Midland National Life Insurance Company Review

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Choosing the best life insurance company isn’t as simple as selecting the cheapest online quote. Each company has various underwriting risks, product preferences, and product types. Some insurers are ideal for final expense solutions and not term or universal life policies. Others are excellent for no-exam policies but not whole life coverage.

The most efficient way a consumer can learn about life insurance companies is reading product reviews. Today, we review Midland National Life Insurance Company where you will learn about their rates, life insurance products, and how they stack against the best in the industry. Let’s get to it!

Midland National Life Insurance Company History

Midland National Life Insurance was founded more than 100 years ago, in 1906, under the name of Dakota Mutual Life Insurance Company. The company had its own set of challenges such as WW I, the Great Depression, and WW II. Despite those challenges, Midland grew and expanded. In 2006, Midland National celebrated its 100th year of offering quality products, service, strong financial ratings and commitments to continuance growth.

Midland National is a member of Sammons Financial Group, Inc. who is a parent of a few other successful financial companies who offer annuities, retirement, and life insurance products. Midland National is a privately held company who caters to its clients rather than its shareholders.

Midland National Life Insurance Company Ratings

  • A.M. Best: A+ (Superior)
  • Standard & Poor’s: A+ (Strong)
  • Fitch: A+ (Strong)

Products Offered by Midland National

Midland National offers Annuities and life insurance products. This review will only examine the life insurance product offerings which are term, universal, and indexed universal life insurance.

Term Life Insurance

If you are looking for the simplest, most straightforward coverage at the lowest price, term life insurance is your best choice. Midland National offers 10-, 15-, 20-, and 30-year level premium guaranteed periods with the option to convert to a permanent policy in the future should the need arise. You can also elect to renew it at the end of the term and pay annually until age 95.

This is probably the worst choice as your premiums will be astronomical. It also comes with an accelerated death benefit for terminal illness at no additional cost, which allows access to the death benefit if the insured is diagnosed with a terminal disease and has fewer than 12 months to live. Midland National provides two types of term life insurance:

  1. Premier Term: For those who seek the lowest possible premium payment.
  2. Executive Term: Offers a graded conversion credit rider which allows the insured to convert the policy during the first five years and receive a prorated credit.

Plan Highlights

  • Issue age and term duration:
    • 10-year term for 18–75
    • 15-year term for 18–70
    • 20-year term for 18–65
    • 30-year term for 18–55 (non-tobacco)
    • 30-year term for 18–50 (tobacco)
  • Annually renewed to age 95
  • Minimum face amount: $100,000
  • Waiver of premium rider at additional cost
  • Children’s insurance rider at additional cost

Universal Life Insurance

For those who seek protection, growth, and flexibility, nothing can match universal life insurance. UL is a permanent coverage that guarantees a death benefit to be paid tax-free to your heirs when you pass away with the potential to build cash value while you are still alive.

A portion of your premium payment goes to pay for the cost of insurance while the remainder is invested in a crediting account of your choice, which grows on a tax-deferred basis. You can access the cash if you choose to take a loan or if you choose to surrender the policy. It doesn’t end there. The most significant benefit of universal life policy is found in its flexibility.

You can adjust your death benefit in the future according to your life events, and you also can increase, decrease, or skip premium payments as long as there is enough cash in the policy. Midland National offers three types of UL, each focused on different factors:

  1. Essential Guaranteed UL: Designed for those who are less interested in cash accumulation and are looking for affordable long-term protection. This is a GUL policy which allows you to choose the guaranteed death benefit to any age: 90, 95, or even 120 years. Your premium will stay fixed for that period.
  2. UL Death Benefit: Geared for those who seek affordability with long-term coverage. It offers a guaranteed interest rate and zero cost loans in year 11 onwards.
  3. UL Cash Value: Geared for those who seek a higher cash accumulation for retirement or estate planning. It comes with a return of premium death benefit option and zero cost loans in year six onwards.

Plan Highlights

  • Issue age: 0–85
  • Minimum death benefit:
    • $50,000 for ages 0–59
    • $25,000 for ages 60+

Indexed Universal Life Insurance

IUL combines the same advantages universal life has with the potential for exceptional cash growth by earning interest based on an index’s movement. (It’s not invested directly in the stock market.) When buying an indexed universal life policy, you will be presented with a few accounts from which you can choose to park your money based on your risk tolerance and goals.

There is a fixed interest account, which guarantees a minimum interest rate of 3%, and a few other accounts that mimic an index’s movement and pay interest based on its performance. If the index goes up in value, your account will earn interest. If the index goes lower, your account would not be impacted negatively, you would earn zero percent. Midland National offers four IUL policies:

  1. Death Benefit 3: Offers guaranteed death benefit with strong potential for cash growth. It also comes with the optional no-lapse guaranteed rider to any age up to 120.
  2. Early Cash 4: Geared for those who need wealth transfer or longevity planning. It has no premium load and a return of premium death benefit option.
  3. Cash Value 4: Designed for higher net-worth individuals who seek future cash accumulation for retirement. It offers bonuses on both the index and fixed crediting accounts.
  4. Legacy Guaranteed: This is a survivorship policy which covers two individuals and pays after the death of the second insured. This coverage offers an affordable premium for two individuals, especially if one applicant has poor health and can’t get an individual policy alone. The Legacy Guaranteed policy comes with a return of premium death benefit option for clients who are interested in longevity planning.

Plan Highlights

  • Issue age: 18–75
  • Minimum death benefit: $25,000

Midland National Life Insurance vs. Other Carriers’ Sample Monthly Rates

Midland National Life Insurance sample rates

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Mutual of Omaha $13.56 $20.08 $46.55 $134.05
 Midland National $14.30 $20.02 $43.56 $115.06
 SBLI $14.79 $21.67 $51.68 $147.70
 Transamerica $20.34 $26.45 $51.17 $135.88
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Midland National $12.76 $16.94 $34.10 $81.84
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Transamerica $13.98 $21.72 $40.64 $110.51
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Midland National $22.44 $33.44 $79.20 $218.68
 SBLI $21.32 $36.92 $96.06 $286.85
 Transamerica $23.65 $43.00 $95.46 $253.70
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Midland National $19.36 $28.16 $61.60 $154.88
 SBLI $19.14 $29.67 $65.87 $173.03
 Transamerica $19.78 $34.83 $73.10 $204.68
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Midland National$39.16 $60.28 $150.92 $427.24
 Mutual of Omaha $37.80 $59.68 $161.18 $481.43
 Principal $38.50 $55.56 $147.88 $418.78
 SBLI $35.24 $56.03 $147.73 $457.62
 Transamerica $39.56 $80.84 $178.02 $483.32
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Midland National$32.12 $48.84 $113.08 $283.80
 Mutual of Omaha $31.68 $50.93 $119.18 $324.80
 Principal $32.16 $46.81 $108.94 $283.50
 SBLI $29.67 $44.28 $104.57 $272.92
 Transamerica $32.68 $65.36 $139.32 $388.72
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Oct 2018 and are subject to underwriting approval.*

Bottom Line

Midland National Life is an outstanding company with strong financial ratings. Their term life rates are competitive, price-wise, and should be investigated further if you are in the market for term life insurance. They also have an excellent product selection for those who seek universal life policies. However, because these are more complicated coverages, you must do a little more digging before buying coverage.

If you are in the market for small final expense coverage, Midland National isn’t for you as they don’t have such products. Lastly, if you are tired of reading life insurance reviews and, instead, want to spend your free time differently, give us a call at 866-326-3053, so we can present you the best choices and rates based on your health and goals.

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2018-10-30T06:37:16+00:00October 30th, 2018|Categories: Company Reviews|0 Comments

About the Author:

Ron is a licensed life & health insurance broker. He has two amazing rescued Pitbulls. He also enjoys real food, strong coffee, ultra runs, critical thinking, and reading.

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