Midland National Life Insurance Review 2026: Pricing, Pros & Cons

Midland National sells two basic types of coverage: term life insurance, which lasts a set number of years, and permanent life insurance (universal and indexed universal life), which lasts your entire life and can build cash value, a savings-like balance inside the policy that grows over time and that you can borrow against. Midland National's biggest strength is on the permanent side.

Its universal and indexed universal life policies cost 13% to 22% below the national average, and it covers applicants as young as 15 days old up to age 85 on those products. Its NAIC complaint index of 0.09 sits far below the industry average of 1.0, and its A+ AM Best rating points to strong financial stability. Term policyholders can also switch to a permanent policy later without a new medical exam, and maximum coverage goes up to $10 million across its product lineup.

Midland National doesn't sell coverage online. Every application goes through an agent, whether by phone, email or an agent-matching tool on the insurer's site. The company doesn't offer traditional whole life insurance, so buyers who want guaranteed cash value growth and fixed lifetime premiums need to compare other insurers. Midland National's term life rates also are 12% to 21% above the national average, and coverage isn't available in New York.

Midland National offers term and universal life insurance products. Compare policy features to determine which fits your family's needs.

• Max coverage: $10 million
• No-exam policy available: No
• Terms available: 10, 15, 20, 30
• Ages supported: 18-75 (Term)
• Average monthly premium: $54 (women), $66 (men), for a 20-year, $500,000 policy

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.

• Max coverage: $10 million
• No-exam policy: Yes (simplified issue))
• Ages supported: 15 days - 85 years
• Average monthly premium: $269 (woman), $313 (man) for a $500,000 policy at 40 years old

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.

Your cap rate is the highest interest rate your cash value can earn in a given period, even if the index it tracks grows more. Your participation rate is the percentage of the index's gain your policy actually credits to your cash value. Both limit your upside in exchange for the guaranteed floor that protects you from market losses.

Midland National offers seven optional riders, more than many competitors provide. Two of the most valuable are the Guaranteed Insurability Rider, which lets you increase coverage without undergoing another medical exam, and the Premium Guarantee Rider, which can extend guaranteed death benefit protection through age 120.

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: tobacco users pay more than nonsmokers 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'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.

* Rates based on 40-year-old nonsmokers with average health on a 20-year term policy.

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.

* Rates shown are for 40-year-old nonsmokers in average health.

• Consumer complaints: A strong sign of consumer satisfaction is how many people complain about their insurance company to state regulators. Midland National's NAIC complaint index is 0.09, far below the industry average of 1.0. The NAIC, the National Association of Insurance Commissioners, tracks how many complaints regulators receive about an insurer relative to its size, so a lower number means fewer complaints than expected for a company of Midland National's size.
• Financial strength: Midland National holds an A+ rating from AM Best, an independent agency that grades insurance companies on their ability to pay future claims, with A++ as the top possible score. It also ranked 595, 21st out of 22 insurers, in J.D. Power's most recent life insurance customer satisfaction study, an independent ranking of how satisfied policyholders are with their insurer.
• Application process: Midland National doesn't sell policies directly online. Apply by calling 800-923-3223, or use the agent-matching tool on Midland National's website to get connected with a licensed agent who can walk you through your options and complete the application with you.
• Customer support: Call 800-923-3223 Monday through Thursday from 7:30 a.m. to 5 p.m. Central Standard Time, or Friday from 7:30 a.m. to 12:30 p.m. Central Standard Time. You can also email LifeCorrespondence@SFGmembers.com. Include your name, address and policy number.

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. 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 or electronic transfer, or through an interest-bearing account that lets beneficiaries access funds over time instead of managing a lump sum, which can be useful for larger policies.

In MoneyGeek's analysis, Midland National's biggest strength is affordability on permanent coverage. Its universal and indexed universal life rates are 13% to 22% below the national average, and it carries an A+ AM Best rating with coverage up to $10 million.

Midland National's term life rates cost more than several competitors in MoneyGeek's analysis. A 40-year-old woman pays $54 monthly with Midland National for $500,000 in coverage, compared with $37 monthly from either Banner Life or Transamerica, a $4,080 difference over a 20-year term. If keeping premiums as low as possible is your top priority, those insurers are likely a better fit for term coverage.

Midland National also doesn't offer traditional whole life insurance, a type of permanent policy with fixed premiums and guaranteed cash value growth. Buyers seeking that structure should compare other insurers that specialize in whole life coverage, like USAA, Gerber or Protective Life.

Midland National life insurance works well for specific buyer profiles and isn't the right fit for others. Here's how to decide.

Buy Midland National if you want permanent life insurance with cash value growth potential and are interested in indexed universal life products for supplemental retirement planning. Its universal products cover ages 15 days to 85, with coverage up to $10 million. Its low NAIC complaint index and A+ AM Best rating point to strong financial backing. It's also worth considering if you want the option to convert term coverage into permanent insurance later without a new medical exam.

Consider a competitor if you want the lowest-priced term life insurance. Midland National's term rates are 12% to 21% above the national average, and insurers like Banner Life and Transamerica cost less for healthy applicants. Compare other insurers, too, if you prefer buying coverage online without an agent, or if you want traditional whole life insurance with guaranteed cash value growth, since Midland National doesn't offer it. Midland National also isn't available in New York.