It’s easy to become overwhelmed by the sheer number of companies offering coverage when shopping for life insurance.
One company who manages to stick out from the pack is Midland National Life Insurance Company. A well-known name in the industry, they’re notable for their quality coverage, high financial strength, and commitment to their customers.
Here’s our detailed Midland National Life Insurance review to help you decide if it’s the right option for you.
Our Midland National Life Insurance Company Review
The three most important things you should know about Midland National are:
- “A+” rating from A.M. Best, Standard & Poor’s, and Fitch for financial strength
- Wide variety of customizable coverage options
- Other financial products, retirement products, and annuities
Despite their high level of success, Midland National Life Insurance is still committed to providing competitive rates for all their coverage options.
What Midland National Is All About
Midland National Life Insurance Company has a strong reputation in the industry.
Their history dates back to 1906 when they were founded in Sioux Falls. The company is still based out of South Dakota today.
Even since the beginning, Midland National has emphasized the customer. Their goal has always been to provide the utmost satisfaction to all their policyholders.
They’ve accomplished this goal by establishing a solid foundation as a financially strong company. As a customer, you should never have to worry about them failing to pay out your policy.
Their commitment to their customers extends from their strong financial background to their customizable coverage options, available to consumers, banks and other institutions and corporations.
Midland National is actually owned by Sammons Financial Group, Inc. (SFG), a privately held company. They are also accredited by the Better Business Bureau, with score of “A+”.
Here are some other quick facts:
- Over 1.1 million policies active, and nearly $150 billion in total amount in force
- Assets exceeding $51 billion
- NAIC quality ratings suggest 96% of all investments are bond grade
What Makes Midland National Unique
Midland National fits firmly in the mold of a traditional life insurance company. While they aren’t necessarily innovative, they hold strong in what has always worked for them.
Despite the traditional way they go about business, Midland National does have something which makes it unique: their emphasis on the customer.
They make sure to emphasize policyholders, and this shines through in every facet of their business.
Most notably, it shines through in the variety of coverage types they offer. These include:
- Term Life Insurance – Affordable, temporary coverage with death benefits only (no cash value component).
- Whole Life Insurance – Provides a guaranteed death benefit plus a guaranteed interest rate, set premiums, and a cash value component.
- Universal Life Insurance – Similar to whole life, but with more flexibility, specifically with the tax-deferred cash value component.
- Indexed Universal Life Insurance – Combines death benefits and a cash value component with stock market indexes.
- Variable Universal Life Insurance – Combines death benefits and a cash value component with increased flexibility, additional tax features, and an option for separate investment accounts.
Talk to us to better understand which of these five life insurance plans is best for you.
Their Application Process
The Midland National application process for life insurance is simple and straightforward.
It starts with your personal information before moving onto a series of basic questions. Many of these are health related to give their underwriters a general understanding of your health.
Unlike some life insurance companies who now offer an expedited application process, Midland National’s is still traditional.
It requires filling out a paper application as well as a medical exam. Though both of these steps take time, this routine is still par for the course for life insurance applications.
Your application will be reviewed within 4 to 6 weeks after completion. During this time, a team of underwriters looks at your application to determine your coverage rating and class.
You’ll receive a notice of approval, as well as the level of coverage you’re eligible for, at the end of the underwriting process.
Midland National does offer a free quote service on their website, or you can use the quote form right here on this page, so you can quickly find an estimate of the level of coverage you’ll receive.
Like most life insurance providers, Midland National offers its policyholders a variety of additional features to use in conjunction with their main plans.
- Annuities – Investment options to grow funds to provide steady cash flow in retirement.
- Immediate Annuities – Provide an immediate income stream rather than a long-term income stream.
- Traditional Fixed Annuities – Low-risk income stream most often used for retirement savings.
- Fixed Index Annuities – Almost identical to traditional fixed annuities, except income protection is guaranteed.
Carefully consider these additional features when looking at Midland National as your life insurance provider.
What We Like
Midland National does a lot of things right. Strongly consider these benefits when shopping for life insurance coverage.
These top benefits include:
- Commitment to policyholders
- Strong financial ratings
- Variety of coverage types
- Lots of additional features
- Excellent customer service
Compare and contrast these benefits with those of other life insurance companies to see which provider is the best for you personally.
As you can see from Midland National’s top benefits, they’re a company who firmly cares about its policyholders. Not only does this shine through in the services offered, but also in their excellent customer service.
Finally, Midland National is such a popular life insurance provider because of their strong financial ratings which helps show benefits are much more likely to be paid out as promised.
What We Don’t
Every life insurance company has a handful of negatives – Midland National included.
The main disadvantage we’d like to note here is Midland National’s $1.3 million lawsuit which originated in 2011.
The lawsuit claimed the company unfairly targeted elderly clients through false advertising and improper education about what the coverage entailed.
Also, the lawsuit claims Midland National did not inform these elderly clients most of them would not be eligible for their death benefits.
It’s important to look at these negative claims alongside the benefits of Midland National and their overall strong reputation to form your own opinions about the company.
Who is Midland National Best for?
Almost anyone will benefit from buying life insurance from Midland National Life Insurance Company.
That said, it’s best for those who want a lot of flexible coverage options backed up by strong financial ratings and excellent customer service.
Furthermore, Midland National is best for those who demand a life insurance provider who changes with the times. The company is constantly updating every aspect of their business to best suit the current needs of their policyholders.
Midland National Customer Service
Customer service is an often-overlooked component of a great life insurance company.
Not only is great customer service essential to helping current policyholders and taking care of claims promptly, but it’s also an important aspect of signing up new customers.
No matter if you’re a new customer or a current policyholder, Midland National makes it a point to be available 24/7 for live phone support.
They also provide email support for those who prefer to have their questions answered online.
Now that we’ve thoroughly dissected Midland National – how do they stand up to their competition?
The short answer to this is very well. Midland National regularly stands as one of the best quality life insurance companies currently offering coverage.
The reasons for this popularity and success are obvious: Midland National is committed to its policyholders through a combination of great customer service, a variety of flexible and customizable plans, and great rates overall.
Give Midland National a look during your hunt for the best life insurance coverage for you.