Midland National Life Insurance Review 2022

Dec 21, 2021

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Midland National Life Insurance
NerdWallet rating 

Bottom line: Midland National offers accelerated underwriting for qualified applicants, but they'll have to work with one of its agents to buy a policy.

Policies offered: Term.

Financial strength: Exceptional.

Complaints: Fewer than expected.

Buy online? No.

Founded as Dakota Mutual Life Insurance Co. in 1906, the insurer became Midland National in 1925. It’s now a member of Sammons Financial Group Inc., a group of financial companies that also includes the North American Company for Life and Health Insurance. Midland National offers term and permanent life insurance and annuities. The company is licensed to do business in Washington D.C. and every state except New York.

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Midland National life insurance

4.0

NerdWallet rating 

Midland National earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Midland National life insurance pros and cons

Pros

Cons

Received fewer complaints than expected for a company of its size.

Can only buy policies through an agent.

Offers accelerated underwriting for qualified applicants.

Midland National life insurance policies

Life insurance options from Midland National include:

Term life. Term life insurance estimates are available on Midland National’s website for policies ranging from $100,000 to $5 million with 10-, 15-, 20- and 30-year terms. Buyers can speak with an agent to get quotes for coverage amounts above $5 million.

Universal life. The company offers indexed universal life and guaranteed universal life. Indexed universal life ties the cash value growth to an index, such as the S&P 500 or Nasdaq 100. Some of the policies allow you to tap part of the benefit before you die if you’re diagnosed with a serious illness. Product details are available through agents.

Midland National uses accelerated underwriting for some of its policies. Eligible applicants can skip the medical exam and still receive coverage. People age 50 or younger who don’t have major medical conditions and meet certain height and weight requirements might be eligible for the streamlined application process.

Midland National complaints

Over three years, Midland National has had fewer complaints to state regulators than expected for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

More about Midland National

Midland National also sells annuities. The company used to offer variable life insurance policies, but no longer does.

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How we review life insurance companies

In our life insurance reviews, our editorial team considers both the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

  • Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

  • Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

  • No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use A.M. Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. NerdWallet does not recommend companies with a rating lower than a B. Here’s the breakdown:

  • Exceptional: A+, A++

  • Strong: A, A-

  • Moderate: B+, B

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Life insurance ratings methodology

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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