UPDATED: Nov 30, 2018
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About Midland National Life Insurance
Midland National was born in Lead, South Dakota in 1906, and was originally known as Dakota Mutual Life Insurance Company. By 1909, the company decided to make the change to a publicly traded company for financial reasons, and in 1915 “mutual” was dropped from the company name.
The company became Midland National Life Insurance Company in 1925 and began expansion plans to go nationwide. After a move to Watertown in the 1950s, the company finally relocated to its current headquarters in 1977. Reserve Life Insurance Company acquired Midland in 1958, which later became part of Sammons Financial, the current listed parent company of Midland.
Today Midland Life writes life insurance policies and sells annuities across the country through independent agents.
Midland writes a wide variety of life insurance and annuity products but does not provide any detailed information on those products. The website offers only a brief overview of what each type is, with no specifics as to their particular products. All of Midland’s securities are underwritten by Sammons Financial Network, including variable universal life insurance.
Midland writes term life insurance, whole life insurance, universal life insurance, indexed universal and variable universal life insurance policies. The company’s website does not offer information regarding term lengths, issue ages, riders, or simplified versus fully underwritten policies.
The website does provide some prospectus and performance information for the company’s funds, but for all other information directs the consumer to contact a local agent.
Like the life insurance section, the annuities section of the website offers very little information to the visitor. There is a basic overview of annuity types sold by Midland.
Listed are fixed index annuities, traditional fixed annuities, and immediate annuities. Once again, website visitors are directed to fill out a form or contact an agent directly for more information.
It is not surprising, given the lack of any information on the website, that online quoting is not offered on Midland’s site. There is a form that allows web visitors to request a quote, which will result in contact with a local agent. The other option is to find the nearest agent and reach out directly for a quote. This will be necessary given the fact that it is also the only way to get product details.
Midland does have claims forms available on their website, which is somewhat surprising, given the lack of online services elsewhere. Though they offer the forms, they must be downloaded and filled out then submitted via fax, email, or regular mail and cannot be submitted online.
The Claims FAQ page offers a solid explanation of the process and includes phone numbers and other contact information for the claims department. This should make the process of filing and following up on a claim relatively easy.
Ratings and Consumer Reviews
Strangely, Midland National’s Better Business Bureau (BBB) rating does not appear to be on the file for their headquarters in Sioux Falls, but rather for an office in Des Moines, Iowa. This file lists the Des Moines address as the headquarters, which according to the website is the office that handles their annuities, while life insurance is out of the Sioux Falls office. The BBB gives Midland an A+ rating on this file, with 27 complaints on file in the past three years. 11 of those complaints were closed in the past 12 months.
Midland National ran into some trouble in 2015, when the California Department of Insurance ordered the company to pay a $1.3 million penalty for using deceptive and misleading tactics in their annuity sales.
There are a total of 40 reviews of Midland National on Pissed Consumer. Many refer to issues with added fees, increases in premiums, and difficulty reaching customer service. At least one review appears to refer to another company, as it is regarding an auto insurance problem.
Overall, the complaint volume for this company is not high considering their size, but the deceptive practices issue may give some insurance customers pause, even if it appears to have been resolved.
The Bottom Line
Midland National does not provide enough information about its products or its rates online to allow us to formulate an opinion on the value they offer. They are the kind of company that relies on agents to bring in business and are unlikely to be on the list of an insurance shopper looking to research and purchase life insurance independently.
For a list of companies that we recommend, visit our Best Insurance Companies page.