If there are people in your life that you care about, then it’s likely that you should have at least some life insurance coverage. That is because life insurance can help to ensure that those we care about won’t have to suffer financial hardship at an already difficult time in their lives.
If you have been in relatively good health all of your life, and you don’t work in a risky occupation, then it’s probable that you would be able to qualify for the coverage that you need. But if you have certain adverse health issues getting approved could prove to be more difficult.
One way to help increase your odds of life insurance approval, though, it by applying for a no medical exam policy. Unlike fully underwritten life insurance policies that require an applicant to provide a blood and urine sample, no medical exam plans will not request this information – and in some cases, you may only need to answer just a few short questions on the application.
Before you go out and purchase no medical exam life insurance, though, keep in mind that no all policies are the same. Therefore, you will ideally want to make sure that you are moving forward with the right type and amount of protection for your needs. It is also recommended that you review the insurance carrier you are considering buying the policy through to determine whether it is strong and stable financially and that it also has a good, positive reputation for paying out its policyholder claims. One company that fits these criteria is North American Company for Life and Health Insurance.
About North American Life
North American Company for Life and Health Insurance has been in the business of helping its clients grow and protect their wealth since 1886. Today, North American is considered to be one of the leading providers of life insurance and annuities in the United States.
Unlike many of the other insurance entities in the marketplace today, North American is a privately-owned company. This means that this insurer is not subject to short-term earnings pressures that are typically faced by publicly traded companies. In turn, this type of company ownership also creates an atmosphere where personal, efficient service is the ultimate priority.
North American is a subsidiary of the Sammons Financial Group, Inc., whose member companies offer a diverse portfolio of products – and SFG’s parent company, Sammons Enterprises, Inc., is a diversified holding corporation that owns and operates companies across a wide range of different industries.
As of year-end 2016, North American held more than 595,000 life insurance and annuity policies, and the company had more than $22 billion in assets. North American had approximately $117 billion of life insurance in force at that time.
The company is known for investing conservatively – with 96 percent of its bond investments being considered as investment grade. This has helped North American to keep its reserves strong for the benefit of its clients and policyholders. The company has its headquarters in Chicago, Illinois.
North American Insurer Ratings and Better Business Bureau Grade
Due in large part to its strong and stable financial footing, North American Company for Life and Health Insurance has earned very high ratings from the insurer rating agencies. These include a(n):
- A+ (Superior) from A.M. Best
- A+ (Strong) from S&P Global Ratings
- A+ by Fitch Ratings
In addition, even though North American is not currently an accredited company of the Better Business Bureau (BBB), the BBB has provided the company with a grade of A+. This is on an overall grade scale of A+ to F.
Over the past three years, North American Company for Life and Health Insurance has closed out a total of seven customer complaints (of which four have been closed out within the past 12 months). Of these seven complaints, six had to do with problems with the company’s product and/or service, and the other one complaint focused on billing and/or collection issues.
No Exam Life Insurance Offered by North American
North American Company for Life and Health Insurance offers a variety of life insurance policy options. These include both term and permanent. With term life insurance, a death benefit is provided, without any cash value or savings build up – and because of that, the premium that is charged for term life insurance can often be less than that of a comparable permanent policy (with all other factors being equal). As its name implies, term life insurance is purchased for a set amount of time or term.
Permanent life insurance provides death benefit protection, as well as a cash value component. In the cash value portion of the policy, the funds are allowed to grow and compound on a tax-deferred basis. This means that there is no tax due on the gain unless or until the funds are withdrawn.
Unlike term life insurance, a permanent policy can address life-long financial protection needs. This is the case regardless of the insured’s increasing age, or whether he or she contracts an adverse health issue.
North American offers both term and permanent no medical exam life insurance options. With the Life Vue Term, those who are between the ages of 18 and 60 may apply. This policy offers coverage of up to $500,000 which can help to pay off debts, replace lost income, or provide funds for a loved one’s college education.
The Life Vue Whole Life insurance plan offers death benefit protection and cash value build up. Although this coverage is subject to some health and lifestyle questions, there are no medical exams required, and in most cases, applicants can qualify for this coverage over the phone.
Unlike some no medical exam life insurance policies that require the policy to be owned for two years before 100% of the death benefit is paid out, the Life Vue policies from North American Company offer immediate coverage.
Other Products and Services Available
North American offers fully underwritten life insurance coverage, too. The company’s ADDvantage Term Life Insurance policy allows applicants to select from term limits of 10 years, 15 years, 20 years, or even 30 years. During this time frame, the amount of the death benefit coverage will remain the same, as will the amount of the premium payment.
There are several options that can be chosen for inclusion on this policy, including life insurance for the insured’s children, as well as a waiver of premium that will allow the premium payment to stop if the insured becomes disabled and is no longer able to work. The ADDvantage Term Life Insurance plan can also be converted over to a permanent life insurance policy, without the insured having to prove his or her evidence of insurability.
North American also offers some options for underwritten permanent life insurance coverage. These include regular universal life insurance, as well as indexed universal life insurance policies.
In addition to life insurance coverage, North America also offers retirement annuities. Today, with the average lifespan getting longer, one of the biggest concerns on the minds of retirees (as well as those who are preparing for retirement) is outliving their money. With an annuity, however, choosing the lifetime income payout can help to ensure that an ongoing income stream will be received for as long as you need it – regardless of how long that may be.
The annuities that are offered through North American Company for Life and Health Insurance offer the following features:
- Guaranteed lifetime income
- Tax-deferred growth
- Withdrawal options when needed (based upon certain guidelines)
- Death benefit to help create a legacy and to help avoid probate
North American offers a variety of annuity types, including traditional fixed, fixed indexed, and immediate.
How to Get the Best Premium Rates on No Exam Life Insurance Through North American
If you have been looking for ways to get the best premium rates on no exam life insurance through North American Company for Life and Health Insurance – or from any top insurance carrier – then it is typically best to work with an independent life insurance agency or brokerage that can show you numerous options from a variety of insurance carriers. That way, you can pick and choose from the plan and the premium that work the best for you (and for your budget).
We are an independent insurance brokerage, and we can assist you with no medical exam life insurance. If you are ready to begin the process, then all you have to do is just simply take a moment to fill out the quote form on this page.
If you have any additional questions or concerns, please feel free to contact our experts. We can be reached over the phone, toll-free, by calling 800-277-3098. While the purchase of life insurance can require a number of variables, working with an ally on your side can make it so much easier. So, contact us today – we’re here to help.