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North American Income Pay Pro Annuity Annuity Review

North American Income Pay Pro 10 Annuity

North american company logo nac Before we dive into our North American Income Pay Pro Review I want to cover the financial strength of North American because the guarantees of an annuity are only as good as the financial strength of the issuing company.

North American is rated A+ AM Best (the second-highest financial rating assigned by AM Best). The below table also lists their Standard & Poor’s rating, Moody’s rating, and Comdex Score.

Income Pay Pro Case Study

Sherri is 49 years old and isn’t exactly sure when she will retire; I guess who really is? Her plan is to retire between the ages of 60 and 65. Her goal was the most guaranteed lifetime income at retirement but without an exact date, we couldn’t solve that.

We ran calculations and recorded the top 3 payouts at each age in hopes that one annuity would be at or near the top for each age.  The table below our data and the North American Income Pay Pro was the clear winner coming in each year other except age 65 ($9.00 shy annually).

North American Company for Life and Health Insurance Ratings

North American Company for Life and Health InsuranceRating
Mailing AddressP.O. Box 79905, Des Moines, IA 50325-0905
A.M. Best Rating (15 Possible Ratings)A+
Fitch Ratings (Financial Strength, 21 Ratings)A+ (5)
WeissB(5)
Comdex Score (Percentile of All Rated Companies)89
Standard & Poor's (Financial Strength, 20 Ratings)A+ (5)

Income Pay Pro is a modified single premium fixed index annuity with an embedded
guaranteed lifetime withdrawal benefit (GLWB) rider1 offering competitive, guaranteed
lifetime income. 

Lifetime payment amounts (LPAs): are made to you as long as you live or, if applicable, joint annuitant lives. It’s a retirement “paycheck” you can count on.

Retirement income: Income Pay Pro provides multiple options for taking retirement income. So you’re in the driver’s seat in determining how and when you start receiving payments.

Growth: Fixed and index account options offer upside potential without downside market risk. Your premium is protected from market downturns.

Liquidity options: If you need access to funds, Income Pay Pro has different liquidity provisions that can help you when you need them most. 

 

North American Income Pay Pro Payments

ANNUITY/ AGE606162636465
North American Income Pay Pro Rider$1,088 $1,106 $1,124 $1,142 $1,160 $1,178
Nationwide High Point 365 Select rider$974 $1,004 $1,034 $1,084 $1,133 $1,187
Athene Ascent Pro 10$901 $940 $980 $1,021 $1,063 $1,105

Hypothetical Rate of Return

The North American Income Pay Pro 10 is a 10-year fixed index annuity with a guaranteed lifetime withdrawal benefit rider (GLWB) included. This means there are two separate values; an account value and an income value.

The account value is real money and what you could withdraw as a lump sum at the end of the contract. The income value is only used to determine annual lifetime income.

Morgan Stanley Dynamic Global PTP Hypothetical Historical Performance

Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance.
Fixed index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation.
Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from the accumulation value for additional optional benefit riders or strategy fees associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.
Insurance products issued by North American Company for Life and Health Insurance®, West Des Moines, Iowa. Products and features/options may not be available in all states or appropriate for all clients. See product materials and state availability chart for further details, specific features/options, and limitations by product and state.
The Income Pay ProSM is issued on base contract form NA1012A / ICC17-NA1012A.MVA or appropriate state variation, including all applicable endorsements and riders.
Withdrawals taken prior to age 59 1/2 may be subject to IRS penalties.

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