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Midland National Insurance
Company Review
Midland National was founded in 1906 in South Dakota with a goal of providing quality life insurance products to the region. Over the next century, the company focused on its shared values: integrity, openness, respect, and accountability. Today, Midland National has become one of the best choices for life insurance in the country.
Midland National Insurance
- 1 Sammons Plaza
Sioux Falls, SD 57193
Advantages of Midland National
Midland National may not be a household name, but that doesn’t diminish their commitment to their customers or to providing great coverage at competitive rates.They have a wide range of products that can be customized to meet your individual needs. With high financial strength ratings and praiseworthy customer service, Midland is a solid choice for anyone looking for dependable life insurance coverage.
Disadvantages of Midland National
While the coverage is great and the rates are lower than usual, the application process is often longer than that of other companies. Rather than have an expedited online approval process, many applications are done with paper forms through the mail and may take up to six weeks to be reviewed. However, for healthy applicants under the age of 50, Midland National recently created an e-app application system to speed up the process.
Also, it is worth noting that Midland National underwent a lawsuit in 2011 claiming that it was targeting elderly customers and resorting to false advertising to enact annuity fraud. The company agreed to pay $31 million to plaintiffs who bought certain annuity products.
Available Products
Midland National offers the typical array of products that is present in many other insurance providers.
Term Life: This product grants coverage for a specified period of time. It is cheaper than permanent policies like whole and universal life and can be underwritten without a medical exam.
- WriteAway Accelerated Underwriting is Midland National’s no medical exam product. It boasts lightning-fast approval times and can be underwritten with only a few health questions being asked.
Whole Life: This product lasts for the policyholder’s entire life and has level premiums, meaning that the policyholder locks the premium rates in when the policy is purchased and they cannot be changed.
Universal Life: Universal life is similar to whole life in that it lasts for the duration of the policyholder’s lifetime and accrues cash value. However, universal life allows the policyholder to adjust the premium amount by using the cash value or adjusting the coverage amount.
- Indexed Universal Life: This universal product allows you to invest cash value directly into index funds to take advantage of market fluctuations.
- Variable Universal Life: This is a product that allows you to invest your cash value into a fund similar to a mutual fund. However, the company has announced that they are no longer selling variable life insurance.
Midland National Ratings
Diverse offerings, customizable products, and low rates are great, but if the company lacks financial strength, you may be jeopardizing your death benefits by placing stock in a weak provider that may not last until you make a claim. Take a look at Midland National’s financial strength ratings and see where it stands.
| Agency | Rating | Description |
|---|---|---|
| A.M. Best | A+ | Superior |
| Standard & Poor´s | A+ | Strong |
| Fitch | A+ | Strong |
Conclusion
Midland National is a solid middle-of-the-road insurance provider with slow processes but great coverage and better-than-average rates for healthy individuals. However, its history with fraud should raise a red flag when considering the company for coverage, even if the lawsuit didn’t mention life insurance products.
There are plenty of factors to take into consideration when choosing a life insurance company. Not only that, but there are also factors to consider when choosing your policy. With so many things to analyze, it can seem overwhelming. That’s why we’re here to help.
Here at LifeQuote, we assess your financial and health situation before connecting you with a life insurance provider who best meets your needs and goals. Life insurance doesn’t have to be complicated, let our agents handle your case and help you get the best coverage at the lowest rates. To get started, you can contact us and speak with an agent or get a free quote online.
