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 take 48 to 72 hours.

The Custom Guarantee® provides lifetime coverage with flexible premium payments and a guaranteed death benefit to age 120. Choose this if you want permanent protection with payment flexibility but don't need the cash value growth potential of an IUL.

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, the maximum interest rate North American will credit to your policy in a given period, regardless of how high the index climbs.

• 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: A single-premium IUL, funded with one lump-sum payment rather than ongoing premiums, designed for wealth transfer and estate planning
• Survivorship GIUL (Guaranteed Indexed Universal Life): Covers two lives and pays the death benefit after the second insured dies, suited for couples focused on estate planning and legacy wealth transfer

All six IUL policies include living benefits, 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 based 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, with the gap narrowing as coverage increases. At $500,000, the most common level for income replacement, both men and women pay $7 more per month than the national average, or $84 annually.

That narrowing reflects North American's underwriting approach: it's more rate-competitive for larger death benefits, particularly at $500,000 and above. But 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 fill in the claim form from North American's official website.
2. Collect required documents, such as a certified death certificate.
3. Submit all materials to North American by mail or email.
4. Check 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's IUL portfolio, six distinct products covering estate planning, accelerated cash value growth and survivorship needs, gives it more permanent coverage options than Nationwide, Protective or Mutual of Omaha. If you want an IUL policy with built-in benefits for chronic, critical and terminal illnesses and are comfortable working with a financial professional, North American offers more product options than most insurers in this analysis.

For affordable term coverage, Banner Life and Transamerica are the stronger choices at $37 per month for women and $46 for men at $500,000, $17 and $20 less per month than North American, respectively. Our cheapest life insurance guide can help you compare more options.

North American doesn't offer whole life insurance, so it's not the right fit if you need guaranteed cash value growth with fixed premiums. See our best whole life insurance companies guide if that's the coverage you want.

North American offers six IUL products for different planning goals. Universal life rates cost 13% to 22% below the national average, and every policy includes built-in living benefits for chronic, critical or terminal illness. Term life is where the company falls short: Banner Life and Transamerica average $37 per month for a 40-year-old nonsmoking woman at $500,000 in coverage, compared to $54 at North American. The company also doesn't sell whole life insurance.

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