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Kevin Waetke
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North American Company Lowers Term Rates

Chicago, IL | July 23, 2015

North American Company for Life and Health Insurance® has announced a significant rate reduction on its full ADDvantage® Term product line, including the 10, 15, 20 and 30-year term products.1


"A key element of our value proposition is to continue to offer competitive products," said Garth A. Garlock, Senior Vice President & Chief Distribution Officer. "These new lower rates – along with other features like convertibility to permanent products, low minimum face amounts, and terminal illness coverage – make the ADDvantage Term series an attractive and affordable option for financial protection."

Term life insurance is a popular form of life insurance due to its affordability and simple product design. Beyond final expenses, term life insurance can help cover mortgages, living expenses, and can also be used for business protection, like funding buy-sell agreements.

North American's ADDvantage Term products are available for 10, 15, 20, and 30-year terms with face amounts starting as low as $100,000 and ranging as high as needed, subject to underwriting limits. In addition to the convertibility2 feature, ADDvantage term automatically includes a living benefit for terminal illness, which allows access to up to 75% of the policy amount, up to $750,000, in the event of a terminal illness.3 Applications can be submitted electronically through North American's e-App, SimpleSubmit®, making the entire process faster and simpler for both clients and agents.

"Part of what makes this product so attractive is the flexibility it provides for changing needs," said Garlock. "As life changes, financial needs can change, which is why this product was designed with the ability to convert to any of our individual permanent products available at the time of conversion."2

North American Company for Life and Health Insurance is a member of Sammons® 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: AnnuitySpecs, Quarterly Indexed Sales & Market Report). For more information, please visit


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

2. Allowed during the level premium period of the policy, or through age 74 (69 for ADDvantage 30), whichever is earlier. The conversion period is never less than five years.

3. The actual payment received in connection with any acceleration will be discounted and is lower than the Death Benefit amount accelerated. In addition, there is an administrative fee required at time of election. Payment is made in a lump sum.

ADDvantage Term is issued on policy form series LS174, Accelerated Benefit Endorsement for Terminal Illness is issued on form series LR474 by North American Company for Life and Health Insurance, Administrative Office, Sioux Falls, SD 57193. Product, features, riders, endorsements or issue ages may not be available in all jurisdictions. Limitations and restrictions may apply.

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