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Midland National Insurance Review 2021

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.
June 2, 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.

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.

» MORE: Best life insurance companies for 2021

Midland National life insurance pros and cons

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.

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.

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.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims, and complaint index scores from the National Association of Insurance Commissioners for individual life insurance. 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.

Methodology: Insurer complaints

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. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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