North American Life Insurance and Marijuana – Great Match?
North American Life Insurance and marijuana enthusiasts can be a good match. After all, North American Life made the cut for our Top 12 Marijuana Friendly Life Insurance Companies.
We will explain the reasons why North American Company is a marijuana friendly life insurer. Our review describes the life insurance products available for marijuana smokers. Additionally, we will provide some details about the financial strength and whether or not their term life insurance prices are competitive.
North American Company Profile
North American has a distinguished and lengthy history. The company has been providing ongoing service and commitment to its customers in America since the company was formed in 1886.
The company prides itself in providing outstanding customer service for both insurance and retirement plans for its clients. Our experience has given us no reason to think otherwise.
One thing that distinguishes North American Life from most of its other life insurer competitors is that the company is privately owned.
North American is part of the Sammons Financial Group Inc. This allows its member companies to provide a diverse range of products.
The company is one of the largest life insurance companies in North America. It has over $13 billion dollars in both life and annuity reserves. (So no reason to worry about them running out of money for your beneficiaries.) North American also has over 500,000 life insurance policies and assets in excess of $16 billion dollars.
North American Financial Strength
All life insurance companies should be measured by their financial strength. This is something any potential purchaser of life insurance should know before buying a policy. Fortunately, this information is easy to come by because just about every life insurer is financially rated on an annual basis.
Companies specializing in this area examine each company in detail at least once a year, if not quarterly.
How financially strong is North American Life Insurance Company?
Here are the most recent results from 3 of the top ranking rating agencies for this insurer:
• A.M. Best – A+
• Standard and Poor’s – A+
• Comdex Score – 92
Conclusion: These highly rated rankings clearly put this company in the top tier of life insurance companies which are very financially sound.
A solid financial company like North American will give you the peace of mind that your long term life insurance investment is in capable hands. The company will be able to pay its claims so your loved ones will not have to worry.
North American Life Insurance Products
What products does North American offer to people who smoke recreationally? Lots. Whether you want term or a permanent life insurance policy, you can find one here.
The good news is that this is a company which has a range of products which you can customize to your particular needs.
North American offers a range of the following products:
- Term Life Insurance
- Universal Life Insurance
- A Mixture of Life Insurance Riders and Endorsements
Let’s look at a brief overview of each type in more detail.
North American Term Life Insurance
Term life insurance is the product most suitable for the majority of American who are seeking life insurance as income replacement. You can also use term insurance to cover the following:
- Personal Debts
- Business Uses such as Buy/Sell Agreements
- Key Man life insurance
- College Tuition
- Final Expenses
Term life insurance is by far the most affordable form of life insurance. You simply choose the length of time you want the life insurance and the amount of coverage.
The flagship term product which North American Life offers is:
ADDvantage® Term Life Insurance
The highlights include a level term product. This means your premiums and death benefits remain the same for the entire length of the term. Your term choices include 10, 15, 20, or 30 years.
These policies also allow you to avail yourself of a variety of life insurance riders and endorsements to better customize your coverage requirements.
This policy also comes with a conversion feature which allows you to convert your term policy to a permanent life insurance policy. You can do so without having to undergo a medical exam.
North American Universal Life Insurance
Unlike term life insurance, universal life insurance is a form or permanent life insurance. These policies are for your lifetime, and provide death benefits along with a cash value accumulation feature.
Universal policies can be used in a variety of applications such as for estate planning and business needs. Most types of permanent life insurance generally cost a lot more than term policies because of the duration of the coverage and because of the cash value accumulation portion.
North American Life Insurance and marijuana use offers the following types of Universal life insurance products including:
This product provides coverage to age 121 with no premiums due after age 100. You have the additional flexibility to alter how premium payments are made for both the amount you pay and the period of time. This product also allows you to gain access to your death benefits should you incur an unexpected and untimely illness.
Indexed universal life Products
The Builder IUL (Indexed Universal Life) product offers flexibility in how you manage the cash accumulation portion of the policy. You can earn interest on the cash value accumulation feature which is based on how the stock market performs without having to invest directly in the stock market itself.
The interest rate which is credited to your account is never less than a guaranteed zero percent. You can also access the cash value accumulation portion via either policy loans or withdrawals 6 years after the policy is purchased and thereafter.
Guarantee Builder IUL®
The features of this coverage include guaranteed death protection up to age 120. You can also earn interest on the cash value accumulation without having to invest directly into the stock market. Additionally, you can get policy loans or withdrawals and access a portion of the death benefits because of an unexpected illness.
Rapid Builder IUL®
The Rapid Builder IUL policy also provides the ability to earn interest because of how the stock market performs without having to invest directly into it. You have the bonus advantage of the interest rate as being guaranteed to be never less than zero percent. Policy loans and withdrawals are also available. You can use the Accelerated Death Benefit endorsement to access a portion of the death benefits for a variety of reasons.
This policy provides coverage to 2 individuals under a single policy and for a single premium. Death benefits are payable when the second individual dies. Provides the same features as the other universal policies including an interest rate which is guaranteed to never be less than zero percent. Also provides the ability to access the policy for withdrawals and loans.
North American does not offer auto or home insurance. They specialize in life insurance and annuities.
Price Comparison with North American Life Insurance and Marijuana
You will want to know how the cost of premiums between North American Life Insurance and marijuana use compares with other insurers.
When we ran several comparisons we found that North American term insurance premiums compare very favorably with other companies. In many instances their rates rank in the lowest 10 in terms of cost.
North American Company also favorably underwrites a variety of pre-existing health conditions. Meaning medical marijuana patients have a chance of getting lower rates for their condition than might otherwise be available.
North American Life Insurance and Marijuana Use Underwriting
Now the important part. How 420 friendly companies underwrite their policies when it comes to marijuana use. Some are more liberal than others.
How does North American Company underwrite recreational marijuana?
For this company it will depend of the age of the person being applying for a policy. Most importantly, they assess recreational smokers on frequency. Their guidelines say:
- 21 and older: Up to 2-3x/week: STANDARD NONSMOKER (urine must test negative for nicotine)
- Under 21: Tobacco rates
- Daily Use: Decline
Their best health class for recreational smokers is Standard. They will decline people who smoke daily.
How Marcan Insurance Can Help With Companies Like North American Life Insurance and Marijuana
One of main specialties here at Marcan Insurance is to help people find life insurance coverage at the lowest premiums. Regardless of whether you smoke for fun or as a patient. This includes help in finding both affordable term and permanent life insurance policies. We can help smokers in the following situations including:
• Recreational smokers
• Patients with a medical marijuana card
• Individuals who own or work in the marijuana industry
We know all the top rated marijuana friendly life insurers as we have access to over 70 of the top rated life insurers in the industry. Additionally, we also specialize in pre-existing health conditions.
If you want to learn more about North American Life Insurance and marijuana use, then call the independent agents here at Marcan Insurance Company at (888) 987-8447. Use our expertise to remove life insurance from your to-do list today!