North American (Sammons) Life Insurance Review 2022
North American (Sammons) Life Insurance At A Glance
Term, Universal Life, Indexed UL
Disclosure
Bequest Mutual is not in any way affiliated with North American. This article is our review of the term life insurance products offered through Lincoln Financial as well as alternatives. If you are need to contact North Americandirectly, call 1-877-275-5462
A non-med life insurance product called LifeVueTerm (now Write Away), developed by the North American Life Insurance Company (NALI), is now available to the public.
While North American Life Vue offers superb no exam life insurance policies, it’s essential to be knowledgeable about the elements of their product before purchasing. There is no one size fits all approach to buying life insurance.
Reviewed by
Jim Tobin,CFP®
As seen in
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Each life insurance company has its unique policy features and uses its special underwriting procedures. You’ll need to know these details before applying for coverage.
Objective: To review the North American no-exam life insurance policies and see if they’re a good fit for your current situation.
North American Life Insurance Company, founded in 1886, is located in Chicago, Illinois. and has offices throughout the Midwest. They have one of the most substantial financial ratings and excellent customer service.
Financial Strength Rating:
Part of the Sammons Financial Group, Inc. (SFG), North American Life and Health is a premier life insurance carrier. Sammons, an insurance holding company, offers a diverse portfolio of financial products, including life insurance, annuities; variable annuities; and securities. The company has more than $100 billion in assets under management, and it’s one of the largest asset managers in the world.
Like North American, which has an A+ financial strength rating by A.M.Best., Sammons has a solid financial position.
North American Life Insurance Co. is privately owned, so they don’t participate in the stock market either.
At the beginning of the 20th century, A.E. Forrest bought the company for just $2000 and appointed its first general agent.
North American WriteAway Overview
A new program called WriteAway allows healthy individuals to skip their medical exams.
Sammons family of financial services, Notable Features
Decision on applications within 72 hoursNo labs required The simple online application process
North American underwriting uses an accelerated approach. Not an actual no-exam product, this underwriting means that clients must qualify for the WriteAway program.
Requirements
Ages 18 – 60Coverage up to $1,000,000No significant medical or non-medical impairments; for example, no:CancerHIVDrug and Alcohol TreatmentBankruptcyMultiple health classes, including tobacco
Pricing
North American is generally a competitive carrier for people in good to excellent health. Take a look at the comparison chart below:
$500,000 of 20 year term preferred rates for men and women aged 50.
LifeVue Overview
Here, you’ll find some key features to consider when shopping for a no medical exam life insurance policy.
Policy features may be subject to change at any time. Availability may vary by location.
The most important aspects to consider when evaluating no-exam life insurance policies include:
Underwriting time– how long you must wait before your application is processed and your life insurance policy becomes activeIssue Age – the age at which an applicant is willing to be insured by a life insurance company.Amount of Coverage – the dollar amount (policy amount) the life insurance company providesLife Insurance Company’s Term Length – the number of years the policy will be active
LifeVue Stats
Wait Time
Decisions are usually made quickly, with results occurring within minutes.
Issue Ages
Policies are available to applicants between the ages of 18 and 60.
Policy Amount
LifeVueTerm has policies starting at $50,000 and going up to $500,000 of no exam life insurance.
Policy Length
You can buy a policy for a term of
15-year term20-year term30-year term
Age/Amount restrictions: LifeVue imposes limits on the policy amount available, depending on your issue age:
Limits are subject to change based on the carrier’s underwriting procedures.
Note- Limits exist on term length based on your issue age and tobacco use:
The 30-year term is not available for ages 55 and older
Tobacco users – Ages 50 and older do not qualify for 30-year terms.
Riders
The rider is included with policy purchase:ADB or Accelerated Death Benefit: allows the owner of the policy to accelerate the death benefit when the insured becomes terminally ill.
Terminal illness is defined as a life expectancy of 24 months or less.Documentation by a licensed physician is required.The maximum accelerated death benefit is 75% of the face amount of coverage.
Conversion Options
LifeVue policies are convertible to a permanent policy during years 1 – 5 of the policy, without the need to prove insurability.
Applying for LifeVue
LifeVue allows people to conduct their life insurance applications over the phone. The phone interview is interactive, and you may receive follow-up questions based on the previous answers. Expect an easy phone call.
You may get results within 30 minutes. You may be asked questions like:
Do you have any medical conditions?Have you ever been convicted of a felony, misdemeanor, or DUI?What is your job title?Do you receive Social Security Disability Insurance (SSDI) or Worker’s Compensation (WC)?Do you fly planes as a private pilot? If so, how often?Have you been treated for drug or alcohol abuse within the past five years?
If your application is approved for life insurance, you’ll be offered one of seven different underwriting classes.
Super Preferred Non-Tobacco Preferred Non-Tobacco Standard Non-TobaccoSubstandard Non-TobaccoPreferred TobaccoStandard TobaccoSubstandard Tobacco
Super Preferred and Preferred rates are not available at age 60 and beyond.
Key Features of LifeVue Term Application Process
Requirements for approval:Telephone interviewMIB report (third party medical record database)Pharmacy history (typically within the last 7-10 years)Risk Classifier (based on public records)Motor vehicle recordTobacco use is acceptable. Not required for approval:Physical Exam
*Quotes provided are based on limited input. Quotes are for informational purposes only. Your rates may vary and will depend upon your health and the underwriting criteria of the carrier.
Is North American A Fit For You?
North American LifeVue Term has excellent no exam life insurance products. It might be a perfect fit for you.
Your best option is dependent on several factors, including your:
Age/GenderHealth statusMedical historyOccupationHobbiesLifestyleDesired policy amountDesired policy length
There is no one-size-fits-all, no-physical (non-med) life insurance policy.
How To Apply
You need to do two things to secure the most affordable insurance plan you qualify for:
Work with an independent agent. It’s essential not to rely on a specific life insurance company. Why? If something concerning your health shows up on your application, that information may be available to other life insurers.An independent agent isn’t obligated to any single carrier. They will do the shopping for you.Be prepared for your phone interview questions. You don’t want to be caught off guard.Make sure that your medical history, medications (prescription and non-prescription), occupation, and lifestyle information are readily available.
