Midland National Life Insurance Review

Updated: October 3, 2024

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MoneyGeek’s Take: Is Midland Right for You?

Given Midland National's simple term policy options and flexible universal and whole policy options, this company would be a good fit for younger folks looking for a policy they can modify or upgrade to meet their needs over time. This provider may also appeal to those with pre-existing conditions or who want the convenience of not having to take a medical exam to apply.

In contrast, Midland National may not be the best life insurance for those over 60, given its limited senior-specific and final expense policy options. Seniors may want to consider State Farm as an option.

MoneyGeek has reviewed Midland National to help you learn more about the company’s offerings so you can make an informed decision before applying.

At a Glance: Midland National Life Insurance

Midland National

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Affordable term premiums

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No medical exam applications

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Few customer complaints

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Lack of information on its website

COMPANY HIGHLIGHTS

Midland National was founded as Dakota Mutual Life Insurance Co. in 1906. The company changed its name in 1925 and is now part of Sammons Financial Group Inc., which also includes North American Company for Life and Health Insurance. The insurer provides term and permanent life insurance options and annuities.

Midland National offers various life insurance products, including term, universal life and indexed universal life insurance. It also provides endorsements or riders to enhance coverage, such as accidental death benefit, accelerated death benefit and a children’s term rider. The company’s policies are affordable and flexible.

Its products are:

  • Premium Term
  • Essential Guaranteed® UL 5
  • Strategic ProtectorSM IUL with Premium Guarantee Rider (PGR)
  • Strategic AccumulatorSM IUL 2
  • Strategic ProtectorSM IUL (Base Policy)
  • Strategic AcceleratorSM IUL 2 with Waiver of Surrender Charge Option (WOSC) Rider

According to the National Association of Insurance Commissioners (NAIC), Midland National receives far fewer complaints than average, with a complaint index of 0.22. The company is a financially strong insurer with a broad portfolio of product offerings and riders.

TABLE OF CONTENTS

Key Takeaways

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Midland National offers term, universal and indexed universal life insurance.

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Policies are available from $100,000 to $5 million.

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Midland National provides 24/7 customer support.

Midland National Policy Options Explained

According to a recent study by the Life Insurance Marketing and Research Association (LIMRA), 68% of participants reported feeling more financially secure after purchasing life insurance. In addition, 44% said they would feel financial hardship within six months without life insurance.

Term Life Insurance Options From Midland National

Midland National offers Premier Term life insurance in four-term lengths: 10, 15, 20, or 30 years. Customers can speak with an agent to determine which term length is right for them.

Premium estimates for Midland National's term life insurance policies are available on the company's website for policies ranging from $100,000 to $5 million.

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    Premier Term

    Midland National offers term life insurance policies with 10-, 15-, 20-, and 30-year premium guarantee periods, depending on issue age, with a minimum face amount of $100,000. These policies include accelerated death benefits for critical, chronic and terminal illnesses. Conversions are allowed after five years of the issue age.

Term life insurance is a viable option for younger buyers, those who recently started a family or those with a new mortgage. Compared to other types of policies, term life insurance is more affordable, making it a practical choice for those with other financial obligations to balance.

Whole Life Insurance Options From Midland National

Midland National offers a whole life insurance policy that provides lifelong coverage with a guaranteed death benefit and the potential to build cash value over time.

With this policy, the premiums remain level, and the death benefit is guaranteed as long as the premiums are paid. The cash value grows tax-deferred, and policyholders can borrow against it or use it to pay premiums.

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    Premier Term

    Midland National offers a variety of level premium guarantee periods ranging from 10 to 30 years for cases with a minimum face amount of $100,000. The policy also includes accelerated death benefits for critical, chronic and terminal illnesses. The policy is convertible according to the schedule, and the conversion period is never less than five years, regardless of the issue age. The critical illness benefit is not available in California.

A whole life insurance policy guarantees lifelong protection for you or your loved ones and is ideal for buyers who have long-term dependents or are planning their estate. Also, its cash value makes it good for buyers who may need future long-term care.

Universal Life Insurance Options From Midland National

Midland National's universal life insurance is a flexible permanent life insurance policy that provides death benefit protection and cash value accumulation. This type of policy allows you to adjust the premium payments and death benefit as your needs change over time. It is designed for those who want the flexibility to customize their coverage and build cash value to supplement their retirement income.

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    Strategic ProtectorSM IUL

    This cash value accumulation product has a low-cost structure and is ideal for clients requiring a low face amount. The policy is excellent for single-pay and short-pay cases, offering a potential for high long-term cash value growth with interest bonuses on both the fixed and index accounts.

    Variable interest rate policy loans are allowed starting in policy year one. The policy includes guaranteed net-zero cost loans in years six and above and a protected death benefit option. The policy also provides accelerated death benefits for critical, chronic and terminal illnesses (CCT).

Universal life insurance could be the best option if you are looking for permanent life insurance coverage that can adapt to your changing insurance needs.

Final Expense Insurance Options From Midland National

Midland National offers final expense insurance options to help families with end-of-life costs. These policies cover funeral costs, medical bills and outstanding debts. Final expense insurance is typically more affordable than traditional life insurance and can offer peace of mind to those concerned about leaving financial burdens on loved ones.

Midland National's final expense insurance policies come in various options, providing coverage that suits different needs and budgets.

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    Essential Guaranteed® UL 5

    Essential Guaranteed is ideal for clients who prioritize long-term guaranteed death benefit protection over cash value accumulation. This policy guarantees the death benefit up to age 120 and includes the Premium Recovery Endorsement, which allows the policyholder to recover part or all of the premiums paid within a 60-day window after the 15th, 20th and 25th policy anniversary upon full surrender.

    Additionally, the guaranteed exchange privilege allows for exchange to IUL products without evidence of insurability and no surrender charge and includes accelerated death benefits for critical, chronic and terminal illness (CCT).

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    Strategic ProtectorSM IUL With Premium Guarantee Rider (PGR)

    Strategic Protector is for clients seeking an extended death benefit guarantee with strong cash value accumulation potential. Optional PGR can extend the No-Lapse Guarantee period, and Premium Recovery Endorsement allows clients to recover total premiums paid.

    Interest bonuses on fixed and index accounts, variable interest rate policy loans starting in year one and guaranteed net-zero cost loans in years six and five are available. Clients can also opt for the Protected Death Benefit Option. The policy includes accelerated death benefits for critical, chronic and terminal illnesses (CCT).

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    Strategic AccumulatorSM IUL 2

    Midland National's Indexed Universal Life Insurance is designed for long-term cash value accumulation and reducing the effects of volatility and taxes. The policy is ideal for clients who want to supplement their retirement income and have a high funding level. The policy offers multiple interest bonus opportunities, fixed interest participating policy loans, variable interest rate policy loans, guaranteed net-zero cost loans and accelerated death benefits for critical, chronic and terminal illness. However, the policy may only be available in some states.

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    Strategic AcceleratorSM IUL 2 With Waiver of Surrender Charge Option (WOSC) Rider

    Strategic Accelerator is for clients who want a larger tax-free death benefit that covers the cost of critical, chronic or terminal illness while providing potential cash value. It has a 0% premium load and surrender charge if WOSC is selected at the time of application and has strong early cash value performance.

    The policy includes accelerated death benefits for critical, chronic and terminal illness (CCT) and allows variable interest rate policy loans in year one. Additionally, 10% of the account value is available for a penalty-free withdrawal beginning in policy year two. There is no charge for partial withdrawals if the Waiver of Surrender Charge is elected.

Final expense insurance covers end-of-life costs, such as funeral expenses, medical bills and outstanding debts. This type of policy typically has lower coverage limits than traditional life insurance policies, making it a more affordable option for seniors who only require coverage for these specific expenses.

Final expense insurance is an attractive option for those who want to ensure that their final expenses are taken care of and not left as a burden on loved ones.

Midland National’s Life Insurance Riders

Riders are additional features you can add to your insurance policy for an extra cost. They can help tailor your insurance plan to your specific needs. Midland National offers the following riders:

Rider
Description

Child's Term Rider

Provides coverage for the life of a child. If the child dies during the policy's term, it pays a death
benefit to the parents or policy owner.

Waiver of Monthly Deductions

Waives the policyholder's monthly premium payments if they become totally disabled and
unable to work.

Accidental Death Benefit

Provides additional benefits if the policyholder dies due to an accident.

Accelerated Death Benefit
for Chronic Illness

The policyholder will receive a portion of their policy's death benefit in advance if they are
diagnosed with a terminal or chronic illness.

Chronic Illness Rider

Allows the policyholder to receive a portion of their policy's death benefit in advance if
diagnosed with a chronic illness.

How to Get Midland National Life Insurance

Understanding the available life insurance products is crucial when purchasing a policy. If Midland National denies your application, be prepared with strategies. MoneyGeek covers both scenarios in this section.

How to Buy Life Insurance From Midland National

  1. 1

    Do Your Research

    Researching life insurance statistics can provide valuable insights into market trends and consumer behavior. Ultimately, conducting research can help individuals make informed decisions and select the life insurance policy that best fits their needs.

  2. 2

    Compare Quotes

    Comparing quotes from different providers helps you make an informed decision about purchasing life insurance. It allows buyers to compare policy features, coverage limits and prices to find the best policy for their needs and budget.

  3. 3

    Health Check

    Health checks, also known as medical exams, help life insurance companies determine the risk of applicants and set appropriate premiums.

  4. 4

    Approval

    Once Midland National Life Insurance approves your application, you'll receive your policy. It’s a good idea to meet with your agent to go through your policy details.

What to Do if Midland National Insurance Denies You Coverage

  1. 1

    Contact Your Broker

    If you are denied coverage, ask the insurance company why. You may be able to address the factors that led to your denial by making lifestyle changes, for example.

  2. 2

    Lifestyle Changes

    Lifestyle changes like quitting smoking, losing weight and exercising regularly can improve your health and lower the risk of developing serious medical conditions. Making these changes can increase your chances of approval and potentially lower your premiums.

  3. 3

    Explore Other Options

    Final expense insurance is an option for those seeking coverage for end-of-life expenses. Some final expense insurance policies may not require a medical exam or health questions, but they may come with a higher price tag and more limited coverage options.

Frequently Asked Questions About Midland National Life Insurance

MoneyGeek answered commonly asked questions about Midland National life insurance:

Can you borrow from your Midland life insurance policy?

What’s the maximum amount of life insurance coverage available from Midland National?

Do life insurance policies from Midland National pay dividends?

Can you get life insurance from Midland National if you have cancer?

Do life insurance policies from Midland National cover death by drug overdose?

Do life insurance policies from Midland National cover death by suicide?

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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