North American Company for Life and Health Insurance Review (2026)

North American Company has quietly built one of the most competitive indexed universal life insurance product lines in the industry. While household names like Northwestern Mutual and New York Life dominate market awareness, North American — backed by the privately held Sammons Financial Group — has focused on product innovation, particularly in the IUL space.

As independent agents who work with dozens of carriers, we regularly illustrate North American’s IUL products alongside competitors like Nationwide, National Life Group, and Securian (Minnesota Life). Here’s where North American stands out and where you might want to look elsewhere.

About North American Company

North American Company for Life and Health Insurance was founded in 1886 as the North American Accident Association, making it one of the longest-operating insurers in the U.S. The company is part of Sammons Financial Group, a privately held, employee-owned organization.

This ownership structure is worth noting. Unlike publicly traded insurers who answer to shareholders and quarterly earnings pressures, North American operates more like a mutual company — prioritizing long-term policyholder value and conservative investment strategy. That stability shows up in their consistent ratings and product innovation.

Financial Strength & Ratings

North American holds A+ ratings across all three major agencies — placing it among the top-rated carriers in the industry.

The A+ from A.M. Best (Superior) is the second-highest possible rating and puts North American on par with carriers like Penn Mutual and Guardian. The Comdex score of 89 — a composite ranking across all agencies — further confirms consistent financial strength.

Customer Satisfaction & Complaints

This is one area where North American quietly outperforms many larger competitors. The company has just 7 BBB complaints over the past three years, which is extremely low for an insurer of this size. North American is not included in J.D. Power’s life insurance satisfaction study (they track primarily the largest retail-facing carriers), but the available complaint data paints a positive picture.

Most negative reviews found online relate to annuity service issues — particularly around online account access and surrender charges — rather than life insurance product performance or claims denials.

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Products: What North American Does Well

North American’s product lineup is focused on two areas: indexed universal life insurance and annuities. They also offer convertible term life, but IUL is where the company has invested the most in product development.

Indexed Universal Life (IUL) — Their Strength

North American consistently ranks among the top five carriers for IUL sales volume, and for good reason. They currently offer three distinct IUL products, each designed for a different planning goal:

Builder Plus IUL 4 — Retirement Income Focus

This is North American’s flagship accumulation product, launched in August 2024. It’s designed for clients who plan to max-fund an IUL policy and use it as a source of tax-free retirement income through policy loans.

Key features include an exclusive Fidelity Multifactor Yield Index 5% ER (only available through North American), a conditional interest bonus after policy year 10, and multiple index crediting strategies including annual point-to-point, monthly point-to-point, and point-to-point with spread.

Issue ages 15 days to 75, minimum face amount $50,000 (ages to 70) or $100,000 (ages 71-75).

Smart Builder IUL 3 — Early Cash Value & Liquidity

If early cash value growth is the priority, Smart Builder IUL 3 stands out. The 0% premium load means 100% of your premium (less monthly deductions) goes directly to building cash value — most competitors charge 5-8% premium loads that reduce early accumulation.

Combined with the optional Waiver of Surrender Charge Option Rider (elected at application), this product provides day-one liquidity that’s unusual in the IUL space. This makes it particularly attractive for lump sum funding, 1035 exchanges, and clients who want access to cash value without waiting through typical surrender charge periods.

Issue ages 18-79, minimum face amount $100,000.

Protection Builder IUL 2 — Guaranteed Death Benefit

Launched January 2025, this product is designed for clients where guaranteed death benefit protection is the primary goal. The Premium Guaranteed Rider extends the no-lapse guarantee to any age up to 120, and the unique Premium Recovery Endorsement allows recovery of premiums paid if you surrender at the 15th, 20th, or 25th anniversary.

Issue ages 15 days to 79, minimum face amount $50,000 (ages to 70) or $100,000 (ages 71-79).

For a deeper look at how IUL works and how to evaluate different products, see our complete IUL guide.

IUL Features Across All Products

• Index Options: S&P 500, S&P MidCap 400, Russell 2000, EURO STOXX 50, Fidelity Multifactor Yield Index 5% ER (exclusive), Multi-Index blend
• Loan Options: Standard (fixed) and variable participating policy loans — with the ability to switch between types
• Overloan Protection: Keeps policy in force when excessive loans are taken — critical for retirement income strategies
• Living Benefits: Accelerated death benefit endorsements for critical, chronic, and terminal illness included at no additional premium
• WriteAway® Accelerated Underwriting: No-fluid underwriting with approvals in 48-72 hours for qualifying applicants

Term Life Insurance

North American’s ADDvantage Term offers convertible term life insurance with guaranteed level premiums for 10, 15, 20, or 30-year terms. Minimum face amount is $100,000.

The conversion option is the key feature here — you can convert to any of North American’s IUL products without evidence of insurability. If you want affordable protection now with the option to move into an IUL later, this is a clean entry point. WriteAway accelerated underwriting is also available on term policies.

That said, North American’s term pricing is average compared to pure term specialists like Transamerica or Banner Life. If term is your only need and you don’t plan to convert, shop around.

Annuities

North American offers fixed index annuities, traditional fixed annuities, and single premium immediate annuities. Notable products include the NAC Guaranteed Allocation FIA (designed for higher interest rate environments), VersaChoice 10, and PrimePath Pro.

For a deeper comparison of annuity options, see our guides on best annuity companies and best annuity rates.

Who Is North American Best For?

Key Riders & Endorsements

North American includes several valuable riders and endorsements across its product lines. Availability varies by product and state:

• Chronic Illness Accelerated Benefit Rider (CIABR) — Automatically included on most new permanent policies. Access up to 24% of the death benefit per year (max $240,000/year, $1M lifetime). Requires diagnosis within 12 months and 90-day elimination period. Must be unable to perform 2 of 6 ADLs or have severe cognitive impairment.
• Critical & Terminal Illness Accelerated Benefit — Additional living benefit endorsements included at no extra premium.
• Overloan Protection Benefit — Prevents policy lapse from excessive loans. Essential for IUL retirement income strategies.
• Premium Guaranteed Rider — Available on Protection Builder IUL 2. Guarantees death benefit to age 120.
• Premium Recovery Endorsement — Available with the Premium Guaranteed Rider. Recover premiums at policy years 15 (50%), 20 (100%), or 25 (100%) upon full surrender.
• Guaranteed Insurability Rider — Available ages 15 days to 40. Purchase additional coverage without proof of insurability at future dates.
• Waiver of Monthly Deduction Rider — Waives monthly charges after 6 months of total disability.
• Waiver of Surrender Charge Option Rider — Available on Smart Builder IUL 3. Drops surrender charge to 0% from day one when elected at application.

The chronic illness rider is a significant differentiator — with long-term care costs continuing to rise, having built-in access to death benefit funds for qualifying conditions adds meaningful value without increasing premiums.

Frequently Asked Questions

Is North American Company a good life insurance company?

Yes. North American holds A+ ratings from all three major agencies (A.M. Best, S&P, Fitch), has been in business since 1886, and paid over $547 million in death claims in 2024 alone. The privately held, employee-owned structure aligns company interests with policyholder interests rather than shareholder demands. Complaint data is very low relative to company size.

Is North American Company the same as North American Life?

The full legal name is North American Company for Life and Health Insurance (sometimes abbreviated NACOLAH). It is part of Sammons Financial Group alongside Midland National Life Insurance Company. It is not affiliated with other companies using “North American” in their name.

What is North American’s best IUL product?

It depends on your goal. Builder Plus IUL 4 is best for long-term accumulation and retirement income. Smart Builder IUL 3 is best for early cash value access and liquidity. Protection Builder IUL 2 is best when guaranteed death benefit is the primary objective. An independent agent can illustrate all three side by side to show which performs best for your specific situation.

Does North American offer whole life insurance?

No. North American focuses on indexed universal life, term life, and annuities. They do not offer traditional participating whole life with dividends. If whole life is your goal — particularly for infinite banking or Volume-Based Banking strategies — consider mutual carriers like Penn Mutual, MassMutual, or Guardian.

Does North American require a medical exam?

Not always. North American offers WriteAway® Accelerated Underwriting, which can eliminate the medical exam for qualifying applicants on both term and IUL products. Approvals can occur within 48-72 hours. Eligibility depends on age, coverage amount, and health profile.

How does North American’s IUL compare to competitors?

North American’s IUL products compete well against Nationwide, National Life Group, Allianz, Securian, and Principal. The exclusive Fidelity index option, 0% premium loads on Smart Builder, and competitive cap rates make them a top-five IUL carrier. The best way to compare is through side-by-side illustrations using the same assumptions.

Conclusion

North American won’t be the right fit for everyone — if you need participating whole life or the cheapest possible term rates, there are better options. But for IUL strategies, they consistently rank among the strongest carriers in the market. The key is having someone who can illustrate their products alongside competitors and design the policy around your specific objectives.