Midland National Life Insurance is a great company that has a full range of insurance products to meet the needs of their clients. You might not be familiar with Midland and, quite honestly, many Americans are not. The biggest question you need to ask, “Is Midland National the best life insurance company for me?”
Midland National Life Insurance Company Reviews
Finding the top life insurance companies for your specific goals needs to be your top priority.
There are literally hundreds of life insurance companies to choose from. Our review of the Midland National Life Insurance company will shed some light on if they’re a good choice for your coverage needs.
Midland National Life Insurance Company
Midland National does not advertise as much as other insurance providers but still rank up at the top with many of them.
They offer traditional term life and whole life insurance, giving their clients a guaranteed death benefit to ensure loved ones are taken care of once they have passed away.
On top of that, they have products to help clients prepare for retirement and enjoy their investments in their golden years.
About Midland National Life Insurance
The company was originally known as Dakota Midland Life Insurance Company and has been around 1906, over 100 years ago. Like many other successful life insurance companies, the lived through and survived many financial challenges including World War I, The Great Depression, and World War II. Midland National is a strong contender that will be around for many, many more years to come.
Since the Midland National Life Insurance Company is privately owned, they can focus on their customer service vs their short-term earnings or stockholders. They are a member of the Sammons Financial Group Inc, allowing them to offer a large range of financial services including:
- Annuities
- Retirement Products
- Life Insurance including bank, corporate, and credit union-owned policies
For more than 100 years, they have provided the highest quality services, financial strength, annuity and life insurance products to their policyholders. On top of that, they are proven providers because of their excellent products and services which has allowed this company to surpass many others.
Midland National Ratings
They have received an A+ Rating from A.M. Best which is based on the following:
- Strong risk adjustments
- Diversified business profiles within their substantial products
- Established and focused growth strategies
- Strong, honest commitment to maintaining relationships
From The Better Business Bureau
They have rated Midland Nation at a stable A+ due to the following factors:
They provide a strong financial risk profile and a strong business profile
Letter Rating ranges from AAA (the highest) to CCC (the lowest). In many cases, AA and BB are adjusted by adding a plus (+) or a minus (-).
Midland National is considered a great financial security provider, outweighing any vulnerabilities, and more than able to meet all financial commitments.
Midland’s Excellent Customer Service
Their excellent customer service offers easy access and use. They have a 24/7 operating hotline so you can call to get further information or talk about any issues that might arise. They provide the very best of everything for their policyholders.
About Midland National Products
Midland has a full range of tools, strategies, and solutions to help you decide what financial services you need.
Life Insurance
Life insurance allows policyholders to provide for and protect their loved ones financially. In many cases, people want to cover their final expenses as well and not put it on their loved ones. It’s a given that life insurance provides death benefits but it actually can do so much more.
Midland National Insurance Company provides the following life insurance types:
- Term Life Insurance
- Whole Life Life Insurance
- Universal Life Insurance
- Variable Universal Life Insurance
- Indexed Universal Life Insurance
Term Life Insurance
Term life insurance offers peace of mind by offering a guaranteed death benefit that is also flexible and can be changed into permanent if you wish. It’s extremely affordable and offers premiums ranging from 10, 20, 30 year term.
- Term life is a policy that has a shorter duration than whole life.
- Term policies do not offer cash value because it’s focused totally on death benefit protection.
- Premiums are leveled which means they do not change over the life of the policy.
- You choose the duration of the policy from 10, 20, or 30 years.
- Term life is the most affordable life insurances package on the market and is also one of the most popular.
- There is no cash value and chances are slim you will pass away in the short periods of this policy.
Whole Life Insurance
Whole life insurance offers lifetime protection with added benefits not seen in other policies including permanent coverage. It guarantees fixed premiums, lifelong death benefits, and cash value growth.
- Whole life coverage is locked in until 100 years-of-age
- Premiums are level which means the premiums will never change.
- A guaranteed interest rate and guaranteed death benefit.
- You can build cash value and accumulate your cash value.
- Cash value is tax-deferred, meaning you do not pay taxes on the cash accumulation.
Read: Learn more about the best Whole Life companies for cash value growth.
Universal Life Insurance
Universal life insurance has flexible premiums and the cash value grows by the interest credited to your account which is deemed by the insurance company in advance.
- It is a different kind of permanent life insurance plan providing coverage until age 90, 100, or 121.
- It’s a flexible policy, meaning you can have a policy with 100% flexibility to fit your changing life.
- You can alter your premium and death benefit if anything in your life changes.
- You have the opportunity to accumulate cash value on a tax-deferred basis.
Indexed Universal Insurance
With Indexed Universal Life Insurance you’ll be provided both death benefit protection and the ability to grow cash value. The index account credits interest based on the method that tracks the stock market indexes movement without the risk of investing directly in the market. It’s also insulated from risk by offering a guaranteed floor for both the fixed and indexed accounts.
- This is another permanent life insurance which provides coverage for your entire life.
- It offers investment opportunities.
- The cash value grows based on indexing.
- As a universal life policy, you have the opportunity of being flexible with the premium and death benefits.
- Cash value accumulation is tax-deferred so you don’t pay taxes on the accumulation.
- The indexed account offers a floor of 0% meaning, when the market is under you don’t lose your money.
Variable Universal Insurance
This universal life is a direct investment in the market with variable sub-accounts. The cash value fluctuates depending on the sub-account performance. It offers flexible premiums and death benefit along with the highest potential for returns and the highest potential for losses.
- This plan is like whole life and is another universal life but with different investment arrangements.
- It is designed to provide a solid death benefit protection for cash accumulation.
- You still have the opportunity of flexibility when it comes to premiums and death benefits.
- The cash value accumulation is tax-deferred so you do not pay taxes on the accumulation.
- This is an investment policy with a separate account for portfolios to create products tailored for your insurance requirements.
- With variable universal, there are risks involved with this plan.
Annuities
Annuities are investment options that are designed to grow funds then, later on, provide a constant flow of payments to you. Like financial planning, they are used by many as a way to provide retirement cash flows. Midland National offers several annuities options to match your needs.
Immediate Annuities
These are purchased with a single payment and provides income almost immediately. The flow of income depends on the initial principal amount, the length of time payout continues, and the number of lives that are covered by the annuity.
Traditional Fixed Annuities
Traditional fixes annuities are simple retirement plans that are low in risk and will protect your principal and allow your investment to continually grow over time. Your savings will be interested credited with an unchanging rate. The savings will receive credited interest unless you opt to get timely payments.
Fixed Index Annuities
These annuities are like traditional fixed annuities but their growth is linked to the market and you do not have to worry about a loss. It guarantees a lifetime income to the policyholder.
Midland National Pros
Because this company has been around since 1906, it knows how to remain flexible and change with the times. They have witnessed and seen many ups and downs in the economy and the changes that investors have gone through. They know how to adapt to changes, allowing their clients to continue reaping the benefits of retirement plans and life insurance. Their extensive knowledge helps their clients get through difficult times and come out ahead at the other end.
Midland National Cons
The biggest con is that Midland National is just one of many life insurance companies on the market. Will they provide you the best rate based on your health and lifestyle? This is where an agent is invaluable.
Midland National Life Insurance Company was also a part of a $1.3 million lawsuit claiming their advertising of products to the elderly were false. The lawsuit stated that elderly clients were deliberately targeted and never educated about the products they were buying. Because the clients were not informed, they most likely would not be able to use these products because of the length of time it would take before these clients would be eligible for the benefits.
Midland National Insurance Company Details
Name(s): Midland National Life Insurance Company; Sammons Financial Group
Address:
One Sammons Plaza
Sioux Falls, SD 57193
Phone: (800) 923-3223
Website: www.midlandnational.com
Ratings: A.M. Best (A+), Comdex (90), Standard & Poor’s (A+), Fitch (A+)
Our Personal Advice
There is no doubt that Midland National Life Insurance Company is a good company with a financially secure base. They seem to have a good selection of products but there is very little information to draw from. Therefore, we are not able to comment on various aspects of their products such as flexibility and riders.
As far as cost, Midland National are somewhat competitive when covering term life. However, we could not find any situation that had them in the top 5 most affordable life insurance providers.
Here are some significant issues that you should take into consideration before signing on the dotted line with Midland National Life Insurance Company:
There is very little information regarding their underwriting guidelines. Therefore, customers are pretty much in the dark about the application process and what they are being offered.
Without a doubt, there are more affordable insurance providers available for term line insurance.
Their website offers very limited information about their permanent insurance plans. If you are in the market for this kind of policy, you should speak with an independent agent to ensure you are getting the best policy for your family and yourself. Keep in mind, permanent life insurance is very complicated and difficult to understand. Therefore, you should reach out to an independent agent to give you some good advice and direction.
Also, keep in mind, Midland National Life Insurance is a single insurer so you really are missing out on the competitive edge by working with an independent life insurance agent who can shop your case for you based on your age, health and lifestyle.
Bottom Line
As an independent insurance agency, we work with and deal with many leading insurance companies. We will go out of our way to get you the very best coverage at the very best cost and go over any concerns you might have.
We deal directly with insurance companies on your behalf and some policies are issued either immediately or within 48 hours. This depends on the insurance company you have chosen.
Our goal is to find the perfect life insurance policy that works for you and your family. We always read the “fine print” to make sure there are no hidden surprises. Any “fine print” we will go over with and explain anything that is confusing.
Thank you for reading our article about Midland National Life Insurance Company Reviews. To learn more about life insurance, make sure to visit our page Life Insurance 101 and find out all the shopping and insider tips to buying life insurance.
