Wondering if North American or Midland National is a solid company to purchase an annuity or life insurance policy from? After reading this review, you’ll have a better understanding of both companies and if they are a solid choice to purchase a retirement plan or life insurance from.
North American Life Insurance Company and Midland National are sister companies underneath the Sammons Financial Group umbrella.
North American Life Insurance Ratings
- A.M. Best Rating: A+ (Superior)
- S&P Rating: A+ (Strong)
- Fitch Rating: A+ (Stable)
- Comdex Score: 89
Midland National Ratings
- A.M. Best Rating: A+ (Superior)
- S&P Rating: A+ (Strong)
- Fitch Rating: A+ (Stable)
- Comdex Score: 89
The Pros
- Their annuities offer principal protection with average growth potential.
- Their immediate annuities and income riders offer guaranteed income for life.
- Some of their annuities offer Long-Term Care assistance, even for qualified retirement plans.
- Their fixed index annuities offer diverse index strategies for growing your retirement accounts.
- One of the best-rated insurance companies in the United States.
The Cons
- They offer longer-term contracts.
- Most of their indexes are complex, with just a few traditional indexes.
- Guaranteed income payouts are “middle of the pack” compared to other annuity companies.
- Their traditional fixed annuities offer interest rates based on premium amounts.
- We don’t know how their renewal rates will adjust each anniversary with the current interest rate environment.
Conclusion
Midland National and North American have almost identical products. However, in most cases, Midland National offers slightly better benefits than North American.
Both are in the top 10 best-rated insurance companies for annuities.
The growth potential is above average on their fixed index annuities, while their lifetime income riders offer an average income payout compared to 157 other lifetime income riders.