Is North American a good annuity company?
Yes. Both AM Best and S&P independently grade this carrier's claims-paying strength at A+, putting it on the same financial footing as insurers many times its size. It has issued policies without interruption since 1886 and operates under Sammons Financial Group, the privately held parent that also owns Midland National. What sets North American apart is pricing: buyers regularly find its MYGAs and income riders competitive against far more recognizable brand names. A strongly rated carrier that still prices like a challenger is a combination worth a serious look.
North American at a glance
| Legal name | North American Company for Life and Health Insurance |
|---|---|
| Parent company | Sammons Financial Group (Sammons Enterprises, Inc.) |
| Founded | 1886 |
| Structure | Privately held, a subsidiary of Sammons Enterprises |
| Headquarters | Sioux Falls, South Dakota |
| AM Best rating | A+ (Superior) |
| What it sells | MYGAs, fixed index annuities and SPIAs |
| States available | All 50 states and D.C. |
| Typical minimum deposit | $10,000, most products |
Where North American sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+North American
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for North American
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
North American financial strength ratings
| Rating agency | Rating | What it means |
|---|---|---|
| AM Best | A+ | Superior |
| S&P Global | A+ | Strong |
| Moody's | Not rated | |
| Fitch | Not rated |
North American's A+ from AM Best puts it in the same top tier as much larger, better-known insurers, and S&P's independent A+ backs that up. The company also reports a complaint volume with state regulators that runs well below the industry average for its size, a detail worth weighing alongside the letter grades since it speaks to how carriers actually treat claims and service requests day to day.
A rating measures the company, not the product. It tells you how likely the insurer is to pay its obligations, not whether a particular annuity fits your goals.
North American has carried strong ratings across multiple full economic cycles since 1886. Its sister company under the same parent, Midland National, shares much of that same financial backing. Always verify the current rating on AM Best's site before signing anything, and check your state guaranty association limit as a second layer of protection.
What types of annuities does North American offer?
- MYGAs: the Guarantee Choice series locks a fixed rate across terms from 3 to 10 years, with rates that consistently land near the top of independent comparisons.
- Fixed index annuities: the NAC BenefitSolutions and Income Pay Pro lines pair index-linked growth with optional lifetime withdrawal riders.
- Single premium immediate annuities: guaranteed income starting within about a year of funding the contract.
North American MYGA products
Guarantee Choice is North American's flagship fixed-rate contract. Pick a term of 3, 5, 7 or 10 years and the rate is locked for the whole period, and an annual free withdrawal allowance means you are not fully shut out of your money before maturity. Because MYGA pricing changes frequently, we do not print live numbers here. Check this page's quote box for current Guarantee Choice rates in your state, or run them through our MYGA calculator.
North American fixed index annuity products
NAC BenefitSolutions: built around income, this FIA offers a choice of index crediting methods plus an optional income rider that you can add in a simple or more feature-rich version depending on how far out your income start date sits.
Income Pay Pro: North American's flagship income contract. It combines index-linked growth with a rider that compounds a bonus rate onto your income account balance for a set number of years, charged as an annual percentage of that value. The exact bonus percentage and charge vary by product version and issue date, so confirm current numbers when you request a quote. Our Income Pay Pro 10 review walks through the math on a real deposit.
Who is North American best for?
- MYGA shoppers who like the idea of pricing every term length, from short to long, against one strongly rated issuer rather than juggling several carriers.
- People who already work with an independent agent, because that is the only channel North American sells through.
- Long-term savers comfortable putting money with a privately held insurer rather than one traded on a stock exchange.
- Income-focused FIA buyers who want a choice of rider designs rather than a single fixed structure.
What happens when a Guarantee Choice term ends?
Every MYGA eventually reaches its maturity date, and North American is no exception. As that date approaches, the carrier declares a renewal rate for the next term, and that rate is not tied to the one you originally locked in. Most contracts give you a window, commonly around 30 days, to decide what happens next:
- Withdraw the full value. No surrender charge applies once you have reached the end of the guarantee period.
- Roll it into a new contract. A 1035 exchange lets you move the money into a new annuity without triggering a taxable event.
- Let it renew. Doing nothing means the contract continues at whatever rate North American declares for the new term.
Mark your maturity date on a calendar well ahead of time. If you expect rates to keep climbing, a shorter initial term may make more sense than locking in for a full decade.
How to buy a North American annuity
North American does not sell to consumers directly. The process runs through a licensed, independent insurance professional:
- Choose a term and decide how much to deposit.
- Review the contract in detail with a licensed strategist, paying particular attention to the free look period and any rider charges attached to an income product.
- Complete the application and fund it by check, transfer or 1035 exchange.
- Most contracts issue within a few business days once the carrier receives your funds and paperwork.
Because North American is sold only through the independent channel, we can typically quote it alongside other A-rated and higher carriers in the same conversation, so you see exactly how its guarantees compare before you commit.
Contact North American
| Contact method | Details |
|---|---|
| Website | www.northamericancompany.com |
| Customer service | 1-866-322-7066 |
| Mailing address | North American Company for Life and Health Insurance, One Sammons Plaza, Sioux Falls, SD 57193 |
| Hours | Monday through Friday, 7 a.m. to 6 p.m. CT |
Other annuity companies to consider
If North American is on your list, these carriers are worth comparing:
- Midland National: North American's sister company under Sammons Financial Group
- American National: another A-rated carrier with a long operating history
- Aspida: a newer, rate-focused MYGA competitor
Pros and cons
Pros
- A+ (Superior) from AM Best, matched by A+ from S&P
- Privately held under Sammons Enterprises, with no public shareholder pressure
- Continuous operation since 1886, well over a century
- One of the widest MYGA term lineups from a single A+ carrier, spanning 3 to 10 years
- A deep fixed index annuity shelf, including a well-known income rider design
- Reports a below-average complaint volume with state regulators relative to its size
Cons
- Its balance sheet runs smaller than the biggest publicly traded insurers
- The brand name is not as familiar to consumers as household insurers with heavier advertising budgets
- Being one of two sister brands under Sammons Financial Group can trip up shoppers who mix it up with Midland National
- Only AM Best and S&P weigh in; there is no Moody's or Fitch grade to cross-check against
Frequently asked questions
Is North American a safe company for annuities?
Yes. AM Best rates its ability to meet policyholder obligations A+, which is Superior on that agency's scale, and S&P independently agrees at A+. Your state's guaranty association adds a second layer of protection up to a state-set limit, so check both the current rating and your own state's coverage cap before funding a large contract.
What types of annuities does North American offer?
Three main categories: multi-year guaranteed annuities for locked-rate accumulation, fixed index annuities for market-linked growth with a floor, and immediate annuities for turning a lump sum into income. Every one of them is placed through a licensed independent agent, not sold directly online, and the exact lineup available to you will depend on your state.
How do I buy a North American annuity?
You buy through a licensed independent insurance professional, not directly from the company. We can quote North American next to other A-rated and higher carriers so you can compare guaranteed terms, rider costs and financial strength before you decide.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
