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Midland National Life Insurance Company Review and Rating
This Midland National review is brought to you by TermLife2Go. We are an agency focused on leveraging our knowledge and expertise with our clients. With so many life insurance companies out there it is easy to get overwhelmed. In response, we focus on different life insurance reviews to help our clients know what is what about all the different companies and policies in the marketplace.
In the following Midland National review we will focus on who the company is, the different ratings it has received and the different life insurance policy types offered.
About Midland National
"A Leading Provider of Annuities and Life Insurance"
- Life Insurance Phone Number: 800-923-3223
- Address: Midland National Life Insurance Company, One Sammons Plaza, Sioux Falls, SD 57193
Midland National (formerly known as Dakota Mutual Life Insurance Company), is one of the leading insurance companies in the U.S. with a proud history dating back to 1906. Over the years, the company has steadily grown despite facing the economic challenges of World War I, the Great Depression and subsequently World War II.
For over 100 years it has pushed to provide quality service, financial strength, and life insurance and annuity products to policyholders and moreover, they are proven, performers. Midland National emphasis on providing quality products and excellent service, has enabled the company to excel.
Midland National is privately held, run with a focus on policyholders rather than stockholders. The company is part of Sammons Financial Group, Inc. (SFG), which also includes another fantastic company, North American Company.
Goal: To build solid relationships with long-term value, helping you grow, protect and enjoy what you have by ensuring your financial strategies work just as hard as you do.
Midland National Ratings
According to A.M. Best, Midland National is rated A+ (Superior) based on:
- Their strong risk-adjusting
- Their diversification of business profiles within core product lines
- Their well-establishment and focused growth strategy
- Their strong and noble commitment to maintaining mutuality
- rating as of August 2016
Midland National has an A+ (Stable) rating from the Better Business Bureau, which is due to the following factors:
- They have a strong financial risk profile and;
- A strong business profile
Here, a letter grade scale, ranging from AAA (highest) to CCC, (lowest) is used. In addition, these ratings (from AA to B) may be modified by a plus or minus sign to identify relative standing within those specified grades.
Having being rated higher than ‘BBB’, Midland National is regarded as having greater financial security characteristics, outweighing any vulnerability, and is more likely to have the ability to meet financial commitments.
Midland National array of customer services enables ease of access and use. They have a 24/7 operating hotline that you can call and inquire further on any issue arising. This provides ease of access and use by the policyholders.
Midland National Product Offering
Midland National have a wide range of solutions, tools, and strategies that can help you make a decision on your selection of financial services.
Life Insurance Solutions
Life Insurance helps to provide for the people who rely on you financially. Most people often think of covering final expenses as the only reason for purchasing life insurance. Indeed life insurance provides death benefit protection, which passes on to the beneficiaries typically tax-free, however, it can do much more.
Midland National Life Insurance Company provides the following Life Insurance products: Term Life vs Whole Life, Universal Life, Variable Universal Life and Indexed Universal Life.
Term Life Insurance
Level term life insurance is designed to offer you peace of mind by providing a guaranteed death benefit, flexibility to convert to permanent and affordable premiums for 10, 15 or 20 years. Consider term life if you need insurance to cover an SBA loan or for mortgage protection.
Whole Life Insurance
Whole life insurance offers protection and also builds cash value. You can then borrow against the cash value in your policy giving you the opportunity to meet your future goals.
Whole life insurance provides lifetime protection with the added benefits of guarantees not seen with other forms of permanent coverage. Guaranteed including fixed premiums, lifelong death benefit and cash value growth.
Universal Life Insurance
Universal life insurance offers flexible premiums and the cash value grows by the interest credited to the account, declared by the company in advance.
Indexed Universal Insurance
Indexed universal life provides a combination of death benefit protection with the opportunity to grow cash value. The index account credits interest based on a formula that tracks the stock market indexes upward movement without the risk of direct investment in the market. The policy is further insulated from risk by providing a guaranteed floor on both the fixed and indexed accounts.
Variable Universal Insurance
Variable universal life is a direct investment in the market through variable sub-accounts. The policy's cash value fluctuates depending on sub-accounts performance. Offers flexible premiums and death benefit and has the highest potential returns with the highest potential loss.
Annuities, on the other hand, are investment options that are designed to grow funds and then later provide a stream of payments to the investor. In relation to a financial plan, they are commonly used as a way to secure a retirement steady cash flow. Midland National Life Insurance Company offers a number of annuities options, structured in ways to suit your specific needs:
Immediate Annuities: Purchased with a single payment, and provides an income stream immediately. This income stream, however, is determined by the initial principle amount, the length of time the payout continues, and the number of lives covered by the annuity.
Traditional Fixed Annuities: These are simple, low-risk retirement planning that protects your principal and allows your investment to grow with time. Your retirement savings become interest credited at an unchanging stated rate. Your savings receive the credited interest unless you choose to receive timely payments.
Fixed Index Annuities: These are just like the traditional fixed annuities, however, their growth is market linked and there is no fear of loss of the premium. In addition, it guarantees a lifetime income production to the policyholder.
Some drawbacks, involve some of the Insurance policies which are subject to market fluctuations, causing them to lose value.
Midland National is great company for securing your future with.
When you trust Midland National by selecting any of their products, you not only access their impressive and esteemed expertise but also you’re joining an organization with over 100 years of experience. The long-term relationships they have formed with their customers and members has been nurtured over the years through extraordinary service and solid investment results.
So, what are you waiting for? Give us a call today or visit our Life Insurance Quotes page and see what we can do for you!