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North American life insurance review

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Wide options for coverage amounts and living benefits riders

finder.com’s rating: 4.5 / 5.0

★★★★★

  • Get a quote if … you’re looking for coverage options beyond term and traditional universal life insurance.
  • Look elsewhere if… you’re not in the best health.

18 to 72

Issue Age

$100,000 to $5,000,000

Coverage

Required for all but simplified issue term insurance

Medical Exam Required

Details

Free quote Free online quote for term insurance
Policy options Term, Universal, Indexed universal, Guaranteed universal
Term lengths 10, 15, 20 and 30
Monthly cost $12.98
Claim methods Phone, email, postal mail or fax
Ratings BBB: A+
Available states All 50 states
Customer support Phone, email
Riders Accelerated death benefit, waiver of term premium for disability, children’s term insurance , premium guarantee, guaranteed insurability, estate preservation, survivorship policy split exchange

Expert review

Heather Petty

Review by


Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

North American is a longstanding insurer with a great financial reputation and competitive rates. But if you’re looking for policy options outside the term and universal coverage options, shop around to see what other insurers can offer you.

What types of life insurance coverage does North American offer?

Choose from the following life insurance options:

  • Term life. North American offers a convertible policy with a $100,000 minimum benefit and a free accelerated death benefit rider, a stripped-down non-convertible term policy without added benefits and a simplified issue policy that does not require a medical exam.
  • Universal life. This coverage comes with policy and interest bonuses if the cost of life insurance drops below what you’re paying or interest rates increase over your guaranteed rate. You can also get a net-zero cost loan on the surrender value of the policy after paying your premiums for six years.
  • Guaranteed universal life. North American offers a couple of guaranteed, low-cost plans with accelerated benefit riders and face-value options as low as $25,000.
  • Indexed universal life. With four plan options, choose whether you want to up your risk to earn more cash value, have guaranteed premium, or offer survivorship benefits to a partner.

What riders can I add to my life insurance policy?

North American offers riders to customize your life insurance policy, such as:

  • Accelerated death benefit. Allows you to take out 75% of your death benefit to help cover bills if you suffer from a chronic or terminal illness.
  • Waiver of term premium for disability. Waives your insurance premiums if you become totally disabled and unable to work for over six months.
  • Children’s term insurance rider. Adds a small death benefit to your coverage to help cover funeral expenses if one of your children dies while your policy is active.
  • Premium guarantee. Allows you to extend the guaranteed death benefit period up to 120 years old.
  • Guaranteed insurability. Allows you to purchase additional insurance without taking a medical exam or otherwise prove your insurability.
  • Estate preservation. For the Survivorship policy, provides an additional death benefit of 125% of the current plan’s face value if both people insured on the policy die within the first four years.
  • Survivorship policy split exchange. Allows you to split your Survivorship policy into two individual policies. But you’ll have to go through proof of insurability again, including a medical exam. You can split without proof of insurability, if your situation meets certain criteria, such as a divorce or closing of a business.

How much does North American cost?

The quote system North American provides mostly bases its rates on age, gender and coverage amount. You can view the underwriting classes and the criteria for each, to get a better idea of what you’ll pay.

We compared sample quotes for monthly premiums on a $250,000 term life insurance policy for nonsmokers in excellent health. These rates are about average for this term and coverage amount.

10-year term15-year term20-year term30-year term
Man, age 30$12.98$14.30$12.98$14.30
Woman, age 30$11.66$12.76$14.30$20.46
Man, age 40$16.50$18.70$22.66$36.53
Woman, age 40$14.96$16.50$19.80$29.92

How do I get a low rate?

North American has a super preferred class for non-smokers that comes with low rates. To qualify you’ll have to meet these strict health guidelines:

  • No use of tobacco or nicotine-based products for three years.
  • No death or diagnosis of coronary artery disease or cancer before age 60 for parents or siblings.
  • Keep healthy blood pressure levels with no past high blood pressure concerns.
  • Meet strict cholesterol requirements.
  • No personal medical history of heart-related diseases, diabetes or cancer.
  • No history of drug or alcohol dependence for the past 10 years.
  • No DUI, reckless driving and other moving violations.
  • Be within a healthy weight range based on your height.

Pros and cons North American life insurance

Pros

  • Privately-owned company. Because North American isn’t publicly traded, the company focuses more on providing for its customers than making money for shareholders.
  • Competitive rates. While the quote tool doesn’t factor in much information, the rates shown are better than average, sometimes by more than 15%.
  • Financially stable. The company has an A+ financial stability rating with AM Best, Fitch and Standard & Poor’s.

Cons

  • No online application. If you want a North American policy, you need to call one of its agents.
  • Few customer reviews. A company without online complaints or reviews may signal it’s doing something right, but it also means you don’t know what to look out for.

Compare alternatives to North American

Name Product Issue Ages Minimum Coverage Maximum Coverage Medical Exam Required
Bestow
21 - 54 years old
$50,000
$1,000,000
No
Affordable 10- and 20-year term life insurance policies with instant quotes and no medical exams.
LadderLife™ Life Insurance
20 - 60 years old
$100,000
$8,000,000
No
Term life insurance with no policy fees and the freedom to cancel anytime. Simple application process that can get you approved for coverage instantly.
Policygenius
18 - 85 years old
$10,000
$10,000,000+
Depends on provider and policy
Compare affordable quotes from 12+ A-rated life insurance companies side-by-side.
Fabric
25 - 60 years old
$100,000
$5,000,000
No
Get affordable term life insurance with accelerated underwriting or no-exam coverage up to $1,000,000. Available in all states except CA, NY and MT.
Haven Life
18 - 64 years old
$100,000
$3,000,000
No
Customized term life insurance policies up to $3 million, no medical exam for certain applicants.
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Compare up to 4 providers

North American life insurance reviews and complaints

North American is accredited with the Better Business Bureau (BBB) and has an A+ rating. The company has 13 complaints filed in the past three years, with seven closed in the last year, which is a surprisingly small number for a company of its size.

There aren’t many customer complaints or reviews outside the BBB either, but a majority of comments point to a good customer service experience with a few claims that took longer than expected.

How do I sign up for North American life insurance?

To apply for coverage, you need to contact a North American insurance agent, but you can get a free quote online to see what you might pay for term life insurance.

  1. From the home page, hover over Life Insurance and select Free Term Quote from the drop-down menu.
  2. Enter your birthdate, state of residence, gender and how much term coverage you want.
  3. Click Submit to see your term life insurance options.

Frequently asked questions about North American

Life insurance ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.

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