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Midland National life insurance review 2022

Updated Nov 15, 2022
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Midland Life Insurance Company could be a good choice for those looking for term or universal life insurance and those who prefer working with a local agent. However, the company’s digital offerings are not as robust as those of other carriers, and its product line is relatively limited.


  • Near nationwide availability
  • Lower-than-baseline NAIC complaint index
  • High financial strength rating from AM Best, S&P and Fitch


  • Fewer policy options than some other providers
  • Lower-than-average J.D. Power customer satisfaction score
  • Only term policies can be quoted online

Midland National offers only a few types of life insurance, which may fit the needs of some policyholders, but leave others wanting something additional. The carrier started offering coverage in 1906 and now sells coverage in 49 states, Puerto Rico, Guam, the Virgin Islands, and both domestic and international military installations. Owned by the Sammons Financial Group, Midland National also offers annuities in addition to life insurance products. Bankrate’s Midland National life insurance review could help you understand this carrier’s coverage offerings and aid in determining if they fit your needs.

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Midland National life insurance coverage types

Midland National life insurance comes in three forms: term, guaranteed universal life and indexed universal life. Because the company offers several types of life insurance, it may be easier to find a policy that works for you. You may find that, depending on your needs and the state you live in, different products are available aside from the ones showcased on Midland National’s website. Talking to a Midland National Life Insurance Company representative is the best way to know what options are available to you.

  • Term: Midland National Life Insurance Company offers term life insurance, which stays in effect for a predetermined amount of time (usually 10, 20 or 30 years) and comes with a level premium payment. Depending on the policy, policyholders may have the option to convert their term policy to permanent life insurance before the end of the term. Midland National’s term life insurance also offers living benefits options, which means there are some perks you can use while you’re still alive. Term life insurance can get pricier with age, so it is generally viewed as a product geared toward younger applicants.
  • Permanent: Midland National offers two types of permanent life insurance policies: guaranteed universal life and indexed universal life. Guaranteed universal life is a permanent policy that generally does not include a cash value account. It provides a death benefit up to a maximum age stated in your policy and may be a good fit for those who want lifelong coverage at a lower cost than many other permanent life insurance types. However, guaranteed universal life is not the same as a guaranteed-issue life insurance policy, which Midland National does not offer. Indexed universal life provides a death benefit along with a cash value portion that earns tax-deferred interest. The cash value funds are invested in certain stock market funds that you choose. Your gains will have a cap and a floor, which protects your money in a poorly performing market, but also limits the account’s earning potential.

Midland National life services

Midland National Life Insurance Company has a network of around 60,000 agents across the U.S. If you feel more comfortable handling your life insurance needs in person, Midland National might be a good choice. An agent may be able to help you decide how much life insurance you need and what products are best for you and your family. Midland National offers term life insurance quotes online (although there is no life insurance calculator available), but its other policy types must be quoted by and sold through its network of agents.

Other Midland National perks worth considering

In addition to life insurance, Midland National offers several annuity products:

  • Multi-year guarantee annuities (MYGAs): This is a fixed annuity that pays a guaranteed interest rate over multiple years.
  • Single-premium immediate annuities (SPIAs): This type of annuity starts paying a guaranteed stream of income immediately following the annuitant’s lump sum payment, and will pay this income either for the rest of the annuitant’s life or a predetermined period.
  • Fixed-indexed annuities (FIAs): 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, meaning that your investment will be protected if the market performs poorly.

You can speak with one of Midland National’s financial professionals to determine which products make the most sense for your situation and financial goals.

Midland National life insurance customer and claims satisfaction

According to the National Association of Insurance Commissioners (NAIC), Midland National Insurance Company receives significantly fewer complaints than the industry baseline. Although Midland National was not ranked in J.D. Power’s 2021 U.S. Individual Life Insurance Study, it did rank lower than average in the 2020 study with a score of just 725, compared to the industry average of 763.

Midland National typically receives high financial strength ratings, which means that customers may be able to feel confident it has a solid financial history. AM Best, S&P and Fitch all give the company a high A+ financial strength rating. The fact that the company is privately owned may allow it to focus more on serving its customers as opposed to prioritizing generating short-term earnings for shareholders.

Midland National corporate sustainability

Midland National is owned by Sammons Financial Group, which experienced a record-breaking year in 2021 in regard to community giving. The company donated over $3.75 million to charitable causes, and employees invested over 5,500 hours of volunteer time. The company specifically focused on charitable organizations dedicated to homelessness, hunger, diversity and inclusion, education, and those that support people with intellectual and developmental disabilities and unique healthcare requirements.

2021 also brought the launch of Sammons Financial’s Legacy Project. Created in partnership with the Principal Charity Classic, the Legacy Project funds charitable donations to organizations that have defined commitments to diversity, equity and inclusion (DEI) outcomes.

Not sure if Midland National is right for you? Consider these alternatives

If you are shopping for the best life insurance company, you may want to reach out to several different providers and compare quotes. If you aren’t quite sure if Midland National is the right insurer for you, here are some other carriers to consider:

  • MassMutual: MassMutual won our Bankrate Award for best whole life insurance due to its high coverage capacity and numerous riders. If you’re in the market for whole life, as opposed to Midland National’s universal life offerings, MassMutual could be a good option.
  • State Farm: If you like Midland National’s term life insurance options and its network of local agents, you could also get a quote from State Farm. The company won our Bankrate Award for best term life insurance company.
  • Globe Life: This carrier might be a good alternative if you are looking for coverage that isn’t based upon your ability to pass a medical exam. Although Globe Life’s policies have health questionnaires, most of its life insurance offerings can be purchased without a medical exam.