🎯 Bottom Line Up Front
American National founded
North American founded
Both A.M. Best rated
Understanding American National and North American: Company Overview
Key insight: American National is a mutual company owned by policyholders emphasizing traditional values and stability, while North American Company is a stock company known for innovative products and competitive positioning.
Before comparing these companies, it’s important to understand their distinct corporate structures and market approaches, as these differences influence everything from product development to customer service philosophy.
American National Insurance Company
American National Insurance Company was founded in 1905 in Galveston, Texas, and has operated continuously for nearly 120 years as a mutual company. Being mutual means the company is owned by its policyholders rather than external shareholders, allowing American National to prioritize long-term policyholder value over short-term profits. This structure has contributed to the company’s conservative approach, strong dividends, and focus on building lasting customer relationships.
American National Insurance
- Founded in 1905 (120 years)
- Mutual company (policyholder-owned)
- Headquarters in Galveston, Texas
- A+ (Superior) from A.M. Best
- Traditional products and values
- Strong dividend history
North American Company for Life and Health Insurance
North American Company for Life and Health Insurance was founded in 1886, making it one of the oldest life insurance companies in America with 139 years of operation. Part of Sammons Financial Group since 1976, North American has built a reputation for innovation, particularly in indexed universal life insurance products. The company is known among insurance professionals for competitive pricing, flexible underwriting, and willingness to adapt products to meet changing market needs.
North American Company
- Founded in 1886 (139 years)
- Part of Sammons Financial Group
- Headquarters in West Des Moines, Iowa
- A+ (Superior) from A.M. Best
- Innovation in IUL products
- Competitive pricing and underwriting
Company Structure Matters
The mutual vs. stock company distinction is significant. American National’s mutual structure means profits return to policyholders through dividends and enhanced benefits rather than shareholders. North American’s structure as part of Sammons Financial Group provides substantial backing while allowing competitive pricing and product innovation. Neither structure is inherently better—they represent different philosophies that appeal to different customers.
Financial Strength and Stability Comparison
Key insight: Both companies demonstrate exceptional financial strength with identical A+ (Superior) ratings, ensuring they can meet long-term obligations to policyholders.
| Rating Agency | American National | North American | What It Means |
|---|---|---|---|
| A.M. Best | A+ (Superior) | A+ (Superior) | Both have superior ability to meet obligations |
| Standard & Poor’s | A+ (Stable Outlook) | A+ (Stable Outlook) | Identical strong financial strength ratings |
| Years in Business | 120 years | 139 years | Both have proven long-term stability |
| Company Structure | Mutual (policyholder-owned) | Stock (Sammons Financial) | Different approaches to governance |
| Assets | $30+ billion | $25+ billion | Both substantial asset bases |
Financial Stability Verdict
Both companies are exceptionally strong financially. The identical A+ (Superior) ratings from A.M. Best and S&P reflect outstanding financial strength, excellent capitalization, and strong operating performance. American National’s 120-year history and mutual structure demonstrate remarkable consistency, while North American’s 139-year history and Sammons Financial backing provide equally solid security. Either company has demonstrated the financial strength to honor claims and maintain policies for generations.
Historical Performance
American National Insurance
Consistent Mutual Company Performance: American National has maintained financial strength through the Great Depression, multiple wars, recessions, and market downturns over 120 years. As a mutual company, it has consistently paid dividends to participating whole life policyholders and maintained conservative investment strategies. The A+ rating has been stable for decades, reflecting prudent management and policyholder-focused operations.
North American Company
Innovation with Stability: North American has balanced innovation with financial prudence since 1886. The company survived the Great Depression, adapted through multiple market cycles, and thrived under Sammons Financial Group ownership since 1976. Despite being known for competitive pricing and product innovation, North American maintains strong reserves and conservative capitalization, earning its A+ rating through disciplined underwriting and risk management.
What This Means for You
Both companies have identical financial strength ratings and proven track records spanning over a century. Financial stability shouldn’t be your primary deciding factor between these carriers—focus instead on products, pricing, and which company’s approach better matches your preferences. Both are among the strongest insurers in America with exceptional ability to honor long-term commitments.
Product Offerings: What Each Company Provides
Key insight: American National offers traditional products with strong whole life options and mutual company benefits, while North American specializes in innovative indexed universal life products with competitive features.
American National Insurance Products
| Product | Key Features |
|---|---|
| Term Life Insurance | 10, 15, 20, 25, 30-year terms; convertible to permanent; up to $10M coverage |
| Whole Life Insurance | Participating (dividend-paying); guaranteed cash value; traditional design |
| Universal Life | Flexible premiums and death benefit; interest-sensitive accumulation |
| Indexed Universal Life (IUL) | Market-linked growth potential; downside protection; accumulation focus |
| Variable Universal Life (VUL) | Investment options within policy; potential for higher returns |
| Guaranteed Universal Life | Lifetime coverage guarantee; level premiums; minimal cash value |
North American Company Products
| Product | Key Features |
|---|---|
| Term Life Insurance | 10, 15, 20, 25, 30-year terms; competitive pricing; flexible underwriting |
| Indexed Universal Life (IUL) | Multiple index options, strong caps, and participation rates; accumulation-focused |
| Guaranteed Universal Life (GUL) | Lifetime guarantees; no-lapse provisions; cost-effective permanent coverage |
| Accumulation Builder IUL | Designed for cash value growth, multiple crediting strategies, and wealth building |
| Protection Builder IUL | Balanced death benefit and cash value; moderate premiums; family protection |
| Survivorship Life | Second-to-die coverage; estate planning focus; lower premiums |
American National’s Strength: Traditional Excellence
- Strong participating whole life with dividends
- Comprehensive product portfolio
- Mutual company benefits
- Traditional values and stability
- Excellent customer service reputation
- Full range of permanent options
North American’s Strength: IUL Innovation
- Industry-leading IUL products
- Competitive caps and participation rates
- Multiple index options
- Flexible underwriting approaches
- Strong accumulation features
- Cost-effective GUL options
Product Comparison Summary
Choose American National if you value participating whole life insurance with dividends, prefer a mutual company structure, want traditional products with proven performance, or prioritize long-term policyholder benefits over cutting-edge features.
Choose North American if you’re seeking innovative indexed universal life products with strong caps and participation rates, want competitive pricing on term or GUL coverage, value flexible underwriting, or prioritize cash value accumulation strategies.
Pricing and Value Comparison
Key insight: North American typically offers more competitive pricing, especially for term life and IUL products, while American National provides value through dividends, mutual company benefits, and traditional whole life accumulation.
Life insurance pricing varies by age, health, and product type. Both companies are competitive, but each excels in different product categories.
Sample Rate Comparison: $500,000 / 20-Year Term
| Age/Gender | American National (Approx.) | North American (Approx.) | Better Value |
|---|---|---|---|
| 30-year-old Male | $28-32/month | $25-28/month | North American typically lower |
| 30-year-old Female | $23-27/month | $20-24/month | North American typically lower |
| 40-year-old Male | $45-50/month | $42-47/month | North American often better |
| 40-year-old Female | $36-40/month | $33-37/month | North American often better |
| 50-year-old Male | $95-105/month | $90-100/month | Competitive/similar |
Important Pricing Notes
These are approximate ranges for healthy, non-smoking applicants. Actual rates depend on detailed health information, lifestyle factors, and underwriting classification. North American generally offers more aggressive pricing on term life, while American National’s whole life products provide value through dividends that reduce net cost over time. Both companies are competitive—get personalized quotes for an accurate comparison.
Value Considerations Beyond Price
American National’s Value Proposition
- Dividend-Paying Whole Life: Participating policies receive annual dividends that reduce net cost
- Mutual Company Benefits: Profits return to policyholders rather than external shareholders
- Traditional Stability: Conservative approach provides predictable, reliable performance
- Strong Customer Service: Long-term relationships and personalized attention
- Comprehensive Coverage: All products from one carrier simplifies management
- Proven Performance: 120-year track record of honoring commitments
North American’s Value Proposition
- Competitive Pricing: Often among the lowest-cost options for term and GUL
- Strong IUL Features: Industry-leading caps, participation rates, and index options
- Flexible Underwriting: More accommodating for certain health conditions and occupations
- Innovation: Cutting-edge products adapted to modern needs
- Cash Value Accumulation: IUL products are designed for strong growth potential
- Cost-Effective GUL: Lifetime coverage at competitive premiums
The Price Verdict
North American typically wins on upfront pricing, particularly for term life and indexed universal life. American National provides value through mutual company benefits, dividends on participating whole life, and traditional stability. For pure price comparison on term life, North American is often more competitive. For the whole life, American National’s dividend history makes it attractive. For IUL, both are strong but North American’s caps and rates are typically more aggressive.
Target Markets: Who Each Company Serves Best
Key insight: Understanding each company’s ideal customer helps you identify which insurer is designed to serve people in your situation and matches your preferences.
American National’s Ideal Customers
- Those valuing mutual company structure
- Whole life insurance seekers
- Customers preferring the traditional approach
- Dividend-focused policyholders
- Those prioritizing long-term stability
- Families wanting comprehensive coverage
- Conservative investors
- People valuing strong customer service
North American’s Ideal Customers
- IUL-focused consumers
- Price-sensitive shoppers
- Those seeking competitive term rates
- Cash value accumulation focus
- People wanting product innovation
- Flexible underwriting needs
- Wealth building through insurance
- Cost-effective GUL seekers
Detailed Scenario Analysis
Scenario 1: 35-Year-Old Seeking Traditional Whole Life with Dividends
Better Choice: American National
American National’s participating whole life products are designed specifically for this need, with a strong dividend history and mutual company benefits. The conservative approach and traditional design appeal to those wanting predictable, guaranteed accumulation with annual dividend potential. While North American offers permanent coverage, American National’s mutual structure is ideal for traditional whole life seekers.
Scenario 2: 40-Year-Old Wanting Indexed Universal Life for Retirement
Better Choice: North American
North American’s IUL products are industry-leading with strong caps, multiple index options, and competitive participation rates. Their Accumulation Builder IUL is specifically designed for cash value growth and retirement income. While American National offers IUL, North American’s innovation and features make them the stronger choice for IUL-focused planning.
Scenario 3: 30-Year-Old Shopping for Low-Cost $500K 20-Year Term
Better Choice: North American
North American typically offers more competitive term life pricing with flexible underwriting. Their focus on competitive rates makes them attractive for price-sensitive shoppers seeking straightforward term coverage. American National is competitive but North American often wins on pure price for healthy applicants seeking term coverage.
Scenario 4: 50-Year-Old With Mild Health Issues Seeking $1M GUL
Better Choice: Could Go Either Way
Both companies offer strong GUL products. North American is known for flexible underwriting that may offer better rates for certain health conditions. American National provides solid GUL with excellent service. Best approach: quote both and compare specific offers given your health details and underwriting classification.
Scenario 5: Family Wanting Comprehensive Coverage with Strong Service
Better Choice: American National
American National’s mutual company structure, comprehensive product portfolio, and strong customer service reputation make them ideal for families wanting one carrier for all needs. The traditional approach, dividend potential, and focus on long-term relationships appeal to those prioritizing stability and service over cutting-edge features.
Finding Your Fit
Ask yourself these questions:
- Do I value mutual company structure? → American National is policyholder-owned
- Am I seeking the most competitive term rates? → North American often wins
- Do I want traditional whole life with dividends? → American National’s specialty
- Am I focused on IUL for wealth accumulation? → North American leads in innovation
- Do I prioritize traditional stability? → American National’s 120-year approach
- Do I want cutting-edge products and features? → North American’s strength
Customer Service and Application Experience
Key insight: American National emphasizes personalized service and long-term relationships, while North American focuses on efficient processes and competitive underwriting.
Application Process Comparison
| Factor | American National | North American |
|---|---|---|
| Online Application | Available through agents | Available through agents |
| Application Time | Standard – comprehensive underwriting | Moderate – flexible underwriting options |
| Medical Exam | Required for most traditional policies | Required for most; some accelerated options |
| Approval Speed | 2-4 weeks typical | 2-4 weeks typical; accelerated available |
| Underwriting Flexibility | Traditional, thorough | More flexible, accommodating |
| Agent Network | Career agents and brokers | Primarily independent agents/brokers |
Customer Service Ratings
American National
- BBB Rating: A+ (Accredited)
- NAIC Complaints: Below average (good)
- J.D. Power: Above industry average
- Customer Reviews: Generally positive for service and stability
- Claims Paying: Excellent 120-year history
North American
- BBB Rating: A+ (Accredited)
- NAIC Complaints: Below average (good)
- Agent Satisfaction: High among independent agents
- Customer Reviews: Positive for competitive pricing and products
- Claims Paying: Excellent 139-year history
Understanding the Service Experience
Both companies have excellent customer service reputations with A+ BBB ratings and below-average complaint ratios. American National’s mutual company structure emphasizes long-term policyholder relationships and personalized service. North American is highly regarded by independent agents for responsive underwriting and competitive products. Either company provides reliable, professional service—your experience will largely depend on your specific agent or representative.
Underwriting Philosophy Differences
American National takes a traditional, comprehensive underwriting approach that thoroughly evaluates risk. North American is known among agents for more flexible underwriting, often finding ways to approve cases or offer better rates for certain health conditions or occupations. If you have health issues or non-standard situations, North American’s flexibility may work in your favor. If you’re in excellent health, both companies will offer competitive classifications.
Advantages of Choosing American National
Key insight: American National’s strengths center on mutual company benefits, traditional whole life products, dividend history, and long-term policyholder focus.
American National’s Core Advantages
- Mutual Company Structure: Owned by policyholders, profits are returned through dividends and benefits
- Strong Dividend History: Participating whole life has paid consistent dividends for decades
- Traditional Whole Life Excellence: Conservative, reliable products with guaranteed growth
- A+ Superior Rating: Among the highest financial strength ratings available
- 120-Year Track Record: Proven stability through every economic cycle
- Comprehensive Portfolio: All product types from one trusted carrier
- Excellent Customer Service: Above industry-average satisfaction and low complaints
- BBB A+ Accredited: Outstanding consumer reputation
- Conservative Management: Prudent investments and strong reserves
- Policyholder-Focused: Decisions prioritize long-term member value
When American National is the Smart Choice
You Value Mutual Company Benefits
Policyholder Ownership: If you appreciate the concept of owning your insurance company rather than enriching external shareholders, American National’s mutual structure aligns perfectly. Profits flow back to policyholders through dividends, enhanced benefits, and conservative management focused on long-term member value.
You Want Traditional Whole Life Insurance
Dividend-Paying Strength: American National’s participating whole life products offer guaranteed cash value growth plus annual dividends that have been paid consistently for decades. If you want predictable, traditional permanent coverage with dividend potential, this is American National’s core strength.
You Prioritize Stability and Service
Long-Term Relationships: American National emphasizes building lasting customer relationships with personalized service and traditional values. If you want one trusted company for all family insurance needs with excellent customer service, American National’s approach is ideal.
You Prefer a Conservative Approach
Traditional Values: If you’re more comfortable with proven, traditional products and conservative management rather than cutting-edge innovation, American National’s 120-year approach provides peace of mind and predictable performance.
Advantages of Choosing North American
Key insight: North American’s strengths center on indexed universal life innovation, competitive pricing, flexible underwriting, and strong accumulation features.
North American’s Core Advantages
- Industry-Leading IUL Products: Innovative indexed universal life with strong features
- Competitive Caps and Rates: Among the best participation rates and cap rates available
- Multiple Index Options: Variety of crediting strategies for different risk tolerances
- Aggressive Pricing: Often among the lowest-cost options for term and GUL
- Flexible Underwriting: More accommodating for health issues and occupations
- A+ Superior Rating: Exceptional financial strength with a 139-year history
- Product Innovation: Continuously adapting products to market needs
- Strong Accumulation Focus: Products designed for cash value growth
- BBB A+ Accredited: Excellent consumer reputation
- Agent-Friendly: Responsive underwriting and competitive products
When North American is the Smart Choice
You Want Indexed Universal Life
IUL Innovation Leader: North American’s IUL products are consistently ranked among the industry’s best with strong caps, multiple index options, and excellent accumulation features. If IUL is your focus—whether for retirement income or cash value growth—North American is a top-tier choice.
You’re Shopping for the Best Price
Competitive Rates: North American consistently offers competitive pricing, particularly on term life and GUL products. If you’re comparing multiple carriers and want to ensure you’re getting excellent value, North American deserves a quote for price comparison.
You Need Flexible Underwriting
Accommodating Approach: If you have health issues, work in a higher-risk occupation, or have other factors that might complicate traditional underwriting, North American is known for flexible, creative underwriting that often finds ways to approve cases at competitive rates.
You Focus on Cash Value Accumulation
Wealth Building: North American’s accumulation-focused IUL products are designed specifically for cash value growth with features that maximize accumulation potential. If building wealth through life insurance is your goal, North American’s products are engineered for this purpose.
Making Your Decision: Which Company is Right for You?
Key insight: The “right” choice depends on your priorities—traditional stability and mutual benefits versus competitive pricing and IUL innovation.
Decision Framework
Choose American National If:
- You value mutual company ownership
- You want traditional whole life with dividends
- You prioritize long-term stability
- You prefer conservative approach
- You want comprehensive family coverage
- You value strong customer service
- You like traditional values and relationships
- You want proven, predictable products
Choose North American If:
- You’re focused on IUL products
- You want competitive pricing
- You need flexible underwriting
- You prioritize cash value accumulation
- You want product innovation
- You’re seeking best term rates
- You value strong caps and participation rates
- You want a cost-effective GUL
Common Decision Scenarios
| Your Situation | Better First Choice | Why |
|---|---|---|
| 35-year-old seeking whole life with dividends | American National | Mutual company with strong participating whole life |
| 40-year-old wanting IUL for retirement income | North American | Industry-leading IUL products and features |
| 30-year-old shopping for a low-cost $500K term | North American | Typically, more competitive term pricing |
| Family wanting comprehensive coverage with great service | American National | Strong service reputation and policyholder focus |
| 45-year-old with health issues needing $1M GUL | North American | More flexible underwriting approach |
| Conservative investor wanting guaranteed growth | American National | Traditional whole life with predictable dividends |
| Wealth builder focused on cash value accumulation | North American | Accumulation-focused IUL products |
The Smart Approach: Compare Both
Both companies are excellent—your choice depends on priorities:
- American National excels at traditional whole life, mutual benefits, and service
- North American leads in IUL innovation, competitive pricing, and flexibility
- Both have identical A+ Superior ratings and century-plus track records
- Neither is universally “better”—they serve different customer preferences
Working with an independent agent who represents both companies ensures you get an objective comparison and personalized recommendations based on your specific situation and priorities.
Important Considerations
Don’t choose based solely on company name or structure. Both American National and North American are financially superior companies with excellent reputations. Your decision should be driven by:
- Which product type best fits your needs (traditional vs. innovative)
- Whether mutual company benefits matter to you
- Your priorities regarding price vs. features vs. service
- Whether you prefer traditional stability or cutting-edge products
Both companies will reliably honor their commitments for generations—choose based on which company’s philosophy and products align better with your personal preferences and financial goals.
Frequently Asked Questions
Which company has better financial strength ratings?
Both American National and North American have identical A+ (Superior) ratings from A.M. Best and A+ ratings from Standard & Poor’s. Both companies are among the most financially stable insurers in America with century-plus operating histories. Financial strength is essentially equal—this shouldn’t be a primary deciding factor between these two carriers.
What does it mean that American National is a mutual company?
A mutual company is owned by its policyholders rather than external shareholders. This means American National’s profits return to policyholders through dividends on participating policies, enhanced benefits, and conservative management focused on long-term member value rather than quarterly shareholder returns. This structure appeals to those who value policyholder ownership and long-term focus.
Which company offers better indexed universal life (IUL) products?
North American is generally considered the leader in IUL innovation with industry-leading caps, participation rates, and multiple index options. While American National offers competitive IUL products, North American has built a strong reputation specifically for IUL features and accumulation potential. If IUL is your primary focus, North American deserves serious consideration.
Who offers lower rates—American National or North American?
North American typically offers more competitive upfront pricing, particularly for term life and GUL products. American National provides value through mutual company benefits and dividends on participating whole life that reduce net cost over time. For pure price comparison on term coverage, North American often wins. For a whole life with dividends, American National’s value becomes clear over decades.
Which company is better for someone with health issues?
North American is known among agents for more flexible underwriting that often accommodates health issues more favorably. While both companies have comprehensive underwriting, North American’s approach may result in better rates or approvals for certain conditions. If you have health concerns, get quotes from both but expect North American may be more accommodating.
Does American National pay dividends on all policies?
No, only participating whole life policies are eligible for dividends. Term life, universal life, and other products don’t receive dividends. American National has a strong history of paying dividends to participating policyholders, though dividends are not guaranteed and vary based on company performance. The dividend history has been consistent for decades.
Which company has better customer service?
Both companies have A+ BBB ratings and below-average complaint ratios. American National scores above industry average in J.D. Power studies and emphasizes long-term customer relationships. North American is highly regarded by independent agents for responsive service and competitive products. Both provide excellent service—your experience will largely depend on your specific agent or representative.
Can I get high coverage amounts from both companies?
Yes, both American National and North American routinely underwrite policies up to $10 million and beyond for qualified applicants. Both have the capacity and expertise for high-net-worth individuals and substantial coverage needs. Neither has an advantage in maximum coverage limits—both can handle large cases effectively.
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