Are you thinking about buying life insurance from Midland National Life Insurance Company?
Well then, you’d better read this article!
First and foremost I’d like to say, they’re a well-established insurer and there are a number of positive things I can say about this company.
That being said, there are three red flags you should be aware of before you sign on the dotted line.
…and as you well know, performing your due diligence can save you a lot of CASH!
So let’s get started now!
Midland National Life Insurance Company Flies Under the Radar
Midland Life Insurance Company is relatively unknown to many Americans. You don’t see a lot of advertising for the company so it’s easy to overlook them.
Yet, they seem to rank right up there with some of the big boys!
So why is that?
Well, to begin with, they’ve been around for over 100 years. The company began in 1906 and was originally known as the Dakota Mutual Life Insurance Company.
Like many successful life insurers, which were formed at that time, Midland National Life Insurance survived WWI, the Great Depression, and WWII.
Just from these few facts alone, you can see Midland Life Insurance Company is a tough business contender.
Another interesting fact is, this insurer is privately owned, which enables them to focus on customer service rather than short term earnings.
Midland National Life Insurance is a member of the Sammons Financial Group Inc. which allows them to provide a broad range of financial services that include:
- Retirement Products
- Life Insurance, which includes bank, corporate and credit union-owned policies
Midland National Life Insurance Company Financial Rating
So let’s take a closer look at Midland National Life Insurance Company’s financial foundation.
Clearly, 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. Straight Answers to 7 Questions About Life Insurance, Legacy.com
What’s in a Rating?
Financial ratings 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 health-insurance companies in the U.S. placed Midland National in its top 50!
So Would Huntley Wealth Recommend Midland Life Insurance Company?
This insurer is very fit financially.
So I feel confident that your money is safe with them.
THAT BEING SAID – financial stability is only ONE of the many considerations you should analyze before you pick a life insurer.
Midland Life Insurance Company Products
The good news is Midland Life Insurance Company does have a broad range of products.
…now the other side to this is that their website provides VERY little information.
In fact I don’t even know if the company offers any life insurance riders as none were mentioned!
Hmmm, this is unfortunate because so many of us rely heavily on the internet for information.
Consumers should have more access to what it is they are purchasing before they contact an agent to discuss their options.
With that being said, here’s what I was able to find:
- Term Life Insurance: Coverage is offered for 10, 15, 20 and 30 year terms.
- Whole Life Insurance: This basic Whole life policy offers level premiums. The company also provides a guaranteed rate of interest but doesn’t specify what the rate is. Midland National Life Insurance also provides a guaranteed death benefit. Sadly the buyer has no options when it comes to this type of policy.
- Universal Life Insurance: This type of policy is similar to Whole life but is more flexible when it comes to adjusting the features. Unfortunately, there is absolutely no information about what these flexible options are.
- Indexed Universal Life Insurance: Midland’s version of indexed universal life includes death benefits that offer an “opportunity to grow cash value through an account that credits interest based upon the upward movement of stock market indexes – without the risk of investing directly in the market.” They claim you won’t earn less than zero percent because of poor market performance.
- Variable Universal Life Insurance: This variable product claims to offer policyholders flexibility, tax features, and separate account investment portfolios. No specifics are provided, but they state you will be able to tailor your needs according to your ability to absorb risk and your long-term financial objectives.
I really can’t give a great opinion on their products, simply because of the complete lack of available information. I will discuss this more in the warning section below!
OK Chris, so far Midland Life Insurance Company is looking like a pretty good option. They are financially stable and offer a standard range of products…
What’s the deal?
Buyer Beware: Here Are Three Potential Problems
Problem 1. Midland National Life Insurance Is a Single Life Insurance Company
Midland National Isn’t Independent
Midland National Insurance Company is a single company. This means that you’re subject to their underwriting guidelines – and their underwriting guidelines ALONE.
I couldn’t find much information about their underwriting guidelines either.
Quite frankly, this makes me a little nervous.
The risk you run with Midland National Life Insurance Company is that you could either be penalized or declined for reasons unknown.
Not all life insurance companies are created equally. It’s best to buy a policy from a company that works for you PARTICULAR circumstances.
Underwriting is Complicated
It is VERY important to find the right company for YOU.
Other insurers may have a much more lenient approach in regards to how they underwrite pre-existing health issues such as diabetes, cancer, and other serious medical conditions.
Did you know that your family history can come into play? Not to mention if you have a high risk occupation or participate in “dangerous” hobbies.
There are so many factors insurers take into consideration! Some of which you may not even think about.
Life Insurance companies look at several things including:
- your driving record
- height/weight ratio
- blood pressure
- cholesterol levels
- areas of travel
- drug use
- smoking habits (tobacco, e-cigarettes or marijuana)
Don’t gamble with your health.
Problem 2. Midland National Life Insurance Doesn’t Offer the Best Term Life Insurance Rates
I can’t comment on whether the rates for Midland National Life Insurance products such as Permanent, Whole, Universal, Universal Indexed or Universal Variable are competitive or not because they don’t provide enough information.
However, I can offer some insight into how Midland National’s term life insurance products compare with other insurers.
I ran quotes for several different ages, both genders, the best health rating – “Preferred Plus” and the 4th lowest health rating – “Standard” for both non-smokers and smokers.
I also targeted various coverage amounts and terms.
Here are my findings:
Overall, Midland National Life Insurance Company’s quotes were competitive.
In most instances, they either broached the top 10 least expensive insurers or were in the top 20 lowest premiums in all the scenarios I ran.
BUT THAT’S NOT ALL!
Unfortunately, Midland National Life Insurance Company didn’t rank in the top 5 most reasonably priced companies in even ONE of my scenarios.
That’s not to say it isn’t possible. There could be a scenario where they do, I just wasn’t able to pinpoint it.
The takeaway is – there are other life insurers that will provide you with better rates.
Your savings may range anywhere from $5.00 – $10.00 per month which may not sound like much. But, you have to keep in mind that life insurance is a long term investment.
If you have a 20 year term policy, we might be able to save you anywhere from $1,200 – $2,400 depending on the amount of coverage.
Similarly, for a 30 year term that savings could amount to as much as $1,800 – $3,000!
Who wants to shell out an extra $3,000 dollars of hard earned cash? In a nutshell, Midland National’s rates aren’t too bad – BUT Huntley Wealth can do better!
Problem 3. Midland National Life Insurance Doesn’t Provide Enough Information
Do you perform research before you make a large investment?
I sure do!
It’s imperative to know where your money is going. Midland National Life Insurance Company provides SCANT information – and they are not alone.
Life insurance companies want you to speak with their agents – because that’s how they make sales!
At the end of the day, they want you to buy THEIR LIFE INSURANCE PRODUCT! This is NOT my personal approach.
I like it when insurers provide PDF brochures or share a lot of product information.
Not all agents are created equal. Why?
So you come from a place of knowledge when you speak to an agent. Who wants to be left in the dark?
Thankfully some company agents are forthcoming – but please beware that others are a little sketchy.
This is not a commentary about the quality of the agents who represent Midland National Life Insurance Company, because I simply don’t know of anyone who has dealt with them.
…BUT it’s something you should note.
Remember this is the financial security of your loved ones that we’re talking about! Independent life insurance agents, such as the ones here at Huntley Wealth, represent dozens of companies. This means you get information about the insurer BEFORE YOU APPLY.
That way you can weigh the cost, products, and fit of different companies before you commit.
….AND the best thing is we’re here to answer your questions – or if it’s a tough one – WE WILL FIND the answer.
Bottom Line: Midland National Life Insurance Company
Midland National Life Insurance Company has been around for over 100 years and is built on a financially secure foundation. Rest assured your money is safe with them.
They also appear to offer a well rounded selection of products, but because of the limited information available, I am unable to adequately comment on the nuances such as flexibility and riders.
In terms of affordability, they are moderately competitive when it comes to their term offering. That being said, I could not find a scenario where they were in the top 5 most affordable life insurers.
Here are some red flags that you should consider before you sign on with Midland National Life Insurance Company.
- They offer little information about their underwriting guidelines so customers are left in the dark about the application process and offerings.
- There are definitely more affordable carriers out there for term life insurance!
- Their site contains limited information about their permanent insurance products. So, if you are in the market for this type of policy it’s best to speak to an independent agent to make sure you are getting the right policy for YOU and your family. Remember Permanent products are complicated. It’s VERY likely you will need some direction.
- Midland National Life Insurance Company is a single insurer so you are missing out on the competitive advantage of working with an independent life insurance agent.
In conclusion, it’s VERY likely that Huntley Wealth can find you a better deal today!
Why Huntley Wealth Is The Clear Choice
If you are looking for life insurance, Huntley Wealth is here to fill your needs.
Because we’re a company of independent agents, we’re able to access dozens of life insurance companies to find YOU the best possible rates.
I bet you don’t know how important it is for an agent to be familiar with the ever-changing guidelines of each and every company they represent! This knowledge translates into some serious savings.
If you have a pre-existing medical condition and apply to the wrong insurer, you will pay thousands more over your 10, 20 or 30 year term.
Knowledge Translates Into Money Saved
Hey don’t get me wrong, Midland National Life Insurance Company is a SOLID life insurer.
BUT – and this is a big but – your choices are extremely limited!
Because there is so little information about them, there’s no real way to compare their offering with other companies. This is a BIG PROBLEM!
To be forewarned is to be forearmed. Go into your life insurance application with all the information you need to get the best possible rates.
Gambling with your life insurance premiums simply isn’t worth the risk.*While we make every effort to keep our site updated, please be aware that "timely" information on this page, such as quote estimates, or pertinent details about companies, may only be accurate as of its last edit day. Huntley Wealth & Insurance Services and its representatives do not give legal or tax advice. Please consult your own legal or tax adviser.