North American Company for Life and Health Insurance is an A+ rated carrier (AM Best, S&P, and Fitch) that’s been in business since 1886. They offer competitive term life insurance through their ADDvantage Term product with 10, 15, 20, and 30-year options. Living benefits for critical, chronic, and terminal illness come included at no extra cost.
You may not have heard of North American Company for Life and Health Insurance. They don’t run TV commercials or sponsor football games. But in the insurance industry, they’re well known for strong financial ratings, competitive term life products, and a track record that goes back 139 years.
We work with North American as one of our preferred carriers. Their ADDvantage Term product is one of the more feature-rich term life insurance policies available today. In this review, we’ll break down their financial strength, term life products, available riders, and who this carrier is best suited for.
North American Company Overview
North American Company for Life and Health Insurance was founded in 1886 and is headquartered in West Des Moines, Iowa. They’re a member of Sammons Financial Group, one of the largest privately held financial services companies in the United States.
That private ownership matters. Unlike publicly traded insurers that answer to shareholders and quarterly earnings, North American can focus on long-term decisions that benefit policyholders. It’s one reason they’ve stayed consistently strong through two World Wars, the Great Depression, and multiple recessions.
Today, North American holds over $44 billion in total assets and has more than $120 billion of life insurance in force. Those are serious numbers for any carrier.
Financial Strength Ratings
When you’re buying life insurance, the company’s financial strength tells you whether they’ll be around to pay your claim. North American earns top marks across all three major rating agencies.
| Rating Agency | Rating | Meaning | Affirmed |
|---|---|---|---|
| AM Best | A+ (Superior) | 2nd highest of 15 categories | August 2024 |
| S&P Global | A+ (Strong) | 5th highest of 22 categories | May 2025 |
| Fitch | A+ (Stable) | 5th highest of 19 categories | June 2025 |
The Better Business Bureau also gives North American an A+ grade. Across all three independent rating agencies, they carry the same A+ mark. That kind of consistency signals strong financial management and a solid ability to meet policyholder obligations.
ADDvantage Term Life Insurance
North American’s flagship term product is the ADDvantage Term. It’s a straightforward, competitively priced term life policy with some features you won’t find at every carrier.
You can choose from four level premium periods: 10, 15, 20, or 30 years. Your rate is locked in for the full term. After the level period ends, you can renew annually (rates will increase) up to age 95.
The minimum face amount is $100,000. North American uses five underwriting classes: Super Preferred Non-Tobacco, Preferred Non-Tobacco, Standard Non-Tobacco, Preferred Tobacco, and Standard Tobacco. More classes mean more pricing tiers, which gives healthier applicants a better shot at lower rates.
Issue Age Ranges by Term Length
| Term Length | Non-Tobacco Ages | Tobacco Ages |
|---|---|---|
| 10-Year | 18-75 | 18-75 |
| 15-Year | 18-70 | 18-70 |
| 20-Year | 18-65 | 18-65 |
| 30-Year | 18-55 | 18-50 |
One standout feature is the WriteAway accelerated underwriting program. Eligible healthy applicants can skip the medical exam entirely, with decisions often coming back within 48 to 72 hours. Not everyone will qualify, but it’s a nice option if you do.
Conversion Privilege
One of the strongest features of the ADDvantage Term is its conversion privilege. You can convert your term policy to a permanent life insurance policy without any additional medical underwriting. Your health class stays the same.
The conversion window covers the majority of your level premium period or to age 70, whichever comes first. It’s never less than 5 years, regardless of your issue age. Partial conversions are also allowed, so you can convert just a portion of your coverage if that fits your situation better.
This is a big deal if your needs change down the road. You won’t have to re-qualify based on health, which means even if your health declines, you can still lock in permanent coverage.
Living Benefits (Included at No Extra Cost)
This is where North American really stands out. Their ADDvantage Term includes accelerated death benefit endorsements for critical, chronic, and terminal illness at no additional premium. Many carriers charge extra for these benefits or don’t offer them on term products at all.
Terminal illness: If you’re diagnosed with a terminal illness (generally 24 months or less to live), you can access a portion of your death benefit while you’re still alive.
Critical illness: Qualifying conditions include heart attack, stroke, certain cancers, and other serious diagnoses. You can accelerate a portion of your face amount to help cover medical expenses or other needs.
Chronic illness: If you can no longer perform certain activities of daily living due to a chronic condition, you can access funds from your death benefit. One election is available every 12 months.
These living benefits give your policy a dual purpose. It’s protection for your family if something happens to you, and a financial safety net you can use during a serious health event. Note that state availability varies, and the critical illness benefit is not currently available in California.
Additional Riders and Options
Beyond the living benefits, North American offers several optional riders on the ADDvantage Term.
Waiver of Premium: If you become totally disabled and can’t work, North American will waive your premium payments. The benefit kicks in after 180 consecutive days of disability. For disabilities before age 60, premiums are waived as long as the disability continues. For disabilities at age 60 or after, premiums are waived until age 65 (but not less than two years).
Children’s Term Rider: This rider provides level term coverage for any unmarried child, stepchild, or legally adopted child. It’s an affordable way to add basic protection for your kids under the same policy.
Not every rider is available in every state. Ask your agent about what’s available where you live.
Who Is North American Best For?
North American is a strong fit for several types of buyers.
If you’re looking for competitive term life rates with built-in living benefits, ADDvantage Term delivers real value. You get critical, chronic, and terminal illness protection at no additional cost, something many carriers don’t include.
Healthy applicants who want a fast process will appreciate the WriteAway accelerated underwriting. If you qualify, you could have a decision in days instead of weeks.
People who want the option to convert later will benefit from the generous conversion privilege. It’s one of the more flexible conversion windows in the industry.
North American also works well for applicants with mild to moderate health conditions. Their five underwriting classes give them more flexibility to offer competitive rates across a wider range of health profiles.
Pros and Cons of North American Life Insurance
| Pros | Cons |
|---|---|
| A+ ratings from all three major agencies | Not a household name, less brand recognition |
| Living benefits included at no extra cost | Critical illness benefit not available in California |
| Generous conversion privilege (never less than 5 years) | $100,000 minimum face amount may be high for some buyers |
| WriteAway accelerated underwriting option | Not all riders available in every state |
| Five underwriting classes for better rate tiers | Annual policy fee of $65 applies |
| Privately held, focused on long-term policyholder value |
Frequently Asked Questions
Is North American Company for Life and Health Insurance a good company?
Yes. North American holds A+ ratings from AM Best, S&P Global, and Fitch. They’ve been in business since 1886 and have over $44 billion in total assets. Their financial strength and 139-year track record make them a solid choice for life insurance.
Does North American term life insurance include living benefits?
Yes. The ADDvantage Term includes accelerated death benefit endorsements for critical, chronic, and terminal illness at no additional premium. State availability varies, and the critical illness benefit is not available in California.
Can I convert my North American term policy to permanent coverage?
Yes. All ADDvantage Term policies are fully convertible to permanent life insurance without additional medical underwriting. The conversion period covers most of the level term or to age 70, whichever comes first, and is never less than 5 years.
Does North American offer no-medical-exam life insurance?
North American’s WriteAway accelerated underwriting program allows eligible healthy applicants to get coverage without a medical exam. Decisions can come back within 48 to 72 hours for qualifying cases.
What term lengths does North American offer?
The ADDvantage Term comes in 10, 15, 20, and 30-year level premium options. After the level period, you can renew annually up to age 95, though rates will increase.
Key Takeaways
- North American carries A+ ratings from AM Best, S&P Global, and Fitch, backed by over $44 billion in assets and 139 years of business.
- The ADDvantage Term offers 10, 15, 20, and 30-year level premium options with five underwriting classes.
- Living benefits for critical, chronic, and terminal illness are included at no extra cost.
- Generous conversion privileges let you switch to permanent coverage without re-qualifying based on health.
- WriteAway accelerated underwriting can deliver decisions in days for eligible applicants.
Want to see how North American’s rates compare for your age and health? Use the quote tool on this page to get a free, no-obligation comparison, or call us at 1-800-712-8519. We’ll help you find the right fit.
