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20 Year Term Life Insurance – Sample Quote Review – North American Company or Minnesota Life?

Are you in the market for a 20 year term life insurance policy?  Thinking about North American Company for Life & Health or Minnesota Life?

North American Company for Life & Health and Minnesota Life are highly rated companies with outstanding reputations.  Prices do vary between the companies depending upon age, gender and health class.  Review the sample quote and underwriting guidelines below.  See how they compare against each other.

$1,000,000 – 20 Year Term Life Insurance

Male 45

Male_45_North_American_Company_Minnesota_Life

Female 45

Female_45_North_American_Company_Minnesota_Life

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Male 55

Male_55_North_American_Company_Minnesota_Life

Female 55

Female_55_North_American_Company_Minnesota_Life

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Male 65

Male_65_North_American_Company_Minnesota_Life

Female 65

Female_65_North_American_Company_Minnesota_Life

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(The quotes above assume THE BEST HEALTH CLASS.  Quotes & Underwriting Guidelines are valid as of 9/26/2014 and are subject to change.)

 

***In summary – There is very little price difference between North American Company & Minnesota Life.  In fact, they have the identical price for a female age 55.  The difference is in the underwriting guidelines.  For example, Minnesota Life has more lenient cholesterol and smoking underwriting guidelines than North American Company.  Keep in mind your exact cost will depend on your approved health class.  See underwriting guidelines below***

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North American Company for Life & Health Underwriting Guidelines

Top 2 Health Classes

#1 Health Class = Super Preferred

Blood Pressure: Ages 50 and below – Has blood pressure that is 135/85 or better, without treatment, from all sources.  Ages 51-60: Has blood pressure that is 140/85 or better, without treatment, from all sources.  Ages 61-70: Has blood pressure that is 145/85 or better without treatment from all sources.  Ages 71 and over: Has blood pressure that is 150/85 or better, without treatment from all sources and no pulse pressure greater than 75

Cholesterol: Ages 70 and under: Has a cholesterol count with or without treatment –  220 or less, with a total cholesterol/HDL ratio of 4.5 or less.  Ages 71 and over: Has a cholesterol count, with or without treatment – 150-250, with a HDL of at least 45.

Family History: Has not had a natural parent or sibling diagnosed with, or die from, coronary artery disease or cancer prior to age 60.  Not applicable for age 71 & older

Tobacco: Has not used tobacco or nicotine, in any form in the past 5 years. Occasional cigar (up to 12 per year) is acceptable if admitted on the application and urine specimen is negative for nicotine by-products

Driving Record: Has not had more than 1 moving violation in the past 3 years, or a DWI, DUI or reckless driving conviction or non-administrative license suspension in the past 5 years

#2 Health Class = Preferred

Blood Pressure: Ages 50 and below: Has blood pressure that is 140/85 or better, with or without treatment, from all sources.  Ages 51-60: Has blood pressure that is 145/85 or better, with or without treatment, from all sources.  Ages 61-70: Has blood pressure that is 145/90 or better with or without treatment from all sources.  Ages 71 and over: Has blood pressure that is 150/90 or better, with or without treatment from all sources and no pulse pressure greater than 75

Cholesterol: Ages 70 and under: Has a cholesterol count with or without treatment – 240 or less, with a total cholesterol/HDL ratio of 5.5 or less.  Ages 71 and over: Has a cholesterol count with or without treatment – 150-260, with a HDL of at least 40.

Family History: ·Has not had a natural parent die from coronary artery disease or cancer prior to age 60.  Not applicable for age 71 & older.

Tobacco:  Has not used tobacco or nicotine, in any form, in the past 3 years. Occasional cigar (up to 12 per year) is acceptable if  admitted on the application and urine specimen is negative for nicotine by-products

Driving Record: Must not have more than two moving violations in the past three years or a DWI, DUI or reckless driving conviction or non-administrative license suspension in the past 5 years

Height & Weight Limits

(Click on image to enlarge)

North_American_Company_Height_&_Weight_

Minnesota Life Underwriting Guidelines

Top 2 Health Classes

#1 Health Class = Preferred Select

Blood Pressure: Must be better than or equal to 135/85, with or without treatment.

Cholesterol: Cholesterol level of 240 or less. Cholesterol/HDL ratio must be less than or equal to 5.0.

Family History: No death of a parent or sibling before age 60, due to diabetes, heart disease, cerebrovascular disease or cancer.

Tobacco: No tobacco or nicotine use in the past 36 months for Preferred Select. Nicotine (cotinine) reading on specimen must be negative.

Driving Record: No DWI, DUI, reckless driving or careless driving in the past 10 years.  No more than two moving violations in the past 5 years.

#2 Health Class = Preferred

Blood Pressure: Must be better than or equal to 145/90, with or without treatment.

Cholesterol: Cholesterol level of 260 or less. Cholesterol/HDL ratio must be less than or equal to 6.0.

Family History: No death of a parent or sibling before age 60, due to diabetes, heart disease or cerebrovascular disease.

Tobacco: No tobacco or nicotine use in the past 12 months. Nicotine (cotinine) reading on specimen must be negative.

Driving Record: No DWI, DUI, reckless driving or careless driving in the past 5 years. No more than two moving violations in the past 3 years.

Height & Weight Limits

(Click on image to enlarge)

Minnesota_Life_Height_&_Weight

Still Have Questions?  Call us direct @ (888) 681-4952.

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  • Very fast and convenient online application process – the quickest approval possible
  • Licensed since 1992 –  State license number provided upon request.

Need more information?  Read these reviews…

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