I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them. Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu...

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Reviewed by Rachael Brennan
Licensed Insurance Agent Rachael Brennan

UPDATED: Apr 18, 2022

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What’s New in 2021 for the Midland National Life Insurance Company

The Midland National Life Insurance Company is a life insurance company that has been around for 115 years. Find out what’s new for this company in 2021.

How Has Covid-19 Affected the Midland National Life Insurance Company?

Due to the worry caused by the COVID-19 pandemic, Midland National Insurance Company partnered with RetireOne in 2021 to provide a new type of account for investors to help them better decide what to do with their investments during this uncertain time.

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New Products or Changes

In 2021, Midland National introduced a new type of annuity to help you save money and protect the environment at the same time. To do this, they began offering an ESG index on its new IndexMax ADV annuity. This is the first non-variable indexed annuity with an ESG index option.

The Midland National Life Insurance Company in the News

Midland National® Life Insurance Company is now offering a new financial index. Fidelity Investments created this index to address people’s concerns about market volatility and stable retirement savings.

2021 Latest Midland National Life Insurance Company Reviews

Users, especially those under 50, love Midland because if you are age 50 or younger and don’t have any significant health conditions, you might be eligible for a process called “accelerated underwriting,” meaning you don’t need to get a medical exam. You fill out the forms, and they will decide if you can get insurance.

Are you thinking about buying life insurance or annuities from Midland National Life Insurance Company? Are you the type that likes to do your research before making a purchase? If so, read on. I’ve done some of the work for you.

First and foremost, Midland National is a well-established insurer, and there are several positive things I can say about this company. However, I dug deeper and have three observations that I think make them stand out.

First, though, let’s do a high-level overview.

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About Midland National

Well, to begin with, they’ve been around for over 110 years. The company started in 1906 and was initially known as the Dakota Mutual Life Insurance Company.

Like many successful life insurers, which were formed at that time, Midland National Life Insurance survived World War I, the Great Depression, and World War II.

Just from these few facts alone, you can see Midland National was built to endure.

Midland National is a member of Sammons Financial Group, a subsidiary of Sammons Enterprises, Inc. Midland National provides a broad range of financial services that include retirement products, annuities, and life insurance.

RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance

Flying under the radar

Midland National flies under the radar. Why is that? This company doesn’t advertise on TV or radio, or anywhere that I could find. They are not a small-fries company.

They’re one of the larger life insurance companies out there. According to their website, in 2018, they had over 1 million life insurance policies and annuity contracts on the books and had almost $58 billion (with a “b”) in assets.

So why doesn’t this large insurer advertise? Midland National sells its life insurance products through independent agents only.

This is why you don’t see advertisements on TV and why there’s not a lot of product information on their website. They don’t sell their products directly to the consumer, and they don’t hire agents as employees of the company.

Independent agents are free to choose which companies they want to do business with. If they don’t like a company’s product, they don’t have to sell it, and they go elsewhere.

So, indirectly, the fact that independent agents choose to sell Midland National’s products (and Midland National sells a lot of life insurance) could mean something really good about the strength of their products.

Midland National’s life insurance and annuity products

Midland Life Insurance Company has a broad range of products. I wasn’t able to find lots of specifics about their products on their public website, because, like many life insurance companies, they rely on their network of agents to educate consumers with the details of their products.

With that being said, these are the types of life insurance and annuities that Midland National offers:

Term Life Insurance

Coverage is offered for 10-, 15-, 20- and 30-year terms. Term life insurance is an insurance policy that provides coverage at a fixed rate of payments for a limited time or term.

Term Life Insurance, however, does not build cash value. Midland National, does offer a free term quote calculator on their website, so you can get an idea of what to expect price-wise.

Guaranteed Universal Life Insurance

This type of policy is permanent life insurance that you can maintain for your entire life but is like Term Life in that there typically isn’t any cash value.

Universal Life Insurance

This is a permanent life insurance policy that has somewhat flexible premiums and builds cash value based on a declared interest rate.

Indexed Universal Life Insurance

This type of life insurance policy is relatively complicated but provides ample opportunity to grow cash value that could be used to augment your retirement income if you give it enough time to grow. Here’s Midland National’s description directly from their website.

“Indexed universal life (IUL) insurance is death benefit protection that also provides the opportunity to build long-term cash value by earning interest that is linked to the movement of a selected stock market index over a specific time.

Although growth is based on a stock market index, your money is not invested in the market or the applicable index. The product is subject to all policy fees normally associated with most universal life insurance.”

RELATED: Check Sample Life Insurance Rates by Age (No Personal Info Required)

No Whole Life

The only possible gap I found in their life insurance product offerings is that they do not offer Whole Life policies. This isn’t automatically a negative unless Whole Life is the only type of policy you’re interested in.

Just like how some car companies don’t offer a pickup truck or a convertible, not all life insurance companies provide all policy types.

Multi-year guarantee annuities (MYGAs)

Guarantee an interest rate and agree to the time Midland National Life Insurance will hold your money when you open your contract.

Single premium immediate annuities (SPIAs)

Midland National Life Insurance tried to maximize the guaranteed income you can generate, either over your lifetime or a set time period.

Fixed index annuities (FIAs)

Midland National Life Insurance most popular type of annuity, FIAs provide retirement asset growth potential while protecting from downside market risk.

Three Observations

OK. So here’s the part that you’ve been waiting for. What are these three observations I’ve made? Well, it has to do with the way their company is set up, their Term Life Insurance offering, and their company ratings.

One: Privately owned

It is an interesting fact that this insurer is privately owned, which enables them to focus on customer service rather than short-term earnings. Here’s a tidbit I found on their website that I found noteworthy. I’m not sure I’ve seen a statement like this anywhere else:

“Midland National plans to perpetuate itself for hundreds of years, not the next quarter or the next fiscal year. At Midland National, we focus on the long term. We focus on you.”

That’s a powerful public statement, and it makes me feel confident about their focus on the future.

Two: Term life insurance rates

Midland National has a free term quote calculator on their website, so I took the opportunity to run several term quotes. I ran multiple ages, genders, health ratings, and coverage amounts, and compared the results to other companies.

Overall, Midland National’s rates, while not always the cheapest, were quite competitive. In many instances, they were within the top 10 least expensive insurers.


I found that Midland National offers “living benefits” on their Term Life Insurance policies for no extra premium. Many companies don’t offer these benefits at all on term policies, or if they do, it is rare to find a company that doesn’t charge extra premium.

Why is this a big deal? The living benefits I’m talking about allow the policy owner to advance a portion of the policy’s death benefit while they are still living if they are certified by a doctor to have a qualifying critical, chronic, or terminal illness.

Examples of illnesses that might qualify include heart attack, stroke, Alzheimer’s, or other advanced dementia. And we see in the news all the time that the high cost of health care is one of the leading causes of bankruptcy. So this is a big deal.

Three: Financial ratings

So let’s take a closer look at Midland National Life Insurance Company’s financial foundation. This is one of the most important factors when you look at a life insurer.

Life insurance is a long-term commitment, so it’s of the utmost importance that the company you pick is financially secure.


Because you need to feel confident that they will honor a claim when the time comes. The good news is, almost all life insurance companies in America are reviewed. Which means you can make an educated decision when the time comes.

It’s important to choose a company that’s known and trusted, with a track record of financial strength and stability. It only takes a little effort to look into a company’s history and financial ratings to give you a lot of confidence in the choice you make. Look for companies with long histories and high ratings from trusted sources.

What’s in a rating?

Financial rating agencies specialize in rating life insurers throughout America. Whew, this sure saves us a lot of time and research! From what I have seen, Midland National Life Insurance Company appears to be financially secure.

Here are their most recent ratings for you to ponder:

  • AM Best: A+ (Superior Rating)
  • S&P Global Ratings: A+ (Strong)
  • Fitch: A+ (Stable)

Additionally, Ward’s rating agency, which reviews the financial health of over 700 insurance companies in the U.S. placed Midland National in its top 50!

Finally, Midland National is an accredited business with the Better Business Bureau. To be accredited businesses means the BBB has determined that the companies meet BBB accreditation standards, including a commitment to make good faith efforts to resolve any consumer complaints.

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The Bottom Line

Midland National Life Insurance Company has been around for over 110 years and is built on a financially secure foundation. Rest assured your money is safe with them.

Midland National is privately owned and is focused on the long term rather than quarterly results. This is a good thing because life insurance is a long-term contract.

In terms of affordability, they are competitive when it comes to their term life insurance offering, especially when you add in the value of the living benefits that are offered for no additional premium.

I’m hesitant to ding Midland National on not having a Whole Life policy since there are a number of companies who don’t offer one product or another. If you’re set on Whole Life, you’ll need to look elsewhere.

Finally, Midland National only offers its products through independent agents, who choose to sell their products. I find that comforting.

The best due diligence you could do would be to find a trustworthy independent agent and ask them to look into Midland National’s products as well. I didn’t find any reasons not to recommend their products, so it’s definitely worth having your trusted agent help you find out if they have a product that fits your needs.