Midland National Life Insurance Company Review
Midland National has been a staple of the American financial landscape since 1906. Unlike many competitors, Midland National is an employee-owned (ESOP) company. This structure fosters a unique culture focused on policyholder stability and consistent performance. They are widely recognized for providing high-value accumulation products with lower internal overhead.
Midland National Ratings
- A.M. Best Rating: A+ (Superior)
- S&P Rating: A+ (Strong)
- Fitch Rating: A+ (Stable)
- Comdex Score: 89
Core Annuity Products
- Fixed Indexed Annuities (FIAs): The RetireVantage and Endeavor series focus on maximum accumulation. They often feature higher “participation rates,” allowing policyholders to capture a larger share of market gains (S&P 500, etc.) without any risk of market loss.
- Premium Bonuses: The IndexBuilder series is popular for its upfront premium bonuses, which give a significant “head start” to the account value from day one.
- Short-Term Growth: The Accelerate 5 is a standout 5-year indexed annuity, offering a shorter commitment period than the industry standard while still providing diverse indexing options.
- Guaranteed Income: MNL IncomeVantage is designed for retirees who need a rising income stream to help combat inflation over time.
Our Professional Opinion
Midland National is a great annuity company, and we like some of its products for accumulation and guaranteed lifetime income. Others require a longer commitment than we think most buyers should accept.
Midland National Life Insurance Company has an A+ (Superior) rating from AM Best, comfortably above our A− minimum.
For accumulation, we like that some Midland annuities protect the initial S&P 500 cap or participation rate for five years. That reduces the risk of buying an attractive offer only to see the insurer lower it during the surrender period. We are less enthusiastic about committing money for 12 or 14 years when future crediting terms can change.
For lifetime income, some Midland annuities provide more certainty than products that depend entirely on index performance. Others rely more heavily on interest credits to produce the illustrated income. Compare the actual guaranteed paycheck, especially if you are planning income several years from now.
What We Like
- Great financial strength: Midland’s A+ rating exceeds our standard.
- Protected crediting terms: Some indexed strategies protect their initial cap or participation rate for five years.
- Guaranteed income options: Some products are worth comparing for a dependable retirement paycheck.
- Account-value bonuses: Some bonuses increase the actual account value rather than only an income calculation.
What We Don’t Like
- Long surrender periods: We would pass on some 12- and 14-year contracts for most buyers.
- Renewal-rate risk: Other indexed annuities allow caps or participation rates to change while surrender charges still apply.
- Limited fixed-annuity access: Some contracts limit ordinary free withdrawals to earned interest and can start a new surrender period at renewal.
- Fees and bonus recapture: Optional strategies can carry fees, and some bonuses can be recaptured if you leave early.
Explore our individual Midland National annuity reviews using the links below to see which products we like and which ones we would pass on.
Our Midland National Annuity Reviews
- Midland Income Planning Annuity
- MNL Accelerate 5 Annuity
- MNL Endeavor Annuity
- MNL Guarantee Pro Annuity
- MNL IncomeVantage Pro Annuity
- MNL IndexBuilder Annuity
- MNL RetireVantage Annuity
Pros and Cons
The Pros
- Superior Financial Strength: Consistently ranked among the best-rated insurers in the U.S. (A+ Superior), providing high reliability for long-term contracts.
- Legacy & Estate Planning: Their annuities often feature robust Death Benefit riders, ensuring that your principal and growth are preserved for your beneficiaries.
- Living Benefits: Many contracts include Nursing Home waivers and assistance with Activities of Daily Living (ADLs), even within qualified retirement accounts.
- Principal Protection: Their fixed and indexed strategies ensure your initial investment is 100% protected from market downturns.
The Cons
- Renewal Rate Risk: Participation rates and caps are subject to change on your contract anniversary based on the prevailing interest rate environment.
- Agent-Dependent Experience: Products are only available through licensed independent agents; there is no direct online purchase option.
- Longer Commitment Periods: Most flagship products feature 10-year surrender schedules, which may not be ideal for those seeking short-term flexibility.
- Strategy Complexity: Many index options (like volatility-controlled indexes) are complex and may be difficult for the average investor to track compared to a simple S&P 500 cap.
Importance of Comparing Annuity Interest Rates and Income Payouts
The most overlooked step in annuity shopping is comparing rates. Here’s why it matters:
Fixed and MYGA Annuities
Each insurer sets its own interest rates for fixed annuities. Even a 0.25% difference in rate can result in thousands more in growth over the contract term.
- Tip: Always request current declared rates. These change frequently based on economic conditions.
Fixed Indexed Annuities
Credit rates, caps, spreads, and participation rates vary drastically across products and companies. Two FIAs may track the same index, but one might have far better growth potential depending on the insurer’s pricing.
- Compare index options: Some annuities only offer engineered indexes with no track record. Stick to transparent, traditional indexes like the S&P 500.
Guaranteed Income Riders (GLWBs)
If your goal is lifetime income, compare the income payout rates and deferral bonuses between products. Midland National often trails some top competitors in payout rates, even though it offers strong guarantees.
- Who needs to compare: Anyone using the annuity for retirement income must look at how much income each product can generate, especially at specific ages.
- Who doesn’t need to compare: If you’re only focused on growth and plan to take systematic withdrawals (not guaranteed), payout rates may be less important.
Compare Rates
Understanding Their Annuity Features
1-Year Fixed Account
Both companies offer a declared fixed interest rate option that resets annually. This provides stability for conservative investors who don’t want to tie their returns to an index.
Indexing Strategies
Most products offer a variety of indexes, though many are engineered or proprietary. The only traditional index they offer is the S&P 500. We don’t recommend newer, complex indexes without at least 10 years of performance history. You can’t predict what you can’t research.
GLWB Riders (Guaranteed Lifetime Withdrawal Benefit)
These riders are a core feature of their income-focused annuities.
- Your income base grows through a deferral period—either at a guaranteed rate or via index-based credits.
- Once you start income, you receive guaranteed payments for life—even if your account value hits zero.
- Income is revocable, not irreversible—you can turn off income and let the base grow again if you haven’t depleted the contract.
Liquidity Features
Most products allow 10% free withdrawals annually after the first year. Additional withdrawals beyond this amount may be subject to surrender charges and market value adjustments (MVAs) if applicable.
After the surrender period (usually 7 or 10 years), your contract is fully liquid. You can:
- Continue deferring and growing the contract
- Begin income payments
- Transfer to another annuity or financial product
Death Benefit
If you pass away, your beneficiaries will receive the full account value—regardless of market performance. If the contract has a GLWB rider and income has not started, the full benefit base may also pass on, depending on the product terms. Spousal continuation is available on most contracts.
Who Should Consider These Annuities
- Conservative retirees looking for a guaranteed income
- People without pensions who want to create their own lifetime income stream
- Clients who want protection from market losses but still want the potential for indexed growth
- Pre-retirees in their 50s and 60s who want to lock in future income now
Who Should Consider Other Options
- Investors who want aggressive market returns—FIAs limit your upside
- DIY investors who prefer fully online platforms with no agent involvement
- Shoppers focused purely on the highest payouts or rates—they are strong, but others may offer higher crediting or income in certain market environments
The Verdict
Midland National is the “Value Leader” for those looking for growth potential. Because of their efficient business model and employee-owned structure, they consistently offer some of the most competitive growth caps and participation rates in the A+ rated category.
Get Free Quotes and Compare Annuities Side by Side
Speak with our agents to compare Midland National products, all at no cost. No obligation. Just accurate, unbiased guidance.
Book a Call with The Annuity Expert →
Book A Free Consultation
Get help from a licensed financial professional. This service is free of charge.
Let Us Answer Your Questions
Not quite ready for a meeting, but you have a question that needs answering? We’re happy to help. Leave an inquiry below, and one of our staff will respond via email.