Who Is North American
North American Company for Life and Health Insurance or (North American) for short has been around since 1886 which puts them at over 130 years old.
This is a great thing because you want to make sure that any insurance company you are with is going to still be in business if something happens to you.
North American is one of the top providers for life insurance and annuities in the U.S. and is still privately owned.
Private ownership means that they aren’t subject to short-term earnings pressures and they can focus on personal, and efficient service.
North American has over $120 Billion of life insurance in force and has:
- A+ (Superior) Rated by A.M. Best
- A+ (Strong) Rated by S&P Global Ratings
- A+ Rated by Fitch Ratings
These ratings are proof of the financial stability and claims-paying ability of North American and are very important when considering the purchase of life insurance from any life insurance company.
What Is Term Life Conversion
A Term life conversion is simply taking your term policy and converting it into either a universal life insurance product or a whole life insurance product.
When you buy a term life insurance policy, you are usually looking for an affordable monthly premium and either a short or long-term length.
These periods usually go from 5 years up to 30 years depending on the company.
However, a term life insurance policy will eventually end, and you will have to either renew them, let them lapse, or convert them.
Of the 3 options, in my opinion, conversion is always the best option if you have a medical condition that may prevent you from getting coverage at a later time.
You can do this conversion without having to take any exams or prove insurability as long as you convert the policy before the conversion expiration period.
North American Products & Conversion Options
ADDvantage term has five underwriting classes available and is one of the most affordable term life insurance options on the market.
This product is fully convertible and offers up to 30 years in term length options.
When it comes to conversions, this product doesn’t offer any term conversion credits and isn’t convertible to a survivor product.
You can convert your term life policy during the level premium period of the policy, or through age 74 (69 for ADDvantage 30 Year Term Policy), whichever is earlier.
The conversion period is never less than five years, regardless of issue age; check out the conversion options for each product below:
ADDvantage 10 Year Term
Ages 18 – 64 – Conversion Period Is 10 Years
Ages 65 – 70 – Conversion Period Is To Age 74
Ages 71 – 75 – Conversion Period Is 5 Years
ADDvantage 15 Year Term
Ages 18 – 59 – Conversion Period Is 15 Years
Ages 60 – 70 – Conversion Period Is To Age 74
ADDvantage 20 Year Term
Ages 18 – 54 – Conversion Period Is 20 Years
Ages 55 – 65 – Conversion Period Is To Age 74
ADDvantage 30 Year Term
Ages 18 – 39 – Conversion Period Is 30 Years
Ages 40 – 50 – Conversion Period Is To Age 69
Ages 40 – 55 – Conversion Period Is To Age 69 (NON-TOBACCO)
If you have a 15 year term life policy and you are currently 59, you will have to convert the policy within 15 years which is by the age of 74.
If you have a 30 year term life policy and you are currently 48, you will have to convert the policy by the age of 68 so that you don’t miss the 69th birthday cutoff.
ADDvantage Conversion Options
Once you have decided to convert your term life policy, you can convert your policy to any currently available individual, permanent life insurance product.
Waiver Of Premium Conversions
At an extra cost, North American has a rider available that provides you with a waiver of your required monthly premiums if you become totally disabled.
The disability must happen before your 65th birthday while the policy is in force and the disability has to last for at least 180 consecutive days.
If your term life policy is currently being paid for by the Waiver of Premium rider, you can still convert your policy to a permanent plan.
However, If you are disabled on the Conversion Date, no disability Endorsement or Rider will be included in the new policy and no benefits will be paid on the new policy after the Conversion Date.
Additional Conversion Features
You have no limit on the number of life conversions you can do, and you are also able to do partial conversions as long as you don’t fall below the product minimum.
How To Get Started
Hopefully, you can see that when it comes to term conversions, time is of the essence.
The fastest way to get started is to contact us directly since we convert policies through North American all the time.
And guess what:
There is no charge for our service.
We have a Simple 3 Step Process:
- We learn your situation, and budget, then we send you rates
- If the plan works for you, we’ll collect all the documents needed.
- Finally, we complete the paperwork on your behalf and become the agent on your new policy.
So Don’t wait, go ahead and fill out the form on this page to get started or give us a call.