Since 1886, North American Company for Life and Health Insurance has been a top provider of life insurance and annuities to consumers throughout the United States.

While there are many reasons to turn to the North American Company for indexed universal life insurance (IUL), it all starts with the foundation that the company was built on.

Today, there are more than 600,000 North American life insurance policies and annuity contracts in the books. If that’s not impressive enough, North American paid out roughly $406 million in life insurance death claims in 2017 alone.

No, North American is not the largest or most well known brand in the life insurance industry. However, when you consider its stability over the course of 130+ years, you can’t go wrong by at least learning more about the company. 

The Good

Strong Financial Rating

Buying indexed universal life insurance is a big decision. Not only does it impact your budget, but it also has a lot to do with the future well being of your loved ones.

You can’t afford to take the risk of buying life insurance from a company without a strong financial rating. Fortunately, you don’t have to worry about this with North American. Here is a list of its current ratings:

  • A+ (Superior) A.M. Best
  • A+ (Strong) S&P Global Ratings
  • A+ (Stable) Fitch Ratings
  • A+ Better Business Bureau

There may be some room for improvement, but North American is definitely in the upper tier of the industry when it comes to financial ratings. 

Multiple Policies to Choose From

With North American, you never have to worry about being cornered into buying one particular type of policy. The company offers multiple products, with the two most poplar being:

For example, the product highlights of Builder Indexed universal life insurance include:

  • Earn interest based on the movement of a stock market index, all without the risk of directly investing your funds
  • Access to the accumulated cash value through policy loans and withdrawals
  • Ability to access a portion of your death benefit to cover expenses associated with an unexpected illness

Regardless of the product you choose, indexed universal life insurance provides a death benefit to your beneficiary, all while your policy builds cash value. You have the choice to allocate your premium payments to either an index account or fixed account. 

Strong Historical Performance

Although you’re in position to build cash value through your policy, there’s no guarantee. However, when you get involved with the right company, you have a better chance of above average returns.

North American has a long history of strong performance in this area, with the following options available to you:

  • S&P 500
  • Russell 2000
  • EURO STOXX 50
  • Multi-Index
  • S&P MidCap 400
  • NASDAQ-100 

Strong Performance For Income

One of the main reasons people use IUL’s is to generate income for retirement. North American has a great product that ranks very highly in competitive income analysis.

If you want income in the future you can’t go wrong with North American. 

The Not So Good

North American’s IUL is very strong, but we still had to find a few down sides to list.

Average Customer Service Experience

This isn’t to say that North American won’t pay out your death benefit when the time comes. Instead, its average customer service experience is associated with day-to-day communication with current and prospective customers.

For example, finding a financial professional to help you purchase North American life insurance is easier said than done.

If you can deal with a few service hiccups, all while knowing you’ll eventually get what you need, this isn’t too big of a deal. 

Slightly Higher Pricing

When buying indexed universal life insurance, your premium is always a big deal.

North American is far from the most expensive company, but its prices are slightly higher than the cheapest IUL rates.

As you compare North American premiums to other companies, consider what you get in exchange for your money. You may be okay with paying a little bit more, since North American has such a long history of success, as well as the ability to build cash value. 

Final Word

North American Company for Life and Health Insurance is one of the top providers of indexed universal life insurance.

Once you take a closer look at North American and its products, there’s a good chance you’ll add the company to your shortlist.

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