Midland National had its beginnings in 1906 when it was established as the Dakota Mutual Life Insurance Company.
Despite encountering economic difficulties during World War I, the Great Depression, and World War II, the company continued to grow steadily.
In 1925, it adopted the name it goes by today, Midland National Life Insurance Company.
Fast forward to 2006, and Midland National marked its centennial by showcasing a century of delivering top-notch service, financial stability, and well-established life insurance and annuity products.
Midland National Life Insurance Company Profile
| Field | Information |
|---|---|
| Group Affiliation | Sammons Enterprises Group |
| State of Domicile | Iowa |
| NAIC Company Code | 66044 |
| Year Founded | 1906 |
| Website | Midland National |
| Phone | (877) 586-0244 |
| Address | 8300 Mills Civic Parkway, West Des Moines, IA 50266 |
Midland National Life Insuarance Company Products Offered
Term Life Insurance
If you are looking for the simplest, most straightforward coverage at the lowest price, term life insurance is your best choice.
Midland National offers 10-, 15-, 20-, and 30-year level premium guaranteed periods with the option to convert to a permanent policy in the future should the need arise.
You can also elect to renew it at the end of the term and pay annually until age 95.
Midland National provides two types of term life insurance:
- Premier Term: For those who seek the lowest possible premium payment.
- Executive Term: Offers a graded conversion credit rider which allows the insured to convert the policy during the first five years and receive a prorated credit.
Universal Life Insurance
For individuals in search of a solution that provides protection, potential growth, and adaptability, universal life insurance stands as an unparalleled option.
Universal life insurance offers a permanent coverage plan that ensures a tax-free payout to beneficiaries upon the policyholder’s demise, while also presenting the opportunity to accumulate cash value during the policyholder’s lifetime.
A part of the premium paid serves to cover insurance costs, with the remaining portion being invested in a selected crediting account, facilitating tax-deferred growth.
Accessing this accumulated cash is possible through loans or policy surrender. However, the advantages of a universal life policy extend even further due to its flexibility.
Policyholders can make adjustments to the death benefit in accordance with life-changing events and also have the option to modify, decrease, or skip premium payments, provided there is sufficient cash within the policy.
Midland National offers three types of UL, each focused on different factors:
- Essential Guaranteed UL: Designed for those who are less interested in cash accumulation and are looking for affordable long-term protection. This is a GUL policy which allows you to choose the guaranteed death benefit to any age: 90, 95, or even 120 years. Your premium will stay fixed for that period.
- UL Death Benefit: Geared for those who seek affordability with long-term coverage. It offers a guaranteed interest rate and zero cost loans in year 11 onwards.
- UL Cash Value: Geared for those who seek a higher cash accumulation for retirement or estate planning. It comes with a return of premium death benefit option and zero cost loans in year six onwards.
Indexed Universal Life Insurance
An Indexed Universal Life (IUL) policy offers the combined benefits of traditional universal life insurance while also providing the potential for substantial cash growth through interest earned based on the movement of an index. It’s important to note that IUL policies do not directly invest in the stock market.
When an individual purchases an indexed universal life policy, they are presented with several account options to allocate their funds, depending on their risk tolerance and financial objectives.
These options include a fixed interest account, which guarantees a minimum interest rate of 3%, and various other accounts that replicate the performance of an index and pay interest based on its performance.
If the index value increases, the policyholder’s account will accrue interest. Conversely, if the index value decreases, there will be no negative impact on the policyholder’s account, and it will earn a zero percent interest rate.
Midland National offers four IUL policies:
- Death Benefit 3: Offers guaranteed death benefit with strong potential for cash growth. It also comes with the optional no-lapse guaranteed rider to any age up to 120.
- Early Cash 4: Geared for those who need wealth transfer or longevity planning. It has no premium load and a return of premium death benefit option.
- Cash Value 4: Designed for higher net-worth individuals who seek future cash accumulation for retirement. It offers bonuses on both the index and fixed crediting accounts.
- Legacy Guaranteed: This is a survivorship policy which covers two individuals and pays after the death of the second insured. This coverage offers an affordable premium for two individuals, especially if one applicant has poor health and can’t get an individual policy alone. The Legacy Guaranteed policy comes with a return of premium death benefit option for clients who are interested in longevity planning.
Midland National Third-Party Ratings
Midland National holds an A+ (Superior) rating from AM Best, signifying its superior capacity to fulfill insurance obligations and settle claims.
AM Best, a credit ratings agency, evaluates companies’ financial health, performance, and debt, assigning letter grades accordingly.
In the case of Midland National, it was awarded the second-highest rating available, with A++ representing the highest attainable letter grade.
Midland National Life Discounts
Midland National Life Insurance Company provides a variety of cost-saving opportunities for its customers to reduce their insurance premium expenses.
The following highlights some of the discounts accessible to policyholders:
- Multi-policy discount: If you have more than one insurance policy with Midland National, such as a life insurance policy and a car insurance policy, you may be eligible for a discount on your premiums.
- Safe driver discount: If you have a good driving record with no accidents or moving violations, you may be eligible for a safe driver discount on your car insurance premiums.
- Good student discount: If you’re a student who maintains good grades, you may be eligible for a discount on your car insurance premiums.
- Homeowner discount: If you own a home, you may be eligible for a discount on your car insurance premiums.
- Paid-in-full discount: If you pay your insurance premiums in full rather than in installments, you may be eligible for a discount.
States Where Midland National Life Is Offered
Midland National Life Insurance Company offers its insurance products and services in all 50 U.S. states.
However, the availability of specific products and features may vary depending on the state.
It’s important to note that insurance regulations and requirements can vary significantly by state, so the specifics of Midland National’s insurance products and services may differ depending on where you live.
To find out what products and services are available in your state, it’s best to contact Midland National directly or speak with a licensed insurance agent who is familiar with the company’s offerings in your area.
The ease of filing a claim with Midland National Life Insurance is a key benefit for policyholders.
They have the option to file a claim through various channels, including the company’s official website, customer service via phone, or their dedicated mobile app.
These options offer flexibility and cater to the individual preferences and needs of policyholders.
Average Claim Processing Time
The average processing time for claims at Midland National Life Insurance can fluctuate based on factors such as the complexity of the claim and the required documentation.
Nonetheless, the company maintains a commitment to efficiently process claims, aiming to provide timely assistance to policyholders.
For specific details regarding claim processing times, individuals are encouraged to contact Midland National directly or refer to their policy documentation.
Customer Feedback on Claim Resolutions and Payouts
Feedback from customers regarding Midland National Life Insurance’s claim resolutions and payouts has generally been favorable.
Policyholders have expressed their satisfaction with the company’s responsiveness and fair treatment of claims.
While experiences may vary from person to person, the positive feedback received by Midland National underscores its dedication to delivering dependable financial protection to its clientele.
Frequently Asked Questions
What is Midland National Life Insurance Company?
Midland National Life Insurance Company is a reliable insurance company that has been providing quality insurance products and services for over a century. The company is committed to protecting families and preserving their legacies for future generations by offering a range of insurance products and services, including life and car insurance. It is headquartered in West Des Moines, Iowa, and has received high ratings from independent rating agencies, such as A.M. Best, for its financial strength and stability.
What is Midland National Life Insurance Company’s mission statement?
Midland National’s mission statement is “to protect families and preserve their legacies for future generations.”
The company is committed to providing its customers with reliable and affordable insurance products and services that help them achieve their financial goals and protect their loved ones.
What is Midland National Life Insurance Company’s history?
Midland National Life Insurance Company was founded in 1906 in Iowa as the Dakota Mutual Life Insurance Company.
The company changed its name to Midland National Life Insurance Company in 1925.
Throughout its history, Midland National has remained committed to its mission of providing quality insurance products and services to individuals and families to help them protect their financial future.
The company has received high ratings from independent rating agencies, such as A.M. Best, for its financial strength and stability.
In 1981, Midland National became a member of the Sammons Financial Group, a family of companies that includes North American Company for Life and Health Insurance, Sammons Retirement Solutions, and Sammons Institutional Group.
Conclusion
I hope you found this article about IA insurance Company informative and helpful.
If you want to learn more about other reinsurance topics, you can check out my other articles on this blog.
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