North American Company is one of our top picks for the best no-medical exam life insurance companies due to their innovative approach in offering policies without requiring a medical examination. However, before you purchase a policy from North American, it’s important to gather more information about the company to ensure that it is the right fit for you. Keep reading this North American Company review for a more detailed look at their policies, financial strength, and customer satisfaction.
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Review of North American Company
North American specializes in life and health insurance. They are a privately owned company and they are quite conservative when it comes to investments. This means your money is likely to be safe and they take protecting their assets seriously.
North American Company Ratings
North American Company is a top rated insurance company and has been rated by at least two of the most notable financial institution rating organizations out there: A.M. Best and Standard & Poor’s. Both of these companies have awarded North American Company a great rating and this should put consumers at ease.
A.M. Best rated North American Company an A+. An A+ rating means “Superior” and is one of the highest ratings possible. Not many life insurance agencies get an A+ from A.M. Best, so it really speaks volumes about North American Company.
Standard & Poor’s rated North American Company an A+. This is a “Strong” rating, and as was the case with A.M. Best, this rating is not given to very many life insurance companies. Standard & Poor’s high rating for North American really says a lot.
Two A+s! That’s a great report card for North American Company. If you are considering to purchase a life insurance policy from North American, then these ratings should make you feel good about your choice!
North American Company Ratings as of April 2020:
- A.M. Best rating: A+
- S&P rating: A+
- Moody’s rating: n/a
- Fitch rating: A+
- Comdex ranking: 89
North American Company underwrites policies for the elderly. A lot of life insurance companies will not underwrite a policy for elderly persons, and if they do, the coverage isn’t that great. Not the case with North American! North American insures people up to 85 years old.
You have a great chance at getting a top rate class – even if you have some health problems. Unlike other insurance companies, North American won’t automatically hike the price on insurance just because of your health.
Even things like high blood pressure won’t necessarily disqualify you from a really great rating class. The underwriters at North American Company are creative and work hard to get you the very best rate possible.
Term Life Insurance Polices offered by North American
North American offers two term life insurance products, LifeVue and ADDvantage.
LifeVue Simplified Issue Life Insurance
This is a life insurance policy that comes in 15, 20 and 30 year terms. As a simplified issue term policy you will answer medical questions, but will not take a paramedical exam. You will also not have to do a blood test or offer a urine sample.
Snapshot of LifeVue Simplified Issue
- Death Benefit: $50,000-$500,000
- Eligibility: 18-50
- Approval Time: Usually less than 30 minutes
- Classes: 7 different classes
- Riders: Accelerated Death Benefit option
This is a fixed premium and face amount level term life insurance policy that requires a medical exam.
Snapshot of ADDvantage Term
- Terms: 10, 15, 20 and 30 year
- Custom options available
- Possible to convert
Universal Life Insurance
North American offers various Universal Life Insurance policies:
Custom GrowthCV: the main benefit is that it builds cash value
Custom Guarantee: Guarantee death benefit up to 120 and over 100 you don’t pay premiums!
Custom TermGUL: great for people who do not want to spend a lot on a life insurance policy
Indexed Universal Life
North American Company has some interesting Indexed Universal Life policies:
Builder IUL: this for people looking for long-term cash value accumulations
Guarantee Builder IUL: This life insurance policy provides a guaranteed death benefit up to 120 years of age.
Rapid Builder IUL: This is a builder, but with early cash value accumulation and early access to it.
Survivorship GIUL: This offers coverage for two people; after one dies, the survivor will receive the death benefit.
North American Company Life Insurance Rates
One of the best aspects of North American is that they are really competitively priced. The company offers competitive term life insurance rates for all ages.
North American Company’s Potential Drawbacks
As a fair and neutral North American Company review, we have to mention some potential drawbacks or cons. However, it’s worth noting that there aren’t many negative things to say about North American Company Life Insurance. With excellent ratings and a range of great products, it’s clear that they stand out as one of the best life insurance companies in the market.
One aspect that sets North American Company apart is that you can’t purchase their policies from just any agent or broker. They have a selective approach and only work with trusted and reputable life insurance agents. While this may limit your options for purchasing a policy, it ensures that you’re working with a knowledgeable and experienced agent who can provide the best guidance and advice for your individual needs.
North American Company…is it right for you?
One other potential drawback of choosing North American Company for your life insurance policy is that it means you won’t be able to purchase from another company that may be better suited to your specific needs.
For instance, if you have a pre-existing medical condition, there may be a life insurance company that specializes in covering people with similar conditions. While North American Company offers a range of products that can meet the needs of many people, it may not be the best fit for everyone.
That’s why it’s important to compare and contrast multiple life insurance companies to ensure you’re getting the best policy for your unique situation. However, we understand that shopping around can be time-consuming and overwhelming. That’s where we come in.
As experienced experts in the life insurance industry, we have extensive knowledge of North American Company and numerous other top life insurance companies. By taking the time to understand your specific needs, we can help you determine which company and policy is truly the best fit for you. So, whether it’s North American Company or another insurer, you can feel confident that you’re making an informed decision.