Midland National Life Insurance Review 2021

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Midland National is a privately-held insurance company that has been around since 1906. It started as the Dakota Mutual Life Insurance Company and grew steadily during both World Wars and the Great Depression. It has carried the name of Midland National Life Insurance Company since 1925. Today, Midland National has over 1 million life insurance and annuity policies in force, and paid over $593 million in life insurance claims and over $470 million in annuity benefits in 2019 alone.

Midland boasts high financial ratings and has a very solid base of cash reserves with over $58 billion under management. Customers who buy their products will therefore not need to worry about whether this company can meet its financial obligations. Midland National offers a full array of life insurance products and is licensed to do business in every state in the U.S. except for New York. Midland National does not advertise through traditional avenues such as TV or radio, and their products are sold exclusively by independent insurance agents and financial advisors.

Midland National life insurance policies and annuities

Life insurance

As mentioned previously, Midland National provides a complete range of life insurance products designed to help policy holders prepare for retirement and also protect their families and loved ones. A list of their offerings includes:

  • Term life insurance – Available in varying amounts and term periods. Some term products also offer accelerated death benefits that can be used to pay for medical expenses should the need arise. The accelerated benefits are included at no extra charge, which is very rare for term policies.
  • Guaranteed universal life insurance – Has a level payment throughout the life of the policy, but resembles term life insurance in that there is no cash value accumulation.
  • Universal life insurance Allows for flexible premiums and death benefits and builds cash value based on a declared interest rate.
  • Indexed universal life insurance – This product allows the policy holder to reap a portion of the growth of the stock market with no downside risk. Caps and spreads can apply, but the amount of cash value that has accumulated inside the policy can never decline. This type of policy also offers accelerated death benefits at no extra charge, which means that the insured can access some or all of the death benefit in the policy to pay for healthcare expenses related to disability, chronic or critical illness or long-term care.
  • Variable universal life insurance – This type of policy invests its cash value in a wide-ranging portfolio of mutual fund sub-accounts that rise and fall in tandem with the financial markets. It is possible for policyholders to lose money in a variable universal life insurance policy. Nevertheless, VULs constitute a major portion of the company’s business.


There are no discounts available for prospective policy holders who buy Midland National policies or contracts. Midland National only offers life insurance products and therefore cannot offer any type of multi-line discount or safe driver discount.

Midland National ratings, reviews, customer satisfaction and complaints

Midland National has scored high ratings by several different agencies, broken down as follows:

AM Best A+ – Superior
S&P Global Ratings A+ – Strong
Fitch Ratings A+ – Stable
Better Business Bureau A+ – Accredited

According to the National Association of Insurance Commissioners, Midland National has had a lower than average number of complaints from consumers for a company of its size. But when it comes to customer satisfaction, Midland National was only ranked 23rd out of 24 companies in J.D. Power’s 2019 Life Insurance Study. It was ranked below average in several categories, including overall satisfaction, billing and payment, price, policy offerings, interaction and communication. Nevertheless, Midland National remains committed to serving its customers and maintaining its record of long-term growth.

Reasons why Midland National is a great option

Despite the low rating in the J.D. Power survey, Midland National remains a viable competitor in the life insurance marketplace. Its quotes for term insurance of varying amounts and lengths of time rank among the cheapest in the industry. The inclusion of accelerated benefit riders with some of its term products also sets this company apart as a forward-thinking entity that wants to provide a comprehensive range of benefits for its policyholders.

Midland also has a solid financial base and high financial ratings, making it a safe company to invest with, and the fact that it is privately owned allows the company to focus more on serving its customers instead of having to constantly worry about generating short-term earnings to keep shareholders happy. Financial advisors and insurance brokers are not required to use Midland’s products with their clients, but many of them do for the aforementioned reasons. Midland National offers a solid range of well-built life insurance and annuity products that deliver exactly what they promise. Perhaps the only real disadvantage with this company is the fact that its products are only available through independent advisory channels. They cannot be purchased directly from the company or online.

Additional policies offered by Midland National

Midland National offers the following list of annuity products:

  • Multi-year guarantee annuities (MYGAs) – A fixed annuity that pays a guaranteed rate of interest for a set period of time.
  • Single-premium immediate annuities (SPIAs) – This type of annuity starts paying a guaranteed stream of income immediately and will pay this income either for the rest of the annuitant’s life or a predetermined period of time.
  • Fixed-indexed annuities – This type of annuity credits interest to the contract based upon the performance of an underlying financial benchmark index such as the Standard & Poor’s 500 Index. They resemble indexed universal life insurance policies in that they have no downside risk.

Frequently asked questions

What is the best life insurance company?

There is no one best life insurance company in the financial marketplace today. The best company for one consumer could be a bad choice for someone else, depending upon the needs and circumstances of the prospective buyer. Major life insurers such as MetLife, Prudential, Midland National, New York Life, Northwestern Mutual and State Farm all offer competitive offerings and are highly ranked by the ratings agencies. Consumers need to look at a given company’s financial strength, customer satisfaction surveys and other data in order to determine whether that company may be a good choice.

Written by
Mark Cussen
Contributing writer
Mark Cussen writes about a range of topics related to insurance.