North American Company for Life and Health Insurance Adds Accelerated Death Benefit Endorsements for Critical, Chronic, and Terminal Illness to ADDvantage Term Product

Chicago | Sept. 25, 2018

North American Company for Life and Health Insurance® announced the addition of the Accelerated Death Benefit Endorsements (ADBE) for critical and chronic illness on ADDvantage® Term. This is a welcome addition to the already included terminal illness benefit. The new endorsements will be added to eligible ADDvantage Term life insurance policies at the time of issue for no additional premium.1,

These new living benefits allow the policyowner to access the death benefit at a time when they may need it most — when diagnosed with a qualifying serious illness. Critical and chronic illnesses like heart disease, stroke, cancer, and diabetes are among the leading causes of death and disability in the United States. As many as 7 out of 10 deaths result from chronic illness, which makes living benefits all-the-more important.2

The endorsements strengthen North American’s already strong ADDvantage Term, which is fully equipped with competitive rates, guaranteed convertibility3 and an easy application process through SimpleSubmit® e-App, plus the opportunity for WriteAwaySM Accelerated Underwriting.

“Critical, chronic, and terminal illness endorsements are valuable benefits for our ADDvantage Term policyowners,” said Garth Garlock, North American Company’s senior vice president and chief distribution officer. “ADDvantage Term coupled with these newly added features gives North American Company a competitive edge in the marketplace.”

Features of the ADBE include a maximum accelerated amount of $2 million (lifetime maximum for critical, chronic, and terminal illness combined per policy), an increase in terminal illness limits to 90% or $1 million, and qualifying chronic illnesses not needing to be permanent.

ADDvantage Term is available for 10, 15, 20, and 30-year level premium guarantee periods, depending on the issue age.4 The new ADDvantage Term additions are offered in all states except California and Florida.

About North American Company

®  is a member of ® Financial Group, Inc.Since 1886, North American has established a tradition of providing quality insurance products to consumers throughout the U.S. We offer a comprehensive portfolio of term, universal life, and indexed universal life insurance products. North American also offers a wide variety of traditional fixed and fixed index annuities and consistently ranks among the top fixed index annuity carriers in the U.S. (Source: Wink Sales & Market Report, 2017). For more information, please visit

Sammons® Financial Group is comprised of Midland National® Life Insurance Company, North American Company for Life and Health Insurance®, Sammons Retirement Solutions® Inc. and Sammons Financial Network® LLC, member FINRA.

1 The accelerated death benefits are subject to eligibility requirements. The face amount will be reduced by the face amount of the death benefit accelerated. Since benefits are paid prior to death, a discount will be applied to the death benefit accelerated. As a result, the actual amount received will be less than the face amount accelerated. An administrative fee applies for any accelerated death benefit election.

2 Centers for Disease Control and Prevention. Retrieved June 28, 2017, from

3 Guaranteed convertibility to an individual permanent life insurance policy then available from North American for conversion, subject to the terms of the policy.

4 Premiums are guaranteed to remain level for the initial 10, 15, 20, or 30-year period. After the premium guaranteed period, premiums will increase annually but will never exceed the Guaranteed Annual Renewal Premium.

ADDvantage Term (policy form series LS174) and Accelerated Death Benefit Endorsement for Critical, Chronic, and Terminal Illness for Term Life (form series LR508), are issued by North American, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, riders, endorsements, or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply. North American Company is not licensed to write in New York.