Midland National offers term and universal life insurance products. Compare policy features to determine which fits your family's needs.
Midland National Life Insurance Review 2026: Pricing, Pros & Cons
Midland National offers a broad range of term and universal life insurance products backed by strong financial stability and low customer complaint levels. While its term life rates are generally higher than competitors, its flexible universal and indexed universal life policies make it a compelling option for shoppers seeking permanent coverage with customization features.
Read our Midland National life insurance review to learn about its coverage options, pricing, pros and cons, and decide if it's the right insurer for you.
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Updated: June 10, 2026
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At a Glance: Midland National Life Insurance Review
Midland National
MoneyGeek Rating
3.7/ 5
3.5/5Affordability
3.9/5Customer Experience
3.9/5Coverage
Average Monthly Cost
$54 (women), $66 (men)Based on 20-year term policy with $500,000 coverage amount for a 40-year-old nonsmoker with average health.Ages Supported (Term)
18-75Ages Supported (Universal)
0-85
Midland National Life Insurance Policies
Term Life Insurance
Midland National's Premier Term policy is available to applicants ages 18 to 75 and offers 10-, 15-, 20- and 30-year terms with coverage from $100,000 to $10 million. While term life insurance is usually the most affordable way to get coverage during your peak earning and family-building years, Midland's term rates are higher than the national average. Its main advantage is flexibility: you can convert your term policy to a permanent life insurance policy later without undergoing another medical exam.
Universal Life Insurance
Universal life insurance is a good fit if you want permanent coverage that can adapt as your financial needs change. Midland National's universal life policies combine a death benefit with tax-deferred cash value growth, while allowing you to adjust premiums and coverage over time.
Its flagship plan, Essential Guaranteed UL 5, focuses on long-term death benefit protection by guaranteeing coverage to age 120 rather than maximizing cash value accumulation. You can get coverage from $100,000 to $10 million, with age eligibility from 15 days to 85 years old at time of application. The policy also includes a Premium Recovery Endorsement that can return some or all premiums during specified surrender windows and allows you to transition to an indexed universal life policy later without a new medical exam or surrender charges. Flexible funding options let you pay premiums over five, seven or 10 years instead of throughout your lifetime.
Indexed Universal Life Insurance
Indexed universal life insurance links your cash value growth to stock market indexes like the S&P 500 while protecting you from losses when markets decline. Your money earns interest based on index performance up to a cap, with a guaranteed floor of zero percent, meaning you never lose cash value from negative market returns. IUL works best if you want permanent coverage with higher growth potential than traditional universal life and can afford premiums beyond the minimum required to keep your policy active.
Midland offers three IUL products, Strategic Protector, Strategic Accumulator and Strategic Accelerator, targeting different funding strategies, from minimum-premium death benefit protection to maximum cash value accumulation for retirement income.
Strategic Protector IUL 2Strategic Protector IUL 2 targets buyers wanting affordable indexed universal life with lower face amounts. The product works well for single-premium or short-pay scenarios. Cash value grows through market index credits plus bonus interest on fixed and indexed accounts. You can borrow starting in year one, with zero-cost loans available after year six.
- Strategic Protector IUL 2 with Premium Guarantee Rider
Adding the Premium Guarantee Rider extends death benefit protection to age 120 regardless of market performance. Adjust the guarantee length by changing the premium payments. The Premium Recovery Endorsement returns some or all premiums at specific anniversaries. The Fidelity Multifactor Yield Index earns bonus interest. Zero-cost loans start after year six.
- Strategic Accumulator IUL 3
Strategic Accumulator IUL 3 maximizes cash value for aggressive funders wanting retirement income. Multiple interest bonuses layer on base returns. Fixed and indexed accounts earn bonuses after year 11. Borrowed money earns a guaranteed 0.50% bonus interest annually. Choose fixed or variable loans starting in year three. Withdraw 10% annually penalty-free starting year two.
- Strategic Accelerator IUL 3 with Waiver of Surrender Charge Option
Strategic Accelerator IUL 3 eliminates premium loads and surrender charges when electing the Waiver of Surrender Charge Option at application. More premium builds cash value immediately. Without the waiver, you face 10-year surrender charges. Take loans starting in year three. Withdraw 10% annually starting year two with no fees if the waiver is elected.
Midland National’s Life Insurance Riders
Midland National offers seven optional riders, giving you more customization options than many competitors. Among the most valuable are the Guaranteed Insurability Rider, which allows you to increase coverage without undergoing another medical exam, and the Premium Guarantee Rider, which can extend guaranteed death benefit protection through 120 years old.
Rider | Description |
|---|---|
Accidental Death Benefit | Provides additional death benefit if death results directly from accidental bodily injury within 180 days. |
Child's Term Life Insurance | Provides level term insurance on each child's life from 15 days old until the policy anniversary following the child's 23rd birthday. |
Flexible Disability Benefit | Provides disability benefit while waiving current costs of insurance and expense charges, but not beyond age 65. Available only when the Waiver of Charges Rider included. |
Guaranteed Insurability | Provides an option to increase death benefit coverage by specified amounts without evidence of insurability on specific policy anniversaries. |
Premium Guarantee | Extends death benefit guarantee to any age up to 120. Can be added only at issue and available for all issue ages. |
Waiver of Charges Disability Benefit | Waives monthly deductions used to pay monthly cost of insurance plus charges during total disability of insured. |
Waiver of Term Premium for Disability | Waives premium payments if total disability begins before policy age 60 and continues for 180 consecutive days. |
How Much Does Midland National Life Insurance Cost?
Your life insurance costs depend on your age, health, coverage amount and policy type. Younger, healthier buyers pay less than older applicants or those with medical conditions. Your lifestyle choices also matter, with tobacco users paying more than non-smokers do, and risky hobbies like skydiving can increase your premiums.
Here are the average rates for Midland National's term and universal policies across different coverage amounts and ages:
Midland National Term Life Insurance Rates
Midland National's term life rates are higher than the national average across all coverage levels in MoneyGeek's analysis, with the largest gaps at lower coverage amounts. A 40-year-old woman pays 18% more than average for a $100,000 policy, though that difference narrows to 12% at $1 million in coverage.
Even at the commonly purchased $500,000 coverage level, Midland ranks near the bottom of MoneyGeek's pricing analysis, placing 18th out of 21 insurers for women and 16th for men. Shoppers focused on term pricing will find lower-cost options elsewhere. Midland's term product makes most sense for buyers who want the carrier's financial backing and plan to convert to permanent coverage later.
$100,000 | $19 | $3 (+18%) | $21 | $3 (+14%) |
$250,000 | $34 | $6 (+21%) | $40 | $6 (+16%) |
$500,000 | $54 | $7 (+15%) | $66 | $7 (+12%) |
$750,000 | $76 | $8 (+13%) | $93 | $8 (+9%) |
$1,000,000 | $96 | $10 (+12%) | $119 | $10 (+9%) |
* Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.
Midland National Universal Life Insurance Rates
Midland National is more competitive in the universal life market than it is for term life insurance. In MoneyGeek's analysis, a 40-year-old nonsmoker pays 13% to 22% less than the national average for universal life coverage, with the largest savings at lower coverage amounts. At the $100,000 level, rates are 22% below average for women and 21% below average for men, while the discount narrows to 15% at $1 million in coverage.
$100,000 | $59 | -$16 (-22%) | $68 | -$18 (-21%) |
$250,000 | $138 | -$22 (-14%) | $160 | -$27 (-14%) |
$500,000 | $269 | -$42 (-13%) | $313 | -$48 (-13%) |
$750,000 | $387 | -$66 (-15%) | $453 | -$76 (-14%) |
$1,000,000 | $502 | -$92 (-15%) | $588 | -$104 (-15%) |
* Rates shown are for 40-year-old nonsmokers in average health.
How to Get Midland National Life Insurance
The Midland National application follows four steps:
- 1Do your research
Decide how much coverage you need and for how long. Use your income, outstanding debts and dependents' financial needs to set a target coverage amount before you request quotes.
- 2Compare quotes
Get quotes from at least a few providers. Compare coverage limits, policy features and price across the same coverage level so the comparison reflects actual differences in what insurers charge.
- 3Health check
Most life insurance applications require a medical exam. The insurer uses the results to assess your risk profile and set your premium.
- 4Receive approval and review your policy
An approved application comes with your policy documents. Go through the details with your agent before your first payment.
WHAT TO DO IF MIDLAND NATIONAL DENIES YOU COVERAGE
If you're denied coverage, ask the insurance company why. You may be able to address the factors that led to your denial by making lifestyle changes, for example.
Lifestyle changes like quitting smoking, losing weight and exercising regularly can improve your health and lower the risk of developing serious medical conditions. Making these changes can increase your chances of approval and lower your premiums.
Final expense insurance is an option for those seeking coverage for end-of-life expenses. Some final expense insurance policies don't require a medical exam or health questions, but they come with a higher price tag and more limited coverage options.
Midland National Claims Process
After the insured's death, call Midland National at 800-923-3223 or contact your agent to start the claims process. The company will walk you through what's needed from there.
You'll submit a completed claim form and a certified copy of the death certificate. Depending on the policy and circumstances, Midland National may also ask for medical records, beneficiary identification or proof of relationship to the deceased. Once it has everything, the company reviews claims promptly.
Midland National pays death benefits by check, electronic transfer or through an interest-bearing account. The interest-bearing account option lets your beneficiaries access funds over time rather than managing a lump sum, which can be useful for larger policies.
Midland National Life Insurance vs. Alternatives
For universal and indexed universal life insurance, Midland National is one of the stronger values in MoneyGeek's analysis. Its rates are 13% to 22% below national averages, and its indexed universal life lineup offers options for a variety of goals, from guaranteed death benefit protection to aggressive cash value accumulation.
The company is less competitive for term life insurance. At the $500,000 coverage level, a 40-year-old woman pays an average of $54 per month with Midland, compared with $37 per month from Banner Life and Transamerica, a difference of $4,080 over a 20-year term. If keeping premiums as low as possible is your top priority, those insurers are likely a better fit.
Midland National also doesn't offer traditional whole life insurance. Buyers seeking guaranteed cash value growth and fixed lifetime premiums should compare other insurers that specialize in whole life coverage, like USAA, Gerber or Protective Life.
Midland National | $54 (F), $66 (M) | 10-30 years | 18-75 | $10 Million | A+ | 3.7 |
Banner Life | $37 (F), $46 (M) | 10-40 years | 20-75 | $10 Million | A+ | 4.5 |
Transamerica | $37 (F), $46 (M) | 10-30 years | 18-80 | $10 Million | A | 4.4 |
Penn Mutual | $38 (F), $47 (M) | 10-30 years | 20-70 | $10 Million | A+ | 4.3 |
Nationwide | $45 (F), $56 (M) | 10-30 years | 21-55 | $1.5 Million | A+ | 4.3 |
Pacific Life | $38 (F), $54 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4.2 |
Fidelity | $44 (F), $58 (M) | 10-30 years | 18-70 | $10 Million | A- | 4.2 |
Protective | $42 (F), $54 (M) | 10-40 years | 18-75 | $10 Million | A+ | 4.1 |
Mutual of Omaha | $49 (F), $60 (M) | 10-30 years | 18-80 | $10 Million | A+ | 4 |
Bottom Line: Is Midland National Life Insurance Right for You?
Midland National is a strong choice if you're looking for universal or indexed universal life insurance with flexible features, competitive permanent coverage pricing and strong financial backing. Its broad age eligibility, high coverage limits and low complaint levels make it appealing for buyers who want long-term coverage that can adapt to changing financial needs.
Consider Midland National if you:
- Want permanent life insurance with cash value growth potential
- Are interested in indexed universal life products for supplemental retirement planning
- Need coverage amounts up to $10 million
- Value financial strength and a low complaint record
- Want the option to convert term coverage into permanent insurance later
Compare other insurers if you:
- Want the lowest-priced term life insurance
- Prefer buying coverage online without working through an agent
- Live in New York, where Midland National isn't available
- Want traditional whole life insurance with guaranteed cash value growth
Midland National Life Insurance Policies: FAQ
MoneyGeek answers commonly asked questions about Midland National life insurance:
Can I borrow against my Midland National life policy?
Yes, you can borrow from your Midland National life insurance policy, but doing so will reduce its cash value and death benefit, and you'll need to pay interest on the policy loan. Policyholders should consult their tax advisor or attorney for details on policy loans and withdrawals.
Do life insurance policies from Midland National pay dividends?
Some Midland National policies pay dividends. The amount varies by policy type, and dividends are typically paid once a year.
Can you get life insurance from Midland National if you have cancer?
Cancer type, stage and treatment status all affect whether Midland National will issue a policy and at what cost. Contact an agent directly to discuss your situation.
Do life insurance policies from Midland National cover death by suicide?
Midland National includes a standard two-year contestability and suicide exclusion clause. If the insured dies by suicide within the first two years, the death benefit won't be paid. The insurer returns premiums instead. After two years, suicide is covered under standard policy terms.
MoneyGeek scored Midland National using rate data for our baseline profile of a 40-year-old male nonsmoker in average health seeking $500,000 in coverage on a 20-year term. The MoneyGeek Score weights affordability at 50%, customer experience at 30% and coverage options at 20%. Customer experience ratings draw from customer reviews, J.D. Power life insurance study scores, AM Best financial strength ratings and NAIC complaint indexes.
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About Patrick Bryant
Patrick Bryant is the Vertical Lead for Life and Health Insurance at MoneyGeek, where he researches insurance products, writes consumer guides and maintains the scoring methodologies behind our provider comparisons. He analyzed more than 50 life insurance carriers across multiple policy types, collecting thousands of quotes nationwide to evaluate rates, coverage options and underwriting factors. His methodologies are reviewed quarterly to reflect current market conditions and carrier data.
Sources
- Midland National. "What Type of Life Insurance Is Right for You?." Accessed March 31, 2026.
- Midland National. "Products at a Glance." Accessed March 31, 2026.
- Midland National. "Riders Guide." Accessed March 31, 2026.
- Midland National. "Essential Guaranteed Universal Life." Accessed March 31, 2026.
- Sammons Financial Group. "About Midland National® Life Insurance Company." Accessed March 31, 2026.