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Midland National Insurance Review 2021

Jan. 4, 2021
Insurance, Life Insurance
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MIDLAND NATIONAL LIFE INSURANCE

  • Rated 4 stars out of 5 by NerdWallet.
  • Must work with an agent to buy coverage.
  • Offers accelerated underwriting for qualified applicants.
Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

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 every state except New York.

» MORE: Compare life insurance quotes

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 complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.

» MORE: Best life insurance companies for 2021

Midland National life insurance policies

Life insurance options from Midland National include:

Term life. Term life insurance quotes 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 must email the sales department to find an agent.

Universal life. The company offers a variety of universal life products, including indexed universal life, which 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 and customer 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 rated 21st out of 23 life insurance companies in J.D. Power’s 2020 U.S. Life Insurance Study for overall customer satisfaction.

More about Midland National

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

ProsCons
Received fewer complaints than expected for a company of its size.Ranked near the bottom in J.D. Power’s 2020 customer satisfaction study for life insurance.
Offers accelerated underwriting for qualified applicants.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best 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.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. 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. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

 

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