North American Life Insurance Products and Services

North American life insurance products and services are designed to provide financial security for individuals and families. These products can help cover funeral expenses, pay off outstanding debts, and provide ongoing income for dependents.

Term life insurance is a popular option for those who want affordable coverage for a specific period. This type of insurance pays out a death benefit if the policyholder passes away during the term.

Whole life insurance, on the other hand, offers a guaranteed death benefit and a cash value component that grows over time. This type of insurance can be more expensive than term life, but it provides a lifetime of coverage.

Some life insurance policies also offer riders, which can provide additional benefits such as long-term care coverage or disability income.

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North American Life offers a variety of annuity types to suit different needs and preferences. One of the annuities they provide is the Immediate Annuity, also known as the North American Income.

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This annuity is designed for those who want a steady income stream, and it's available with a minimum premium of $25,000. The maximum premium is $1 million, giving you flexibility in how much you invest.

North American does a good job of building customizability into their annuities, with seven payout options and several payout schedules to choose from.

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Fixed index annuities can be a great option for those looking for a low-risk investment with some potential for growth. They work by linking the interest earned to the performance of a specific stock market index, such as the S&P 500.

North American offers several fixed index annuities, including the VersaChoice 10℠ and the PrimePath Pro®. The VersaChoice 10℠ has some strong liquidity features, including the ability to withdraw up to 20% of the contract value after the first year with the enhanced liquidity benefit rider.

The PrimePath Pro® offers many different index options and crediting strategies, and is available with a surrender schedule of 10 or 12 years. You can mold this product to your liking, customizing it into the strategy that makes the most sense for you.

One of the benefits of fixed index annuities is that they often include a nursing home waiver, which can provide peace of mind for those who may need long-term care in the future. The VersaChoice 10℠, for example, includes this waiver.

Here are some key features of the VersaChoice 10℠:

It's worth noting that fixed index annuities can vary in their complexity, so it's a good idea to do some research and understand the pros and cons before making a decision.

The North American Guarantee Plus 5 Fixed Annuity is a 5-year annuity that offers a fixed interest rate of 4.25%.

It's a great option for those who want a predictable return on their investment.

You can take advantage of free withdrawals of interest, providing flexibility in your financial planning.

Withdrawals can be taken penalty-free, giving you more control over your money.

The annuity includes a fixed rate guarantee, so you know exactly what you'll get at the end of the 5-year term.

Here are the term options available for the North American Guarantee Choice℠:

Immediate annuities can be a straightforward way to generate a steady income stream.

The North American Income annuity, for example, is available with a minimum premium of $25,000 and a maximum of $1 million.

This annuity offers a range of payout options, with seven choices available to suit different needs.

North American does a good job of building customizability into their immediate annuities, making them a bit more complex than some other SPIAs.

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North American Life is a well-established company with a strong financial foundation. They have been rated by several reputable agencies, including A.M. Best, Standard & Poor's, and Fitch Ratings.

These agencies have given North American Life an A+ rating, which is the highest rating available. This means they have a superior ability to meet their ongoing obligations to policyholders.

According to A.M. Best, an A+ rating from them indicates a superior ability to meet policyholder obligations. This is a testament to the company's financial stability and security.

In addition to their A+ rating, North American Life has also been given a 5-star rating by Standard & Poor's, which means they have strong financial security characteristics. However, they are somewhat more likely to be affected by adverse business conditions than companies with higher ratings.

Fitch Ratings has also given North American Life an A+ rating, which denotes a low expectation of ceased or interrupted payments. This means the company has a strong capacity to meet policyholder and contract obligations.

Here is a summary of the ratings from the different agencies:

It's worth noting that North American Life has a Comdex Score of 89, which means they are in the top 89% of companies that have been rated by the rating services. This is a testament to their financial stability and security.

You can reach North American's customer service team by visiting their website at northamericancompany.com anytime. Their phone lines are open Monday through Thursday from 7:30 a.m. to 5:00 p.m. and Friday from 7:30 a.m. to 12:30 p.m., Central Time.

For life insurance assistance, call 877-872-0757 during those hours.

If you need help with a claim, you can call 877-733-2524 during the same hours.

You can also reach out to the customer care team via email at [email protected].

Beneficiaries will need to send downloaded claim forms through U.S. mail to North American Life Insurance at One Sammons Plaza, Sioux Falls, South Dakota, 57193.

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North American Life offers a variety of insurance products to meet different needs. They have a range of life insurance options, including term life, universal life, and indexed universal life policies.

Their pricing is generally in the middle of the pack compared to other companies. This means they offer competitive rates without sacrificing too much in terms of features or coverage.

North American also sells several types of annuities, spanning various categories. Annuities can provide a steady income stream in retirement, and North American's products may be worth considering for those planning ahead.

North American's policies offer an accidental death benefit, which pays a sum in addition to the death benefit if a policyholder dies either immediately or within 90 days from a qualifying accident.

This benefit can provide extra financial support to loved ones during a difficult time.

North American offers a range of life insurance products, including term life insurance and universal life. They also offer annuities, which can provide a steady income stream in retirement.

Pricing for North American's products tends to be in the middle of the pack compared to other companies. I've seen this pattern hold true in my research.

North American sells various types of annuities that cater to different needs and goals. Their annuities are designed to provide a predictable income stream.

The company offers three life insurance policies: term life, universal life, and indexed universal life. This variety can help customers find a policy that suits their specific requirements.

By offering a range of products, North American aims to provide customers with flexibility and choice. This approach can be beneficial for those seeking customized solutions.

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Underwriting is a crucial part of the insurance process, and North American offers a streamlined approach through their WriteAway program.

With WriteAway, you can potentially get approved in 48-72 hours, which is a significant time saver.

To qualify, you must be between 18-60 years old, and the policy amount must be available for term and universal life.

You'll need to submit some basic information through an e-application, and then you'll receive an email with a link to NACOLAH's online underwriting questions.

Alternatively, you can complete the online interview over the phone if that's more convenient for you.

Here are the specific criteria for WriteAway:

If you qualify, you'll be notified that you're approved. If not, underwriting will let you know that a paramed exam and traditional underwriting are required.

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In 1996, Manulife Financial was formed through the amalgamation of North American Life and The Manufacturers Life Insurance Company.

This significant merger allowed Manulife Financial to expand its services and acquire ownership of Elliot & Page Limited, a mutual funds company, renaming it Manulife Financial Asset Management Limited.

As a result of the amalgamation, Manulife Financial became the largest group life and health carrier in Canada, representing 13% of the market at the time.

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North American Life's ratings and indexes suggest a strong financial foundation and commitment to customer satisfaction. The company has received high ratings from top agencies, including AM Best, Standard & Poor's, and Fitch, all of which have given it an A+ rating.

These ratings indicate that North American Life has a superior ability to meet its ongoing obligations to policyholders and has strong financial security characteristics. It comfortably exceeds the minimum levels for all rating criteria and is likely to remain healthy for the near future.

Here's a breakdown of North American Life's ratings from top agencies:

North American Life also has a low complaint index, with no complaints filed over a three-year period. This suggests that customer satisfaction and claim resolution issues are low, indicating a company that values its customers and takes their concerns seriously.

North American Company has received top-notch ratings from leading rating agencies. Their financial strength and stability are a testament to their ability to meet ongoing obligations to policyholders.

The company is rated A+ by AM Best, A+ by Standard & Poor's, and A+ by Fitch, indicating a strong capacity to meet policyholder and contract obligations. This is a great sign for customers, as it means they can rely on North American to make payments in the future.

Here's a breakdown of the company's ratings from different agencies:

North American's credit ratings are also impressive, with A+ ratings from AM Best, Fitch, and S&P. This indicates that the company has a strong financial foundation and is likely to remain healthy for the near future.

The company's Comdex Score is 89, which means it ranks in the top 89% of all companies that have been rated by the rating services. This is a great indicator of North American's financial strength and stability.

Overall, North American Company's ratings are a testament to its financial strength and stability.

The complaint index is a way to compare insurance companies of similar sizes based on customer satisfaction. North American has a complaint index of 0, indicating it had no complaints over three years.

This is a great sign for customers, as it suggests low customer satisfaction and claim resolution issues. Companies with a complaint index below 1.00 have fewer complaints than expected.

A company with a complaint index of 1.00 receives the number of complaints expected for its size, so anything above or below this number indicates a deviation.

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North American Life offers a solid mix of quality products that you can customize to fit your needs. They have a wide range of annuities to choose from, and beneficial riders and waivers are available to help you craft the product to your liking.

One of the biggest advantages of choosing North American Life is their strong customer satisfaction track record. They have a low NAIC Complaint Index score, which is a good sign for a company of this size.

However, navigating their website can be a challenge. Product information is difficult to track down, and you may need to go through an agent to get all the details.

If you're looking to apply for a policy, you'll need to connect with an agent, as there is no online application available. This can be inconvenient, especially if you're used to doing things online.

Here are some key pros and cons to consider: