2021 Midland National Life Insurance Review
Midland National is a private insurance company that has been in existence since 1906. It started out as the Dakota Mutual Life Insurance Company and grew steadily during the two world wars and the great depression. It has been known as Midland National Life Insurance Company since 1925. Today, Midland National has over one million annuity and life insurance policies in force, and has paid over $ 593 million in life insurance claims and over $ 470 million in annuity benefits in 2019 only.
Midland enjoys high financial ratings and has a very strong cash reserve base with over $ 58 billion under management. Customers who buy their products will therefore not have to worry about the ability of this company to meet its financial obligations. Midland National offers a full line of life insurance products and is licensed to do business in all states of the United States except New York. Midland National does not advertise through traditional means such as television or radio, and their products are sold exclusively through independent insurance agents and financial advisers.
Midland National Life and Annuity Policies
As mentioned earlier, Midland National offers a full line of life insurance products designed to help policyholders prepare for retirement and also protect their families and loved ones. A list of their offers includes:
- Term life insurance – Available in different amounts and durations. Some term products also offer accelerated death benefits that can be used to pay for medical bills when needed. Expedited benefits are included at no additional cost, which is very rare for futures contracts.
- Guaranteed universal life insurance – Has a flat payment throughout the life of the policy, but is like term life insurance in that there is no cash value build-up.
- Universal life insurance – Allows flexible premiums and death benefits and creates cash value based on a stated interest rate.
- Indexed universal life insurance – This product allows the insured to reap a portion of the growth of the stock market without the risk of a downturn. Limits and spreads may apply, but the amount of cash value that has accumulated inside the policy can never go down. This type of policy also offers accelerated death benefits at no additional cost, meaning the insured can access all or part of the policy’s death benefit to pay for health costs related to disability, illnesses. chronic or severe or long-term care.
- Variable universal life insurance – This type of policy invests its cash value in a large portfolio of mutual fund sub-accounts that move up and down alongside the financial markets. It is possible for policyholders to lose money in a variable universal life insurance policy. Nevertheless, LCVs constitute an important part of the company’s activity.
There is no discount available to potential policyholders who purchase Midland National policies or contracts. Midland National only offers life insurance products and therefore cannot offer any type of multi-line discount or safe driver discount.
Midland National ratings, reviews, customer satisfaction and complaints
Midland National has received high marks from several different agencies, which are broken down as follows:
|AM best||A + – Superior|
|S&P Global Ratings||A + – Strong|
|Fitch reviews||A + – Stable|
|Better Business Bureau||A + – Accredited|
According to the National Association of Insurance Commissioners, Midland National has received a lower than average number of consumer complaints for a business of its size. But when it comes to customer satisfaction, Midland National was only 23rd out of 24 companies in JD Power’s 2019 Life Insurance Study. It was rated below average in several categories including overall satisfaction, billing and payment, price, policy offers, interaction and communication. Nonetheless, Midland National remains committed to serving its customers and maintaining its long-term growth record.
Reasons why Midland National is a great option
Despite the low JD Power survey score, Midland National remains a viable competitor in the life insurance market. Its term insurance quotes of varying amounts and durations are among the cheapest in the industry. The inclusion of accelerated benefit riders with some of its term products also sets this company apart as a forward-thinking entity that wishes to offer a full range of benefits to its policyholders.
Midland also has a strong financial base and high financial ratings, making it a safe company to invest with, and being privately owned allows it to focus more on serving its customers instead of having to constantly worry about generating short-term income. profits to satisfy shareholders. Financial advisers and insurance brokers are not required to use Midland products with their clients, but many do so for the above reasons. Midland National offers a solid line of well-designed life insurance and annuity products that deliver exactly what they promise. Perhaps the only real downside to this company is the fact that its products are only available through independent consulting channels. They cannot be purchased directly from the company or online.
Additional policies offered by Midland National
Midland National offers the following list of annuity products:
- Multi-year guaranteed annuities (MYGA) – A fixed annuity that pays a guaranteed interest rate for a specified period of time.
- Single premium immediate annuities (SPIA) – This type of annuity starts paying a guaranteed income stream immediately and will pay that income for the rest of the annuitant’s life or for a predetermined period of time.
- Fixed indexed pensions – This type of annuity credits interest to the contract based on the performance of an underlying financial benchmark such as the Standard & Poor’s 500 Index. They look like indexed universal life insurance policies in that they they do not present any downside risk.
Frequently Asked Questions
What is the best life insurance company?
There is nobody best life insurance company in the financial market today. The best business for one consumer might be the wrong choice for someone else, depending on the needs and circumstances of the potential buyer. Major life insurers such as MetLife, Prudential, Midland National, New York Life, Northwestern Mutual, and State Farm all offer competitive deals and are highly rated by rating agencies. Consumers should look at the financial strength of a particular business, customer satisfaction surveys, and other data to determine if that business may be a good choice.