North American Company for Life and Health Insurance Launches New ADDvantage Term Life Product
West Des Moines, IA | June 24, 2018
North American Company for Life and Health Insurance®, a member of Sammons® Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced new lower premiums for its ADDvantage® Term life insurance product. In addition to competitive rates, ADDvantage Term also features an accelerated death benefit for critical, chronic, and terminal illnesses at no extra cost1, subject to eligibility requirements. ADDvantage Term can help policyowners and their families with medical costs or bills due to a qualifying illness by providing access to a portion of the death benefit while the insured is still living.
“When a qualifying chronic or critical illness occurs, the potential costs can cause financial strain on a family during an already difficult time. Living benefits allow policyowners to access the death benefit funds in the event of a qualifying illness, which can help families feel a little more at ease,” says Jerry Blair, chief distribution officer of SFG. “ADDvantage Term provides a level of support and strength for you and your family during a time when you need it most.”
ADDvantage Term’s lower premiums build upon North American's commitment to their customers, making the death benefit protection that only life insurance can provide even more affordable. North American offers 10, 15, 20, and 30-year level premium guarantee periods, depending on issue age. It’s also available with North American's WriteAway® Accelerated Underwriting, which provides a faster and less invasive process for issuing a policy.
"Also, ADDvantage Term's generous conversion privilege creates additional opportunity for the policyholder. A person's financial golas can be quite different years down the road, and North American can help," continues Blair. ADDvantage Term provides the policyowner with the opportunity to convert to most of North American's currently available permanent life insurance products without evidence of insurability. Conversion is allowed during the level premium period of the policy, or to age 75 (69 for 30-year), whichever is earlier. The conversion period is never less than five years, regardless of issue age.
North American is continually rated A+ by agencies including A.M. Best, Fitch and S&P Global Ratings. To learn more about the new North American ADDvantage Term product, you can find an agent near you.
About North American Company for Life and Health Insurance
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: Wink Sales & Market Report, 2017). For more information, please visit www.northamericancompany.com.
About Sammons Financial Group
The member companies of Sammons® Financial Group, Inc. (SFG), are here to help families and businesses protect their future, so they can enjoy life’s moments today. A subsidiary of Sammons Enterprises, Inc., SFG is a group of privately-owned financial companies, including several of the most enduring and stable companies in our industry. SFG is comprised of three member companies: Midland National® Life Insurance Company, which includes Sammons® Corporate Markets; North American Company for Life and Health Insurance®; and Sammons Institutional GroupSM, which consists of Midland Retirement DistributorsSM and Sammons Retirement Solutions®, Inc. Together, SFG offers some of today’s most sought-after life insurance, annuity, and retirement planning products. Sammons Financial Group: With You for Every MomentSM.
1. An administration fee is required at time of election of an accelerated death benefit. The face amount will be reduced by the accelerated death benefit amount. Since benefits are paid prior to death, a discount will be applied to the face amount accelerated. As a result, the actual amount received will be less than the amount of face amount accelerated.
ADDvantage Term (policy form series LS174) and Accelerated Death Benefit Endorsement for Term Life for critical, chronic and Terminal illness (policy form series LR508) are issued by North American Company for Life and Health Insurance Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193 Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply.