Midland National Life Insurance Company, based in Sioux Falls, South Dakota, is a subsidiary of Sammons Financial Group, a leading financial services company that specializes in life insurance, annuities, and retirement planning solutions. Midland National has a rich history dating back over a century and has established itself as a reputable provider of life insurance products and services.
In this article, we’ll explore the ownership of Midland National Life Insurance Company, its parent company Sammons Financial Group, the history of Midland National, its products and services, and its commitment to customer satisfaction.
Ownership and Parent Company
Midland National Life Insurance Company is owned by Sammons Financial Group, a privately held company headquartered in West Des Moines, Iowa. Sammons Financial Group operates multiple subsidiaries in the insurance and financial services industry, including Midland National, North American Company for Life and Health Insurance, and Sammons Retirement Solutions.
History of Midland National
Midland National Life Insurance Company traces its roots back to 1906 when it was founded as Dakota Mutual Life Insurance Company in Pierre, South Dakota. Over the years, the company underwent several name changes and expansions, eventually becoming Midland National Life Insurance Company in 1925. Throughout its history, Midland National has focused on providing innovative life insurance products, financial stability, and exceptional customer service to policyholders.
Products and Services
Midland National offers a wide range of life insurance products and financial solutions designed to meet the diverse needs of individuals, families, and businesses. These products include:
Term Life Insurance: Provides affordable coverage for a specific period (e.g., 10, 20, or 30 years) with options for conversion to permanent life insurance.
Whole Life Insurance: Offers lifelong coverage with guaranteed premiums, cash value accumulation, and death benefits for beneficiaries.
Universal Life Insurance: Flexible coverage with adjustable premiums, cash value growth potential, and options for policy customization.
Indexed Universal Life Insurance: Combines the benefits of universal life insurance with potential cash value growth linked to stock market indexes, offering upside potential with downside protection.
Variable Universal Life Insurance: Allows policyholders to invest in a selection of investment options, with potential for cash value growth based on market performance.
Annuities: Midland National also offers annuity products, including fixed annuities and indexed annuities, designed to provide retirement income, tax-deferred growth, and financial stability.
Commitment to Customer Satisfaction
Midland National is committed to delivering exceptional customer service and support to policyholders throughout their insurance journey. The company focuses on:
Financial Strength: Midland National maintains strong financial stability and high ratings from independent rating agencies, providing confidence and security to policyholders.
Product Innovation: Continual development of innovative life insurance and annuity products to meet evolving customer needs and financial goals.
Agent Support: Providing comprehensive training, resources, and support to insurance agents and financial professionals to ensure they can effectively serve their clients.
Digital Tools: Offering online tools and resources for policyholders to manage their accounts, access policy information, make payments, and initiate claims efficiently.
Community Engagement: Engaging in community outreach and charitable initiatives to give back to the communities served and make a positive impact.
Industry Recognition
Midland National has earned recognition and accolades within the insurance industry, including high ratings from major rating agencies such as A.M. Best, Standard & Poor’s, and Moody’s Investors Service. These ratings reflect the company’s financial strength, stability, and commitment to meeting its financial obligations to policyholders.
Conclusion
Midland National Life Insurance Company, owned by Sammons Financial Group, is a well-established provider of life insurance and annuity products with a history of financial strength, innovation, and customer-centric values. Through its diverse product offerings, commitment to customer satisfaction, and strong industry reputation, Midland National continues to be a trusted choice for individuals and families seeking reliable insurance solutions and financial stability for the future.