With the vast amount of life insurance companies available today providing coverage, it can be overwhelming when shopping around for life insurance.
An insurance company that manages to stand out from the rest is Midland National Life Insurance Company. Known for their quality coverage, commitment to their policyholders, and financial strength, they have become a well-known name in the insurance industry.
The following review will assist you in deciding if Midland National is the company is right for you.
The History of Midland National Life Insurance Company
As one of the leading life insurance companies in the United States, Midland National, once known as Dakota Mutual Life Insurance Company, proudly boasts their history back to 1906. Despite the economic hardships for World War I, the Great Depression, and World War II, the life insurance company has steadily flourished.
For over a century, it has been Midland National’s mission to provide excellent service and quality products, which has empowered the company to transcend the others.
Operated with a focus on policyholders instead of stockholders, Midland National, along with North American, is privately held, and a part of Sammons Financial Group, Inc. (SFG).
Midland National Ratings
The leading rating agency, A.M. Best has awarded Midland National an “A+”, superior rating. This rating is based on their strong commitment to maintaining this rating, as well as their focused growth strategy, strong risk adjustment, and diverse product lines.
The rating given to Midland National by the Better Business Bureau (BBB) is not filed with the headquarters located in Sioux Falls, but rather in Des Moines, Iowa. It’s important to note that the Des Moines address handles the company’s annuities, while the Sioux Falls office handles the life insurance products. Midland has been given an “A+” rating by the BBB, which indicates the financial strength of the company to meet its policyholder’s financial commitments. In the past three years, the company had 27 complaints on file, and in the past 12 months, 11 of those complaints have been closed.
Midland National’s Product Line
Midland possesses a wide range of tools, strategies, and solutions that assist in making the decision process easier.
Life Insurance Products
Life insurance allows individuals to provide for ones that rely on them financially. Many people believe that the main purpose of purchasing life insurance is to cover final expenses. While life insurance can provide a death benefit, which is passed on to the beneficiary tax-free, it can do so much more. Let’s take a look at the life insurance products available with Midland National.
Whole Life Insurance
This policy provides both death benefit protection and a cash value feature. The cash value can be borrowed against providing policyholders the chance to meet their future financial goals. Whole life insurance offers lifetime protection with added guaranteed benefits not associated with other types of permanent insurance, such as a lifetime death benefit, cash value growth, and fixed premiums.
Term Life Insurance
This policy provides peace of mind by giving a guaranteed death benefit, affordable premiums in 10, 15, or 20-year terms, and the flexibility to convert the policy to a more permanent form of life insurance. Term life is great to provide mortgage protection or to cover an SBA loan.
Universal Life Insurance
This plan provides flexible premiums and a cash value that grows with interest that’s credited to the cash value account, which is specified the company ahead of time.
Indexed Universal Life Insurance
This policy is a combination of death benefit protection and a growing cash value. Interest, based on the performance of the underlying market index, is credited to the policyholder’s account, eliminating the direct investment in the stock market. A guaranteed floor is applicable to both indexed and fixed accounts, which further protects the policy from risk. The guarantees on Midland IUL policies make for a great product for a LIRP.
Variable Universal Life Insurance
This is an investment in the market made through variable sub-accounts. The cash value of the policy adjusts according to the performance of the sub-accounts. Variable Universal Life provides a death benefit, flexible premiums, and the highest potential in returns.
Midland National’s Annuity Products
Annuities are investment options that are intended to allow the funds to grow and later provide a source of income for the policyholder, which works great for one’s financial plan. Midland National offers numerous annuity options that are tailored to best suit the policyholder’s needs.
Traditional Fixed Annuities
These easy, low-risk retirement planning vehicles protect the insured’s principal while allowing the investment to grow over time. The retirement savings is the interest credited to the account.
This annuity is purchased with a single lump-sum payment, and will provide a steady stream of income immediately. The income is determined by the length of time the payout will occur, the initial principal amount, and the number of individuals covered under the annuity.
Fixed Index Annuities
Similar to traditional fixed annuities, except that their growth is based on the market’s performance and there is zero fear of premium loss. Additionally, it guarantees a steady stream of income throughout the policyholder’s lifetime.
Midland National Life Insurance Company’s customer services allow for easy access to their product line. There is a 24/7 hotline available to assist with any issues that might arise. This gives their policyholders easy access to their policies as well.
The Bottom Line
Midland is a great company for term life insurance, indexed universal life insurance and guaranteed universal life insurance. The term is convertible to any permanent life insurance policy that Midland National has to offer.
Midland National is not without its drawbacks. For instance, their variable insurance policies are subject to fluctuations in the market which can cause them to lose value. However, they are a great company that can offer future security.
When you decide to go with Midland National Life Insurance or any of their other products, you will have access to their remarkable and impressive knowledge base which is based on over 100 years of experience. Extraordinary service and promising investments help to establish the long-term relationships the company has with its policyholders. Life insurance coverage and planning for retirement are big decisions. Be sure and enlist the assistance of a reputable insurance agency when navigating all of the available products.