Midland National Life Insurance Review 2023
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Financial strength rating
Financial strength rating
Founded in 1906 as Dakota Mutual Life Insurance Co., 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
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 policies
Term life insurance. Detailed premium estimates are available on Midland National’s website for term life insurance 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 insurance. 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. Some of the policies allow you to tap part of the benefit before you die if you’re diagnosed with a serious illness.
Midland National uses accelerated underwriting for some of its policies. Eligible applicants can skip the life insurance medical exam and still receive coverage.
Midland National customer complaints and satisfaction
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.
Midland National ranked 17th out of 22 companies in the J.D. Power’s 2022 Individual Life Insurance Study for customer satisfaction.
More about Midland National
Midland National also sells annuities, as well as learning resources on debt management, estate planning, retirement planning and more.
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 2019-2021. 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.