Midland National Insurance Review

Customized coverage through a financial professional

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Midland National

 Midland National

overall rating

Our Take

Midland National offers term, universal, and universal index life insurance policies sold primarily through financial professionals and agents. It’s a great option if you have complicated financial or insurance needs that you would benefit from a professional’s help for assessment or if you need a significant amount of coverage. 

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
  • Can get term coverage of 10, 15, 20, or 30 years

  • Policies go up to $5 million

  • Universal policies are often guaranteed or simplified issue

  • Might be able to get coverage through your current financial advisor

  • Also sells annuities

  • Can’t buy policies directly from the company

  • Does not offer whole life coverage

  • Unclear when you need a medical exam on policies

  • Few policy details on website

  • No longer offers variable universal life options

Key Takeaways
  • Midland National sells term, universal life, and universal index life insurance policies through financial professionals who can help ensure that you get the coverage you need. You cannot buy coverage directly from the company but must work with independent financial professionals.
  • It offers several rider options including an accelerated death benefit. 
  • Midland National does not offer other popular forms of insurance coverage such as critical illness insurance or disability coverage, so you can’t get all your supplementary insurance needs met from one insurer. 
  • Year Founded 1906
  • Kinds of Plans Term, universal, universal index
  • Number of Plans 3
  • Payment Options Online, automated payment, credit card
  • Official Website www.midlandnational.com/learn-and-plan/what-type-of-life-insurance-is-right-for-you


Midland National is a well-respected insurance company that sells term, universal, and universal index life insurance policies as well as annuities. The company’s focus is on products that help plan your retirement, and it works exclusively with financial professionals and does not sell coverage directly to consumers. It offers several options to customize your coverage to ensure that your policy is the perfect fit.

We reviewed Midland National’s policy offerings, riders, pricing, customer service, industry ratings, and more to help you decide if its policies fit your needs.  

Company Overview

Midland National is headquartered in West Des Moines, Iowa, and claims to hold over one million life insurance policies. The company works with over 40,000 agents and agencies across the U.S. to sell its policies and has over 1,500 employees. Started as the Dakota Mutual Life Insurance Company in 1906, it changed its name to Midland National in 1925. It is rated A+ by AM Best for financial strength. 

Midland National is licensed for business in every state except New York. 

Available Plans 

Midland National offers term, universal, and universal index policies through agents and financial professionals to individual consumers. 

Its underwriting process sometimes involves medical exams, but it also has a decision-making process called WriteAway which allows the healthiest clients to get fast-tracked coverage approval without a medical exam. This accelerated process is generally available to those under 50 who are healthy and are within certain height and weight requirements (the company does not list what those requirements are). 

To find out more, please contact a financial professional who sells Midland National insurance. 

Term Life Insurance

Midland National offers term coverage in terms of 10, 15, 20, and 30 years. The coverage amount starts at $100,000 but policies can go as high as $5 million. Term policies include a complimentary accelerated death benefit for critical, chronic, and terminal illnesses that allows you to access the death benefit prior to death to cover medical costs. 

Term policies are convertible to universal coverage.

Universal Life and Universal Index Life Insurance

Midland National offers between $100,000 to $5 million in universal life or universal indexed life insurance coverage. There are several different types of products that you can customize with various riders. The universal life insurance policy is meant for those who want to guarantee their family a death benefit up to a maximum amount as stated in their policy. It is not intended to build up cash value, but to provide you permanent life insurance without a high premium. 

The indexed universal life products are meant to provide both a death benefit and a vehicle to earn tax-deferred interest on investments linked to the performance of one or more stock market indexes. The policy pays out interest on your cash value that is linked to the stock market but since your money isn’t actually invested in the stock market, you can’t lose your principal cash value investment. 

Midland National offers options for taking out loans from these products as well as ways to protect your death benefit through riders if you do take out loans. Because of these rider options, these policies are more flexible as retirement planning vehicles than other life insurance policies might be. 

A medical exam might seem like an inconvenience, but policies without medical exams sometimes price additional risk into your premiums. This means you could pay less if you get a medical exam. 

Available Riders

Midland National offers a wide variety of life insurance policy riders that you can either purchase for extra coverage or which come included in specific plans. 

  • Premium guarantee rider: This rider extends the guarantee that a lapsed premium won’t affect your benefit up until age 120. 
  • Accelerated death benefit rider: This provides the purchaser access to their death benefit early in the case of a critical, chronic, or terminal illness. It is included in some policy options. 
  • Overloan protection benefits rider: This is a rider that you can take out if you take a loan from your policy to ensure that a portion of your death benefit can’t be touched by loan payments.
  • Protected death benefit rider: This protects your death benefit in case there is a decline in the value of your universal or universal index account returns. 
  • Return of premium rider: Obtaining this rider that guarantees you that you get your premiums returned in the case of death, a lapsed term policy, or a policy that lapsed because of non-payment of premiums. 

Whether a rider can be added to a term, universal, and universal index life insurance policies depends on the rider. They are not also guaranteed-issue and might depend on the state you live in as to whether they are available. 

You will need to speak to a financial professional or agent who sells Midland National products to find out the cost of each rider. 

Customer Service: Good Phone and Email Options

Midland National has customer service hotlines for policy owners (1-800-923-3223) and life insurance claims (1-877-880-6367). The call center hours of operations are from 7:30 a.m. to 5:30 p.m. CT Monday to Thursday and 7:30 a.m. to 3:00 p.m. on Friday. 

You can also contact the company via mail and email. 

Customer Satisfaction: Fewer Complaints Than Average 

The National Association of Insurance Commissioners (NAIC) gives out ratings to insurance companies to assist consumers in judging customer satisfaction. A company with an average number of customer complaints would have a score of 1. A score below 1 means that the company had fewer than average complaints and a score higher than 1 indicates that the company received more complaints than the industry average.

Midland National has an NAIC complaint index of 0.14, meaning that it receives fewer complaints than its competitors. In total, they have a 0.06% of the national complaint market share. Many of the complaints received were for issues with billing or complaints about the coverage. 

Financial Strength: A+ (Superior)

AM Best is a ratings agency that looks at elements like a company’s balance sheet, forward-looking statements, performance, and activity to determine its financial strength, which indicates how likely it is to be able to meet its financial obligations. 

Midland National has an A+ (Superior) rating from AM Best. 

Cancellation Policy: Must Contact the Company to Cancel

Midland National’s cancellation policies are not listed online. Although it does offer a free look period, it doesn't list how long it is. 

Before you purchase a policy, read through the terms and conditions of the free-look period to make sure you understand them. Typically, you have a specific number of days after purchasing a policy to cancel it with a full refund and no penalties. Canceling a policy after the free-look period ends could incur penalties with some insurers so make sure to ask what Midland National’s policy is. 

If you purchase a universal index or universal policy, you will likely have to fill out a surrender form when you cancel since your policy has a cash value. Midland National would then calculate how much the surrender value of your policy is worth and pay it out to you.

Price Of Midland National Life Insurance: Varies by Policy Type

Midland National doesn’t release quotes online or provide estimates for their premiums. Because its policies are sold primarily through third parties, you will need to set up a meeting with one of their affiliated agents or with your own financial professional to find out more about policies and pricing. 

The amount you will pay for a life insurance policy through Midland National is likely to vary significantly depending on things like the policy type you choose, the level of coverage you choose, what riders you select, your age, gender, health, whether you smoke, and any other health-related factors Midland National takes into account. 

Often policies that are sold through financial professionals are premium policies; they can sometimes be more expensive than other types of policies but might offer better coverage options. 

How Midland National Compares to Other Life Insurance

Midland National is a good choice for a life insurance policy because it has a high financial strength rating to accompany its offerings, but a company that sells a fuller complement of products like AXA Equitable might be a better option. 

Midland National vs. AXA Equitable Review

Midland National and AXA Equitable are both insurance companies that offer a wide variety of life insurance policy options and annuities focused on retirement planning. Both Midland National and AXA Equitable require that you work with a financial professional to purchase a plan and don’t sell directly to consumers. However, AXA Equitable has a much higher number of complaints, which could have a big impact on your experience with the company. 

These are some other key differences between Midland National and AXA Equitable:  

  • AXA Equitable offers whole life insurance coverage options.
  • AXA Equitable offers group insurance coverage to employers including coverage for supplementary health programs.
  • AXA Equitable offers an automatic living benefits rider that allows you to access your death benefit if you are chronically or terminally ill. 
  • Midland National has protections specifically designed for those who might want to take loans from their policies including riders to protect the death benefit.
  Midland National AXA Equitable
Types of Plans Term, universal, universal index Whole, term, universal, universal index
Customer Service Phone, email Phone, email, online
NAIC Complaint Index 0.14 3.78
Optional Riders Available Yes Yes
AM Best Rating A+ A+

Sometimes a high incidence of complaints is about minor issues like billing mistakes. Before you rule out a company based on their complaints alone, research the reasons for them.

Final Verdict

Although Midland National offers a wider variety of insurance options than most similar companies with some customized riders to suit your needs, it might not be the company for you because getting a policy can be complicated. You have to work with a financial professional or agent to learn about plans and get a quote. While it offers great options and a high maximum amount of insurance coverage, the choice will depend heavily on how you intend to use your policy. For example, the universal index plans offer great options for investing the cash value portion of your plan, but that might not be your goal in getting insurance. 

That said, Midland National is a great choice for people who want a variety of options for how to use their life insurance policy as part of their broader retirement and estate plan since it has riders to cover some of the risks of policy loans.


All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.