Midland National Life Insurance Review

High coverage amounts provide significant protection for your loved ones

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Midland National

Midland National

Investopedia’s Rating

Our Take

Midland National Life Insurance Company, more commonly known as Midland National, is a major insurer, collecting over $6.4 billion in annual premiums in 2020. The company offers multiple life insurance plans, including term, whole, universal, indexed universal, and variable universal policies. It allows customers to purchase policies with higher coverage amounts than you can typically find from other companies. With Midland National, you can get $10 million of coverage or more if you meet its underwriting criteria. The insurer also has several riders you can add to your policy to customize your coverage for your family’s needs and provide additional peace of mind.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
  • High coverage amounts available

  • Term coverage convertible to permanent coverage

  • Multiple riders can be added to policies

  • Poor customer service ratings

  • Online quotes not available for most policies

  • Policies require a medical exam

Key Takeaways
  • Midland National was founded in 1906.
  • It is owned by Sammons Financial and is based in Sioux Falls, South Dakota.
  • Midland National sells term, whole, universal, indexed universal, and survivorship policies.
  • To purchase insurance, you must go through a financial professional or agent.
  • The company is not licensed to sell life insurance in New York.
Company Overview

Originally known as the Dakota Mutual Life Insurance Company, Midland National was founded in 1906. In 1925, it changed its name to Midland National Life Insurance Company. 

Based in Sioux Falls, South Dakota, it is owned by Sammons Financial, which owns multiple financial companies that sell life insurance and retirement planning services. In addition to life insurance, Midland National also sells annuities. 

Unlike some other life insurance companies, Midland National doesn’t sell its products directly to consumers. To get a quote or apply for coverage, individuals must contact a financial professional or insurance agent. 

Midland National offers its life insurance policies in 49 states, but residents of New York are ineligible for its policies.

  • Year Founded 1906
  • Kinds of Plans Term, whole, universal, indexed universal, survivorship
  • Number of Plans 12
  • Payment Plan Options Annual, semi-annual, quarterly, monthly
  • Customer Service Agent
  • Phone 800-923-3223
  • Official Website www.midlandnational.com

Midland National is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.

Pros Explained

  • High coverage amounts available: While some companies have relatively low coverage amounts, you can get a policy with significant protection through Midland National. If you meet its underwriting requirements, you can get a policy with a death benefit of $10 million or more.
  • Term coverage convertible to permanent coverage: If you have a term policy with Midland National, you can convert it to permanent coverage at any point during your term without undergoing another medical exam.
  • Multiple riders can be added to policies: Midland National has several insurance riders you can add to your policy, including an accelerated death benefit and children’s insurance rider.

Cons Explained

  • Poor customer service ratings: J.D. Power ranked Midland National 21st out of 23 insurance companies based on products, cost, and customer service.
  • Online quotes not available for most policies: With Midland National, you can get quotes online only for term policies. If you want another type of coverage, such as whole or universal life, you’ll need to contact an insurance agent.
  • Policies may require a medical exam: Midland offers what it calls its WriteAway Accelerated Underwriting, which eliminates the need for a medical exam—but only if you are 50 or younger and meet other qualifications.
Fast Fact

Midland National has more than 1 million life insurance and annuity policies in force and has paid more than $593 million in life insurance claims.

Available Plans

Midland National has multiple types of life insurance to choose from, ranging from inexpensive term life policies to universal life policies that can accumulate cash value. For all of its policies, you may need to undergo a medical exam and contact an insurance agent to get quotes and apply for coverage.

There are five different customizable plans to choose from.

Term Life

With term life insurance, you are purchasing temporary coverage. Your life insurance policy will last for a covered term. If you die during that term, your beneficiaries receive a death benefit. However, your beneficiaries receive nothing if you die after the term ends.

Midland National offers terms of 10, 15, 20, and 30 years. You can get quotes for $100,000 to $5 million of coverage online. Other coverage amounts are available—Midland National offers $10 million or more of coverage—but you must contact an agent for a quote.

Indexed Universal Life

With indexed universal life insurance, you can allocate some or all of your cash value to either a fixed account or an equity index account. These plans combine death benefits with the potential to accumulate more cash value.

Midland National’s indexed universal life policyholders can choose from the following indices: 

  • Euro Stoxx 50
  • Fidelity Multi-Factor Yield Index
  • NASDAQ-100
  • Optimal Multi-Index Strategy
  • Russell 2000
  • S&P 500
  • S&P Midcap 400

Whole Life

Whole life insurance is permanent coverage. Once you purchase a policy, you are covered for your lifetime as long as you are current with your premiums. In addition to providing your beneficiaries with a death benefit, whole life policies also can accumulate cash value.

Universal Life

Universal life policies combine an investment element with a death benefit. Universal policies can accumulate cash value, and policyholders can adjust their premiums and death benefits as their needs change.


Midland National has a survivorship insurance option. With survivorship life insurance, two people are covered, but the death benefit is paid only to the beneficiaries after both people have died. Survivorship policies are popular for individuals who want to build their estate.

Available Riders

Midland National has multiple benefits and riders you can add to your policy at an additional cost. By adding a rider to your policy, you may access your benefits early or have your premiums waived under certain circumstances.

Premium Guarantee

The premium guarantee rider allows you to extend the death benefit guarantee to any age up to 120 as long as you pay your premiums. It can help insured persons at a younger age lock in coverage when life insurance is most affordable or help those at a higher issue age gain affordable protection that often is not available to them.

Accelerated Death Benefit

With the accelerated death benefit rider on your policy, if you are diagnosed with a critical, chronic, or terminal illness, Midland National will allow you to access a portion of your death benefit to cover your expenses while you’re still living. The maximum accelerated benefit is $2 million.

Accidental Death Benefit

If you add the accidental death benefit rider to your policy, your beneficiaries will receive an additional death benefit if you die as a result of a covered accident.

Children’s Insurance Rider

By adding the children’s insurance rider to your policy, you can get term life protection for your children between the ages of 15 days and 18 years. They are covered until you are 65 or they turn 23, whichever is earlier.

Customer Service

If you have questions about available policies or rates, you can use Midland National’s locator tool to find an agent near you.

If you’re a current policyholder, you can reach customer service by calling (800) 923-3223. Customer support is available Monday through Thursday from 7:30 a.m.–5 p.m. CT, and on Fridays from 7:30 a.m.–12:30 p.m. CT.

Policyholders also can use Midland National’s portal to view policy information, make payments, or request policy loans.

Complaint Index

Midland National’s complaint ratio for its individual life insurance segment was 0.14 in 2020, better than the national complaint index. Issued annually by the National Association of Insurance Commissioners, the complaint ratio reflects how many complaints a company received relative to its share of the insurance market. 

The industry standard complaint ratio is 1.0. Companies with a ratio above that number received more complaints than is typical, while companies with a ratio below 1.0 received fewer complaints than expected.


For the past three years, Midland National’s complaint ratios have been significantly lower than the national complaint index, indicating that the company has received relatively few complaints from customers.

Third-Party Ratings

Midland National is known as a financially sound company, but its reputation for cost and customer service is less than stellar.

AM Best affirmed the Financial Strength Rating (FSR) of Sammons Financial—the parent company of Midland National—an A+ (Superior). 

In the 2020 J.D. Power U.S. Individual Life Insurance Study, however, Midland National was ranked 21st out of 23 insurance companies. The study ranked companies based on their products, pricing, communication, and customer service, and Midland National received a below-industry-average rating.

Cancellation Policy

Like other insurance companies, Midland National gives policyholders a 10-day free-look period. During this time, you can cancel your policy without penalty and get a full refund of all premiums you paid.

After the free-look period, cancellation terms are dependent on the type of policy you have. With term life policies, you can cancel at any time, but you won’t receive a refund on premiums paid.

Midland National does charge a surrender fee on some policies, such as whole and universal life plans. If you cancel your policy, Midland National will deduct the surrender charge from your accumulated cash value, reducing your cash surrender value.

To cancel your policy, contact your insurance agent or call (800) 923-3223.


According to the J.D. Power U.S. Individual Life Insurance Study, the pricing for Midland National’s insurance policies is higher than average.

Midland National does offer online quotes for term life policies with death benefits between $100,000 and $5 million. For different coverage amounts and all other policy types, you must speak with an insurance agent to get a quote.

We got monthly quotes for two different customers, a 35-year-old man and a woman in excellent health, for $500,000 term life policies.

Term  Premium for a Woman Premium for a Man
10 Years $14.08 $15.40
15 Years $16.28 $17.16
20 Years $19.80 $22.44
30 Years $32.56 $38.72

Midland National requires you to select either “male” or “female” when you apply for life insurance online or over the phone—a common practice for life insurance companies. Being nonbinary will not disqualify you from getting insurance, but you should know that most insurance companies haven’t updated their processes to reflect a current awareness of gender issues and aren’t as inclusive with their application processes.

Competition: Midland National vs. Mutual of Omaha

Midland National offers a wide range of life insurance policy options with high coverage amounts. So how does it measure up against Mutual of Omaha, a top insurance company?

Mutual of Omaha offers guaranteed whole life policies, where you cannot be denied based on your health history. It also sells up to $1 million in accidental death coverage without requiring medical exams.

What really makes Mutual of Omaha stand out from Midland National is its customer service and price rankings. In the J.D. Power U.S. Individual Life Insurance Study, Mutual of Omaha was ranked fifth out of 23 issuers in terms of price, customer service, and product offerings. Its ratings were well above the industry average, a big difference from Midland National.

Both Sammons Financial—Midland National's parent company—and Mutual of Omaha had 1.54% of the life insurance market share in the U.S. and Canada in 2020.

   Midland National  Mutual of Omaha
Market Share Not available 17th in the U.S., 1.4%
Number of Plans 12 11
Dividends for 2020 Not applicable Not announced
Wellness Program Discounts/Quit Smoking Incentives Not applicable Not applicable
Service Method Agent Direct, through agents, or employer-based (group)
AM Best Rating A+ (Superior) A+ (Superior)
Price Rank Better Than Most Better Than Most
Complaints Trend 0.59 0.30
Final Verdict

If you’re looking for a large policy to provide for your family’s needs or to leave a legacy behind after you’re gone, Midland National may be a good choice for you. You can get $10 million or more in life insurance coverage and choose from a variety of policy types and riders to customize your coverage. 

However, those looking for more basic coverage or who don’t want to undergo medical exams likely will be better off with other companies. You may be able to find less expensive premiums, and get quotes and even purchase insurance online.

How We Review Life Insurance Companies

Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on its stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with those of other major life insurance companies.

Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.

Learn more: Read our full Life Insurance Methodology.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed Sept. 19, 2021. 

  2. National Association of Insurance Commissioners. "Midland National Life Insurance Company - Complaint Index." Accessed Sept. 19, 2021.

  3. Businesswire. "AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries." Accessed Sept. 19, 2021. 

  4. SEC. "Midland National Life Insurance Company—Form N-6." Accessed Sept. 19, 2021. 

  5. National Association of Insurance Commissioners. "National Association of Insurance Commissioners Life and Fraternal Insurance Industry 2020 Top 25 Groups and Companies by Countrywide Premium." Accessed Sept. 19, 2021.