Midland National Life Insurance Company Review (2026): IUL, Annuities & What They Don’t Offer

Company Overview & History

Midland National Life Insurance Company was founded in 1906 in Sioux Falls, South Dakota under the name Dakota Mutual Life Insurance Company. The company adopted its current name in 1925 and has maintained its South Dakota roots while expanding to a national presence distributed through over 40,000 independent agents.

Today, Midland National operates as a subsidiary of Sammons Financial Group, Inc. — a privately held, employee-owned financial services holding company. The Sammons Financial family also includes North American Company for Life and Health Insurance, Sammons Corporate Markets Group (a leading provider of bank-owned life insurance), Sammons Retirement Solutions, and Midland Advisory (the RIA-focused annuity distribution channel).

The company distributes its products through independent agents — not captive agents — which means your advisor can compare Midland National’s IUL and annuity products head-to-head against competitors using your actual numbers. This is the same independent model we use at Insurance & Estates.

What Midland National Actually Focuses On

Here’s something the other review sites won’t tell you plainly: Midland National has narrowed its product focus significantly over the past several years. They’ve discontinued their variable universal life (VUL) line for new sales. They don’t offer participating whole life insurance. Their current life insurance lineup consists of term life, indexed universal life (IUL), and guaranteed universal life (GUL). The annuity side of the house — fixed index annuities, MYGAs, and SPIAs — is where the company is investing most of its product development energy, including a 2025 collaboration with Dimensional Fund Advisors on ETF-based registered index-linked annuity (RILA) solutions.

This isn’t a criticism — it’s a strategic choice. Midland National has decided to be very good at IUL and annuities rather than mediocre at everything. If those are the products you need, that focus works in your favor.

New York Availability

Midland National’s life insurance products are not available in New York. This is worth knowing upfront, because if you’re a New York resident shopping for life insurance, Midland National is not an option regardless of product type. For New York-based clients looking at IUL alternatives, other carriers serve the NY market. For clients interested in cash value strategies specifically designed for New York’s regulatory environment, see our Security Mutual Life Insurance review.

Financial Strength & Ratings

What the Ratings Actually Tell You

Midland National’s financial ratings are genuinely strong — triple A+ across AM Best, S&P, and Fitch. That’s a depth of independent validation that many larger, more recognizable carriers don’t achieve. The A+ from AM Best has been held continuously since 1980 — over 45 years of consistent financial strength through multiple economic cycles.

The Sammons Financial Group backing matters here. As a privately held, employee-owned parent company, Sammons isn’t subject to the quarterly earnings pressure that drives publicly traded insurers to make short-term decisions. This structural advantage — long-term thinking without shareholder pressure — is one of the reasons Midland National has maintained product stability and financial strength for over a century.

For context on how these ratings compare across the industry, see our Top 25 Highest Rated Insurance Companies guide and our life insurance company ratings overview.

Ownership Structure: Private, Not Mutual

This is where a critical distinction gets lost in most reviews — and it matters enormously for anyone evaluating cash value life insurance strategies.

Midland National is privately held through Sammons Financial Group. It is not a mutual company. These are fundamentally different ownership structures, and the difference determines what kind of products the company can offer.

A mutual insurance company — like MassMutual, New York Life, or Security Mutual — is owned by its participating policyholders. Profits flow back to policyholders as dividends. This structure is what makes participating whole life insurance possible, and it’s what makes infinite banking work as designed.

Midland National, as a private stock company, cannot offer participating whole life with dividends in the way mutual carriers do. Their cash value products — specifically IUL — work on a completely different mechanism: index-linked crediting with caps and floors rather than dividend-based compounding.

Neither structure is inherently better. They serve different purposes. But if you’ve been researching cash value strategies and you’re unclear on the difference between IUL accumulation and whole life banking, this distinction is the starting point. For a detailed comparison, see our infinite banking with IUL analysis and our whole life vs. universal life guide.

Indexed Universal Life (IUL) — Midland National’s Core Strength

Midland National’s flagship life insurance product is the Strategic Accumulator® IUL 3 — their most recent iteration, launched in 2024. This is an accumulation-focused IUL designed for clients who want permanent coverage with market-linked cash value growth potential.

How Midland National’s IUL Works

Like all indexed universal life products, the Strategic Accumulator ties cash value growth to the performance of stock market indices — primarily the S&P 500, S&P MidCap 400, Russell 2000, DJIA, NASDAQ-100, and EURO STOXX 50. Your premium is not invested directly in the market. Instead, the insurance company credits interest based on index performance, subject to caps (maximum credit), participation rates, and a 0% floor (your credited rate will never go below zero in a down market).

Key Features

Multiple index options. Midland National offers a broader selection of index crediting strategies than many competitors, giving policyholders flexibility to allocate across different indices and crediting methods.

0% floor protection. In years when the linked index declines, the policy is credited 0% — not a negative number. This is standard across IUL products industry-wide but worth understanding: the floor protects your credited interest from market losses, but policy charges (cost of insurance, administrative fees, rider costs) are still deducted regardless of index performance.

Flexible premiums. Unlike whole life insurance where premiums are fixed, IUL allows you to adjust premium payments within limits — paying more in high-income years and less when cash flow is tight.

Accelerated underwriting. Midland National offers accelerated underwriting for qualified applicants, potentially eliminating the need for a medical exam. NerdWallet and MoneyGeek both highlight this as a competitive advantage — and for healthy applicants looking for faster approval, it is.

The Honest IUL Conversation

Here’s what the NerdWallet 4.7-star review doesn’t tell you: IUL is not a simple product. The illustrated performance you’ll see in a sales presentation assumes a specific pattern of index returns that may or may not materialize. Caps can be reduced. Participation rates can change. Cost of insurance charges increase as you age. If the policy is underfunded or if market performance disappoints for extended periods, the policy can lapse — even after decades of premium payments.

None of this means IUL is a bad product. It means it’s a product that requires proper design, adequate funding, and realistic expectations. For a detailed breakdown of how IUL illustrations work (and where they can mislead), see our IUL User Guide and IUL Implementation Strategy.

If you’re comparing IUL to other accumulation strategies, our IUL vs. 401(k) comparison and 7702 plan vs. 401(k) analysis provide side-by-side context.

Term Life Insurance

Midland National’s Premier Term product offers 10, 15, 20, and 30-year level term options with face amounts ranging from $100,000 to $5 million. Premiums are fixed for the duration of the term, and the product includes accelerated death benefits for critical, chronic, and terminal illness.

The conversion feature is worth noting: Midland National’s term policies can be converted to permanent coverage (their IUL products) after five years without additional medical underwriting. If you’re starting with affordable term coverage and may want to convert to a permanent product later, the conversion option matters — though you’ll be converting into an IUL product, not a whole life product, because Midland National doesn’t offer whole life.

For clients who want term now with the option to convert to whole life insurance for banking strategy purposes later, a carrier that offers both term and participating whole life is the better starting point. See our best convertible term life insurance companies guide and our whole life vs. term life comparison for a full analysis.

Midland National’s term rates are competitive, particularly for preferred risk classes. You can get an instant online quote for term coverage on their website — one of the few products they allow direct consumer quoting for.

Guaranteed Universal Life (GUL)

Midland National offers the Essential Guaranteed Universal Life (Essential GUL 5) product for clients who want permanent death benefit protection without the cash value accumulation focus of IUL. The policy guarantees coverage to age 120 as long as planned premiums are paid.

The Essential GUL includes a Premium Recovery Endorsement that returns part or all of premiums paid if you surrender the policy during 60-day windows after years 15, 20, and 25. It also offers a conversion option to IUL without additional medical underwriting.

Guaranteed universal life serves a specific purpose: maximum death benefit per premium dollar for someone who needs permanent coverage but doesn’t care about cash value accumulation. It’s the cheapest form of permanent life insurance because it intentionally minimizes the savings component. If that’s your need, Midland National’s GUL product is competitive. If you want your policy to do something beyond pay a death benefit, GUL isn’t the product — and you’d be looking at either IUL or whole life depending on your strategy.

Annuity Products

Annuities are arguably where Midland National invests the most product development energy. They offer eight annuity products across three categories:

Fixed Index Annuities (FIA)

Midland National’s FIA lineup includes the MNL Income Planning Annuity, MNL Endeavor 8, MNL IncomeVantage Pro, MNL IndexBuilder (10 and 14-year schedules), MNL RetireVantage, and MNL Accelerate 5. The Capital Income product — their first commission-free FIA — was named the top fee-based FIA in 2023 by LIMRA. All require minimum premiums of $20,000.

Multi-Year Guarantee Annuities (MYGA)

The MNL Guarantee Pro offers three, five, and seven-year surrender charge schedules with penalty-free withdrawals and a nursing home confinement waiver.

Single Premium Immediate Annuities (SPIA)

The Direct Income annuity offers multiple payout options — lifetime, period certain, and joint life — for clients who want to begin receiving income immediately. Issue ages range from 0 to 85 with a $25,000 minimum premium.

Dimensional Fund Advisors Collaboration (2025)

In May 2025, Midland National’s advisory channel announced a collaboration with Dimensional Fund Advisors to offer the first RILA (registered index-linked annuity) product in the industry linked to Dimensional’s active ETFs. This positions Midland National at the intersection of evidence-based investing and annuity guarantees — a combination aimed squarely at the RIA market.

For context on how annuities compare to other income and accumulation strategies, see our best annuity rates guide, best annuity companies ranking, fixed index annuity overview, and our life insurance vs. annuity comparison.

Discontinued Products (VUL, Whole Life)

If you found an older review of Midland National — including our previous version of this article — you may have seen references to an extensive variable universal life (VUL) product line. Midland National has discontinued all VUL products for new sales. Existing policyholders are still being serviced, but you cannot purchase a new VUL policy from Midland National today.

Midland National also does not offer traditional whole life insurance. While some sources reference whole life as part of their historical product line, the company’s current permanent life insurance offerings are limited to IUL and GUL.

If you need variable universal life, carriers like Equitable or Lincoln Financial have stronger VUL-specific product lines. If you need participating whole life for cash value accumulation or infinite banking, you’re looking at mutual carriers — MassMutual, Penn Mutual, Lafayette Life, Guardian, or Security Mutual depending on your specific needs.

Lawsuit History: What You Should Know

No other major review site covers this thoroughly, but you should have the full picture.

The Annuity Sales Practice Settlements

Midland National has faced multiple class action lawsuits related to its annuity sales practices — specifically around deferred annuities sold to senior citizens.

The largest resulted in an approximately $80 million settlement (final approval 2012) in a case alleging that Midland National sold deferred annuity products to seniors that wouldn’t mature until after the annuitant’s expected life span — in some cases projecting maturity as late as age 110.

A separate $31 million settlement (final approval 2014) addressed allegations that Midland misrepresented “bonuses” and “growth” on certain annuity products while shifting the cost of those bonuses and high sales commissions back to purchasers through lower interest and index credits over time. The plaintiffs alleged violations of California’s Unfair Competition Law, fraud, and breach of contract. Midland denied all allegations in both cases.

California Teacher Annuity Fee Lawsuit (2023-Present)

In 2023, lawsuits were filed alleging that Midland National (along with sibling companies Life Insurance Company of the Southwest and North American Company) charged California teachers undisclosed and unauthorized rider fees on supplemental retirement savings plans. Midland has denied all allegations. The cases were consolidated, and as of 2025, the parties were in mediation with a trial deadline set for late 2026.

Bader v. Midland National (2025)

A federal case filed in January 2025 in the Southern District of Iowa. Details are limited in public filings as of early 2026.

What This Means for You

The pattern in the settled cases centered on annuity sales practices — specifically how products were represented to buyers, particularly seniors. The lawsuits did not involve the company’s life insurance products, financial stability, or claims-paying ability. Midland National’s financial ratings remained strong throughout all litigation periods.

The practical takeaway: if you’re purchasing any annuity from any carrier, make sure you understand exactly what the surrender charges are, when you can access your money without penalties, and how the credited interest actually works — including caps, participation rates, and any rider fees. Get it in writing. Don’t rely on a verbal presentation.

Customer Service & Satisfaction

Here’s where Midland National’s story gets complicated. Their financial ratings are excellent. Their complaint ratio with the NAIC is below industry average. But J.D. Power ranked them 21st out of 22 companies in the 2025 U.S. Individual Life Insurance Study for overall customer satisfaction — near the bottom of every company measured. Their annuity customer satisfaction scored below average as well (615 out of 1,000 in J.D. Power’s 2025 annuity study vs. an industry average of 639).

BBB complaints, while not numerous, show a pattern consistent with the J.D. Power findings: slow claim processing, withdrawal difficulties, and communication delays. One complaint from late 2025 described a withdrawal request where 90% of funds were withheld without explanation. Another from September 2025 described a death claim review process that expanded from a quoted 5-7 days to 4-6 weeks while a family waited to finalize funeral services.

Glassdoor reviews from employees give mixed signals — some praising the culture and ESOP ownership structure, others noting that the company can feel behind the times technologically.

The honest assessment: Midland National’s products and financial strength are better than their customer service reputation suggests. If you purchase a Midland National product, you should work with an agent who has a strong relationship with their home office and can advocate on your behalf when you need service — because the self-service experience may not match what you’d expect from a company of this financial caliber.

Who Midland National Is Best For — And Who Should Look Elsewhere

Frequently Asked Questions

Is Midland National Life a good company?

Midland National is financially strong — A+ ratings from AM Best (since 1980), S&P, and Fitch, with over $156 billion of life insurance in force. Their IUL and fixed annuity products are competitive in the independent agent channel. However, J.D. Power ranked them 21st of 22 companies for customer satisfaction in 2025, and their digital self-service tools lag behind larger carriers. The products are better than the customer experience data suggests.

Does Midland National offer whole life insurance?

No. Midland National does not offer participating whole life insurance. Their permanent life insurance options are indexed universal life (IUL) and guaranteed universal life (GUL). If you need whole life with dividends for infinite banking or Volume-Based Banking, you need a mutual carrier like MassMutual, Penn Mutual, Lafayette Life, or Security Mutual.

Is Midland National IUL a good investment?

IUL is not technically an investment — it’s a life insurance product with cash value growth linked to market indices. Midland National’s Strategic Accumulator IUL 3 is a competitive product in the IUL category, with multiple index options and a 0% floor that protects against market losses. But IUL performance depends heavily on policy design, funding levels, and future cap/participation rate changes. For a realistic assessment of what IUL can and can’t do, see our Is IUL Worth It? guide and IUL User Guide.

Why isn’t Midland National available in New York?

New York has some of the strictest insurance regulations in the country, and not all carriers choose to comply with the additional requirements and costs of doing business in the state. Midland National’s life insurance products are not available to New York residents. For NY-based clients, carriers domiciled in New York — like New York Life or Security Mutual — are options depending on your product needs.

What happened with the Midland National annuity lawsuits?

Midland National settled multiple class action lawsuits related to annuity sales practices. The largest ($80M, settled 2012) alleged that deferred annuities were sold to seniors with maturity dates beyond their life expectancy. A second ($31M, settled 2014) alleged misrepresentation of bonus features on certain annuity products. Midland denied all allegations in both cases. A California teacher fee lawsuit from 2023 remains in mediation. None of these cases involved the company’s life insurance products or financial stability.

Is Midland National the same as North American Company?

They are sibling companies — both are subsidiaries of Sammons Financial Group. North American Company for Life and Health Insurance is a separate entity with its own product line, but shares the financial backing and corporate infrastructure of the Sammons family. Both carry strong financial ratings.

Can I use Midland National IUL for infinite banking?

Technically, you can borrow against IUL cash value. But IUL and infinite banking operate on fundamentally different mechanics than what Nelson Nash described in Becoming Your Own Banker. IBC as designed requires participating whole life from a mutual carrier — non-direct recognition dividends, paid-up additions, guaranteed cash value growth, and fixed premiums. IUL has none of these structural features. The strategies look similar on the surface but the underlying architecture is completely different.

How do I buy Midland National life insurance?

All Midland National products must be purchased through an independent agent — you cannot buy directly online. You can get an instant term life quote on their website, but an agent is required to complete the application process. The company’s customer service phone number is 800-923-3223, available Monday through Thursday 7:30am-5:00pm CST and Friday 7:30am-12:30pm CST.

Conclusion

Midland National Life Insurance Company is a financially strong, well-rated carrier that does two things very well: indexed universal life and fixed annuities. Triple A+ ratings held for decades, a privately held parent company that thinks long-term, and a product development team that’s investing in innovations like the Dimensional Fund Advisors RILA collaboration — these are real strengths.

The honest limitations are equally real: no whole life insurance, no dividends, no mutual structure, not available in New York, near-bottom J.D. Power customer satisfaction rankings, discontinued VUL line, and a history of annuity sales practice lawsuits that the other review sites barely mention. For some clients, the J.D. Power ranking alone is disqualifying. For others — particularly those working with a strong independent agent who can manage the carrier relationship — the products themselves justify looking past the service scores.

If you’re evaluating Midland National for IUL, run illustrations side-by-side against National Life Group, Penn Mutual, and Pacific Life. If you’re evaluating their annuities, compare against the carriers in our best annuity companies ranking. The right answer depends on your specific numbers and objectives — not on which company has the strongest marketing or the most stars from an aggregator review site.

And if you came here researching cash value life insurance and realized that what you actually want is a policy designed as financial infrastructure — not just an accumulation vehicle — that’s a different product entirely. Start with our whole life insurance guide or our infinite banking overview to understand the structural differences before you decide.