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Midland National Life Insurance Review

Midland National Life Insurance Review

may not be well-known to those outside of the industry. However, they have been in business for over 100 years and have consistently maintained a stellar reputation. Their only shortcoming is their limited marketing efforts, as they choose to focus on providing quality products at a reasonable price instead of investing in TV or stadium advertisements.

Although Midland National is one of the top life insurance companies in the U.S., it may not necessarily be the best fit for you. To help you make an informed decision, we have put together this brief article to provide you with more information about Midland National, so you can determine whether or not they are the right insurance company for you.

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About Midland National Life Insurance

Midland National Life Insurance Company was founded in 1906 as Dakota Mutual Life Insurance and later changed its name to Midland National in 1925. Headquartered in Sioux Falls, South Dakota, the company has focused primarily on life insurance and annuities, experiencing steady growth over the past century. Midland markets its financial products through a network of over 40,000 independent agents and financial advisers across the country, excluding New York.

Midland National’s life insurance products can only be purchased through affiliated agents and advisers, and not directly from the company’s website. While customers looking for term coverage can obtain preliminary quotes online, almost all other interactions with the company occur through an agent.

In addition to term life insurance, Midland National offers several types of universal life insurance, but does not currently sell whole life, variable, or dedicated final expense coverage.

Accelerated UW

Midland National policies are usually fully underwritten, though life insurance without a medical exam is available through an accelerated underwriting process for eligible applicants.

To qualify, the potential insured must be under age 51, fall within the company’s BMI guidelines, and have no significant health issues.


Midland National is a privately-held subsidiary of the Sammons Financial Group, which also includes North American Company for Life and Health Insurance, Sammons Annuity Group, Sammons Retirement Solutions, and Sammons Financial Network, LLC.  The latter company handles distribution of Midland National products classified as securities.

Midland Life Financial Ratings

A.M. Best: A+
S&P: A+
Moody’s: NR
Fitch:  A+
Comdex Ranking: 89

Though it doesn’t have the same name recognition as some of the bigger names in the life insurance industry, Midland National is a good-sized company, with over 1 million policies and annuity contracts currently in force.  Parent company Sammons Financial reports an impressive $99.7 billion in total assets.

Top Rated

Midland’s A+ rating from A.M. Best and 89 score from Comdex place it comfortably within the top twenty percent of the highest rated U.S. life insurance carriers.

While there are companies stronger than Midland National financially, Midland has a solid history of stability and presents policyholders with very little risk.

Midland National Consumer Ratings


Midland National has been accredited by the Better Business Bureau since 2017 and currently has an A+ score from BBB.  The high score means that Midland National is generally responsive to complaints lodged with BBB by consumers.

Midland also enjoys a four-star average (out of five) among the customer reviews included on the BBB site.  Compared to similar companies, the four-star score is notably strong, as insurers tend to not fare well in BBB customer reviews.


According to the National Association of Insurance Commissioners, Midland National receives fewer consumer complaints to state insurance commissioners compared to the average of similarly positioned life insurers.

JD Power

With the strong scores from the NAIC and BBB, Midland’s disappointing showing in JD Power’s life insurance customer satisfaction studies is a little surprising.  In 2020, Midland came in 21st out of 23 measured companies—actually a slight improvement over 2019’s 23rd place finish (out of 24).

Midland National Life Insurance Products

Term & UL

Midland sells term and a variety of universal life policies.

Whole life and dedicated final expense insurance policies are not available from Midland National.

The company also offers a menu of annuity options, including multi-year guarantee annuities, single-premium immediate annuities, and fixed-indexed annuities—the latter of which Midland describes as its most popular annuity product.

Investment and retirement-planning products and services are available from other Sammons Financial Group companies, but Midland National limits its focus to life insurance and annuities.

Life Insurance from Midland Life:

Midland National currently offers term, indexed universal life (“IUL”), standard universal life (“UL”), and guaranteed universal life (“GUL”) policies.

Midland recently discontinued offering new variable universal life (“VUL”) policies but is still servicing existing VUL policies, which were at one point a substantial part of the company’s business.

Term Life from Midland National

Midland National offers level term insurance policies with initial term lengths of 10, 15, 20, or 30 years.

New insureds can be anywhere from 18 to 75 years old, though longer term lengths aren’t available for older applicants.

Coverage amounts generally range from $100,000 to $5 million, with higher limits sometimes available for qualifying applicants.

Midland’s term policies include a terminal illness rider allowing acceleration of policy proceeds if the insured is diagnosed with less than 12 months to live.

Term policies are also available with guaranteed conversion options, which let policyholders convert term coverage to a permanent policy without additional underwriting.

Universal Life from Midland National

Midland’s standard Universal Life insurance policy offers the premium and coverage flexibility normally associated with universal life.  Along with the death benefit, policies accrue cash value that earns interest credited at guaranteed minimum rates.

UL coverage is also available with an accelerated benefits rider allowing early access to policy proceeds for terminal, critical, or chronic illnesses.

The standard UL policy is designed for policyholders focused on building long-term cash value for retirement planning.

By comparison, the guaranteed universal life policy (GUL) is intended for policyholders who want a guaranteed death benefit and are not purchasing coverage for cash-value potential.

A GUL policy’s death benefit is guaranteed until the insured reaches age 120, and the accelerated benefits rider is also included.

GUL policies can be swapped for a standard UL policy without additional underwriting.

Indexed Universal Life from Midland National

For the most part, Indexed Universal Life (IUL) policies work like standard UL, except that growth is credited based on the performance of a selected equity index (such as the S&P 500), rather than at guaranteed rates or based on company performance.

Several IUL Policies

Midland offers several IUL policies with up to 13 different index and crediting options available.  All Midland National IUL policies are eligible for interest bonuses when specified criteria are met.

Midland IUL policies also allow for no-cost loans after six years and include accelerated benefits riders.

Midland IUL options vary based on policyholder’s primary focus.   Different policies emphasize guaranteed death benefit, low-cost coverage, quick cash-value accumulation, and long-term growth potential.

Survivorship IUL

Midland also offers several survivorship IUL policies covering the lives of two insureds and paying off upon the death of the second.  Survivorship policies are particularly useful for tax-efficient wealth transfer between generations and for business planning.

Truth be told…

There’s a very good chance that Midland National Life Insurance Company may be the right fit for you if you espeicially if you prioritize quality products at a reasonable price and prefer to work with an independent agent or financial adviser when purchasing life insurance.

However, it’s important to note that there are many other life insurance companies with different policies, pricing, and coverage options, so shopping around is crucial to ensure that you are getting the best coverage for your needs and budget. By comparing quotes and policies from multiple providers, you can gain a better understanding of the different options available and make an informed decision about which company is the best fit for you.  Something that we here at IBUSA would be more than happy to assist y ou with.

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