🎯 Bottom Line Up Front
This comprehensive comparison examines Assurity and North American Company side-by-side across key factors: financial strength, product offerings, pricing strategy, customer service, and ideal customer profiles. We’ll explore each company’s distinct strengths and help you determine which insurer aligns better with your specific life insurance needs and financial goals.
Understanding Assurity and North American: Company Overview
Key insight: Both companies have deep roots in American insurance history and operate as non-publicly-traded entities with a strong policyholder focus—but serve their markets quite differently.
Assurity Life Insurance
Assurity was founded in 1890 and operates as a mutual company, meaning policyholders own the company rather than shareholders. In 2007, Assurity restructured through the merger of three longstanding insurers: Woodmen Accident and Life, Security Financial Life, and Lincoln Direct Life. This combination brought together over a century of combined insurance experience. Headquartered in Lincoln, Nebraska, Assurity operates in 49 states (excluding New York, where a subsidiary handles coverage).
Assurity Life Insurance
- Founded in 1890 (135 years)
- Restructured/rebranded in 2007
- Mutual company (policyholders own it)
- Headquarters in Lincoln, Nebraska
- A- (Excellent) from A.M. Best
- Operates in 49 states
- $22+ billion in life insurance in force
Assurity’s Mission: B Corporation Certified
In 2015, Assurity became a Certified B Corporation—the largest insurance company to achieve this distinction. This means Assurity meets the highest standards of social and environmental performance, legal accountability, and public transparency. The company focuses on serving families and businesses with straightforward, competitively-priced insurance products.
North American Company
North American was founded in 1886 (originally as North American Accident Association) and is now part of Sammons Financial Group, a large, privately-held financial services company. Unlike publicly-traded insurers, North American is not subject to short-term earnings pressures from stockholders, allowing the company to focus on long-term policyholder value. The company is employee-owned through an ESOP structure and operates nationally.
North American Company
- Founded in 1886 (139 years)
- Part of Sammons Financial Group since 1996
- Privately held company
- Employee-owned through ESOP
- A+ (Superior) from A.M. Best
- National presence
- 463,000+ life insurance policies in force
Distribution Model Difference
Assurity: Sells directly to consumers and works with independent agents. More accessible for individual shopping online or by phone.
North American: Primarily works through licensed financial professionals and agents. Emphasizes comprehensive financial planning rather than direct-to-consumer sales.
Financial Strength and Stability Comparison
Key insight: Both companies demonstrate excellent financial stability. North American holds a higher rating, but both are financially sound with strong claims-paying track records.
| Rating Agency | Assurity | North American | What It Means |
|---|---|---|---|
| A.M. Best | A- (Excellent) | A+ (Superior) | North American is one tier higher; both excellent |
| Standard & Poor’s | Not rated | A+ (Strong) | North American has additional validation |
| Fitch Ratings | Not rated | A+ (Stable) | North American is rated by three agencies |
| Years in Business | 135 years | 139 years | Both demonstrate remarkable longevity |
Financial Stability Verdict
Both companies are financially sound. North American’s A+ rating reflects its position as a larger, more comprehensive financial services player, while Assurity’s A- rating is excellent and demonstrates strong stability for its market focus. Both companies honor their claims reliably—North American paid over $547 million in death claims in 2024 alone.
Historical Performance
Assurity
Stable & Consistent: Maintained A- rating from A.M. Best since 2019. As a mutual company, Assurity has weathered economic cycles by focusing on policyholder interests rather than shareholder pressure. Successfully navigated the 2008 financial crisis and multiple recessions.
North American
Strength Through Ownership: Part of Sammons Financial Group since 1996, which has reinforced its capital position and financial stability. Employee-ownership through an ESOP structure aligns employee interests with long-term company success. Recent A+ ratings across multiple agencies confirm a strong position.
What This Means for You
Both companies have demonstrated their ability to honor commitments through multiple economic cycles. When choosing between them, focus on products, pricing, and which company’s approach matches your needs. Both are reliable, established insurers with proven track records.
Product Offerings: What Each Company Provides
Key insight: Assurity specializes in straightforward, accessible products with simplified underwriting. North American focuses on sophisticated permanent life solutions, especially indexed universal life (IUL) for comprehensive financial planning.
Assurity Products
| Product | Term Lengths | Key Features |
|---|---|---|
| Term Life (Accelerated Underwriting) | 10, 15, 20, 30 years | Fast approval, simplified underwriting |
| Whole Life | Lifetime | Permanent, cash value, dividends |
| Simplified Issue Whole Life | Lifetime | Limited underwriting, competitive rates |
| Universal Life | Lifetime | Flexible premiums, cash value growth |
| Single Premium Whole Life | Lifetime | One lump sum payment, legacy planning |
North American Products
| Product | Term Lengths | Key Features |
|---|---|---|
| ADDvantage Term Life | 10, 15, 20, 30 years | Living benefits included, conversion option |
| Whole Life | Lifetime (to age 100) | Permanent, guaranteed cash value |
| Universal Life | Lifetime | Flexible premiums, interest-sensitive |
| Builder Plus IUL 4 | Lifetime | Max-funded, tax-free income stream |
| Smart Builder IUL 3 | Lifetime | Market-linked growth, downside protection |
| Protection Builder IUL 2 | Lifetime | Lower premiums, strong guarantees |
Assurity’s Strength: Simplicity & Value
- Straightforward product lineup
- Competitive pricing focus
- Simplified underwriting
- Accelerated approval
- No-exam options
- Direct-to-consumer accessibility
North American’s Strength: Permanent Life Solutions
- Three distinct IUL products
- Built-in living benefits
- Tax-advantaged income strategies
- Comprehensive underwriting
- Financial professional focus
- Long-term wealth building
Product Comparison Summary
Choose Assurity if you want straightforward term or whole life coverage, prefer simplified underwriting and quick approval, value competitive pricing, and want to shop directly for insurance.
Choose North American if you’re interested in permanent life insurance (especially IUL), want to work with a financial professional for comprehensive planning, seek tax-advantaged strategies, or need built-in living benefits.
Pricing Philosophy and Value Comparison
Key insight: Assurity focuses on competitive rates and value pricing. North American emphasizes features and benefits over minimum pricing, reflecting a more comprehensive planning approach.
Life insurance pricing is highly individualized. Both companies offer competitive rates for different market segments and underwriting approaches.
Sample Rate Comparison: $250,000 / 20-Year Term
| Age/Gender | Assurity (Approx.) | North American (Approx.) | Typical Pattern |
|---|---|---|---|
| 30-year-old Male | $14-18/month | $16-22/month | Assurity competitive |
| 30-year-old Female | $12-16/month | $14-19/month | Assurity competitive |
| 45-year-old Male | $48-60/month | $52-68/month | Assurity competitive |
| 45-year-old Female | $42-52/month | $46-60/month | Assurity competitive |
Important Pricing Notes
These are approximate ranges for healthy, non-smoking applicants. Actual rates depend on detailed health information, lifestyle factors, and occupation. Both companies offer competitive pricing for their respective markets. Get personalized quotes from both for an accurate comparison.
Value Considerations Beyond Price
Assurity’s Value Proposition
- Competitive Rates: Focus on delivering the best value pricing in the marketplace
- Fast Approval: Quick decisions mean you’re protected faster
- Simplified Underwriting: Less complexity saves time and hassle
- B Corporation Values: Certified commitment to social and environmental responsibility
- Direct Access: No intermediaries means a straightforward shopping experience
North American’s Value Proposition
- Living Benefits Included: Critical, chronic, terminal illness acceleration built in
- Professional Guidance: Work with experienced agents for customized planning
- Tax-Advantaged Strategies: IUL products designed for long-term wealth building
- Conversion Flexibility: Term converts to permanent with no additional underwriting
- Comprehensive Service: Ongoing support from financial professionals
The Price Verdict
Assurity generally offers better pricing for straightforward term and whole life coverage. North American’s slightly higher pricing reflects the added value of living benefits, professional planning, and comprehensive underwriting. Choose based on what matters to you: lowest rates (Assurity) or comprehensive benefits and guidance (North American).
Target Markets: Which Company Serves Each Best
Key insight: Assurity targets individuals seeking affordable, straightforward coverage. North American serves those seeking comprehensive financial planning and sophisticated permanent insurance strategies.
Assurity’s Ideal Customers
- Ages 18-65 (primary range)
- Seeking affordable coverage
- Want simplified underwriting
- Prefer quick approval
- Value straightforward products
- Shop directly for insurance
- Focus on competitive pricing
North American’s Ideal Customers
- Ages 30-60+ (working with professionals)
- Seeking permanent life insurance
- High-income earners
- Business owners
- Tax-planning focused
- Want professional guidance
- Interested in IUL for wealth building
Detailed Scenario Analysis
Scenario 1: 28-Year-Old, Seeking $250K Term, Budget-Conscious
Better Choice: Assurity — Assurity specializes in affordable term coverage with competitive rates and fast approval. Perfect for someone prioritizing budget and simplicity.
Scenario 2: 45-Year-Old Business Owner Seeking $1M IUL for Tax Planning
Better Choice: North American — North American’s IUL expertise, tax-advantaged strategies, and financial professional network make it ideal for sophisticated planning needs. Assurity doesn’t offer IUL products.
Scenario 3: 35-Year-Old, Wants Term But Might Convert to Permanent Later
Either company works well — Assurity offers straightforward conversion options. North Americans’ conversion privilege is never less than 5 years. Assurity is good for initial, affordable coverage; North American if future IUL conversion is likely.
Scenario 4: 50-Year-Old, Wants Living Benefits for Critical Illness Protection
Better Choice: North American — North American’s ADDvantage Term includes built-in living benefits at no extra cost. Assurity’s products are simpler but don’t emphasize living benefits.
Finding Your Fit
Ask yourself these questions:
- Am I prioritizing low price and fast approval? → Assurity
- Do I want to work with a financial professional? → North American
- Am I interested in permanent life insurance (IUL)? → North American exclusively
- Do I prefer shopping directly? → Assurity
- Is tax-advantaged wealth building important? → North American
- Do I want living benefits included? → North American
Customer Service and Application Experience
Key insight: Assurity prioritizes straightforward online/phone accessibility. North American emphasizes professional-guided experience through licensed agents.
Application Process Comparison
| Factor | Assurity | North American |
|---|---|---|
| Online Quote | Yes – instant | Available through agents |
| Online Application | Yes – streamlined | Yes – through the WriteAway process |
| Direct Shopping | Yes – consumer-facing | Through the agent network |
| Approval Speed | Fast – days to 1 week | Moderate – 48-72 hours accelerated possible |
| Complexity Level | Simplified, straightforward | Comprehensive, detailed |
| Online Policy Portal | Yes – recently launched | Yes – comprehensive |
Customer Service Ratings
Assurity
- BBB Rating: A+
- NAIC Complaints: 0.95 (below average)
- Customer Satisfaction: Strong reviews
- B Corporation: Certified social commitment
- Employee Engagement: 91st percentile (Gallup)
North American
- BBB Rating: A+ (not accredited)
- NAIC Complaints: 0.37 (very low)
- Customer Satisfaction: Professional approach
- Death Claims Paid (2024): $547 million
- Employee-Owned: ESOP structure
Understanding the Ratings
Both companies have excellent complaint ratios and BBB ratings. Assurity’s newer policyholder portal reflects recent investments in digital experience. North American’s very low complaint ratio (0.37) indicates exceptional customer satisfaction with their professional-guided approach. Both reliably pay claims.
Professional Insight
“In our experience, Assurity excels for straightforward term life shopping—fast, simple, and affordable. North American shines when clients need comprehensive planning, permanent life solutions, or ongoing professional guidance. Both deliver reliable service and honor claims promptly.”
– InsuranceBrokers USA – Management Team
Advantages of Choosing Assurity
Key insight: Assurity’s strengths center on accessibility, affordability, and simplicity—making them excellent for individuals seeking straightforward coverage with competitive pricing.
Assurity’s Core Advantages
- Competitive Pricing: Focus on delivering value across term and whole life products
- Fast Approval Process: Accelerated underwriting means coverage quickly
- Simplified Underwriting: Less medical complexity, fewer barriers to coverage
- No-Exam Options: Up to $500K-$1M without medical exams for healthy applicants
- Straightforward Products: Easy to understand options without overwhelming complexity
- Mutual Company Structure: Policyholders own the company; focus on member interests
- B Corporation Certified: Commitment to social and environmental responsibility
- Direct-to-Consumer Access: Shop online or by phone without an agent requirement
- Strong Financial Rating: A- from A.M. Best ensures stability
- Excellent Reputation: BBB A+ and positive customer reviews
When Assurity is the Smart Choice
You Need Affordable Coverage Fast
Perfect Fit: Assurity’s combination of competitive rates and quick approval is ideal if you want protection in days, not weeks. Perfect for someone just realizing they’re uninsured.
You Want Simplified Underwriting
Streamlined Path: Assurity’s accelerated underwriting with no-exam options available up to $500K-$1M eliminates complexity for straightforward cases. Get approved faster with less hassle.
You Prefer Direct Shopping
Independent Control: Assurity’s direct-to-consumer model means you can shop online, get quotes instantly, and apply without agent involvement. Full control of the process.
You Value Mutual Company Values
Policyholder Focus: Assurity’s mutual structure and B Corporation certification mean the company prioritizes member interests and social responsibility, not shareholder profits.
Advantages of Choosing North American
Key insight: North American’s strengths center on sophisticated permanent life solutions, professional guidance, and comprehensive benefits—ideal for comprehensive financial planning.
North American’s Core Advantages
- IUL Expertise: Three distinct indexed universal life products designed for wealth building
- Living Benefits Included: Critical, chronic, and terminal illness acceleration built into ADDvantage Term
- Tax-Advantaged Strategies: Builder Plus IUL 4 is designed for tax-free income streams
- Professional Guidance: Work with licensed agents for comprehensive financial planning
- Conversion Options: Term converts to permanent with no additional underwriting (minimum 5 years)
- Accelerated Underwriting: WriteAway process allows approval in 48-72 hours
- Very Low Complaint Ratio: 0.37 NAIC complaints (exceptional)
- Highest Financial Rating: A+ (Superior) from A.M. Best, plus S&P and Fitch A+ ratings
- Employee-Owned: ESOP structure aligns company interests with long-term success
- Century-Plus History: 139 years serving clients through economic cycles
When North American is the Smart Choice
You’re Interested in Permanent Life Insurance
Comprehensive Options: North American’s IUL, whole life, and universal life products provide sophisticated permanent coverage. Assurity doesn’t offer IUL. Perfect if you’re building long-term wealth.
You Want Professional Guidance
Expert Partnership: Work with licensed financial professionals who understand your complete financial picture and can recommend customized solutions beyond just life insurance.
You Need Living Benefits
Included Protection: North American’s built-in living benefits for critical, chronic, and terminal illness provide access to death benefits while living, not as an add-on cost.
You’re Planning for Tax-Advantaged Income
Wealth Strategy: North American’s Builder Plus IUL 4 is specifically designed to provide tax-free income streams for retirement supplementation—perfect for high-income earners.
Making Your Decision: Which Company is Right for You?
Key insight: The “right” choice depends entirely on your specific situation—there’s no universally superior company, only the best fit for your individual needs.
Decision Framework
Choose Assurity If:
- You need affordable term coverage
- You want fast approval
- You prefer direct shopping
- You want simplified underwriting
- You’re budget-conscious
- You prefer a mutual company structure
- You want no-exam options
Choose North American If:
- You’re interested in IUL
- You want professional guidance
- You need living benefits
- You’re seeking tax-advantaged strategies
- You want comprehensive planning
- You value higher ratings
- You need permanent life insurance
Common Decision Scenarios
| Your Situation | Better First Choice | Why |
|---|---|---|
| 30-year-old, need $300K term, budget-conscious | Assurity | Best pricing and fastest approval |
| 50-year-old business owner, seeking $1M IUL | North American | IUL expertise, tax planning focus |
| 40-year-old, wants a term with living benefits | North American | ADDvantage includes living benefits built in |
| 25-year-old, first-time buyer, wants online shopping | Assurity | Direct shopping, fast approval, and affordable |
| 55-year-old wants wealth building with life insurance | North American | IUL for tax-free income, professional guidance |
The Smart Approach: Compare Both
Why choose without comparing? The smartest strategy is obtaining quotes from both Assurity and North American for your specific situation. Pricing and offerings can vary significantly based on your unique profile. What matters most is:
- Which company offers better rates for YOUR specific age, health, and coverage needs
- Which products align with YOUR specific goals
- Which application process suits YOUR timeline and preferences
Working with an independent agent who represents both companies ensures you get an objective comparison and the best possible outcome.
Important Considerations
Don’t choose based on company name alone. Both Assurity and North American are reputable, financially sound companies with proven track records. Your decision should be driven by:
- Which products fit your specific needs
- Which offers better pricing for your profile
- Which application process matches your preferences
- Which company is designed to serve people in your situation
Both companies will reliably honor their commitments—choose based on practical fit, not brand loyalty.
Frequently Asked Questions
Which company has better financial ratings?
North American holds an A+ (Superior) rating from A.M. Best, plus ratings from S&P and Fitch. Assurity maintains an A- (Excellent) rating from A.M. Best. North American’s higher rating reflects its scale within Sammons Financial Group, while Assurity’s A- is excellent for a mutual company of its size.
Can I get life insurance without a medical exam?
Assurity offers no-exam options up to $500K-$1M for healthy applicants. North American’s ADDvantage Term can be obtained with accelerated underwriting (48-72 hours). Both offer paths to simplified underwriting, but Assurity specializes in no-exam options.
Does Assurity offer indexed universal life (IUL)?
No. Assurity specializes in straightforward term, whole life, and universal life products. North American is the clear choice if IUL for tax-advantaged wealth building is your goal.
Who is cheaper—Assurity or North American?
Assurity generally offers better pricing for straightforward term and whole life coverage. North American’s slightly higher pricing reflects the added value of living benefits, professional planning, and comprehensive underwriting. Get personalized quotes from both for an accurate comparison.
Which company is better for working with a financial professional?
North American emphasizes working with licensed financial professionals for comprehensive planning. Assurity focuses on direct-to-consumer shopping. If you prefer professional guidance, North American is designed for that approach.
How fast is approval from each company?
Assurity emphasizes fast approval (days to 1 week) with simplified underwriting. North American can provide accelerated approval in 48-72 hours through WriteAway, but it typically takes longer for comprehensive cases. If speed is critical, Assurity has an advantage.
Does North American include living benefits?
Yes. North American’s ADDvantage Term includes built-in accelerated death benefits for critical, chronic, and terminal illnesses at no additional cost. This is a significant value advantage over basic term products.
Ready to Compare Assurity and North American for Your Situation?
Don’t guess which company is better for you—let’s get you actual quotes from both Assurity and North American so you can make an informed decision based on real rates and coverage options tailored to your specific needs.
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About InsuranceBrokers USA
As independent insurance brokers, we represent both Assurity and North American, allowing us to provide objective comparisons and help you choose the company that best fits your specific situation. We have extensive experience placing policies with both carriers and understand their respective strengths and specialties.
Our Comprehensive Services Include:
- Side-by-side comparison of Assurity and North American quotes
- Objective analysis of which company fits your needs
- Application assistance for either company
- Access to additional carriers beyond Assurity and North American
- Ongoing service and policy reviews
- No-cost consultation and quote comparison
Disclaimer: This comparison provides educational information about Assurity Life Insurance Company and North American Company for Life and Health Insurance for informational purposes only and does not constitute insurance, financial, or legal advice. Information is current as of 2025 but insurance products, pricing, ratings, and company details are subject to change. Actual rates, approval times, product availability, and coverage options vary significantly based on individual circumstances including age, health, state of residence, coverage amount, and other factors. The rate ranges and comparisons provided are approximate and for illustrative purposes—your actual quotes may differ substantially. Neither company is universally “better”—the right choice depends on your specific needs, situation, and preferences. We encourage working with independent insurance professionals who can provide personalized quotes from multiple carriers. This content should not be your sole basis for choosing life insurance—consult with licensed professionals for guidance specific to your situation.
