North American at a Glance: Rates, Products and Reviews

Owned by Sammons Financial Group (SFG), North American is an Iowa-based company with roots dating back to 1886. It offers several annuity options, including fixed index annuities (FIAs), multi-year guaranteed annuities (MYGAs) and single premium immediate annuities (SPIAs).

North American currently serves customers with three types of annuities: fixed index annuities (FIAs), multi-year guarantee annuities (MYGAs) and single premium immediate annuities (SPIAs).

The company’s fixed index annuities are known as the ​​NAC Guarantee Plus Series. These products are available for three or five years and guarantee a fixed interest rate. While the minimum deposit is $20,000, you can secure a higher interest rate if you deposit $100,000 or more.

There are no caps on North American fixed index annuities. Note that you can withdraw from your account without a penalty after the first anniversary of your contract. However, you will owe a surrender charge if your withdrawal exceeds the interest earned in a year.

North American’s immediate annuities, which are referred to as North American Income, might be worthwhile if you want income right away. They’re available with one premium purchase of at least $25,000, and you can choose how you’d like to receive your income. Three payout options available are period certain only, single life with installment refund and joint life with survivorship.

North American Guarantee Choice is one example of North American’s MYGAs. With these products, you can enjoy tax-deferred growth, guaranteed lifetime income and a death benefit for your beneficiaries. You may choose from eight terms: three, four, five, six, seven, eight, nine and 10 years. In addition, there are several types of payouts and the option to take penalty-free withdrawals that equal the interest earned each year after the contract’s first year.

North American offers a number of annuity products with varying options for returns, income and benefits. You can select the ideal ones for your unique retirement and future goals. If you have a large sum of money to deposit, such as $100,000 or more, you’ll qualify for the most competitive interest rates.

In addition, the company offers a number of riders that allow for higher guaranteed lifetime income, funds for nursing home care and a more substantial death benefit. With some of its products, collecting an upfront premium bonus is an option. To add, in many situations, you may access some of your funds early without paying a penalty.

The performance of North American’s annuities is correlated to their interest rates. If you’re interested in these products, you should contact the company directly to request the most up-to-date information. Upon finding the most up-to-date information on interest rates and performance guarantees, you can make the most informed decisions.

North American, part of Sammons Financial Group, is recognized for its robust financial strength and stability. With a solid track record and strong ratings from independent agencies, the company prioritizes the long-term security of its policyholders. This commitment to financial integrity ensures peace of mind for customers investing in their future.

Credit ratings indicate a company’s financial strength and stability. AM Best, S&P and Fitch, three of the biggest credit rating agencies, rate North American well, with A+ across the board. While other, more established insurance companies may have slightly higher rankings, these scores can give annuity borrowers peace of mind that they will receive their payments.

North American has been around for over 100 years. As of December 2022, the company has had more than 450,000 life insurance policies and over 200,000 annuities policies in place. North American’s longstanding history in the insurance industry reflects its solid commitment to its customers. Since it is part of the larger Sammons Financial Group (SFG), it has the financial backing that’s important to look for when buying annuities and other related products.

The National Association of Insurance Commissioners (NAIC) Complaint Index measures client satisfaction in the insurance and annuity industries through a yearly report on all companies. It compares each company’s complaints against the rest of the industry. North American scored 0.46, which means the company receives fewer complaints than the industry average for all types of insurance policies and individual annuities.

Surprisingly, North American is not included in the 2022 or 2023 versions of the J.D. Power Overall Customer Satisfaction Index studies. However, this does not reflect North American’s customer service.

When considering annuities from North American, it’s essential to weigh the pros and cons to determine if they align with your financial goals. Known for its strong financial stability and customer satisfaction, North American offers a range of annuity products. However, like any investment, there are both advantages and potential drawbacks to keep in mind.

North American is a stable company with an excellent reputation in the annuity industry. While it offers fewer products than other large insurance companies and product selection varies by state, its multiple payout options and riders allow customers to customize their annuities. As an added bonus, some of its annuities come with penalty-free access, meaning you may be able to retrieve some of your money before the term ends.

Editor Norah Layne contributed to this article.