North American
Our Take
Few providers are more stable than North American, which was recognized by AM Best for being rated A or higher for over 50 years. It’s a sound choice all around, but you will have to go through an agent to get a full look at their products.
Pros
- Stable legacy company
- Solid annuity rates
Cons
- Poor access to information on product offerings
Products Offered by North American
North American sells several types of annuities that span various categories. Here are some examples of the products they have available.
Fixed Index Annuities
Multiple fixed index annuities are available through North American, giving customers the chance to narrow down to the product that will best serve their needs.
One example of a fixed index annuity offered by North American is the VersaChoice 10℠, which has some strong liquidity features.
You can add an enhanced liquidity benefit rider to your annuity, allowing you to withdraw up to 20% of the contract value after the first year.
There are several index strategies available, and you can receive your contract’s net premium in a return of premium after the third contract year.
The VersaChoice 10℠ allows you to withdraw up to 20% of your contract value with the liquidity rider. That’s double the industry standard of 10%.
Another fixed index annuity available from North American is PrimePath Pro®. This product offers many different index options and crediting strategies and is available with a surrender schedule of 10 or 12 years.
You can mold the product to your liking, customizing it into the strategy that makes the most sense for you. The annuity also includes a nursing home waiver.
MYGAs
On top of fixed index products, North American sells multi-year guaranteed annuities (MYGAs). One example is the North American Guarantee Choice℠.
North American Guarantee Choice Terms Offered
- 3 Years
- 4 Years
- 5 Years
- 6 Years
- 7 Years
- 8 Years
- 9 Years
- 10 Years
The annuity includes multiple payout options, including life, joint life or for a set period ranging from five to 20 years.
You can take penalty-free withdrawals equivalent to the interest earned each year after the first year of the contract, and it includes a nursing home waiver.
Immediate Annuities
North American offers an immediate annuity as well, known as the North American Income®.
This annuity is available with a minimum premium of $25,000 and a maximum of $1 million. Seven payout options are available, along with several payout schedules.
SPIAs tend to be simple products, but North American does a good job of building some customizability into them.
Buy an Annuity From North American Today
About North American
North American is one of the oldest and most financially stable providers in the annuity space.
The company, which also sells life insurance, was founded in 1886 and has been a major insurance player for a long time.
North American eclipsed $3.2 billion in direct annuity premiums sold in 2022 and has been historically lauded for its financial strength.
AM Best recognized the company for holding a financial strength rating of A or higher for over half a century, which is longer than some annuity providers have even existed, and it holds great ratings from virtually every independent rating agency.
Log into your provider account or connect with customer service at 866-322-7066.
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Credit Ratings
Credit ratings for annuity providers can help determine a company’s financial strength and stability — an indication that it will be around to guarantee payments to you in the future. Different rating companies use different scales.
North American’s Credit Ratings
| Rating Company | Credit Rating |
| AM Best | A+ |
| Fitch | A+ |
| S&P | A+ |
See which annuity providers our independent editorial team ranked as the Best Annuity Companies of 2024.
What Customers Are Saying About North American
Despite its massive size, North American is known for having positive customer interactions. The company does not appear in the 2022 or 2023 editions of the J.D. Power Overall Customer Satisfaction Index, but this just means that J.D. Power did not include the company in the study.
“North American is probably at the top of the list because they are an A-rated company that’s been around a long time with good customer service,” Ryan Cicchelli, owner of The Safe Investing Expert, told Annuity.org. “They’re a phenomenal company as far as rates and financial stability.”
North American also holds a strong NAIC Complaint Index Score of 0.37, meaning there are only about a third of the expected customer complaints given the company’s size and market presence.
North American is probably at the top of the list because they are an A-rated company that’s been around a long time with good customer service. They’re a phenomenal company as far as rates and financial stability.
Ryan CicchelliOwner of the Safe Investing Expert
The National Association of Insurance Commissioners (NAIC) tracks the consumer complaints that each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint Index.NAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market.
NAIC Complaint Index for North American
| All Policy Types | 0.11 |
| Individual Annuities Only | 0.37 |
North American Pros & Cons
There are plenty of benefits to choosing an annuity from North American. It is one of the strongest options available.
The company offers a solid mix of quality products that you can customize to fit your needs. Beneficial riders and waivers are available to help you craft the product to your liking, and they offer so many types of annuities that you are likely to find what you are looking for.
North American also has a solid customer satisfaction track record, and the low NAIC Complaint Index score is a good sign for a company of this size.
The one big drawback is the lack of online information. North American’s website is far from intuitive, and product information is difficult to track down.
If you are looking to do your research or want to find background information, North American will be a tough option. Going through an agent may be the only way to get all product info.
Still Searching for the Best Annuity Provider?
Provider Rating Methodology
Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the amount of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.
Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.
Annuity.org’s Top-Ranked Providers
| Provider | Annuity.org Star Rating |
| Mass Mutual |  |
| New York Life | |
| Pacific Life | |
| Midland National | |
| North American | |
| Western & Southern | |
Our Rating Panel
The Annuity.org editorial team spoke with several annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.
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