, educational resources, and guides to help customers make informed decisions about their insurance coverage and financial planning.
Are there consumer complaints against the company?
North American Company has a Better Business Bureau or BBB business profile rating of A+ with the rating agency, although they are not accredited. There are a total of seven complaints against the company in the past three years, four of which were closed in the last 12 months.
Life insurance companies frequently have a low complaint volume, but this is very low. It shows an improvement over past ratings and past failure to respond to complaints, which could indicate that the company has been making an effort to improve its customer service.
There are very few reviews of the company outside of the BBB. Life insurance companies often have few reviews, but for a company as large as North American it’s surprising to find so little. This is generally a good sign, as happy customers don’t often write reviews.
What is the company’s financial strength rating?
Rating Company | Grade | Financial Outlook |
---|---|---|
AM Best | A+ | Stable |
Fitch | A+ | Stable |
S&P | A+ | Stable |
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What’s the bottom line?
The company offers several options for term and permanent life insurance and does so at very competitive rates. They are a long-standing company with financial strength and backing, and their reputation is solid, which inspires confidence.
Since the reviews are limited, we are unable to gain a real picture of the customer experience with this company, but overall there’s nothing to raise major concern. Whether you’re in search of a term life insurance policy or some other death benefit coverage, North American Company is worth a look for anything in the market for affordable, quality life insurance products.
Frequently Asked Questions
What is North American Company?
North American Company for Life and Health Insurance is an insurance company that specializes in life and retirement products. They have over 125 years of experience and are backed by Sammons Financial Group.
What insurance products are offered by North American Company?
North American Company offers both term life and permanent life insurance, as well as a variety of annuity products for retirement income.
Are life insurance policies available from North American Company?
Yes, North American Company offers term life insurance policies with various term lengths and permanent life insurance policies such as Universal Life and Indexed Universal Life. These policies provide lifelong coverage and options for cash accumulation.
Does North American Company offer annuities?
Yes, North American Company offers annuities that can provide retirement income on a tax-deferred basis. They offer several types of annuities, including fixed, indexed, and variable annuities.
Are the rates offered by North American Company competitive?
Yes, North American Company offers competitive rates for their life insurance policies. For example, a 30-year-old male non-smoker can get a $1,000,000 policy on a 2-year term for $39.16 a month.
How are claims processed by North American Company?
Claims for life insurance policies can be filed by phone, fax, email, or regular mail. Annuity claims can be filed by calling the toll-free number or via fax or email. More information on the claims process can be found on the company’s website.
Are you looking for free insurance quotes?
Your one-stop online insurance guide. Get free quotes now!
Secured with SHA-256 Encryption
Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.