Midland National Life Insurance Review 2026

About Midland National Life Insurance Company

Midland National Life Insurance Company was founded in 1906 and has operated for more than a century. The company is a member of Sammons Financial Group, a privately held financial services organization. For many shoppers, that long operating history can be an important signal of stability and long-term commitment to policyholders.

Midland National distributes life insurance policies primarily through financial professionals rather than a fully direct, online purchase model. Its lineup includes both term and permanent life insurance options, allowing coverage to be structured for straightforward protection needs or more involved long-term planning strategies, depending on the policy and state availability.

Midland National Life Insurance Review

This review evaluates Midland National using a framework designed to reflect how consumers typically experience and compare life insurance companies. 

Financial Strength and Ratings

Financial strength ratings help indicate an insurer’s ability to meet its long-term policy obligations. Midland National holds the following financial strength ratings from major rating agencies:

• A+ (Superior) from AM Best.¹ AM Best is the only global credit rating agency focused exclusively on insurance. Best’s Credit Ratings provide an independent, third-party opinion of an insurer’s ability to meet ongoing financial obligations. 
• A+ (Strong) from S&P Global.² S&P Global Ratings provide high-quality, objective, independent, and rigorous analytical information to the marketplace.
• A+ (Stable) from Fitch.³ Fitch Ratings provides credit ratings, commentary, and research for global capital markets.

These ratings generally reflect balance sheet strength, operating performance, and the company’s ability to pay claims over time. Midland National also holds an A+ rating from the Better Business Bureau,⁴ reflecting the company’s responsiveness to customer complaints and business practices rather than financial strength.

Product Mix and Policy Flexibility

Midland National’s life insurance lineup centers on term life insurance and indexed universal life, with permanent products playing a meaningful role in its overall portfolio. The company places particular emphasis on indexed universal life (IUL), offering policies designed to combine death benefit protection with cash value growth tied to market index performance, subject to caps, spreads, and participation rates.

Term life policies are structured for defined coverage periods, while universal life products allow for adjustable premium structures and configurable death benefits within policy limits. Product availability, funding flexibility, and maximum face amounts vary by policy and state.

Underwriting Approach

Midland National uses a traditional underwriting framework that may include medical exams, health history review, prescription database checks, and third-party medical information sources. The company also offers accelerated underwriting programs for certain face amounts and applicant profiles, based on internal eligibility guidelines.

Underwriting requirements vary depending on age, coverage amount, and product type. Applicants typically work with a financial professional who helps coordinate documentation and application requirements throughout the underwriting process.

Customer Experience and Accessibility

Midland National distributes coverage primarily through financial professionals and licensed agents, rather than a fully direct, online purchase model. Applicants generally work with an advisor during application submission, underwriting, and policy placement.

Policyholders can access support through established customer service channels and online account management tools, where available. Ongoing policy servicing, beneficiary updates, and coverage changes are handled through the carrier’s service infrastructure in coordination with its distribution network.

Pros and Cons of Midland National Life Insurance

Like most insurers, Midland National has strengths that appeal to certain shoppers and tradeoffs depending on coverage needs and expectations. Here are some pros and cons to consider: 

Pros of Midland National 

• Strong financial strength profile backed by top-tier ratings, reflecting long-term balance sheet stability and claims-paying capacity.
• Fewer complaints than expected for its size based on the industry average relative to its market share.⁵
• Well-established indexed universal life portfolio, which may appeal to shoppers working with financial professionals on longer-range strategies. 
• Offers high coverage amounts up to $10 million or more, which can be helpful for legacy and estate planning.⁶

Cons of Midland National

• No full online purchase pathway, so most shoppers will need to work through a financial professional to complete the buying process.⁵ 
• No whole life insurance products available, which can be limiting for shoppers seeking guaranteed permanent protection.⁵ 
• Limited information on the company’s website, which can be difficult for comparison shoppers who want information before speaking to an agent.⁶

Products Offered by Midland National Life Insurance

Midland National offers term life insurance and permanent life insurance solutions, with a product mix that leans heavily toward universal life and indexed universal life for long-term planning strategies. Product availability and maximum face amounts vary by age and state.

Term Life Insurance

Midland National offers level term life insurance with multiple duration options, designed for income replacement and defined protection periods. Accelerated underwriting pathways are available for eligible applicants, while larger face amounts may require traditional underwriting review.

Universal Life Insurance

Midland National offers traditional universal life policies with flexible premium funding, allowing policyholders to adjust contributions within policy guidelines while maintaining long-term coverage as long as premiums are paid. These policies are typically structured for buyers working with a financial professional on ongoing funding and cash value planning.

Indexed Universal Life Insurance

A central part of Midland National’s lineup is indexed universal life (IUL), which ties cash value growth potential to market index performance subject to caps, participation rates, and specific crediting structures. These policies are often positioned for accumulation-focused strategies and longer-term estate or legacy planning needs.

Affordability Considerations

Midland National’s pricing will vary depending on policy type, underwriting classification, age, and coverage amount, with term policies generally offering lower initial premiums than permanent life options. As with most carriers that emphasize advisor-distributed permanent coverage, indexed universal life and traditional universal life pricing reflects both death benefit costs and long-term funding design.

Applicants who qualify for accelerated underwriting may receive competitive term pricing without a medical exam, while higher coverage amounts or more complex permanent designs typically require traditional underwriting review. Final premiums depend heavily on health profile, tobacco status, and funding structure, particularly for universal life products where contribution levels can influence long-term policy performance.

Ethos vs Midland National

Both Ethos and Midland National aim to simplify access to life insurance, but they take meaningfully different approaches to distribution, underwriting structure, and the type of buyer each platform is built to serve.

Distribution and Application Experience

Midland National distributes policies primarily through financial professionals and licensed agents, meaning applicants typically work directly with an advisor to explore options, structure coverage, and complete the application process.

Ethos uses a guided, digital experience to connect applicants with coverage that’s designed to be purchased fully online. Instead of selecting a carrier upfront, buyers complete one application and are matched to an insurer based on their profile, helping streamline the buying process while still accessing coverage from multiple highly rated companies.

Underwriting Approach

Midland National uses a traditional underwriting framework with accelerated underwriting pathways available for eligible applicants. Depending on age, face amount, and product selection, applicants may qualify for coverage without a medical exam, while higher coverage amounts or certain risk profiles can require full underwriting review, including medical exams and additional documentation.

Ethos offers coverage options that skip a medical exam. Instead, applicants answer health questions when they apply and underwriting decisions are made using those responses along with third-party medical data sources. Coverage amounts and underwriting outcomes vary depending on applicant health and profile.

Best-fit Customer Profiles

Midland National may appeal to buyers who value advisor-led coverage design and long-term planning conversations, particularly those exploring indexed universal life or higher face amounts that benefit from structured funding discussions. It can also fit shoppers who are comfortable working through a financial professional and who want to integrate life insurance into a broader estate, business, or legacy strategy rather than completing a quick, self-serve purchase online.

Ethos may be a stronger fit for individuals who prioritize speed, digital convenience, and a single streamlined application, especially for term life insurance. Buyers who want to complete the process fully online, avoid medical exams entirely, and receive underwriting decisions without scheduling in-person appointments may find Ethos more aligned with that experience. Ethos can be particularly well-suited for straightforward income-replacement coverage where simplicity and efficiency are the primary goals.