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North American Company for Life and Health Insurance, or North American, is a leading provider of annuities and life insurance.
North American was founded in 1886 as the North American Accident Association and has amassed more than 130 years of experience in the financial services realm.
As of December 31, 2020, North American issued over 641,000 annuity and life insurance policies. The organization has more than $32 billion in assets and more than $68 billion in life and annuity reserves.
About North American
North American became the first company to offer disability insurance policies for women early in the 20th century.
North American is a member of privately held Sammons Financial Group and has earned high rankings in WINK Sales and Market Reports and LIMRA for its fixed indexed annuity sales.
According to North American’s website, “With over 130 years of business under our belt, North American’s continued and consistent financial strength is a result of our conservative and disciplined investment strategy, our private ownership structure, and doing what’s right for our distribution partners and policyowners.”
Credit ratings are opinions provided by independent agencies that measure insurance companies’ financial strength. The higher the rating, the higher the likelihood the company can cover its financial obligations.
|AM Best||S&P Global||Fitch|
|A+ (superior)||A+ (strong)||A+ (stable)|
North American is also a Better Business Bureau-accredited organization, so the company must meet specific standards for lawful and ethical business practices.
It’s high ratings reflect North American’s financial strength and are, according to the company, “testaments to that strength.”
While the ratings apply to North American’s claims paying ability, the ratings do not reflect the safety of variable accounts.
Annuity Products Offered by North American
North American issues flexible annuity products to meet a wide range of client needs. Currently, the provider offers fixed indexed, multi-year guaranteed and single premium immediate annuities.
Fixed Indexed Annuities
This is North American’s most popular annuity. Fixed indexed annuities earn interest based on the performance of a market index, such as the S&P 500. In the event of a market downturn, these annuities offer premium protection to keep your money safe.
Multi-Year Guaranteed Annuities
American National offers multi-year guaranteed annuities, or MYGAs. These products have a guaranteed interest rate for the term designated in your contract.
Single Premium Immediate Annuities
The single premium immediate annuity, or SPIA, issued by North American begins paying out within 12 months of the annuity contract’s date of purchase. SPIAs provide guaranteed income for a specified duration or — in the case of a lifetime annuity — for the rest of the annuitant’s life.
North American provides resources and customer service to foster a positive client experience.
The business provides online reading materials to help people build financial literacy. The literature covers topics such as money management, cost savings and retirement planning. North American also provides buyer’s guides from the National Association of Insurance Commissioners. These help consumers navigate specific annuity types and their state-specific regulations.
For those who already own annuity products, clients can easily access online annuity claim forms and a Claims FAQ site.
4 Cited Research Articles
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- Better Business Bureau. (2020, June 1). BBB Accreditation Standards. Retrieved from https://www.bbb.org/bbb-accreditation-standards
- North American. (n.d.). Explore your North American annuity options. Retrieved from https://www.northamericancompany.com/explore-annuities
- North American. (n.d.). North American Company History. Retrieved from https://www.northamericancompany.com/north-american-company-history
- North American. (n.d.). You can have confidence in North American. Retrieved from https://www.northamericancompany.com/documents/434862/8956056/339NM+Strength+and+Stability+Flyer.pdf/ce8561d0-b488-ad0d-ccdc-c8012e2267f2