Midland Life Insurance: Everything You Need to Know

If you’re thinking about buying life insurance, one of the options you might come across is Midland Life Insurance. But what is Midland Life Insurance, and is it the right choice for you? In this article, we’ll take a closer look at the company, its policies, and some frequently asked questions.

What is Midland Life Insurance?

Midland Life Insurance is a company that offers life insurance policies to individuals and families. Founded in 1906, the company has been providing insurance coverage for more than a century. Midland Life Insurance is part of Sammons Financial Group, which is based in Des Moines, Iowa.

Sammons Financial Group is a mutual holding company that also owns and operates Midland National Life Insurance Company and North American Company for Life and Health Insurance. Together, these companies provide a variety of insurance products, including life insurance, annuities, and retirement solutions.

Midland Life Insurance Ratings

When choosing a life insurance company, it’s important to consider its financial strength and stability. Midland Life Insurance has strong financial ratings from the major rating agencies:

Agency	Rating
A.M. Best	A+
Standard & Poor’s	A-
Moody’s	A2

These ratings indicate that Midland Life Insurance is a financially stable and secure company.

Midland Life Insurance Policies

Midland Life Insurance offers a range of life insurance policies to meet the needs of different individuals and families. Here’s a closer look at some of the policies available:

Term Life Insurance

Term life insurance provides coverage for a specific period of time, usually between one and 30 years. If the policyholder dies during the term, their beneficiaries receive a death benefit. Term life insurance is often the most affordable type of life insurance, making it a popular choice for families and individuals on a budget.

Midland Life Insurance offers term life insurance policies with coverage amounts ranging from $50,000 to $2 million. The policies are available in 10-, 15-, 20-, and 30-year terms.

Permanent Life Insurance

Permanent life insurance provides coverage for the policyholder’s entire life, as long as they continue to pay premiums. These policies also include a savings component, which can grow over time and be used for a variety of purposes, including paying premiums or borrowing against the policy.

Midland Life Insurance offers two types of permanent life insurance:

Universal Life Insurance

Universal life insurance provides flexible coverage that can be adjusted over time. Policyholders can choose to pay premiums in different amounts and at different times, and they can also adjust the death benefit and savings component of the policy.

Midland Life Insurance offers several types of universal life insurance, including:

• Indexed Universal Life
• Guaranteed Universal Life
• Current Assumption Universal Life
• Survivorship Indexed Universal Life

Whole Life Insurance

Whole life insurance provides coverage for the policyholder’s entire life, with a fixed death benefit and a guaranteed cash value component. Whole life insurance is often used for estate planning purposes, as it can provide a tax-free inheritance for beneficiaries.

Midland Life Insurance offers several types of whole life insurance, including:

• Legacy Whole Life
• Growth Whole Life
• Guaranteed Whole Life

FAQ

Is Midland Life Insurance a good company?

Midland Life Insurance has strong financial ratings from the major rating agencies, indicating that it is a financially stable and secure company.

What types of insurance does Midland Life Insurance offer?

Midland Life Insurance offers term life insurance, universal life insurance, and whole life insurance.

How much life insurance do I need?

The amount of life insurance you need depends on your individual circumstances, such as your income, debts, and the needs of your beneficiaries. A good rule of thumb is to have enough life insurance to cover 10-12 times your annual income.

How much does Midland Life Insurance cost?

The cost of Midland Life Insurance policies varies depending on several factors, including your age, health, and the amount of coverage you need. To get a personalized quote, you can contact Midland Life Insurance directly or work with a licensed insurance agent.

How do I apply for Midland Life Insurance?

You can apply for Midland Life Insurance by contacting the company directly or working with a licensed insurance agent. To apply, you will need to provide information about your health and lifestyle, as well as your desired coverage amount and policy type.

How long does it take to get coverage from Midland Life Insurance?

The time it takes to get coverage from Midland Life Insurance can vary depending on several factors, such as your age, health, and the type of policy you are applying for. In general, the application and underwriting process can take several weeks.

Conclusion

Midland Life Insurance offers a range of life insurance policies to meet the needs of different individuals and families. Whether you’re looking for affordable term life insurance or comprehensive permanent life insurance, Midland Life Insurance has options to fit your budget and goals. By considering the company’s financial strength, policy options, and FAQs, you can make an informed choice about whether Midland Life Insurance is the right choice for you.