Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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If you’re searching for life insurance you already know the importance of having coverage. The big questions is, how do you know which company to buy from?

Could it be North American Life Insurance Company?

To help you make this important decision, we have put together a brief yet comprehensive review of North American Life Insurance Company.


North American Life Insurance Company is recommended and offered through Top Quote Life Insurance. Sample rates from North American Life Insurance Company can easily be obtained through our instant online quoter tool.

Need help finding a great life insurance company? Be sure to check out our list of the Best Life Insurance Companies available.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

History of North American Life Insurance

North American Company for Life and Health Insurance has a long-standing history within the insurance industry. The company was founded in 1886 and is commonly referred to as North American Company.North American Life Insurance Company Review

For more than 130 years, North American Company has delivered on its financial promises to Americans.

In 1984, the company introduced its first universal life insurance product. This secured its position as an industry leader.

In 1996, Sammons Financial Group purchased North American Life Insurance. This further strengthened North Americans’ financial stability and its ability to honor its financial obligations to policyholders.

As part of Sammons Financial, North America Life Insurance is not publicly traded. This differentiates it from many other life insurance providers. It remains free from shareholder pressure for dividends and other short-term earnings.

Instead, it operates under an employee stock ownership plan (ESOP).

Today, North American Life Insurance holds more than $18 billion in assets. Its parent company ranks #83 in Forbes 2017 list of Largest Private Companies.

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North American Company Reviews and Ratings

As a company, North American has received excellent ratings from the top independent rating agencies known.

This is important when choosing a life insurance company as it plays a huge role in the company’s ability to meet its financial obligations to their customers.

A.M. Best Rating: A+ Superior
S&P Global Rating: A+ Strong
Fitch Rating: A+

In addition to receiving excellent ratings from the top three independent rating agencies, North American Company has also been given an A+ rating from the Better Business Bureau.

A simple search online will also show several positive customer reviews regarding the life insurance company.

ADDvantage Term Life Insurance

ADDvantage is North American’s cornerstone term life insurance product.

You can purchase term contract lengths of 10, 15, 20, or 30 years. Premiums are guaranteed to lock in for the entire duration of the term length that is purchased.

Face amounts start at $100,000 and have no limit, subject to underwriting requirements. Premiums can be paid on a monthly, quarterly, semi-annual, or annual basis. The company also allows premiums to paid by credit card.

North American offers the option to convert ADDvantage Term to a permanent single life product. This is referred to as a policy conversion and requires no physical exam or proof of insurability.

Also, this product allows you to add policy riders to tailor the policy to your needs. North American Life Insurance offers two riders and one endorsement for term policies.

Free Policy Endorsement

The Accelerated Death Benefit Endorsement provides the policy owner, in the event of terminal illness, access to part of the death benefit proceeds. Specifically, up to 75% (up to $750,000) of the policy’s face amount if the insured has a prognosis of death within 24 months.

This endorsement is added to all new policies by default and is free of any extra charges.

ADDvantage Policy Riders

When buying a new ADDvantage Term policy, a Children’s Term Insurance Rider can be added.

This rider allows the policy owner to add term life insurance coverage for their children. The children must be at least 15 days old and less than 20 years old as of the date of purchase.

The other available rider on this North America Life Insurance term product is the waiver of Term Premium for Disability.

This rider causes premium payments to be waived if the insured becomes disabled. There are several restrictions and limitations on this rider, which should be made clear to you before signing.

These restrictions and limitations include:

  • Ineligibility for policies held in California
  • Rider can only be applied at policy issue
  • Insured must be 18 years to 59 years old at the time of issue
  • Additional underwriting requirements may apply

WriteAway Accelerated Underwriting

Are you a healthy person with no major medical issues? Would you like to skip the medical exam that comes with most life insurance applications?

If so, you may qualify for North American Company’s new accelerated underwriting called WriteAway.

WriteAway Accelerated Underwriting takes on a whole new approach to getting fast life insurance coverage.

With traditional underwriting, applying for a life insurance policy could take anywhere from 2-6 weeks before approval is made.

With WriteAway, underwriting and approval can be done in as quick as 48-72 hours!

WriteAway Accelerated Underwriting eliminates many of the traditional underwriting requirements that can delay approval times.

In order for the process to work, North American Company combines both a brief telephone interview with the applicant as well as data provided by LexisNexis to qualify the applicant for a quick underwriting decision.

This data includes:

  • Property Records
  • Public Records
  • Motor Vehicle Report (MVR)
  • Financial/Credit Information (Not Credit Score)
  • Criminal History
  • Prescription Report

If for some reason you do not qualify for North American’s WriteAway Accelerated Underwriting, you may still be able to apply through the traditional underwriting methods.

Currently, this program is only available on their term life insurance with the hopes to implement it on their permanent life insurance coverage in the very near future. You must be age 50 or younger to qualify and require less than $1,000,000 in death benefit coverage.

Who Can Apply?

Term Lengths: 10, 15, 20 & 30
Issue Ages: 18-75
Health Classes: Preferred & Standard classes
Minimum Coverage: $100,000
Maximum Coverage: $1,000,000+
Renewability: Age 95
Conversion Option: Yes
Policy Riders: Accelerated Death Benefit Endorsement for Terminal Illness, Children’s Term Insurance Rider & Waiver of Term Premium for Disability


Custom Guarantee Universal
Life Insurance

For permanent life insurance needs, North American offers its Custom Guarantee Universal Life.

This type of life insurance coverage can be an affordable alternative to a whole life insurance policy as it does not focus on building cash values, but rather just low-cost permanent life insurance protection.

Custom Guarantee UL is designed to fixed premium to age 100 but will continue providing life insurance protection thereafter up to age 120 with no extra premium payments needed.

In addition to affordable premiums, North American’s universal life policy also offers flexible premiums. This means you can pay more when you have a cash surplus (which in most cases won’t be significant) or less when money is tight as long as there is enough cash built up to cover premiums due.

Free Accelerated Living Benefits

A very important bonus feature worth mentioning is Accelerated Death Benefits that come free with the Custom Guarantee life insurance coverage.

Accelerated Death Benefits or also referred to as living benefits as they can provide the ability to payout an early portion of the death benefit in the case of a qualifying chronic, critical or terminal illness.

This can be extremely helpful as the funds can be used in whichever way the insured seems fit.

Who Can Apply?

Issue Ages: 0-85
Coverage Duration: Age 120
Health Classes: Preferred & Standard classes
Minimum Coverage: $25,000
Maximum Coverage: $1,000,000+
Policy Riders: Accelerated Death Benefit, Accidental Death Benefit, Children’s Term Rider, Guaranteed Insurability Rider & Waiver of Monthly Deduction Riders


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North American Indexed
Universal Life Insurance

Indexed universal life insurance (IUL) is another form of universal life insurance coverage. How it differs from guaranteed universal life insurance (GUL) is within the potential cash value build up.

But the way interest is credited to the cash value of the policy is what makes IUL different. Along with the company’s declared interest rate, IUL also offers an interest option linked to the movement of a selected stock market index over a specific period of time.

The cash in the policy is not directly invested in the stock market and the credited interest rate is never less than zero. The result is protection against a poorly performing market and greater accumulation when the market performs well.

5 Different IUL Coverage Options:

  • Builder IUL
  • Guarantee Builder IUL
  • Legacy Optimizer
  • Rapid Builder IUL
  • Survivorship GIUL

Builder IUL

Builder IUL is one of North American Company’s more popular IUL coverage options. The coverage is designed to provide both death benefit and cash values that can be helpful to supplement retirement income.

Guarantee Builder IUL

Guarantee Builder IUL offers both death benefit and as the name implies, guarantees. With this coverage, your death benefit can be guaranteed up to age 120 with the ability to earn strong cash values.

Legacy Optimizer

Legacy Optimizer is North American’s single premium indexed universal life insurance option. Legacy Optimizer can be a great option for someone looking for a guaranteed death benefit as well as liquidity, growth features, and living benefits. Another great feature is that underwriting is simplified. This means no medical exam and a simple application process.

Rapid Builder IUL

Looking to build cash values quickly? Rapid Builder IUL is designed to build up early cash values along with death benefit protection.

Survivorship GIUL

Survivorship GIUL is designed to provide life insurance protection on to individuals on one policy. The death benefit is only payable on the death of the second insured. A Survivorship GIUL policy can be an ideal option for estate planning, retirement planning, and even business planning.


North American Company
Fixed Annuities

Along with several life insurance options, North American Company also offers a couple of fixed annuities.

This can be a very good option when retirement time comes as money and tax-deferred growth can provide a guaranteed income to help supplement other retirement income.

Fixed annuities can also provide a death benefit to loved ones should death occur to the annuitant.

Types of fixed annuities offered through North American Company

Fixed Index Annuities

  • Market-linked growth without the risk of loss of premium
  • Guaranteed lifetime income
  • Tax-deferred growth
  • Liquidity features
  • Death benefit (may avoid probate)

Fixed Traditional Annuities

  • Guaranteed first-year interest rates on traditional annuities; guaranteed multiple-year rates on multiple-year guaranteed annuities
  • Tax-deferred earnings
  • Liquidity features
  • Death benefit (may avoid probate)

Immediate Annuities

  • Guaranteed income stream
  • Multiple payout options


Final Thoughts on North American Life Insurance Company

If you’re in the market for life insurance coverage then North American Company is one company that should be at the top of your list.

There are several positives that make North America Company an easily recommended company.

  • A-Rated
  • Long History
  • Several Coverage Options
  • Advanced Underwriting
  • Competitive Rates

With North American Company, it is hard to name any negatives. One minor drawback worth noting is that they do not have a whole life insurance policy or final expense type life insurance option.

However, their permanent Custom Guaranteed Universal Life is available to age 85 making it a good choice for seniors requiring life insurance coverage.

If you think North American Life Insurance Company is a life insurance company you would like to explore further, please be sure to reach out to us.

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