For more than a century, Midland National Life Insurance has quietly built a reputation for financial strength and dependable protection—yet many families have never heard the name. Unlike highly advertised brands such as State Farm or MetLife, Midland National takes a more understated approach, choosing to invest in product quality and policyholder value rather than television commercials or big sponsorships.
Behind that modest profile is one of the highest-rated life insurers in the country, serving more than one million policyholders through a network of over 40,000 independent agents. The company focuses on delivering competitive term and universal life insurance options, supported by A+ financial ratings from multiple independent agencies—a reflection of its long-standing stability and prudent management.
Our analysis explores why Midland National continues to earn trust among agents and policyholders, as well as the areas where it may not meet every family’s expectations. With strong financial footing and affordable, high-quality coverage, Midland National appeals to those who value reliability over brand recognition. However, its limited product variety and mixed customer satisfaction ratings suggest it may not be the best fit for families who prioritize flexible service or a broader range of coverage options.
Bottom Line
Midland National offers strong financial stability and competitive universal life products through independent agents, but their limited marketing presence and mixed consumer satisfaction may not suit all families’ needs.
What Is Midland National Life Insurance Company?
Midland National Life Insurance Company represents one of America’s most established yet deliberately low-profile insurance providers, with roots dating back to 1906 when it was founded as Dakota Mutual Life Insurance in Sioux Falls, South Dakota. The company adopted its current name in 1925 and has maintained its South Dakota headquarters while building a nationwide presence through independent agent distribution.
Operating as a privately held subsidiary of Sammons Financial Group, Midland National has concentrated its expertise on life insurance and annuity products for over a century. This focused approach has allowed the company to develop deep specialization in universal life insurance products while maintaining the financial stability that comes from conservative, long-term business practices.
Midland National Company Profile
| Company Detail | Information |
|---|---|
| Founded | 1906 (119+ years of operation) |
| Original Name | Dakota Mutual Life Insurance |
| Headquarters | Sioux Falls, South Dakota |
| Parent Company | Sammons Financial Group |
| Policies in Force | Over 1 million policies and annuity contracts |
| Distribution Network | 40,000+ independent agents nationwide |
| Geographic Availability | All states except New York |
Key insight: Midland National’s business philosophy emphasizes substance over marketing, choosing to invest resources in product development and competitive pricing rather than brand advertising, which explains their relative anonymity despite their strong market position.
The company’s relationship with Sammons Financial Group provides access to substantial resources, with the parent organization reporting $99.7 billion in total assets. This financial backing enables Midland National to offer competitive products while maintaining the conservative approach that has sustained them for over a century.
“Midland National’s century-plus track record demonstrates that financial strength and product quality can build lasting success even without high-profile marketing campaigns or household name recognition.”
– InsuranceBrokers USA – Management Team
How Financially Strong Is Midland National?
Financial strength represents Midland National’s greatest competitive advantage, with the company earning top-tier ratings from multiple independent rating agencies. These assessments provide strong confidence in the company’s ability to meet long-term policy obligations and weather economic challenges.
Midland National’s consistent A+ ratings place the company among the financially strongest insurance providers in America, demonstrating superior claims-paying ability and conservative financial management that has sustained the organization through multiple economic cycles.
Midland National Financial Strength Ratings
| Rating Agency | Rating | Meaning | Industry Percentile |
|---|---|---|---|
| A.M. Best | A+ (Superior) | Superior ability to meet obligations | Top 20% |
| Standard & Poor’s | A+ (Strong) | Strong financial security | Top 20% |
| Fitch Ratings | A+ (Strong) | Strong creditworthiness | Top 20% |
| Moody’s | Not Rated | No evaluation provided | N/A |
| Comdex Score | 89 out of 100 | Composite industry ranking | Top 11% |
The combination of A+ ratings from three major rating agencies and an 89 Comdex score places Midland National among the top 10 best life insurance companies in terms of financial security. This level of stability provides exceptional confidence for long-term policies like universal life insurance that may remain in force for decades.
Most importantly: Midland National’s financial strength ratings consistently exceed industry averages and provide security levels that match or exceed much larger, more recognizable insurance companies, demonstrating that size and marketing presence don’t determine financial quality.
Key Takeaways
- A+ ratings from A.M. Best, S&P, and Fitch indicate superior financial strength
- Comdex score of 89 places company in top 11% of all U.S. insurers
- Over $99.7 billion in parent company assets provide additional security
- Century-plus track record demonstrates long-term stability
- Financial ratings match or exceed many household name insurers
What Do Customers Say About Midland National?
Consumer satisfaction represents a mixed picture for Midland National, with strong performance in formal complaint handling contrasting sharply with disappointing results in comprehensive customer satisfaction studies. This disparity suggests the company excels at resolving problems when they arise but may struggle with broader service delivery expectations.
Understanding these contradictory ratings helps set realistic expectations about the customer experience while highlighting both Midland National’s responsiveness to complaints and areas where service improvements may be needed.
Midland National Consumer Satisfaction Metrics
Positive Indicators
| Metric | Score | Significance |
|---|---|---|
| Better Business Bureau | A+ Rating (Accredited since 2017) | Responsive to formal complaints |
| BBB Customer Reviews | 4 out of 5 stars | Above average for insurance companies |
| NAIC Complaint Index | Below Industry Average | Fewer complaints than similar insurers |
Concerning Indicators
| Metric | Score | Significance |
|---|---|---|
| J.D. Power 2020 Study | 21st out of 23 companies | Poor overall customer satisfaction |
| J.D. Power 2019 Study | 23rd out of 24 companies | Consistent satisfaction challenges |
Key insight: The stark contrast between Midland National’s excellent complaint resolution scores and poor J.D. Power rankings suggests the company responds well when customers escalate issues formally but may struggle with day-to-day service delivery that prevents problems from arising.
This mixed performance pattern indicates that while Midland National takes customer complaints seriously and works to resolve them effectively, the overall customer experience may not meet modern service expectations, particularly for digital interactions and proactive communication.
“Midland National’s customer satisfaction profile suggests a company that excels at problem resolution but may need improvement in preventing service issues from occurring in the first place.”
– InsuranceBrokers USA – Management Team
What Coverage Options Does Midland National Offer?
Midland National concentrates its expertise on term life insurance and various universal life products, deliberately avoiding the broad product diversification pursued by many competitors. This focused approach allows the company to develop deep specialization in their chosen product lines while maintaining competitive pricing and features.
The company’s product strategy emphasizes flexibility and long-term value, particularly in universal life insurance where Midland National offers multiple options designed to serve different policyholder objectives and risk tolerances.
Midland National Product Portfolio
Available Life Insurance Products
- Term Life Insurance: Level premium terms with 10, 15, 20, and 30-year options
- Universal Life (UL): Flexible premium permanent coverage with cash value
- Guaranteed Universal Life (GUL): Guaranteed death benefit to age 120
- Indexed Universal Life (IUL): Multiple policies with equity index-linked growth
- Survivorship IUL: Second-to-die policies for estate planning
Annuity Product Options
- Multi-Year Guarantee Annuities: Fixed rate guarantees for specified periods
- Single Premium Immediate Annuities: Immediate income solutions
- Fixed-Index Annuities: Market-linked growth with protection (most popular product)
Products NOT Available
- Whole Life Insurance: Traditional whole life policies not offered
- Final Expense Coverage: No specialized burial insurance policies
- Variable Universal Life: New VUL policies discontinued (existing policies serviced)
- New York Availability: Products not available in NY market
Midland National’s strategic focus on universal life products reflects the company’s expertise in flexible permanent coverage that can adapt to changing policyholder needs over time. However, families seeking whole life insurance or specialized final expense coverage will need to look elsewhere for those specific products.
Bottom Line
Midland National’s focused product line excels in universal life and term insurance but limits options for families seeking whole life or final expense coverage, requiring consideration of other insurers for comprehensive needs.
How Does Midland National’s Term Life Insurance Work?
Midland National’s term life insurance provides level premium coverage designed to meet temporary insurance needs with competitive rates and flexible conversion options. The company’s term products emphasize affordability during the initial term period while providing valuable options for future coverage needs.
Midland National Term Life Insurance Features
Coverage Specifications
- Term Lengths: 10, 15, 20, and 30-year level premium periods
- Issue Ages: 18-75 years old (longer terms limited by age)
- Coverage Amounts: $100,000 to $5 million (higher amounts sometimes available)
- Premium Structure: Level premiums during initial term period
Built-in Benefits
- Terminal Illness Rider: Accelerated death benefit for terminal diagnosis (less than 12 months)
- Conversion Options: Convert to permanent coverage without additional underwriting
- Renewable Coverage: Continue coverage beyond initial term (at higher rates)
Key Advantages
- Competitive Pricing: Quality coverage at reasonable rates
- Financial Security: A+ rated company backing
- Flexible Conversion: Multiple permanent coverage options available
- High Coverage Limits: Substantial protection available for qualifying applicants
Midland National’s term life insurance stands out for its conversion flexibility, allowing policyholders to transform their temporary coverage into any of the company’s universal life products without additional medical underwriting. This feature provides valuable protection against future health changes that might otherwise prevent permanent coverage qualification.
The inclusion of terminal illness riders at no additional cost demonstrates Midland National’s commitment to providing comprehensive protection, allowing families to access death benefits during the insured’s final illness when financial resources are most needed.
Key Takeaways
- Level premiums provide cost predictability during initial term period
- Conversion options offer flexibility for future permanent coverage needs
- Terminal illness rider provides living benefits at no additional cost
- High coverage limits accommodate substantial protection needs
- A+ financial ratings provide security for long-term commitments
What Universal Life Options Are Available?
Midland National’s universal life insurance products represent the company’s primary area of expertise, offering multiple policy designs that balance flexibility, guarantees, and growth potential to serve different financial objectives. These products provide the permanent coverage and cash value accumulation that term insurance cannot deliver.
The company’s universal life portfolio includes both traditional and guaranteed options, allowing policyholders to choose between maximum flexibility and enhanced security based on their specific needs and risk tolerance.
Midland National Universal Life Product Options
Standard Universal Life (UL)
- Primary Purpose: Long-term cash value accumulation for retirement planning
- Premium Flexibility: Adjust payment amounts within policy guidelines
- Coverage Flexibility: Modify death benefit amounts as needs change
- Interest Crediting: Guaranteed minimum rates with potential for higher returns
- Available Rider: Accelerated benefits for terminal, critical, or chronic illness
Guaranteed Universal Life (GUL)
- Primary Purpose: Permanent death benefit protection with guarantees
- Death Benefit Guarantee: Coverage guaranteed to age 120
- Premium Structure: Fixed premium requirements for guarantee maintenance
- Cash Value Focus: Limited cash accumulation potential by design
- Conversion Option: Switch to standard UL without additional underwriting
- Built-in Benefits: Accelerated benefits rider included
Key Distinctions
- Standard UL: Emphasizes cash value growth and flexibility for retirement planning
- Guaranteed UL: Prioritizes death benefit security over cash accumulation
- Risk Profile: Standard UL has more interest rate risk, GUL has predictable costs
- Policy Management: Standard UL requires more active monitoring than GUL
Key insight: Midland National’s universal life products provide excellent flexibility to adapt coverage as life circumstances change, with the guaranteed universal life option offering peace of mind for families who prioritize certainty over cash value growth potential.
The accelerated benefits riders included with these policies provide valuable living benefits that allow policyholders to access death benefits during terminal, critical, or chronic illness situations. This feature adds significant value beyond basic death benefit protection.
“Midland National’s universal life expertise allows them to offer sophisticated policy designs that can adapt to changing financial needs while maintaining the security of A+ financial backing.”
– InsuranceBrokers USA – Management Team
How Does Midland National’s Indexed Universal Life Work?
Midland National’s indexed universal life (IUL) insurance represents the company’s most sophisticated permanent coverage option, offering the potential for enhanced cash value growth linked to equity market performance while maintaining downside protection. The company provides multiple IUL designs with varying index options and crediting methods.
These products appeal to individuals seeking permanent life insurance with growth potential that exceeds traditional universal life guarantees, though they require more complex management and understanding than simpler coverage options.
Midland National Indexed Universal Life Features
Index and Credit Options
- Multiple Products: Several IUL policies with different features and focuses
- Index Variety: Up to 13 different index and crediting options available
- Popular Indexes: S&P 500 and other equity market benchmarks
- Crediting Methods: Various approaches to calculating index-linked returns
Policy Benefits and Features
- Interest Bonuses: Available when specified criteria are met
- No-Cost Loans: Policy loan access after six policy years
- Accelerated Benefits: Riders for terminal, critical, and chronic illness
- Downside Protection: Floor rates prevent negative returns
Product Variations by Objective
- Guaranteed Death Benefits: Policies emphasizing permanent protection
- Low-Cost Coverage: Designs minimizing premium requirements
- Quick Cash Accumulation: Policies optimized for early cash value growth
- Long-term Growth: Products focused on maximum growth potential
Survivorship IUL Options
- Second-to-Die Coverage: Policies covering two lives, paying on second death
- Estate Planning Focus: Tax-efficient wealth transfer between generations
- Business Applications: Corporate planning and buy-sell agreements
- Cost Efficiency: Lower premiums due to joint life expectancy
Midland National’s IUL products stand out for their variety and customization options, allowing financial advisors to match specific policy designs to individual client objectives. The availability of multiple index options and crediting methods provides flexibility to optimize performance based on market conditions and risk tolerance.
The no-cost loan feature after six years adds significant value for retirement planning strategies, allowing policyholders to access cash value for supplemental retirement income without traditional loan interest charges that can erode policy performance.
Bottom Line
Midland National’s IUL products offer sophisticated growth potential and customization options, but require careful management and understanding of complex features to optimize performance and avoid policy lapses.
What Is Midland National’s Underwriting Process?
Midland National employs both traditional fully underwritten processes and accelerated underwriting options designed to streamline approval for qualifying applicants. The company’s underwriting approach emphasizes thoroughness for comprehensive coverage while offering expedited alternatives for specific demographic and coverage scenarios.
Midland National Underwriting Options
Traditional Fully Underwritten Process
- Medical Examinations: Physical exam, blood work, and urine testing
- Medical Records: Attending physician statements when indicated
- Financial Underwriting: Income and net worth verification for large amounts
- Coverage Range: All coverage amounts and policy types available
- Processing Time: Several weeks for comprehensive evaluation
Accelerated Underwriting Process
- Eligibility Requirements: Under age 51, within BMI guidelines, no significant health issues
- Streamlined Application: Simplified health questionnaire
- No Medical Exam: Physical examination not required for qualifying applicants
- Faster Approval: Significantly reduced processing time
- Coverage Limitations: May have lower maximum coverage amounts
Distribution and Application Process
- Agent-Only Sales: Policies must be purchased through independent agents
- No Direct Sales: Company website provides quotes but not direct purchase
- Professional Guidance: Agent expertise required for product selection
- Nationwide Network: Over 40,000 independent agents available
Midland National’s accelerated underwriting program makes the company competitive in the growing no-exam life insurance market, though their age and health restrictions are more stringent than some competitors offering simplified issue coverage to older applicants or those with health conditions.
The company’s agent-only distribution model ensures professional guidance during the application process but may be less convenient for consumers who prefer direct online purchasing options available from some competitors.
Key Takeaways
- Accelerated underwriting available for healthy applicants under age 51
- Traditional underwriting provides access to full product line and coverage amounts
- Agent-only sales model ensures professional guidance but limits direct purchase options
- BMI and health requirements may exclude some applicants from accelerated process
- Processing times vary significantly between accelerated and traditional underwriting
What Are Midland National’s Key Advantages?
Midland National’s competitive advantages stem from their combination of superior financial strength, specialized product expertise, and value-focused business philosophy. These strengths create compelling benefits for families seeking quality permanent life insurance coverage without premium pricing.
Midland National’s Primary Advantages
Exceptional Financial Strength
- A+ Ratings Across Agencies: Superior ratings from A.M. Best, S&P, and Fitch
- Top-Tier Financial Security: Rankings in top 11-20% of all U.S. insurers
- Century-Plus Stability: Consistent performance through multiple economic cycles
- Substantial Asset Base: $99.7 billion in parent company assets
Specialized Product Expertise
- Universal Life Leadership: Deep expertise in flexible permanent coverage
- IUL Innovation: Multiple indexed products with 13+ crediting options
- Customization Options: Products designed for different objectives and risk tolerances
- Advanced Features: No-cost loans, interest bonuses, and accelerated benefits
Value-Focused Business Model
- Reasonable Pricing: Quality products without premium marketing costs
- Agent Distribution: Professional guidance included in pricing
- Long-term Relationships: Focus on policyholder retention over acquisition
- Conservative Management: Sustainable practices supporting long-term stability
Operational Advantages
- Accelerated Underwriting: Fast approval for qualifying healthy applicants
- Conversion Flexibility: Transform term policies to permanent coverage
- Comprehensive Living Benefits: Terminal, critical, and chronic illness protection
- Problem Resolution: Strong track record for complaint handling and resolution
“Midland National’s strength lies in providing institutional-quality financial security and sophisticated product features at reasonable prices, making advanced life insurance strategies accessible to middle-market families.”
– InsuranceBrokers USA – Management Team
These advantages make Midland National particularly valuable for families seeking permanent life insurance with growth potential, estate planning needs, or business applications where financial security and product sophistication matter more than brand recognition or direct purchase convenience.
What Are the Important Limitations?
While Midland National offers significant advantages in financial strength and product expertise, several important limitations require consideration before choosing this company for your life insurance needs. These constraints stem from both product availability gaps and service delivery challenges.
Most importantly: Midland National’s poor performance in comprehensive customer satisfaction studies and limited product offerings may make other insurers more suitable for families prioritizing service excellence or needing product types outside the company’s specialization areas.
Critical Limitations to Consider
Customer Satisfaction Concerns
- Poor J.D. Power Rankings: 21st out of 23 companies in 2020 study
- Consistent Low Performance: 23rd out of 24 companies in 2019 study
- Service Delivery Issues: Problems beyond complaint resolution capabilities
- Customer Experience Gaps: May not meet modern service expectations
Limited Product Availability
- No Whole Life Insurance: Traditional whole life policies not available
- No Final Expense Coverage: Specialized burial insurance not offered
- VUL Discontinued: New variable universal life policies no longer issued
- Geographic Restrictions: Products not available in New York
Distribution and Access Limitations
- Agent-Only Sales: Cannot purchase policies directly from company
- Limited Online Experience: Website provides quotes but not full service
- Agent Dependency: Service quality varies by individual agent relationship
- Accelerated Underwriting Restrictions: Age and health limits exclude many applicants
Competitive Disadvantages
- Low Brand Recognition: Unfamiliar name may concern some families
- Marketing Investment: Limited advertising creates awareness challenges
- Service Inconsistency: Good complaint resolution but poor overall satisfaction
- Product Complexity: Universal life requires more active management than whole life
Bottom Line
Midland National’s limitations center on customer service delivery and product gaps that may make other insurers more suitable for families needing whole life coverage, final expense insurance, or superior service experiences.
For families considering permanent life insurance, these limitations suggest carefully evaluating service expectations and product needs against Midland National’s strengths rather than limiting choices to their specialized offerings alone.
How to Determine If Midland National Is Right for You?
Determining whether Midland National represents the optimal choice for your life insurance needs requires balancing the company’s exceptional financial strength and product expertise against service limitations and product availability gaps. The decision should prioritize your specific coverage needs, service expectations, and long-term financial objectives.
Based on our analysis of insurance market dynamics, Midland National tends to be most suitable for individuals seeking sophisticated universal life insurance products who prioritize financial security and product features over brand recognition and premium customer service experiences.
Midland National May Be Ideal If You:
- Need universal life or indexed universal life coverage with sophisticated features
- Prioritize financial strength and want A+ rated carrier security
- Seek competitive pricing without premium marketing costs
- Value product customization and multiple IUL options
- Work with knowledgeable agents for professional guidance
- Focus on long-term policy performance over short-term service experiences
- Need substantial coverage amounts with flexible premium options
- Qualify for accelerated underwriting (under age 51, good health)
Consider Other Options If You:
- Need whole life insurance or traditional permanent coverage
- Seek final expense or burial insurance for modest coverage amounts
- Prioritize exceptional customer service and premium service experiences
- Want direct online purchasing without agent interaction
- Live in New York where Midland National products aren’t available
- Prefer brand recognition and household name insurers
- Need simplified issue coverage with health conditions or older ages
- Want guaranteed issue policies without health questions
“Midland National provides institutional-quality financial security and sophisticated universal life products at reasonable prices, but families should weigh these strengths against service limitations and product availability constraints.”
– InsuranceBrokers USA – Management Team
Our approach at Insurance Brokers USA involves evaluating your unique circumstances against policies from dozens of top-rated insurers, including Midland National when their specialization matches your needs. We help families identify optimal solutions that balance financial security, product features, service quality, and cost rather than limiting choices to single-company offerings.
Key Takeaways
- Midland National excels at universal life products with A+ financial security
- Poor customer satisfaction scores may indicate service delivery challenges
- Product specialization limits options for whole life or final expense coverage
- Agent-only distribution provides guidance but limits direct purchase convenience
- Strong financial ratings provide long-term security for permanent coverage
- Best choice requires comparing against multiple insurers rather than single-company focus
Frequently Asked Questions About Midland National Life Insurance
Is Midland National a reputable life insurance company?
Yes, Midland National is highly reputable with over 119 years of operation and A+ ratings from A.M. Best, S&P, and Fitch. Despite limited brand recognition due to low marketing investment, the company maintains superior financial strength and serves over one million policyholders.
What types of life insurance does Midland National offer?
Midland National specializes in term and universal life products including traditional UL, guaranteed UL, and multiple indexed UL options. The company does not offer whole life insurance, final expense coverage, or new variable universal life policies.
Can I buy Midland National insurance online directly?
No, Midland National policies must be purchased through independent agents. While the company website provides preliminary quotes, all applications and policy management occur through their network of over 40,000 independent agents nationwide.
Does Midland National offer no-exam life insurance?
Yes, through their accelerated underwriting process available for healthy applicants under age 51 who meet BMI guidelines and have no significant health issues. This option provides faster approval without medical examinations for qualifying individuals.
Why do J.D. Power studies rank Midland National poorly?
Midland National consistently ranks near the bottom in J.D. Power customer satisfaction studies (21st out of 23 companies in 2020), despite strong BBB ratings and low complaint indices. This suggests challenges with overall service delivery rather than complaint resolution capabilities.
What makes Midland National’s indexed universal life special?
Midland National offers multiple IUL products with up to 13 different index and crediting options designed for various objectives including guaranteed death benefits, quick cash accumulation, and long-term growth. Features include interest bonuses, no-cost loans after six years, and comprehensive living benefits.
Should I choose Midland National or compare multiple companies?
Always compare multiple insurance companies before deciding. While Midland National provides excellent financial security and sophisticated universal life products, other insurers may offer better service experiences, product variety, or rates. Working with an independent agent provides access to multiple top-rated companies for comprehensive comparison.
About the Insurance Brokers USA Team
The Insurance Brokers USA Team consists of licensed insurance professionals with extensive experience helping clients with complex health conditions find appropriate coverage. Our agents have worked with hundreds of individuals seeking sophisticated permanent life insurance solutions, specializing in comprehensive market analysis to identify optimal universal life and indexed universal life strategies.
