Midland National At a Glance: Rates, Products and Reviews

Compare Midland National Annuity Rates

Additional Products Offered by Midland National

Midland National offers eight fixed annuity products, including:

• Six fixed index annuities
• One multi-year guarantee annuity (MYGA)
• One single premium immediate annuity (SPIA)

Midland National’s suite of annuity products is designed to allow different tailored solutions based on different financial situations for people looking to buy an annuity.

Midland National’s Fixed Index Annuities

Midland National offers six fixed index annuities tailored to meet specific financial needs. All require a minimum premium of $20,000. The MNL Income Planning Annuity and MNL Accelerate 5 require a single premium payment. The rest offer flexible premium options.

• The MNL Income Planning Annuity℠ caters to ages 50 to 79, featuring penalty-free withdrawals and a guaranteed lifetime withdrawal benefit.
• The MNL Endeavor® 8, for ages 0 to 85, provides flexible premiums and a range of interest crediting methods.
• The MNL IncomeVantage® Pro, designed for ages 40 to 79, offers penalty-free withdrawals and a unique strategy charge option for enhanced participation. 
• The MNL IndexBuilder® comes in 10-year and 14-year schedules, with premium bonuses and penalty-free withdrawals.
• The MNL RetireVantage® offers flexible premiums, penalty-free withdrawals, and an optional additional benefit rider for added security. Each annuity provides a variety of features to align with individual financial goals and preferences.
• The MNL Accelerate® 5, for ages 0 to 85, requires a single premium and has three interest crediting methods to choose from.

Midland National’s MYGA

The MNL Guarantee Pro® by Midland National Insurance Company aims to secure financial stability while allowing consumers flexibility with a $20,000 minimum initial premium.

With penalty-free withdrawals, you can access funds when needed without incurring additional charges. 

The added benefit of a nursing home confinement waiver ensures that you can access funds without penalties in the face of unforeseen health challenges. 

It provides three, five and seven-year surrender charge schedules for most states and three and five-year schedules in California. The schedules also provide a transparent framework, allowing annuity owners to plan their investments effectively. 

Midland National’s SPIA

Midland National’s Direct Income® annuity caters to diverse needs, offering flexibility and security. 

With issue ages from 0 to 85 and a minimum premium of $25,000, this single premium immediate annuity provides several payout options, including lifetime payments, period certain, joint life with survivorship and other common riders. These allow you to tailor the plan to suit your preferences. 

Its unique installment and cash refund options ensure a continued financial benefit for beneficiaries. The death benefit, equal to remaining payments, provides added reassurance. With payment modes ranging from monthly to annually, you can better adapt payments from the Direct Income annuity to your financial needs.

About Midland National

Midland National is licensed in all 50 states plus DC, Puerto Rico and Guam. It sold over $5.2 billion in annual direct annuity premiums in 2022, according to the National Association of Insurance Commissioners (NAIC). Midland National’s market share of premiums is more than 1.8% of the U.S. annuity market.

The company had $71.6 billion in assets, and more than $5 billion in capital and surplus in 2022, according to the NAIC.

Midland National Life Insurance Company was founded in 1906 as Dakota Mutual Life Insurance Company and took its current name in 1925. Its life insurance division is based in Souix Falls, S.D. and its annuity division is headquartered in West Des Moines, Iowa. Its member companies include Sammons Financial Group, Sammons Corporate Markets, Sammons Retirement Solutions and Midland National Pension.

Credit Ratings

If you’re thinking about buying an annuity, it’s important to know about credit ratings for annuity providers. These ratings show how financially stable and strong the provider is. Just keep in mind that different rating companies may use different scales to rate them.

Liberty Bankers Credit Ratings

Rating Company	Credit Rating
AM Best	A+
Fitch	A+
S&P	A+

What Customers Are Saying About Midland National

The NAIC tracks consumer complaints that each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint Index.NAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market.

NAIC Complaint Index for Midland National

All Policy Types	0.05
Individual Annuities Only	0.35

While Midland National holds an impressive NAIC Complaint Index score, J.D. Power’s 2022 U.S. Individual Life Insurance Study rated Midland National at 752 out of a possible 1,000 points. That is below the consumer data analytics company’s industry average of 774.

Midland National Pros & Cons

Midland National’s annuity offerings present a mix of strengths and considerations in the broader U.S. annuity market. You should carefully weigh these pros and cons against individual financial goals and preferences.

Pros

• Diverse Range: Midland National’s suite includes eight annuity products, catering to varied financial needs and preferences.
• Flexible Premiums: With options for both single and flexible premium payments, their annuities accommodate different budgetary considerations.
• Penalty-Free Withdrawals: Several offerings, including the MNL Income Planning Annuity and MYGA, allow penalty-free withdrawals, which enhances liquidity.
• Innovative Features: The MNL IncomeVantage Pro introduces a unique strategy charge option, potentially enhancing participation in market gains.
• Transparency: The MYGA comes with transparent surrender charge schedules, aiding effective investment planning.

Cons

• High Minimum Premiums: A $20,000 minimum initial premium across various annuities may be a barrier for some potential investors.
• Age Range: Some annuities target specific age brackets, potentially limiting accessibility for individuals outside those ranges.
• Complexity: The range of annuity options and features may be overwhelming for those seeking a straightforward investment.
• Geographic Variations: Surrender charge schedules vary by state, adding complexity and potentially impacting the overall appeal of the annuities.

Provider Rating Methodology

Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the amount of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.

Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.

Annuity.org’s Top-Ranked Providers

Provider	Annuity.org Star Rating
Mass Mutual
New York Life
Pacific Life
Midland National
North American
Western & Southern

Our Rating Panel

The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.