Known initially as Dakota Mutual Life Insurance Company, Midland National Life Insurance was formed in 1906 in South Dakota. The name change happened in 1925. Its parent organization is Sammons Financial Group, Inc. Midland National provides insurance to both individuals and businesses.
Here's how life insurance works:
An individual subscribes to a life insurance policy. The company (insurer) and the insured sign the requisite contract. The insured then pays premiums to the insurer. When the insured dies, the beneficiaries receive the lump sum saved throughout.
Types of Life Insurance Provided by Midland National
Term Life (Pure Life) Insurance
It guarantees a specific compensation if the insured dies during a specified term. Premiums are calculated according to age, health, gender, and general life expectancy. This category's most common insurance terms are 10, 15, or 20 years.
The insurance company divides the policy's value (what you are supposed to pay for the entire term) into premiums. If the policyholder dies before the term ends, their beneficiaries receive a full settlement. If the policy expires before the insured's demise, the insurer is not liable to pay. It is therefore vital to pay your term life insurance premiums faithfully.
Midland National covers individuals up to age 95 and has no coverage limits. The money your beneficiaries get is entirely tax-free.
Universal Life Insurance
Midland National also offers universal life insurance. In this case, the insured is covered throughout their life as long as they pay the required premiums. It is an example of permanent life insurance. When the policyholder dies, the benefit is paid to their beneficiaries.
The difference between universal life and term life insurance is that while term life lasts for as long as the policy's stipulated timeframe, such as 10 or 30 years, universal life insurance lasts for the entirety of the policyholder's life, as long as they pay premiums within the stipulated time.
Universal life insurance has a cash benefit and can be used as a savings account. You can borrow or withdraw from the insurance account.
Midland National does not offer guaranteed issue life insurance.
Variable Universal Life Insurance
Midland National provides variable universal life insurance, which is a permanent form of insurance that works almost similarly to universal life insurance. The only difference is that the cash value is invested in subaccounts.
The advantage this insurance type offers in comparison with others is that its high-risk nature in investment maximizes growth so that returns may increase throughout the years. Its high-risk nature is also a reason why individuals need to be careful before purchasing it.
Midland National has fantastic customer service representatives who will be ready to speak with you regarding the best life insurance policy for you.
Indexed Universal Life Insurance
In this plan, one gets a double offer; death benefit plus cash value. This cash value follows a particular stock market index, such as the Vanguard index. The investment is capped and floored, so you will not lose money during market turmoil or downturns. In the same vein, profits are limited.
Midland National offers this insurance. If the index your investment is following does not do well in the market, you may be required to increase your premium payments to match the policy's requirements.
Merits of Midland National Life Insurance
No medical exam requirement
Most life insurance companies require a comprehensive health assessment before agreeing to sign the policy contract. Midland National uses WriteAway, their brainchild that relinquishes medical exams for some customers on some policies. This is a huge benefit, enabling one to save on finances.
Inexpensive premiums
Compared to the majority of insurance companies, Midland National provides its clients with cheaper premiums.
Multiple policies
Midland National Life Insurance offers term life, universal life, variable universal, and indexed universal life insurance types. The advantage of various insurance options is choosing what works best for you. All policy types are not wholly compatible with your needs, but you could find a policy that guarantees maximum benefits for your needs.
Annuities
Midland National has Multi-Year Guarantee Annuities (MYGAs) that pay out a stipulated interest throughout a specified time frame.
The Single-Premium Immediate Annuities (SPIAs) initialize a specific amount immediately after the lump sum is paid.
Fixed-Indexed Annuities (FIAs) follow a stock market index and track its performance. The interest earned is added to the policy amount. Your investment will be buffeted in case of adverse market performance. They work akin to indexed universal life insurance policies.
Demerits of Midland National Life Insurance
No online application and claims
Unfortunately, Midland National does not allow online life insurance applications. You will be required to speak with an agent physically or by phone.
Also, all claim processes are entirely in-person or through a phone call with an agent. In the digital age, purely offline activities are a hurdle and may not appeal to all individuals. The lack of an online framework may be entirely unappealing for Gen Z and their Gen X predecessors.
Online Presence and Customer Service
For this digital age we live in, Midland National has created online avenues to access some of its services and for information. Its social media handles are constantly updated with new information about products, services and developments.
Facebook: https://www.facebook.com/MidlandNational/
Twitter: https://twitter.com/MidlandNatl
YouTube: https://www.youtube.com/user/MidlandNationalLife
Blog: https://www.midlandnational.com/learn-and-plan
Email address: [email protected]
Phone contacts: (800) 923-3223. The line is toll-free.
The working hours are from 7:30 a.m. to 5:00 p.m. from Monday to Thursday and from 7:30 a.m. to 12:30 p.m. on Friday.
Client Satisfaction
Midland National has fewer complaints than compatriots in the life insurance industry. In a 2020 study, it scored 725, while the industry's average is 763. Its reputation as one of the best life insurance companies builds consumer trust.
Ultimately, when selecting the best life insurance provider for you, think about what you value most and the ones you'll leave behind. Midland National Life Insurance has just about enough options for you to consider.
