North American
North American Company for Life and Health Insurance, or North American, is a leading provider of annuities and life insurance.
- Written By Sheena Zimmermann, M.Ed.
Sheena Zimmermann, M.Ed.
Financial Writer
As a professional who values lifelong learning, Sheena Zimmermann joined the Annuity.org team with a deep commitment to connecting readers with resources designed to improve their financial literacy and strengthen their financial health.
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Kim BorwickKim Borwick
Financial Editor
Kim Borwick is a writer and editor who studies financial literacy and retirement annuities. She has extensive experience with editing educational content and financial topics for Annuity.org.
Read More- Updated: January 10, 2023
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- This page features 8 Cited Research Articles
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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.
According to the most recently available public data, North American has over 662,000 active annuity and life insurance policies as of December 31, 2021.
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
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.
These ratings can help you compare annuity providers. You should also take the respective rates and fees into account when choosing the best company for you.
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.
In 2022, North American added a new index offering to several of its top fixed annuity products.
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.
Client Resources
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.
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8 Cited Research Articles
Annuity.org writers adhere to strict sourcing guidelines and use only credible sources of information, including authoritative financial publications, academic organizations, peer-reviewed journals, highly regarded nonprofit organizations, government reports, court records and interviews with qualified experts. You can read more about our commitment to accuracy, fairness and transparency in our editorial guidelines.
- Business Wire. (2022, July 29). AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries. Retrieved from https://www.businesswire.com/news/home/20220729005392/en/AM-Best-Affirms-Credit-Ratings-of-Sammons-Financial-Group-Inc.-and-Its-Subsidiaries
- Fitch Ratings. (2021, December 14). North American Company For Life And Health Insurance. Retrieved from https://www.fitchratings.com/entity/north-american-company-for-life-and-health-insurance-80089179
- North American. (2022, April 26). North American Adds Exclusive Morgan Stanley Index to Its Top Fixed Annuity Products. Retrieved from https://www.northamericancompany.com/why-choose-north-american
- North American. (2022, March). You Can Have Confidence in North American. Retrieved from https://www.northamericancompany.com/documents/35457/8956056/339NM+Strength+and+Stability+Flyer.pdf/ce8561d0-b488-ad0d-ccdc-c8012e2267f2
- North American. (n.d.). Choose North America. Retrieved from https://www.northamericancompany.com/why-choose-north-american
- 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
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