Is North American a Good Annuity Company?
Yes. North American Company for Life and Health Insurance is one of the strongest annuity companies in the United States. It holds an A+ (Superior) rating from AM Best, plus A+ ratings from S&P and Fitch.
North American has operated since 1886 and is owned by Sammons Financial Group, a privately held company that also owns Midland National. It pairs top-tier ratings with MYGA and fixed index annuity rates that are often near the top of the market.
Its MYGAs have one catch: there are no penalty-free withdrawals in year one. If you may need money in the first year, compare carriers in our live fixed annuity rate table.
North American Annuity Products
North American sells multi-year guaranteed annuities (MYGAs), fixed index annuities (FIAs) and income annuities. Here is the lineup we quote, with live MYGA rates and contract terms.
North American MYGAs
The Guarantee Plus series locks your rate for 3, 5 or 7 years, starting at $20,000. Deposits of $100,000 or more earn a higher rate tier.
- Terms: 3 years to 7 years
- Minimum premium: $20,000
- Free withdrawals: none in year one, then interest earned only
- Max issue age: 90
- Market value adjustment: on 1 of 3 (see table)
- Not sold in: NY
| Product | Term | Top rate | Min. premium | Surrender charges by year | MVA |
|---|---|---|---|---|---|
| NAC Guarantee Plus 3 | 3 yrs | 5.45% | $20,000 | 9-8-7% | No |
| NAC Guarantee Plus 5 | 5 yrs | 5.85% | $20,000 | 9-8-7-6-5% | No |
| NAC Guarantee Plus 7 | 7 yrs | 5.65% | $20,000 | 8-8-7-6-5-4-3% | Yes |
Top rate is the highest premium tier for each product, effective October 1, 2026, from AnnuityRateWatch. Smaller deposits can earn less, and rates vary by state and change without notice.
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North American Fixed Index Annuities
North American’s FIAs credit interest from market indexes with a 0% floor, so index losses never reduce your account value. Several are built around a guaranteed lifetime withdrawal benefit (GLWB) rider for retirement income.
- North American Income Pay Pro 10: an income FIA whose rider grows the income value by a guaranteed 8% compound roll-up for up to 10 years, for a 1.15% annual rider charge. Read our North American Income Pay Pro 10 review.
- NAC BenefitSolutions 10: an income-focused FIA with an optional lifetime withdrawal rider. Read our NAC BenefitSolutions 10 review.
- North American Charter Plus 10: read our North American Charter Plus 10 review.
North American Pros and Cons
What we like
- Top-tier ratings: AM Best A+ (Superior), plus A+ from S&P and Fitch
- Long history: in business since 1886
- Privately held parent: owned by Sammons Financial Group, which also owns Midland National
- Competitive MYGA rates: Guarantee Plus rates are often near the top of the market
- Strong income FIAs: Income Pay Pro 10 offers a guaranteed 8% roll-up on its income value
What to watch for
- No year-one withdrawals: Guarantee Plus MYGAs allow no penalty-free withdrawals in the first year
- Interest-only access after that: withdrawals are limited to the interest earned
- $20,000 MYGA minimum: higher than carriers that start at $10,000
- Not sold in New York: New York residents need another carrier
- Less name recognition: Sammons, North American and Midland National branding can be confusing
North American Financial Strength and Ratings
North American holds an A+ (Superior) rating from AM Best, the second-highest of its 15 levels. S&P and Fitch also rate it A+, and its Comdex score, a composite of the major rating agencies, is 88 out of 100.
As a privately held company, North American answers to the Sammons family of companies rather than public shareholders. It has kept its A+ rating through several economic cycles.
Ratings are current as of the snapshot date above and can change; verify current standing at ambest.com before purchasing.
Who Owns North American?
North American Company for Life and Health Insurance is owned by Sammons Financial Group, part of the privately held Sammons Enterprises. Sammons Financial also owns Midland National Life Insurance Company.
- 1886, founded: North American has operated for more than 135 years.
- Sammons Financial Group: the parent of both North American and Midland National, based in West Des Moines, Iowa.
- Domiciled in Iowa: North American is regulated by the Iowa Insurance Division.
North American and Midland National sell different product lineups, so it is worth comparing both. See our Midland National annuity review.
How to Buy a North American Annuity
North American annuities are sold through independent licensed agents. My Annuity Store is an independent annuity marketplace, not affiliated with North American, and we can compare its products with 90+ top annuity companies.
Guarantee Plus MYGAs start at $20,000 and are not sold in New York. To see how its rates stack up today, compare our list of the best 5-year MYGA rates.
Request a free North American annuity quote to see today’s North American rates beside 90+ top annuity companies, with no obligation.
Frequently Asked Questions
Is North American a good annuity company?
Yes. North American Company for Life and Health Insurance holds an A+ (Superior) rating from AM Best and A+ ratings from S&P and Fitch. It has operated since 1886 and is owned by the privately held Sammons Financial Group.
Is North American the same as Sammons Financial?
North American is a subsidiary of Sammons Financial Group, part of Sammons Enterprises. Sammons Financial also owns Midland National Life Insurance Company.
What is North American's AM Best rating?
North American Company for Life and Health Insurance is rated A+ (Superior) by AM Best, the second-highest of its 15 levels.
What MYGAs does North American offer?
North American offers the Guarantee Plus MYGA in 3, 5 and 7-year terms, starting at $20,000. There are no penalty-free withdrawals in year one; after that you can withdraw the interest earned. The live table on this page shows today's rates.
Does North American offer a lifetime income annuity?
Yes. North American fixed index annuities such as Income Pay Pro 10 offer a guaranteed lifetime withdrawal benefit rider. On Income Pay Pro 10, the rider grows the income value by a guaranteed 8% compound roll-up for up to 10 years, for a 1.15% annual charge.
Is North American available in New York?
No. North American Guarantee Plus MYGAs are not sold in New York.
