Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Oct 20, 2021

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Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance provider and cannot guarantee quotes from any single provider. Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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The Truth in a Nutshell

  • North American Life Insurance Company provides annuities, health, and life insurance
  • Policyholders in their mid-20s to late 30s pay at least $8 per month for term life insurance
  • Higher policy limits increase monthly rates
  • North American Life has excellent and superior scores at several rating agencies

North American Life Insurance Company didn’t make J.D. Power’s U.S. Life Insurance Study in 2020, but it’s still an insurer known for its higher earning potential in the life insurance industry.

So what does this mean for North American life insurance rates in comparison to the rest of the market?

Our North American life insurance overview explores North American life insurance quotes, types of life insurance products, third-party ratings, and other critical details to understand why life insurance is so expensive. So if you’ve ever wondered what the difference was between a term life insurance policy and standard life insurance coverage, we’ll hopefully clear that up for you.

Are you having doubts about North American life insurance? Enter your ZIP code in the free comparison tool above to compare the best insurance companies near you. Your income should go towards a company you’re comfortable with.

What products are available at North American Life Insurance Company?

North American Life Insurance Company earns billions in annuities, health, and life insurance. You can find term life insurance and permanent life insurance at the North American company.

To be specific, North American Life has universal life insurance and indexed universal life insurance policies. It also offers guaranteed universal life, which says that any policyholder over 100 years old won’t have to pay premiums anymore.

Of course, term life insurance is the most straight-forward policy you can receive from any life insurance company.

Other insurance products offered include various annuities, healthcare supplement insurance, mortgage insurance, and retirement solutions. Offering various forms of protection helps ensure that they can provide financial stability to anyone, no matter what they need. Not only is this helpful for consumers, but for the business it can lead to outstanding customer reviews.

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How much does North American life insurance cost?

Before you buy a North American life insurance policy, you should know how life insurance is calculated.

The most significant factors when determining life insurance costs are age, gender, lifestyle, health, and death benefits (coverage amount). Let’s look at a few sample rates from North American Life Insurance Company:

Monthly North American Life Insurance Rates for a $100,000, 10-Year Term by Age, Gender, and Smoker Status
Age of PolicyholdersMonthly Life Insurance Rates for Non-Smoking Males Monthly Life Insurance Rates for Non-Smoking FemalesMonthly Life Insurance Rates for Smoking Males Monthly Life Insurance Rates for Smoking Females
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Non-smokers pay the least for life insurance, but smokers pay significantly more regardless of age. Meanwhile, life insurance increases as you get older.

Why? As you get older, your life expectancy is lower. When health is factored into the insurance policy, life insurance rates increase even more.

Does North American Life Insurance Company have good reviews?

North American Life doesn’t hesitate to flex its industry muscles on its website, Here are the grades from the top rating agencies in the United States:

  • A.M. Best Rating – A+
  • Fitch Rating – A+
  • S&P Global Rating – A+
  • Better Business Bureau Rating – A+
  • Moody’s Rating – A2

Although these aren’t the best ratings, an “A+” or “A2” with a rating agency is an excellent grade.

According to Business Wire, Sammons Financial Group, Inc. has an “A+” rating. Whenever a parent company has a strong financial strength score, it’s shared with the subsidiaries as well.

What do these ratings mean? The grades from financial strength and credit rating agencies say that North American Life has a stable financial outlook, an excellent ability to meet insurance obligations to customers, and a low credit risk. It’s important to look at both consumer complaints and the financial strength rating of a company, to determine whether or not you’ll be taken care of.

How do you make a North American life insurance claim?

The claims process is fairly straightforward with the North America company. To make a North American life insurance claim, you’ll need to call your agent or North American Life customer service at 1-800-733-2524 (or email them at [email protected]).

It’s likely that a North American Life Insurance agent will have you download and fill out one of the claim forms that are available online. To access those forms, follow these steps:

  • Step 1 – Visit
  • Step 2 – Scroll over [Life Insurance] on the top banner, then click “Life Insurance Forms”
  • Step 3 – Select one of the options on the left, and the forms will appear on the right
  • Step 4 – Download and print the form that you need

The reason it’s safer to call first is to establish which form you need. That way, you won’t have to spend time figuring out which form connects best to the policyholder’s life insurance plan. Think of it as doing it for your own financial protection.

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What is North American Life Insurance Company’s history?

North American Life Insurance Company is a subsidiary of Sammons Financial Group Inc. It was founded in 1886 and has survived several economic U.S. disasters.

It’s available in all 50 states, including Washington D.C., Puerto Rico, and the Virgin Islands.

Today, North American Life has over $30 billion in total assets and earned over $3.7 billion in premiums in 2020. That’s pretty good considering the COVID-19 pandemic restrictions.

What is the bottom line?

The North American Life Insurance Company is well-versed in life insurance, permanent life insurance, healthcare supplement insurance, and annuities.

Based on its earnings and third-party ratings, it appears that North American Life is going to stick around for a while longer. Compared to some of its competitors, it’s cheaper than average. Because of this, the application process should be simple to go through if you look into them as a company. Not to mention, the cost seems affordable.

Why stop at North American life insurance? Use our free online quote tool to compare multiple companies in your area, so that you can get competitive rates. Don’t forget to research financial ratings and any additional benefits that a company has to offer when shopping around for term policies and other life insurance products.