At a glance
- NerdWallet ranking: No. 18.
- Must work with an agent to buy coverage.
- Limited product details available online.
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 is licensed to do business in every state except New York.
Find out more about each element that goes into our Midland National review by clicking below.
NerdWallet rank: 18th
Midland National ranked No. 18 out of 20 large life insurance companies. NerdWallet evaluated companies based on a composite score, which included A.M. Best financial strength ratings, J.D. Power customer satisfaction scores and the number of complaints to state regulators, adjusted for market share.
A.M. Best financial strength rating: A+ (superior)
Midland National’s financial strength is “superior,” according to ratings firm A.M. Best. Financial strength indicates an insurer’s ability to pay claims, so it’s an important factor to consider when choosing a life insurance company.
Consumer complaints: Better than the median
Compared with life insurance companies of its size, Midland National drew fewer than the median number of complaints about individual life insurance to state regulators in 2017.
The National Association of Insurance Commissioners, a trade group of state regulators, calculates a “complaint ratio score” for insurance companies. The score is based on the number of complaints to state regulators, adjusted for an insurer’s market share. The median score is 1. A score less than 1 means fewer complaints. Midland National had a complaint ratio score of 0.27 for individual life insurance.
J.D. Power ratings: Generally below average
Midland National ranked at the bottom of 24 life insurance companies evaluated for customer satisfaction in the J.D. Power 2017 Life Insurance Study. J.D. Power assigns star ratings for each category it measures. Five stars means “among the best” companies, four means “better than most,” three is “about average” and two stars, the lowest rating by the company, is for “the rest.” Midland National earned two stars across four categories and three stars for interaction with customers.
|Customer satisfaction category||Midland National's score|
|Overall satisfaction||"The rest"|
|Billing and payment||"The rest"|
|Policy offerings||"The rest"|
More about Midland National
|Types of life insurance sold||Other products and services|
Midland National life insurance options
Term life: The company offers preliminary term life quotes on its website, but does not offer product details or sell policies online. Website visitors 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. Product details are available through agents, not online.
Variable universal life: A wide array of investment funds are available for allocating the policy’s cash value. Prospectuses for the company’s variable policies are available on its website.
Faster application process: Midland National introduced a speedier and less-invasive process for its term life and some universal life policies in 2018. Using publicly available data, the company can determine whether an applicant qualifies for coverage within 72 hours, without requiring lab tests or a medical exam. Adults 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.