Midland National Life

Midland National Life ReviewLife can be cut short at any moment, regardless of who you are. Accidental and early deaths happen regularly, leaving loved ones without someone they care for deeply. You don’t know what life is going to throw at you tomorrow, which is why it’s important that you prepare for the worst. If you have stumbled across this article then you are probably looking for an honest review of Midland National Life Insurance Company and are aware of what life can throw at you. Life insurance is not a one-size-fits-all kind of thing so it’s important to read reviews of a company just to make sure that the company reflects your specific needs, health, and lifestyle. In this article, we will be discussing Midland National Life Insurance Company, their history, our review of them with an accurate rating, and of course their products with highlights. The following are some key points from the article;

  1. Midland National didn’t start out with that name when they were founded, they were called the Dakota Mutual Life Insurance Company and was founded in Lead, South Dakota in 1906.
  2. They offer term life, whole life, universal life, variable universal life and indexed universal life insurance products.
  3. The company was selected as one of Ward’s 2016 top 50 Life and Health insurance companies.
  4. According to A.M Best, they gave Midland National Life an “A+” or superior based on their strong risk adjusting and their well-establishment and focused growth strategy. Standard & Poor’s rated the company an “A+” as well, based on their financial strength.
  5. Even BBB, the Better Business Bureau gave them an “A+” or stable because of their strong business profile and strong financial risk profile. 
  6. If you are looking for an annuity plan then you would be glad to know that Midland National Life offers 3 different annuity options. Fixed Index, Traditional Fixed, and Immediate annuities.
  7. Annuities are investment options that are designed to grow funds and later provide a stream of payments to you. 

Midland National Life Insurance Company’s History

Midland National didn’t start out with that name when they were founded, they were called the Dakota Mutual Life Insurance Company and was founded in Lead, South Dakota in 1906. In 1908 the first death claim came and this was recorded the company’s first death claim and was on the life of the company’s original security treasuer’s wife. The next year they reorganized as a publicly traded company. The reorganization as a publicly-traded stock company was done to make it easier to raise capital for continued growth. After operating for six years as a publicly-traded company, the company dropped the word ”Mutual” from their name and became Dakota Life Insurance Company in 1915.

During the Spanish Flu outbreak of 1918-1919 Dakota Life’s death claim, register illustrated the local impact of the worst epidemic to strike the world at that time. The flu killed 20 to 30 million people worldwide and in the U.S it killed 500,000 people. Two-thirds of Dakota Life’s death claims were received during 1918 were attributed to influenza and pneumonia. In 1925, the company changed their name for the last time to Midland National Life Insurance Company because they wanted to start expanding nationally. Ten years after their name change The Depression and The Dust Bowl of 1933 and 1934 plummeted the nation into a financial crisis. Midland National weathered the adverse conditions and remained optimistic about the future. Reserve Life Insurance Company from Dallas, Texas acquired the majority of Midland National stock in 1958. Midland National Life Insurance hit their one billion dollars of life insurance in force in 1970 and in 1992 the company issued a bronze medallion commemorating over $50 billion of life insurance in force. From 1997-2001, Midland National grew in size and complexity through their parent company Sammons Enterprises Inc. Combined assets grew from $5.4 billion to $9.2 billion. As the company celebrated their 100th anniversary with a series of events and showed their gratitude to the city and citizens of Sioux Falls. The company looked back on their first slogan “Great Oaks from Little Acorns Grow,” and donated 100 trees to the city in 2006.

Midland National Life Insurance Company Review 2017

It can be difficult trying to find the best life insurance company for yourself when there are so many out there to choose from. Midland National Life Insurance Company has founded over 100 years ago and they look like they aren’t going anywhere anytime soon. The company has several services and products that they offer from life insurance and annuities. They offer term life, whole life, universal life, variable universal life and indexed universal life insurance products. The company was selected as one of Ward’s 2016 top 50 Life and Health insurance companies. According to A.M Best, they gave Midland National Life an “A+” or superior based on their strong risk adjusting and their well-establishment and focused growth strategy. Standard & Poor’s rated the company an “A+” as well, based on their financial strength. Even BBB, the Better Business Bureau gave them an “A+” or stable because of their strong business profile and strong financial risk profile.

Why you should always read a company’s rating

Reading a company’s rating before deciding to purchase a product from them is important for you as a consumer to consider. A company is given a rating from rating agencies. These rating agencies have your very best in their mind because they want to make sure you as the consumer are getting all the information necessary and that’s why they inform you with a company’s rating. A company’s rating is another way of assessing their financial stability. Financial stability is very important to have as a company because if the company is not financially stable it may not even be around in a couple years. If a company receives a bad rating it means the company is not financially stable and again, may not be around for much longer or worse they may be around but when you need your policy to pay out you may not receive the money you have been paying to give to your family. If the company with a bad rating decides to no longer be in the market they can pull out or file bankruptcy which either way, will result in your policy getting lost in the wind and same goes for all the premiums you have paid. Long story short, if you have a couple minutes go to a review (a good one will provide you with the company’s rating) you can also visit the company’s website to see for yourself, or a rating agency’s website and search for the company on their search bar.

Midland National Life Insurance Company’s Products

Like we mentioned before, Midland National Life Insurance Company offers a variety of life insurance products. The following are life insurance products that are offered by Midland National.

Term life Insurance

  • Term life is a form of temporary life insurance that provides coverage for only a short and specified period of time.
  • Term policies offer no cash value because they strictly focus on death benefit protection.
  • Premiums are leveled which means they will not change throughout the life of your policy.
  • You have the choice of how long you want to stay covered for such as 10, 15, 20, or 30-years.
  • Term life insurance is the cheapest life insurance on the market since it doesn’t offer a cash value opportunity and chances are low for the risk of your death within the short period of time.

Whole Life Insurance

  • Whole life is a form of permanent life insurance which provides coverage for, you guessed it, your entire life.
  • Premiums are level for these policies which again means that the premiums will never change.
  • There is a guaranteed interest rate and a guaranteed death benefit.
  • You have the opportunity of building cash value and accumulating your cash value.
  • Cash value accumulated is also tax-deferred so you don’t have to pay taxes on the cash accumulated.

Universal Life Insurance

  • Universal life is another form of permanent life insurance which provides life insurance coverage for your entire life.
  • Universal life is a flexible policy which means that you can have this policy with 100% flexibility to fit your every day changing lives.
  • You can adjust your premiums and death benefit if anything changes in your life.
  • These policies also offer the opportunity to accumulate your cash value on a tax-deferred basis.

Indexed Universal Life Insurance

  • Indexed universal life is another form of permanent life insurance which provides coverage for your entire life.
  • This product offers investment opportunities.
  • You can grow your cash value through an account that credits interest based upon the upward movement of stock market indexes.
  • Since it’s still a universal life insurance policy you still have the opportunity of being flexible when it comes to the premiums and death benefit.
  • Cash value accumulated is also tax-deferred so you don’t have to pay taxes on the cash accumulated.
  • The Index account features a zero percent floor which guarantees your account won’t earn less than zero percent due to poor market performance

Variable Universal Life Insurance

  • Variable universal life is yet another form of permanent life insurance which provides life insurance coverage for your entire life.
  • Variable universal is designed to provide solid death benefit protection for cash accumulation.
  • Since it’s still a universal life insurance policy you still have the opportunity of being flexible when it comes to the premiums and death benefit.
  • Cash value accumulated is also tax-deferred so you don’t have to pay taxes on the cash accumulated.
  • This is an investment policy and you will have a separate account with investment portfolios to create life insurance products that you can tailor to your insurance needs.
  • There are risks included with this kind of insurance.

Annuities

Annuities are an excellent tool to help you plan for your financial future. If you are looking for an annuity plan then you would be glad to know that Midland National Life offers 3 different annuity options. Fixed Index, Traditional Fixed, and Immediate annuities. Annuities are investment options that are designed to grow funds and later provide a stream of payments to you.

Fixed Index Annuities

  • Fixed annuities are market linked which means that there will be growth without the risk of loss of premium.
  • You will be guaranteed lifetime income.
  • What you grow will be tax-deferred which means that you will not have to pay taxes on that.

Immediate Annuities

  • You can purchase this plan with a single payment.
  • This plan provides an income stream immediately.
  • Your income stream will be determined by the initial principle amount and the length of the time the payout continues.

Traditional Fixed Annuities

  • This is most simple of all annuity plans because it is a low-risk retirement planning tool.
  • This plan protects your principal and allows your investment to grow with time.
  • Your retirement savings become interest credited at an unchanging stated rate.
  • The savings you will accumulate will receive the credited interest unless you choose to receive timed payments.

Work With us!

If you are looking for coverage you should make sure you buy coverage from the best life insurance company! We recommend for everyone to shop around for quotes because this way you can guarantee you are getting the best rate possible. It can get hard trying to find the best life insurance company because there are just so many companies out there but don’t let any of them fool you, the best life insurance company for you should reflect your specific needs, health, and lifestyle. What one considers the best life insurance company may not be the same for you because not everyone has the same needs, health, and lifestyle as you do. That’s why you should consider working with us, we are an independent life insurance agency who work with over 60 top rated companies and have absolutely zero ties with any of them because our loyalty is reserved for our clients and our clients only. We will shop for quotes until our fingers fall off because we want to make sure you are getting the lowest premium with the highest death benefit humanly possible. Not only will we not give up until we find you your best life insurance company but we will also fill out the application necessary for you to receive coverage. Did we mention our services are FREE? Because they are super duper FREE! Give us a call today so you can stop your worrying and then you can have more time with those who matter the most, your family.

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About Mack Dudayev

Mack is owner and life insurance expert at InsureChance. On a mission to create a way everyone can understand, afford and attain the right life insurance coverage to protect their financial responsibilities.

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