Midland National Life Insurance Review 2024

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Written by Andrew Marder
Lead Writer
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Edited by Lisa Green
Assigning Editor
Fact Checked

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Midland National

4.0

NerdWallet rating 
Midland National offers accelerated underwriting for qualified applicants, but they'll have to work with one of its agents to buy a policy.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent
insurance-product-card-logo

on Nerdwallet

Midland National

4.0

NerdWallet rating 
Midland National offers accelerated underwriting for qualified applicants, but they'll have to work with one of its agents to buy a policy.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

Fewer than expected

Policies offered

Term & permanent

In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

  • Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

  • Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

  • No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:

  • Exceptional: A+, A++.

  • Strong: A-, A.

  • Moderate: B, B+.

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Founded in 1906 as Dakota Mutual Life Insurance Co., the insurer became Midland National in 1925. It’s 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.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.

Midland National life insurance rating

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 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.

Whole life insurance. Midland National’s whole life insurance policy is sold through a third party and is available to customers under 70 years old. It provides a guaranteed death benefit with fixed premiums and a cash value that policyholders can borrow against. The policy comes with a few optional riders, such as the ability to purchase additional life insurance or waive premiums if you become disabled.

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, meaning 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 drawn 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 No. 13 out of 22 companies in J.D. Power's 2023 U.S. Life Insurance Study for overall customer satisfaction

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More about Midland National

Midland National also sells annuities, as well as learning resources on debt management, estate planning, retirement planning and more.

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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 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 2020-2022. To assess how insurers compare with 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.

In This Review . . .