North American Life Insurance Review
525 West Van Buren
Chicago, IL 60607
About North American Life Insurance Company
Since 1886, Chicago-based North American Company for Life and Health Insurance has established a tradition of producing quality insurance products. North American’s product line is marketed in 49 states and the District of Columbia.
North American is a product-driven company that provides protection oriented life insurance of superior value to the consumer. With a variety of competitive term products and sophisticated universal life plans available, North American’s product portfolio allows consumers to purchase the life insurance plan best suited to their individual needs. Exceptional rates and value place North American among the industry’s term insurance leaders.
North American Life Insurance Review 2019
North American Life Insurance Company may not be the #1 life insurance company that we are quick to recommend at Spectrum Insurance Group, but they are certainly in the conversation as one of the top 10 life insurance companies you can choose to do business with.
North American Life Insurance Company offers a wide variety of life insurance products and financial services and has a strong reputation in the industry for outstanding service and quality, robust life insurance solutions.
If you stick around for 2-3 minutes, I’m going to touch on brief company history and breakdown the financial strength ratings about North American Life Insurance Co.
Additionally, towards the end of the post, we can touch on the products they offer and when we may recommend using North American for your life insurance needs.
Here are the details you need to know.
North American Company History
North American is technically organized as North American Life and Health Insurance Company and currently offers lines of insurance in both verticals. However, for the sake of this post, we are only concerned with the life insurance side of the business.
North American Life Insurance Co. is another one of those powerhouse life insurance companies that have been around for 125 years and it will soon be 130 years and counting.
While this doesn’t necessarily set North American apart from all other life insurance companies, it surely goes to show that they have a proven track record and have no intentions of going anywhere anytime soon.
As of 2019, North American Life Insurance has over a half million life insurance policies currently in forces and the number is climbing. North American currently sits on assets over 22 billion dollars. The assets a company currently has is not necessarily the most important item to consider.
What is always important to consider as the consumer is the financial strength and BBB rating of a life insurance company.
This can help demonstrate the liquidity and financial outlook of the company and shows how well a company handles complaints and customer concerns regardless of how many clients the company currently caters to. Let’s look at those details next.
North American Company Financial Ratings and BBB Rating
Let’s start with the financial strength ratings that North American is currently boasting from 4 of the major credit rating agencies tasked with evaluating all insurance companies across the globe.
- A.M Best: A+
- Fitch: N/A
- Moody’s: N/A
- Standard and Poor’s: A+
- Comdex Score: 92
- J.D. Power and Associates: N/A
As you can see, you have nothing to worry about with North American Company. A+ ratings aren’t easy to come by and many life insurance companies would be happy to boast the same rating.
Many life insurance companies fall beneath this grade rating and it goes to show that North American Company has their finances and business model figured out in a fashion that keeps policyholders and investors at peace knowing that their money is safe with a company that will be around for the long haul.
Life Insurance Products Offered by North American Company
Right now, North American Life Insurance Company offers most of the same life insurance products that you will be able to purchase with most life insurance companies.
North American Company actually has some of the best life insurance policies available for people over age 60.
However, currently, North American Life does not offer any form of a VUL or Variable Universal Life Insurance policy.
This isn’t a big deal and often doesn’t make for the best fit for your financial portfolio. However, we do always prefer when a company offers a large variety of options to the consumers.
- Term Life Insurance
- Permanent Life Insurance (Whole Life)
- Indexed Universal Life Insurance
Term life insurance is the most popular form of life insurance across the entire market. With North American, you can count on enjoying affordable pricing and having options for durations from 10-year to 30-years in increments of 5 years.
This would include the option to purchase a 10, 15, 20, 25, and 30-year level premium term life insurance policy. North American is also known to have some excellent options on Universal life products.
However, it’s always recommended when purchasing more complex life insurance policies, that you always speak to an independent life insurance agent to ensure that you are making the correct decision about your coverage and your families protection.
Compare North American Company with Other Life Insurance Carriers
At the end of the day, North American Life is certainly a great company to consider for your life insurance needs. However, avoid getting tunnel vision and make sure you always consider all options and avenues for your coverage,
In fact, you can do easily by completing the quote form on this page. This will allow you to compare rates from over 50 of the top-rated life insurance companies. If you feel stuck, no worries. We are always here to help you along the way at Spectrum Insurance. All you need to do is get started.
As principal licensed life insurance agent Bennett Bier has helped 1000’s of people purchase life insurance online & over the phone. During his career he has become the go to expert for securing hard to place term and permanent life insurance policies for clients across the nation. With his wealth of knowledge of each life insurance carrier’s products and underwriting he provides honest answers and advice to every client. Bennett Bier and his team will work tirelessly to successfully secure the coverage your family deserves.
All content on this site has been written by life insurance experts & licensed life insurance agents.