Midland National Annuities

Many annuity companies — even some of the larger carriers in the business — focus on just a couple of types of annuities and sell a few tailored products.

However, this is not the case for Midland National.

The company advertises an impressively built-out menu of annuity offerings, including fixed and fixed index products along with a SPIA.

Midland is not involved in variable products and does not sell any variable annuities or RILAs.

Midland’s largest slate of offerings is its fixed index annuities, which make up six of its eight total products.

Each annuity caters to different customers with different sets of needs or priorities.

The MNL Income Planning Annuity advertises a guaranteed lifetime withdrawal benefit paired with penalty-free withdrawals.

As with all Midland fixed annuities, a minimum premium of $20,000 is required, along with a single premium payment.

The MNL Endeavor 8 offers a number of crediting options to choose from, while the MNL IncomeVantage Pro advertises a unique option for enhanced participation. Both are flexible premium products.

The MNL Accelerate 5, a single premium product, offers three different crediting strategies.

One longer-term option to consider is the MNL IndexBuilder, available in terms of 10 or 14 years. It advertises multiple crediting strategies as well as optional premium bonuses of 7%.

Midland also sells the MNL RetireVantage, a flexible premium product with an optional rider that can add extra security to your product.

On top of its fixed index offerings, Midland National also sells a MYGA.

This product is called the MNL Guarantee Pro. It offers industry-standard benefits, including a nursing home confinement waiver and penalty-free withdrawals.

It is available in terms of three, five or seven years and requires a minimum initial premium of $20,000.

Midland National also sells its Direct Income SPIA.

SPIAs are generally simple products that allow you to customize to your liking, and the Direct Income is no different.

Buyers as old as 85 can choose between a number of different common payout options. Where this product really stands out is its installment and cash refund options, which can allow for a beneficiary to receive lump sum payments after the buyer dies.

Midland National traces its roots back to 1906, when it was founded as the Dakota Mutual Life Insurance Company. The carrier took on its current identity in 1925, making it one of the older active companies in the annuity space.

Over the last century, it has grown into an annuity giant. Now part of Sammons Financial Group, Midland boasts $71.6 billion in total assets and sells annuities in all 50 states.

Midland National annuity premiums alone make up nearly 2% of the entire U.S. market.

Midland National holds excellent credit ratings and financial strength ratings from all of the major ratings agencies, and it isn’t hard to see why.

The company has built a stellar reputation for itself over more than a century of doing business.

Agents that RetireGuide.com have reached out to speak highly of Midland National, with annuity offerings matching up well with much of the rest of the industry.

Midland National’s customer satisfaction is a bit mixed. The carrier holds an NAIC Complaint Index Score of just 0.35, meaning there are notably fewer customer complaints against the company than would be expected given its size in the market.

In 2023, Midland National received the lowest score in the J.D. Power Overall Customer Satisfaction Index for annuity companies. Its score of 762 lagged behind key competitors like Athene, Allianz and Lincoln Financial.

There are both pros and cons to working with Midland National for your annuity needs.

The biggest pro of Midland National is simply the strength of its products. Its diverse range of offerings covers a number of categories, with products that match up well against industry competition in each area.

Midland also has a century-long history of success and is well-regarded in the industry.

The only major con to be aware of for Midland National is its surprisingly low score in the J.D. Power Overall Customer Satisfaction Index.

Note that the index only ranks some of the largest and most popular providers, so Midland National is not necessarily the bottom of the industry in this category.

Scores can also fluctuate heavily from year to year, so things may look different for Midland in the near future.