North American Company for Life and Health Insurance — part of Sammons Financial Group alongside Midland National — is one of the most consistently competitive MYGA providers in the United States. Their North American Guarantee Choice MYGA frequently appears at or near the top of national rate tables across 3, 5, and 7-year terms.
With an AM Best A+ (Superior) rating and 138 years of continuous operation, North American combines the rate competitiveness buyers want with the financial strength safety demands.
Key Takeaways
- AM Best A+ (Superior) — excellent financial strength
- North American Guarantee Choice MYGA is one of the most competitive products in the market
- 138+ years in business under Sammons Financial’s private ownership
- Competitive FIA lineup including Builder Plus and Rapid Builder products
- Available nationwide through independent brokers
North American Annuity Products
Guarantee Choice MYGA — North American’s flagship MYGA. Available in 2, 3, 5, 7, and 10-year terms. Consistently among the top rates in each term category. 10% free withdrawal annually. No annual fees. Minimum premium $10,000.
Best for: Rate-focused buyers who want top-of-market MYGA returns from an A+ carrier.
Builder Plus IUL / FIA — Fixed indexed annuity with multiple index options including S&P 500, Goldman Sachs Momentum Builder, and others. Optional income rider. 10-year surrender period.
Best for: Long-horizon accumulation with future income planning.
Rapid Builder IUL — Shorter-surrender FIA (7-year) with competitive caps. Useful for buyers who want index-linked growth but don’t want to commit to a 10-year surrender period.
Financial Strength Ratings
| Agency | Rating |
|---|---|
| AM Best | A+ (Superior) |
| S&P Global | AA- (Very Strong) |
Pros and Cons
| Pros | Cons |
|---|---|
| Top MYGA rates from an A+ carrier — rare combination | Products sold through agents only, not direct |
| 138+ years in business — outstanding track record | Some surrender periods up to 10 years |
| Privately held — long-term stability focus | Less name recognition than large national brands |
| Broad independent broker distribution | FIA complexity requires careful review |
Frequently Asked Questions
Does North American offer the best MYGA rates?
North American’s Guarantee Choice MYGA frequently ranks in the top 3 nationally for MYGA rates across multiple terms. Among A+ rated carriers specifically, they are consistently one of the most competitive options. See the live rate tables at best 5-year annuity rates.
Is North American the same as Sammons?
North American Company is a subsidiary of Sammons Financial Group. Sammons also owns Midland National Life. Both carriers operate independently with their own products and agent networks, but share the same parent company and corporate ownership structure.
North American Company: Company History
North American Company for Life and Health Insurance was founded in 1886 in Chicago, Illinois. For over 138 years the company has operated continuously through two world wars, the Great Depression, every financial crisis, and every major interest rate cycle in U.S. history. In 1985, North American was acquired by Sammons Enterprises (now Sammons Financial Group), and it has operated as a wholly owned subsidiary ever since. Its sister company, Midland National Life Insurance, is also part of Sammons.
Today North American is headquartered in West Des Moines, Iowa, and serves policyholders in all 50 states. It is one of the top MYGA rate leaders in the market, consistently appearing in the top 3 national rate tables for 3, 5, and 7-year terms. The company combination of A+ financial strength and highly competitive rates makes it a favorite among independent insurance brokers shopping rates for their clients.
North American fixed indexed annuity lineup is also strong, though slightly overshadowed by its better-known MYGA products. The Sammons Financial parent provides stable private ownership without the quarterly earnings pressure of publicly traded carriers.
North American Product Deep Dive
Guarantee Choice MYGA
Guarantee Choice is North American flagship multi-year guaranteed annuity and the product that most consumers are actually buying when they ask about North American. It offers 2, 3, 5, 7, and 10-year terms with a single locked rate for the full period. Minimum deposit is $10,000. 10% annual free withdrawal. No annual fees. Standard declining surrender charge schedule (typically 8% in year 1 grading to 0% at term end).
Guarantee Choice is one of the most competitive MYGA products in the A+ rated carrier universe. In most months, North American is in the top 3 for 3-year and 5-year terms, frequently tied with Athene and Global Atlantic for the highest posted rate. For rate-focused buyers who also want an A+ rated carrier (not just A or A-), North American is often the obvious choice.
Builder Plus IUL (Fixed Indexed Annuity)
Builder Plus is North American comprehensive FIA with multiple index crediting options including the S&P 500, Goldman Sachs Momentum Builder, and other proprietary volatility-controlled indexes. Optional income riders provide guaranteed lifetime withdrawal benefits. 10-year surrender period. Designed for long-horizon accumulation buyers who want index-linked growth plus future guaranteed income.
Rapid Builder (Shorter Surrender FIA)
Rapid Builder is the 7-year surrender variant for buyers who want FIA index crediting without committing to a 10-year contract. Slightly lower caps than Builder Plus but shorter lockup period. A good middle ground for buyers who are FIA-curious but not willing to commit for a decade.
How to Buy from North American
North American annuities are sold through independent insurance brokers in all 50 states. The company does not sell direct to consumers. Because North American is often rate-competitive, most annuity-focused independent brokerages carry their products prominently.
- Find an independent broker with North American appointments. Any broker shopping MYGA rates for clients will almost certainly carry North American.
- Request a rate quote for your desired term and deposit size. Banded pricing is common, so a $250,000 deposit may unlock a higher rate than a $25,000 deposit.
- Compare the rate directly against Athene, Global Atlantic, and Midland National. These four carriers are often within 0.10% to 0.25% of each other on any given day. The winner changes week to week.
- Complete the application and fund via wire transfer, ACH, or qualified rollover.
- Review the contract during the free-look period to confirm the rate, surrender schedule, and all contract terms match what the agent quoted.
Who Should NOT Buy a North American Annuity
- Mutual company preference buyers. North American is privately held under Sammons, not mutual. For mutual alternatives, look at New York Life or MassMutual.
- Variable annuity shoppers. North American does not sell variable annuities. For VA products, consider Corebridge Polaris or Nationwide.
- Buyers who want immediate annuities (SPIAs). North American SPIA lineup is limited compared to income annuity specialists like New York Life, MassMutual, or Athene. For pure SPIA shopping, look elsewhere.
North American vs. Direct Competitors
| Feature | North American | Athene | Global Atlantic |
|---|---|---|---|
| AM Best Rating | A+ (Superior) | A (Excellent) | A- (Excellent) |
| Founded | 1886 | 2009 | 2004 |
| Ownership | Sammons (private) | Apollo Global | KKR |
| MYGA Rate Rank | Top 3 | Top 3 | Top 5 |
| Financial Strength | Strongest of three (A+) | Strong (A) | Strong (A-) |
| Best For | Highest A+ rated MYGA rates | Scale + Apollo capital | KKR backing + competitive rates |
For other A-rated FIA carriers, see our Symetra annuity review.
