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Midland National Life Insurance Company Review 2020

  Midland National Life Insurance Company

Are you considering buying life insurance or annuity from Midland National Life Insurance Company? Are you the type who likes to do your research before making a purchase? If so, read on. I've done some of the work for you.

First of all, Midland National is a well-established insurance company and there are several positive things I can say about this company. But I dug deeper and have three observations that I think make them stand out.

Let's first make a high-level overview.

About Midland National

Well, to begin with, they have been around for over 1

10 years. The company started in 1906 and was originally known as the Dakota Mutual Life Insurance Company.

Like many successful life insurance companies formed at the time, Midland National Life Insurance survived World War I, the Great Depression, and World War II.

Just from these few facts alone you can see Midland National was built to endure.

Midland National is a member of the Sammons Financial Group, a subsidiary of Sammons Enterprises, Inc. Midland National offers a wide range of financial services including pension products, annuities and life insurance.

RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance

Flying Under the Radar

Midland National Flying Under the Radar. Why is it like that? This company does not advertise on TV or radio or anywhere I can find. They are not a small freezer company.

They are one of the larger life insurance companies out there. According to their website, they had over 1 million life insurance and annuity contracts in 2018 and had nearly $ 58 billion (with a "b") in assets.

So why does not this big insurance company advertise? Midland National only sells its life insurance products through independent agents.

That's why you do not see ads on TV and why there is not much product information on their website. They do not sell their products directly to the consumer and they do not hire agents as employees of the company.

Independent agents are free to choose which companies they want to do business with. If they do not like a company's product, they do not have to sell it and they go elsewhere.

So indirectly, the fact that independent agents choose to sell Midland National's products (and Midland National sells a lot of life insurance) can mean something really good about the strength of their products.

Midland National's life insurance and annuity products

Midland Life Insurance Company has a wide range of products. I could not find lots of details about their products on their public website, because they, like many life insurance companies, rely on their network of agents to educate consumers with the details of their products.

That being said, these are the types of life insurance and annuities that Midland National offers:

Term Life Insurance

Coverage is offered for 10-, 15-, 20- and 30-year periods. Life insurance is an insurance that provides coverage with a fixed payment rate for a limited time or a limited period.

However, Term Life Insurance does not build cash value. Midland National offers a free quote counter on their website so you can get an idea of ​​what to expect in terms of price.

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Guaranteed Universal Life Insurance

This type of insurance is permanent life insurance that you can maintain throughout your life but is like Term Life in that there is usually no cash value.

Universal Life Insurance

This is a permanent life insurance that has somewhat flexible premiums and builds cash value based on a declared interest rate.

Indexed Universal Life Insurance

This type of life insurance is relatively complicated but offers plenty of opportunities to grow cash value that can be used to increase your pension income if you give it enough time to grow. Here is Midland National's description directly from their website.

“Indexed universal life (IUL) insurance is death benefit protection that also provides the opportunity to build long-term cash value by earning interest that is linked to the movement of a selected stock market. index over a period of time.

Even if the growth is based on a stock market index, your money is not invested in the market or the applicable index. The product is subject to all insurance premiums that are normally associated with most universal life insurance policies. ”

RELATED: Check Examples of Life Insurance Rates by Age (No personal information required)

No Whole Life

The only possible gap I found in their Life insurance product offers are that they do not offer Whole Life insurance. This is not automatically a negative unless Whole Life is the only type of insurance you are interested in.

Just like how some car companies do not offer a pickup or convertible, not all life insurance companies provide all types of insurance.

Multi-Year Annuity Guarantee (MYGA)

Guarantee an interest rate and approve the time Midland National Life Insurance will keep your money when you open your contract.

Simple Premium Immediate Annuity (SPIA)

19659014] Midland National Life Insurance sought to maximize the guaranteed income you can generate, either during your lifetime or a certain period of time.

Fixed Index Interest Rates (FIA)

Midland National Life Insurance's most popular type of annuity, FIAs provide growth potential for pension assets while protecting against downward market risk.

Three observations

OK. So here's the part you've been waiting for. What are these three observations I have made? Well, it has to do with how their company is set up, their offer of life insurance and their company rating.

A: Privately Owned

It is an interesting fact that this insurance company is privately owned, allowing them to focus on customer service rather than in the short term. Here is a treat I found on their site that I found remarkable. I'm not sure I've seen a statement like this anywhere else:

“Midland National plans to defend itself for hundreds of years, not the next quarter or next fiscal year. At Midland National, we focus on the long term. We focus on you.

It's a powerful public statement, and it makes me feel confident in their focus on the future.

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] Two: Life insurance rates in the long run

Midland National has a free quote counter on its website, so I took the opportunity to run several price information. I ran several ages, gender, health assessments and coverage amounts and compared the results with other companies.

Overall, Midland National's prices, although not always the cheapest, were quite competitive. In many cases, they were among the 10 cheapest insurers.


I discovered that Midland National offers "life benefits" on their life insurance policies at no extra premium. Many companies do not offer these benefits at all on maturity policies, or if they do, it is rare to find a company that does not charge extra premiums.

Why is this a big deal? The living benefits I am talking about allow the insurance owner to advance part of the insurance death benefit while they are still alive if they are certified by a doctor to have qualified critical, chronic or terminal illness.

Examples of diseases that may qualify include myocardial infarction, stroke, Alzheimer's or other advanced dementia. And we constantly see in the news that the high cost of care is one of the main causes of bankruptcy. So this is a big deal.

Three: Financial Ratings

So let's take a closer look at the Midland National Life Insurance Company's financial foundation. This is one of the most important factors when looking at a life insurance provider.

Life insurance is a long-term commitment, so it is of utmost importance that the company you choose is financially secure.

Why? [19659014] Because you have to feel confident that they will meet a requirement when it's time. The good news is that almost all life insurance companies in America are audited. Which means you can make an informed decision when the time comes.

It is important to choose a company that is well known and trusted, with a history of financial strength and stability. It only takes a little effort to research the company's history and financial ratings to give you a lot of confidence in the choice you make. Look for companies with a long history and high ratings from trusted sources.

What's a grade?

Financial credit rating agencies specialize in the classification of life insurance companies throughout the United States. This saves us a lot of time and research! From what I've seen, the Midland National Life Insurance Company seems financially secure.

Here is their latest rating for you to consider:

  • AM Best : A + (Superior Rating)
  • S&P Global Rating: A + (strong)
  • Fitch: A + (stable)

In addition, Ward's rating agency, which reviews the financial health of over 700 insurance companies in the United States, placed Midland National in the top 50

Finally, Midland National is an accredited company with the Better Business Bureau. Being an accredited company means that BBB has decided that the companies meet BBB accreditation standards, including a commitment to make good faith efforts to resolve any consumer complaints. exclusive active lifestyle discounts. You can qualify if you are an active runner, cyclist, yogi, vegetarian, swimmer or other. Find out how much you can save!

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The Bottom Line

The Midland National Life Insurance Company has been around for over 110 years and is based on a financially secure foundation. Make sure your money is safe with them.

Midland National is privately owned and focuses on long-term rather than quarterly results. This is good because life insurance is a long-term agreement.

When it comes to affordable rates, they are competitive in terms of their life insurance offer, especially when you add value to the living benefits offered for no extra premium.

I hesitate to tell Midland National not to have a comprehensive policy, as there are a number of companies that do not offer one or another product. If you are set on Whole Life, you need to look elsewhere.

Finally, Midland National only offers its products through independent agents who choose to sell their products. I find that comforting.

The best due diligence you can do is find a reliable independent agent and ask them to research Midland National's products as well. I found no reason not to recommend their products, so it's definitely worth your trusted agent to help you find out if they have a product that suits your needs.

* While we do our utmost to keep our site up to date, be aware that "current" information on this site, such as quotation estimates, or relevant company information, may only be accurate from the last day of editing. Huntley Wealth & Insurance Services and its representatives do not provide legal or tax advice. Contact your own legal or tax advisor.

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