The North American Company for Life and Health Insurance is a well-established player in the insurance industry, boasting over 130 years of history since its founding in 1886. As part of the privately held Sammons Financial Group, North American benefits from a stable ownership structure that avoids the short-term pressures often faced by publicly traded companies.
This allows for a long-term, disciplined investment approach, which supports their commitment to policyholders and distribution partners .
Company Size and Financial Strength
North American Company holds over 615,000 life insurance and annuity policies, with assets exceeding $27 billion . This significant asset base reflects the company’s capacity to manage a wide range of insurance products and to meet its financial obligations. The company employs more than 950 individuals, indicating a substantial operational scale necessary to support its extensive customer base .
Product Offerings
North American offers a variety of insurance products, including term life insurance, universal life insurance, and indexed universal life insurance policies. They are particularly noted for their competitive rates and comprehensive policy options, which often include valuable features such as accelerated death benefits and conversion options. However, they do not offer whole life insurance policies .
Term Life Insurance: This includes traditional term life policies with options for 10, 15, 20, and 30-year terms. Key features often include the ability to convert to a permanent life insurance policy without a medical exam during the conversion period .
Universal Life Insurance: These policies offer flexible premium payments and the potential for cash value growth, which can be tied to a market index in the case of indexed universal life insurance .
Annuities: In addition to life insurance, North American provides annuity products designed to offer guaranteed income, which can be particularly beneficial for retirement planning .
Ratings and Reputation
North American Company enjoys high ratings from major rating agencies, which underscores its financial strength and reliability. It holds an A+ rating from A.M. Best, indicating superior ability to meet ongoing insurance obligations. Similarly, it has strong ratings from S&P Global and Fitch, further validating its robust financial health .
Geographic Reach
The company offers life insurance policies across the United States, with the exception of New York. Additionally, their products are available in Puerto Rico, Guam, and the Virgin Islands, demonstrating a broad geographic reach .
Customer Focus and Service
North American prides itself on its customer-centric approach, leveraging its private ownership to prioritize long-term customer satisfaction over short-term financial gains. The company is known for its strong customer service and support, ensuring policyholders receive the help they need throughout their insurance journey .
Conclusion
North American Company for Life and Health Insurance stands out for its extensive history, robust financial strength, and comprehensive product offerings. With a commitment to long-term stability and customer satisfaction, it continues to be a reliable choice for individuals seeking life insurance and annuity products. The company’s strong ratings from major agencies further enhance its reputation as a dependable insurer capable of meeting diverse financial needs.