North American Life Insurance Review 2026: Pricing, Pros & Cons

North American sells various life insurance products that address different protection and financial planning needs.

North American's ADDvantage® Term Life provides temporary coverage with fixed premiums for 10, 15, 20 or 30 years. Renew until age 95 and switch to permanent coverage without another medical exam. Get this if you need protection tied to a timeframe, like paying off your mortgage or covering income loss.

Healthy applicants who qualify can skip the medical exam through the WriteAway® Accelerated Underwriting program. Approvals happen fast, and you'll often have your policy within 48 to 72 hours.

The Custom Guarantee® Universal Life policy provides lifetime protection with flexible premium payments and a guaranteed death benefit.

This universal life insurance policy lets you adjust payment schedules and maintain guaranteed coverage up to age 120.

North American's indexed universal life insurance products combine flexible lifetime coverage with cash value accumulation potential based on market index performance, such as the S&P 500. Each policy includes a 0% floor to protect against market downturns while allowing participation in market growth up to the index cap.

• Builder IUL: Long-term cash value accumulation with flexible premium and death benefit options
• Builder Plus IUL: Enhanced interest crediting with bonus multipliers for higher accumulation potential
• Rapid Builder IUL: Front-loaded cash value growth for earlier policy loan access
• Guarantee Builder IUL: Prioritizes guaranteed death benefit with moderate accumulation
• Legacy Optimizer: Single-premium IUL for wealth transfer and estate planning
• Survivorship GIUL: Covers two lives and pays out after the second death, designed for estate planning and legacy gifting

Each IUL product includes a 0% floor that protects cash value from market losses, while upside participation is subject to an index cap set by North American. All IUL policies include living benefits at no extra cost, allowing you to accelerate a portion of your death benefit if diagnosed with a qualifying chronic, critical or terminal illness.

North American offers several riders to customize coverage to specific needs.

North American's pricing varies by policy type. Its term life rates are consistently above the national average, ranging from 9% to 21% higher depending on coverage amount and gender. Its universal life rates run 13% to 22% below average. Buyers prioritizing low cost for temporary coverage will find better-priced alternatives. Buyers who want permanent coverage with cash value growth and living benefits will pay less than the market average here.

North American's term life rates are above the national average at every coverage level, though the premium gap narrows as coverage increases. Women pay 18% above average at $100,000 in coverage and 12% above average at $1 million. Men pay 14% above average at $100,000 and 9% above average at $1 million. At $500,000, the most common coverage level in our analysis for income replacement, both men and women pay $7 per month more than the national average, or $84 annually.

The narrowing gap at higher coverage amounts reflects North American's underwriting approach. It's more rate-competitive for buyers seeking larger death benefits, particularly at $500,000 and above. But even at $1 million, no coverage tier comes in at or below the national average, so buyers whose primary goal is the lowest possible term premium should compare Banner Life and Transamerica, which average $37 per month for women and $46 for men at $500,000.

* Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.

North American's universal life rates are below the national average at every coverage level, with the largest discount at lower coverage amounts. Women pay 22% below average at $100,000 in coverage, while men pay 21% below average at the same tier. That advantage narrows at higher coverage amounts, settling between 13% and 15% for policies of $500,000 and above. At $500,000, women save $42 per month and men save $48 compared to the national average.

The below-average pricing on universal life, combined with built-in living benefits and six distinct IUL products, makes North American a strong candidate if you've already decided on permanent coverage.

* Rates based on 40-year-old nonsmokers with average health.

North American life insurance claims are handled by its dedicated Life Claims Department. You can start a claim by phone, email or mail. Claim forms must be submitted with a certified death certificate and proof of identification.

Steps to File a Claim:

1. Download and complete the claim form from North American's official website.
2. Gather required documents, including a certified death certificate at a minimum.
3. Submit all materials to North American by mail or email.
4. Wait for confirmation of receipt and processing status.

Contact Information:

• Phone: 877-733-2524
• International calls: 712-847-1334
• Email: LifeCorrespondence@SFGmembers.com
• Mail: One Sammons Plaza, Sioux Falls, SD 57193
• Claims Forms: https://www.northamericancompany.com/life-claim-forms

North American ranks among the best universal life insurance companies, particularly for older applicants. Its indexed universal life (IUL) portfolio includes six distinct products, offering more permanent life insurance options than most insurers in our analysis. With solutions designed for estate planning, accelerated cash value growth and survivorship coverage, the company is a good fit for people seeking flexible, long-term financial protection. If you want an IUL policy with built-in benefits for chronic, critical and terminal illnesses, and you're comfortable working with a financial professional to tailor coverage, you'll find a broader range of options with North American than is available from Nationwide, Protective or Mutual of Omaha.

If you're looking for affordable short-term coverage, North American may not be your best option. Based on our analysis, Banner Life has the lowest term life insurance rates, averaging $37 per month for 40-year-old nonsmoking women and $46 for men. Our cheapest life insurance guide can help you compare more options.

North American also doesn't offer whole life insurance. The company won't work if you need guaranteed cash value growth with fixed premiums. Compare the best whole life insurance companies if this is the type of coverage you want.

North American is best suited for people who prefer permanent life insurance over low-cost term coverage. Its strongest offerings are its universal and indexed universal life policies, which include built-in living benefits and a wide range of customization options for long-term financial planning.

Choose North American if you:

• Want indexed universal life insurance with multiple product options
• Need lifetime coverage with cash value accumulation potential
• Value built-in benefits for chronic, critical or terminal illnesses
• Are interested in estate planning, wealth transfer or business succession strategies
• Prefer working with a financial professional to tailor a policy

Consider other insurers if you:

• Are looking for the lowest-cost term life insurance
• Prefer buying coverage entirely online without working with an agent
• Want traditional whole life insurance, which North American doesn't offer
• Prioritize customer satisfaction metrics over product flexibility