Midland National Life Insurance 2022

The benefits explained

  • Affordable premiums for term life insurance: Based on a review of 32 term life insurers, Midland National offers very affordable premiums for term life insurance.
  • Many riders available: If you want to customize your life insurance policy, Midland National offers many optional endorsements, some of which are available at no additional cost.
  • Offers no medical exam policies: Midland National uses an expedited underwriting process, called WriteAway, to waive the medical exam on term and permanent life insurance policies for select customers.
  • Several types of policies available: Midland National offers a range of policy types, including term, full, universal and indexed universal. If you’re not sure which policy you want, chances are you’ll find it here.

Disadvantages Explained

  • Unable to apply online: If you wish to purchase a life insurance policy from Midland National, you will need to work with an agent over the phone or in person.
  • The types of policies and details are not clearly presented on the website: The Midland National website does not clearly describe all life insurance policy types and product details.

Index of complaints

Midland National has fewer complaints than expected for a company of its size, based on data from the National Association of Insurance Commissioners (NAIC).

The NAIC Complaints Index measures the number of customer complaints an insurance company receives, relative to its size. If a company receives an expected number of complaints for its size, its complaint index is 1.0. Companies with fewer complaints than expected have an index below 1.0, and companies with more complaints than expected have an index above 1.0.

Midland National’s Complaint Index scores over the past three years were all low at 0.11, 0.13 and 0.16 in 2021, 2020 and 2019 respectively. This means that the company has received far fewer complaints than expected over the three years.

Registered complaints may include policy cancellation, non-renewal, claim delays, unsatisfactory claim settlements, misrepresentation and claim denial.

Third-party reviews

Midland National has an A+ (Superior) rating of AM Bestindicating that the company has a superior ability to pay claims and meet its other insurance obligations. AM Best is a credit rating agency that assigns ratings to companies based on their balance sheet, performance and debt. Midland National received the second highest possible grade, with A++ being the highest letter grade.

Policies available

All Midland National life insurance policies must be purchased through an agent, but you can get a quote online for term life insurance. Here are the types of life insurance you can buy from Midland National.

Term life insurance

Term life insurance provides coverage for a fixed period, usually between 10 and 30 years. Premiums are level over the term and if you die before the policy expires, your beneficiary receives a tax-free death benefit that can be used for any purpose. Unlike permanent life insurance policies, term policies generally do not include a cash value component.

Midland National’s term life insurance offers coverage from 10 to 30 years. Online quotes go up to a maximum of $5,000,000 in coverage, but you can contact an agent for higher limits. The amount of cover you are entitled to depends on your age and your state of health.

Universal life insurance

Universal Life (UL) Insurance provides coverage for your lifetime. Midland National offers guaranteed UL insurance, which includes a guaranteed death benefit. This benefit will pass tax-free to your beneficiaries. Unlike typical universal life coverage, Midland National says this policy isn’t designed to create much cash value.

Indexed universal life insurance

Indexed Universal Life (IUL) has a cash value that is credited with interest based on the performance of a stock market index, such as the S&P 500. You cannot lose money due to market declines, but gains are also limited under subject to caps, participation rates and spreads.

This type of insurance is less risky than a VUL policy because your money is not directly invested in equity positions. But if the index isn’t performing as expected, you may need to increase the premium to keep the policy in force. Like UL and VUL policies, IUL policies have a flexible death benefit and adjustable premiums.

Whole life insurance

Whole life insurance as its name suggests provides coverage for the life of the insured. The death benefit is fixed and guaranteed. Premiums are also fixed. The policy creates accessible cash value while you are still alive. The policy also has living benefits which allow the insured to receive a portion of the death benefit while living if certain health conditions are met.

Runners available

Life insurance riders are options you can add to your life insurance for additional protection. Midland National offers a wide range of endorsements that can help you tailor your coverage to your needs. Here are the available riders:

Children’s Term Insurance Rider

A Child Term Insurance Rider provides a small amount of life insurance coverage for your child for an additional fee on top of your monthly premium. When your child reaches adulthood, they have the option of converting their coverage into a permanent life insurance policy of their own.

Option to purchase additional insurance

This rider allows you to purchase additional permanent life insurance coverage at certain option ages in the future, without taking a medical exam. You can only add this rider if you are 39 or younger. The last option year to purchase coverage is at age 43 and the rider expires after that.

Premium waiver

A waiver of premium rider temporarily suspend your life insurance premiums if you become totally disabled. You can purchase this policy for an additional monthly fee until age 55. Coverage ends when you reach age 65.

Terminal Illness Rider

A terminal illness rider is a type of accelerated benefit rider. It lets you use death benefit money while you’re still alive if you’re diagnosed with a qualifying terminal illness and plan to live 24 months or less. The maximum amount you can withdraw is 90% of the face value of the policy or $1 million, whichever is lower. This endorsement is free to add, but there is an administrative fee.

Chronic illness rider

A chronic illness rider allows you to use money from your life insurance policy while you are still alive if you are diagnosed with an eligible chronic illness. To use this rider, a physician must certify that you cannot perform at least two activities of daily living (ADL) for at least 90 days without substantial assistance or that you have severe cognitive impairment. The maximum amount you can collect is 24% of the face value of the policy or $480,000, whichever is lower. Like the Terminal Illness Rider, the Chronic Illness Rider is free except for the administrative fee.

Critical Illness Rider

A Critical Illness Rider allows you to withdraw money from your life insurance policy after you have been diagnosed with an eligible critical illness or after suffering a serious medical emergency, such as a heart attack, cancer, stroke or a major organ transplant. To use this endorsement, you must file a claim within 12 months of diagnosis. The maximum amount you can receive is 25% of the death benefit or $50,000, whichever is less. There are administrative costs if you use this endorsement.

Customer service

Midland National has standard customer service. You can get in touch with the company by calling the toll-free number 800-923-3223. The primary email address is LifeCorrespondence@SFGmembers.com. Midland National’s hours of operation are Monday through Thursday, 7:30 a.m. to 5:00 p.m. CST and Friday, 7:30 a.m. to 12:30 p.m. CST.

Our Methodology: How We Life Insurance Companies

We have designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank over 90 insurers in five general categories: financial stability, customer satisfaction, variety of products and features, experience of overall purchase and cost.

To do this, we collected over 5,000 data points and scored each company based on 55 metrics. We’ve grouped the metrics by category to see insurers’ performance in each; we then weighted the category scores to determine overall company performance.

For more, read our full Life insurance methodology.

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