Midland National life insurance review 2024

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• • Property and Casualty

• • Auto insurance
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Lisa McArdle is an insurance editor who joined the Bankrate team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries, including insurance, auto news and pop culture.

Edited by

• • Property and Casualty

• • Auto insurance
• • Comparing insurance policies

Lisa McArdle is an insurance editor who joined the Bankrate team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries, including insurance, auto news and pop culture.

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At a glance

Midland Life Insurance Company could be a good choice for those looking for term or universal life insurance and those who prefer working with a local agent. However, the company’s digital offerings are not as robust as those of other carriers, and its product line is relatively limited.

• May be good for
• May not be good for
• Company details

People in search of low-cost term or permanent life insurance who live in any U.S. state aside from New York.

Customers who want a lot of options and like to compare policies online.

• Customer service: 1-800-923-3223
• Email service: LifeCorrespondence@SFGmembers.com
• Claims: 1-800-733-2524
• Mailing address:
  • One Sammons Plaza
    Sioux Falls, SD 57193

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  Midland National life insurance

  Midland National offers only a few types of life insurance, which may fit the needs of some policyholders but leave others in need of riders to get adequate coverage. The carrier started offering life insurance coverage in 1906 and now sells policies in 49 states (coverage is not available in New York), Washington, D.C., Puerto Rico, Guam, the Virgin Islands, and both domestic and international military installations. It doesn’t offer family life insurance.

  Owned by the Sammons Financial Group, Midland National also offers annuities in addition to life insurance products. Bankrate’s Midland National life insurance review could help you understand this carrier’s coverage offerings so you can decide if the company is the best life insurance option for you.

  Midland National has three types of life insurance: term, guaranteed universal life and indexed universal life. However, you may find that, depending on your needs and the state you live in, different products are available aside from the ones showcased on Midland National’s website. Talking to a Midland National Life Insurance Company representative is the best way to know what options are available to you.

  • Term: Midland National Life Insurance Company provides term life insurance options, which are active for a set period — 10, 15, 20 or 30 years — and feature consistent premium payments. Policyholders might have the opportunity to convert their term insurance into permanent coverage before the term expires. Typically, term life insurance premiums increase with age, making it a more attractive option for younger individuals, such as those with young families. Additionally, some of these term policies offer the ability to access a portion of the death benefit during the policyholder's lifetime.
  • Permanent: Permanent insurance gives you coverage until you pass away; it doesn’t expire like term insurance does, as long as you pay the premiums. Midland National offers two types of permanent life insurance policies: guaranteed universal life and indexed universal life. No whole life insurance is available.
    • Universal: Midland National’s basic universal life insurance offering is called “guaranteed universal life” but doesn’t appear to be a guaranteed-issue policy. Rather, the “guarantee” is that the policy will provide a death benefit as long as your premiums are paid, which is essentially a feature of all life insurance policies.
    • Indexed universal: This type of policy invests the cash value portion into an index, like the Standard & Poor’s (S&P) 500 or the Dow Jones Industrial Average. It’s a more complex type of life insurance, so if you are interested, talk to a licensed agent.

    Midland National pros and cons

    It’s important to understand Midland National policies and how life insurance works before deciding to buy coverage. If you can’t get adequate coverage for your personal circumstances, the payout may not be enough to support your beneficiaries. You may also want to ensure you can afford the premiums, because if you fall behind, your policy can be canceled. A life insurance calculator may help you determine the right amount.

    • Near nationwide availability
    • Lower-than-baseline NAIC complaint index
    • High financial strength rating from AM Best, S&P and Fitch