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Midland National Insurance Company Details |
About Midland National Insurance Company: In their own words
Since 1906, Midland National Life has been a leader in the life insurance industry.
A company´s history can be a major indicator of its strength and stability in years to come:
- Outlasting many in the industry, Midland National Life was founded in 1906 as Dakota Mutual Life Insurance Company, changing its name to Midland National Life in 1925.
- In 1970, the Company recorded its first billion dollars of life insurance in force.
- Today, Midland is licensed to operate in 49 states (New York is the only exception), the District of Columbia, and several areas beyond the United States.
- Currently, the company has in excess of $72 billion of life insurance in force on over 675,000 policies.
- Midland National Life is owned by Sammons Enterprises, Inc. of Dallas, Texas, one of the largest privately owned companies in America.
- The Company ranks in the top two percent of all life insurance companies rated by Weiss Ratings for financial strength, and our products have consistently earned high rankings in the industry.
A good way to measure a company´s financial strength is to look as its financial ratings:
The quality of a life insurance company can be measured in several ways, but one of the main things you want to look for is the company´s financial strength. A life insurance company must be financially strong in order to pay death benefits as they come due. A good way to measure a company´s financial strength is to look as its financial ratings. Several independent rating companies annually rate companies on the basis of their financial strength. These ratings may be printed on the company´s promotional materials, or you can ask an agent to provide this information.
Midland National Life has excellent ratings.
Since its beginnings in 1906, Midland National Life of Sioux Falls, SD, has become one of the top life insurance companies in the country. The company´s strength is reflected in its ratings.
A+ (Superior) A.M. Best*
AA (Very Strong) Standard & Poor´s Corporation*
"Outstanding Insurers Top 50 List" Ward Financial Group*
In addition to receiving high industry ratings, Midland National is a member of the Insurance Marketplace Standards Association (IMSA). As such, Midland National has adopted policies and procedures that demonstrate a commitment to honesty, fairness, and integrity in all customer contacts involving the sale and service of individual life insurance and annuity products.
*A.M. Best, a large third party independent reporting and rating company, has rated Midland National A+ (Superior) for financial strength and operating condition. A.M. Best rates an insurance company on its financial strength, operating performance and ability to meet its obligations to policyholders. Best´s ratings range from A++ (Superior) to F (liquidation). A+ is the second highest rating out of 15.
Standard & Poor´s Corporation (S&P), another highly respected rating firm has assigned Midland National an AA (Very Strong) rating for claims-paying ability. This rating is based on Midland National´s superior capitalization, excellent earnings track record and low level of asset risk. S&P´s ratings range from AAA to CC, and Midland National´s AA is the second highest rating out of 8.
Ward Financial Group, a Cincinnati-based management and investment banking firm that analyzes insurance companies, placed Midland National on its "Outstanding Insurers Top 50 List" based on return on average equity, return on average assets and return on total revenue. This rating was a result of balancing safety and performance over the past number of years.
The ratings are determined by independent ratings services based on information provided by the life insurance company. Each ratings service has it´s own criteria used in determining the rating they assign to an insurance company. Ratings are updated annually. Ratings are not a guarantee of an insurance company´s present or future ability to meet its contractual obligations.
Company information, ratings, financial data, and descriptions of policies and benefits are provided by the insurance company and this information may change at any time.
Source: Midland National Life
Life Insurance policy information:
Level premium term insurance: Plan name: Premier Term
Level premium periods and policy form numbers:
|
| Policy Name |
Level Premium |
Guaranteed Years |
Policy Form |
| Premier 10 |
10 |
10 |
T079A1 |
| Premier 15 |
15 |
15 |
T079A1 |
| Premier 20 |
20 |
20 |
T079A1 |
| Premier 30 |
30 |
30 |
T079A1 |
| Executive 10 |
10 |
10 |
T079A1 |
| Executive 15 |
15 |
15 |
T079A1 |
| Executive 20 |
20 |
20 |
T079A1 |
| Executive 30 |
30 |
30 |
T079A1 |
|
Standard and Poor´s Rating for Midland Life national Insurance Company: AA-
Premiums increase annually after the initial level premium period. Products may not be available in all states. Issued and underwritten by Midland National Life Insurance Company, Sioux Falls, South Dakota.
Riders and Options:
Waiver of Premium: Available for issue ages up to 55.
Conversion: Available at any premium due date during the initial period of 5,10,15,or 20 years (depending upon the policy) or to the insured´s attained age 75, whichever comes first.
Modal Premium (multiply the annual premium by these factors): Semi-Annual: .51; Quarterly: .26; PAC Monthly: .0875
Source for policy information: Midland National Life product descriptions-Form # 6719-6722, 7115-7118
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