North American Company for Life and Health Insurance aims to reach those seeking a basic term policy without the frills
WEST DES MOINES, Iowa, May 16, 2019 (GLOBE NEWSWIRE) — North American Company for Life and Health Insurance® (North American) introduced Classic Term, a top-ranked life insurance product featuring simplicity and highly competitive rates. Classic Term can be an ideal product for those seeking affordable, basic death benefit protection. It is consistently top tier for annual premium, strongest in non-tobacco classes from $500,000 to $2,000,000 of death benefit.
Classic Term is available for 10 and 15 year periods with a minimum face amount of $500,000. Applications must be submitted through the SimpleSubmit® e-app, which enables customers to apply for coverage electronically. Plus, North American’s WriteAway® accelerated underwriting is available with Classic Term.
Half of Americans think term insurance is three times more expensive than it actually is
According to the Life Insurance Barometer Study by Life Happens and LIMRA, over half of Americans think the cost of a term life insurance policy is three times or more than its actual cost.* “We’re excited to offer our new Classic Term at ultra-low rates,” said Jerry Blair, chief distribution officer, life division, Sammons® Financial Group, Inc. (parent company of North American). “People don’t like to talk about it, yet life insurance can help mitigate the financial risk of death. It helps families stay in their homes, send children to college, and small businesses stay afloat. Classic Term can provide that protection at a very low rate,” added Blair.
With Classic Term, a 35-year-old male in the best underwriting class could obtain 10 years of $1,000,000 death benefit coverage for less than $22 per month. A female of the same age and underwriting class would pay less than $19. Quotes can be run at www.NorthAmericanCompany.com/free-term-quote.
Classic Term is currently approved and available in all U.S. states except Alabama and New York.
*2019 Insurance Barometer Study, Life Happens and LIMRA
About North American Company
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.
Sammons® Financial Group is comprised of North American Company for Life and Health Insurance®, Midland National® Life Insurance Company, Sammons Institutional GroupSM, Inc. and Sammons Financial Network® LLC, member FINRA.
Classic Term is issued on policy form series LS188 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.