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Midland National (Sammons Financial) Insurance Review 2020

Insurance, Life Insurance
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At a glance

  • Must work with an agent to buy coverage.
  • Limited product details available online.
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.

Life insurance options from Midland National include:

Term life. Preliminary term life  quotes are available on Midland National’s website for policies ranging from $100,000 to $5 million, but the company 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. 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, not online.

Variable universal life. A wide array of investment funds is available for allocating the policy’s cash value. Prospectuses for the company’s variable policies are available on its website.

Midland National introduced a speedier and less-invasive process for its term life insurance 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.

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 below average for overall customer satisfaction in J.D. Power’s 2019 U.S. Life Insurance Study. The insurer ranked No. 23 overall out of 24 life insurance companies evaluated.

Customer satisfaction category Midland National's score
Overall satisfactionBelow average
Billing and paymentBelow average
PriceBelow average
Policy offeringsBelow average
InteractionAbout average
CommunicationAbout average

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.