Although life insurance is an important part of most any financial plan, not everyone can easily qualify for this coverage. This could be because of an adverse health condition. However, there are other cases where someone may have a job that is considered to be dangerous, or even where someone is not considered a risk to the insurer, but they have a fear of needles so do not wish to undergo a medical examination that may be required for approval.
In cases such as these, applying for a policy that does not require a medical exam can be beneficial. These policies are typically referred to as “no exam” life insurance policies. Before purchasing a no exam life insurance policy, though, it is important to make sure that you are moving forward with the right type and amount of protection.
It is also recommended that you review the insurance carriers in order to make sure that it is strong from a financial standpoint and that it has a good reputation for paying out its policyholder claims. One company that meets these criteria is North American Life Insurance Company.
The History of North American Life Insurance Company
North American Life Insurance Company (also referred to as North American Company for Life and Health Insurance) has been offering financial protection products to its customers since 1886. The company not only offers a wide range of insurance and annuities but also is known for its top-notch customer service.
Today, North American Life is a part of the Sammons Financial Group (SFG), whose member companies provide a diverse portfolio of products – and the parent company of SFG, Sammons Enterprises, Inc., is a well-diversified holding corporation that owns and operates businesses across an extensive list of industries. This holding company also ranks as one of the largest privately-owned companies in the U.S.
North American Life Insurance Company Review
North American has consistently produced strong earnings and profits, in turn, allowing for an ample amount of surplus for paying out claims that are filed. One of North American Life Insurance Company’s strategies has always been to focus more on the long-term, and less on being driven only by short-term earnings pressures.
As of December 31, 2016, North American Life held more than 595,000 life insurance and annuity policies, with roughly $117 billion of life insurance in force. The company also held in excess of $22 billion in assets.
Insurer Ratings and Better Business Bureau Grade
Due in large part to its strong financial footing, North American Life Insurance Company has achieved high ratings from the insurer rating agencies. These include a(n):
- A+ (Superior) from A.M. Best Company
- A+ (Strong) from S&P Global Ratings
- A+ from Fitch Ratings
In addition, although North American Company is not an accredited company of the Better Business Bureau (BBB), it has been given a grade of A+ from the BBB. This is on an overall grade scale of A+ to F.
Over the past three years, North American has closed out a total of 8 customer complaints, with 4 of these being closed out within the past 12 months. Of the 8 customer complaints, 6 of these focused-on problems with the company’s product and/or service, one had to do with advertising and/or sales issues, and the remaining one was related to billing and/or collection issues.
No Exam Life Insurance Coverage Offered by North American Life
North American Company for Life and Health Insurance offers both term and permanent life insurance policies. There are many uses for life insurance, such as payoff of debt, continuation of living expenses for the insured’s survivors, college funding, and ensuring that the insured leaves a legacy. Loved ones can also use the proceeds for paying the costs that are associated with the insured’s funeral and other final expenses, such as the purchase of a burial plot and headstone, a memorial service and flowers, and other related needs.
A term life insurance policy offers life insurance death benefit protection for a set number of years. The term life plans that are offered through North America have coverage lengths of 10 years, 15 years, or 20 years. These policies may be able to be converted over into a permanent life insurance policy so that the insured has lifetime coverage (provided that the premium continues to be paid).
Although term life insurance is oftentimes referred to as “temporary” insurance, this type of coverage can be a good alternative for those who want to ensure that the balance of a home mortgage is paid off, and / or for those who want to make sure that a child or grandchild has the funds they need for college – even in the event of the unexpected.
North American Life offers the ADDvantage Term Life Insurance policy. This plan has level premiums and death benefit coverage for 10, 15, 20, or even for 30 years. Applicants may also “customize” their policy by adding the following riders:
- Optional life insurance for their children
- A premium waiver, whereby if the insured becomes disabled, they can have the policy’s premium payments waived, while still keeping their life insurance coverage in force
The ADDvantage term life insurance from North American Life also offers an accelerated death benefit endorsement for terminal illness. This “living benefit” allows the insured to receive 75 percent of the policy’s face amount in advance – up to a maximum dollar amount of $750,000 – in the event of a terminal illness diagnosis that will likely result in death within 24 months. (The amount of money that is advanced will then be charged against the policy’s death benefit that is eventually paid out to the beneficiary).
There is also a conversion privilege where the insured can convert his or her term life policy to another North American Life policy that is permanent – and, they can do so without the need to take a medical examination. This means that, even if the insured has contracted certain health-related issues, he or she could still qualify to convert their term life coverage to a permanent plan.
North American Life Insurance Company offers several different permanent life insurance policy options to choose from – some that do not require undergoing a medical examination in order to qualify for the coverage.
With permanent life insurance, there is a death benefit, as well as a cash value component where money in the policy can grow and compound tax-deferred. Because there is no tax due on the gain (until the time of withdrawal), the money inside the cash value component can grow and compound exponentially over time.
The permanent life insurance policies that are offered through North America are universal life and indexed universal life plans. These can be a good option for those who have lifetime life insurance needs, and who may also wish to use the cash value for certain financial needs.
Universal life insurance is also flexible in nature, in that the policyholder is allowed, within certain guidelines, to alter the timing of when the premium is due. They may also be able to allocate how much of their premium will go towards the policy’s death benefit, and how much will go towards the cash value portion.
With North American Life Insurance Company’s Custom Guarantee universal life insurance policy, an insured has the ability to have guaranteed death benefit protection up to his or her age 120, with no premiums payable after age 100. The insured may also be able to access a portion of the death benefit to help with covering the cost of an unexpected illness.
A North American Life Insurance Company indexed universal life insurance policy may also be a good option for some people. In this case, the plan works similarly to a regular universal life policy, except that the return on the policy’s cash value is tied to the performance of a market index (such as the S&P 500). In this case, if the underlying index performs well in a given year, then the return will be credited to the cash value – up to a certain, set cap.
However, if the underlying market index performs negatively in a given year, then the return on the policy’s cash value will simply be 0%. So, while there is no gain for that period, there will also be no loss to the principal.
North American Life offers several different indexed universal life insurance policies to choose from. These include the:
- Builder IUL – For those who are more focused on death benefit protection and long-term cash value growth, the Builder IUL could be a viable option.
- Guarantee Builder IUL – The Guarantee Builder IUL offers guaranteed death benefit protection up to the insured’s age 120, along with cash value build up.
- Legacy Optimizer – The Legacy Optimizer can help insureds to make sure that loved ones are financially secure in the future.
- Rapid Builder IUL – The Rapid Builder IUL policy offers features that can help the cash value grow as quickly as possible.
- Survivorship GUIL – The Survivorship GUIL offers low-cost death benefit protection, along with the ability to insure two lives with just one, single premium payment.
Other Products and Services Available
In addition to no exam life insurance coverage, North American Life Insurance Company also offers a wide range of retirement annuity options. Today, given that people are living longer than ever before, one of the primary concerns on the minds of retirees is that of running out of money. With a life annuity, though, an individual (or a couple, if applicable) can count on receiving an income for the rest of their lifetime – regardless of how long that may be.
In addition to a guaranteed lifetime income, annuities can also offer the following key benefits:
- Tax-deferred growth on the earnings
- Some liquidity
- A death benefit to help create a legacy that avoids probate
North American offers fixed and fixed indexed annuities. With a regular fixed annuity, the funds inside of the account will grow, based on an interest rate that is set by the insurance company. The principal that is in the account is protected, regardless of what occurs in the stock market.
A fixed indexed annuity allows for additional growth opportunity, based upon the performance of an underlying market index, such as the S&P 500 – typically up to a stated cap. If, however, the market has a negative performance in any given year, the principal in the account will simply be credited with a 0% return – but no loss.
How to Get the Best Rates on No Exam Life Insurance from North American Life Insurance Co.
Even if you have been turned down for life insurance in the past, a no exam policy could allow you the ability to get the coverage that you need. To best shop for policies and premium price, it can be beneficial to work with an independent life insurance agency or brokerage that has access to multiple insurers.
If you are ready to move forward, we can help. We work with many of the top no exam life insurance companies in the industry today, and we can get you all the information that you need. When you wish to begin the process, all you must do is just simply take a moment to fill out the quote form on this page.
Should you still have any additional questions regarding no exam life insurance coverage, please feel free to reach out to us directly and speak with one of our insurance experts. We can help with walking you through all your questions or concerns. We can be reached, toll-free, by dialing 800-277-3098.
Purchasing life insurance protection doesn’t have to be difficult – and it isn’t when you have an ally on your side. So, contact us today – we’re here to help.