Midland Life Insurance: Accelerated Benefits And Their Availability

Midland National Life Insurance Company offers accelerated death benefit endorsements (ADBE) for critical, chronic, and terminal illnesses. These benefits allow the policyholder to access the death benefit early if they are diagnosed with a qualifying serious illness. This includes critical and chronic illnesses like heart disease, stroke, cancer, and diabetes, which are among the leading causes of death and disability in the United States. The ADBE features a maximum accelerated amount of $2 million and is available for Premier Term policies with 10, 15, 20, and 30-year level premium guarantee periods.

Midland National's accelerated death benefits

On September 25, 2018, Midland National Life Insurance Company announced the addition of Accelerated Death Benefit Endorsements (ADBE) for critical, chronic, and terminal illnesses on Premier Term products. This is in addition to the terminal illness benefit already included in their Premier Term products. The new endorsements will be added to eligible Premier Term life insurance policies at the time of issue for no additional premium.

These new living benefits allow the policyholder to access the death benefit at a time when they may need it most—when diagnosed with a qualifying serious illness. Critical and chronic illnesses like heart disease, stroke, cancer, and diabetes are among the leading causes of death and disability in the United States. As many as 7 out of 10 deaths result from chronic illness, which makes living benefits all the more important.

The endorsements strengthen Midland National's already strong Premier Term, which is fully equipped with competitive rates, guaranteed convertibility, and an easy application process through ExactApp®, plus the opportunity for WriteAwaySM Accelerated Underwriting.

The features of the ADBE include a maximum accelerated amount of $2 million (lifetime maximum for critical, chronic, and terminal illness combined per policy), an increase in terminal illness limits to 90% or $1 million, and qualifying chronic illnesses not needing to be permanent.

Premier Term is available for 10, 15, 20, and 30-year level premium guarantee periods, depending on the issue age. The new Premier Term additions are offered in all states and territories except California, Florida, the British Virgin Islands, the Mariana Islands, and the Virgin Islands.

Midland National has been an industry leader for more than 110 years, crediting its strength to its commitment to stability, innovation, and dedicated customer service. The company is accredited by the Better Business Bureau and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company.

The accelerated death benefits offered by Midland National are subject to eligibility requirements. The face amount will be reduced by the face amount of the death benefit accelerated. Since benefits are paid prior to death, a discount will be applied to the death benefit accelerated, resulting in the actual amount received being less than the face amount accelerated. An administrative fee applies for any accelerated death benefit election.

Midland National's financial strength

A.M. Best, a large third-party independent reporting and rating company, has rated Midland National as "Superior" (A+), the second-highest rating out of 15 categories. This rating was affirmed for Midland National as part of the Sammons Financial Group on August 2, 2018, and again on August 29, 2023. A.M. Best's ratings reflect a company's financial strength, operating performance, and ability to meet its ongoing obligations to policyholders.

S&P Global Ratings, an independent third-party rating firm, awarded Midland National an "A+" (Strong) rating for insurer financial strength. This rating, affirmed on May 24, 2023, is the fifth-highest out of 22 available ratings as a member of the Sammons Financial Group. S&P Global Ratings assesses financial strength and assigns ratings based on a company's ability to meet its financial obligations.

Fitch Ratings, a global leader in financial information services and credit ratings, assigned Midland National an Insurer Financial Strength rating of "A+ Stable." This rating, given on December 7, 2022, is the fifth-highest of 19 possible rating categories. Fitch Ratings' assessment reflects Midland National's strong business profile, low financial leverage, very strong statutory capitalization, and strong operating profitability supported by strong investment performance.

In addition to these ratings, Midland National has also been recognized by Glassdoor as one of the Best Places to Work. This recognition is based solely on employee feedback, showcasing the company's commitment to its workforce and its success in creating a positive work environment.

Midland National's strong financial position, as evidenced by these ratings, instils confidence in its customers and reinforces its ability to meet its financial commitments.

Midland National's customer satisfaction

Midland National Life Insurance Company has been in the industry for over 110 years, and its longevity can be attributed to its commitment to stability, innovation, and dedicated customer service. The company has a strong financial standing, with an A+ (Superior) rating from A.M. Best, indicating its ability to meet future claims.

In terms of customer satisfaction, Midland National has a mixed record. On the one hand, the company has received fewer complaints than expected for a company of its size, according to the National Association of Insurance Commissioners (NAIC) data. This suggests that customers have, overall, had positive experiences with the company.

However, in the J.D. Power 2023 US Life Insurance Study, Midland National ranked 13th out of 22 companies for overall customer satisfaction, with a score of 784/1000, which is slightly below the industry average of 790/1000. This indicates that there is room for improvement in customer satisfaction.

Midland National offers a range of life insurance products, including term life, whole life, and universal life insurance. The company also provides several annuity products and a comprehensive learning library for customers and non-customers.

One of the company's standout features is its accelerated death benefit endorsements (ADBE). These endorsements, offered at no additional premium, allow policyholders to access a portion of their death benefit if they are diagnosed with a qualifying critical, chronic, or terminal illness. This benefit provides financial support when customers need it the most and can be used for medical bills, vacations, or any other purpose.

The ADBE features include a maximum accelerated amount of $2 million and increased terminal illness limits. Midland National also offers competitive rates, guaranteed convertibility, and an easy application process through ExactApp®.

In addition to its financial products, Midland National provides online account management, allowing customers to access their account information anytime, anywhere, securely, and conveniently.

While Midland National has a strong financial standing and offers valuable products, there is some discrepancy in its customer satisfaction ratings. The company's J.D. Power score suggests that interactions with the company could be improved, while the low number of complaints relative to its size indicates overall customer satisfaction.

Overall, Midland National's long history, financial stability, and innovative products, like the ADBE, demonstrate its commitment to serving its customers. However, there is still room for improvement in delivering a consistently satisfactory experience, as indicated by its J.D. Power ranking.

Midland National's policy options

Midland National has been in the insurance business for over 100 years, helping clients protect their financial futures. The company offers a range of life insurance products, including term, universal, and whole life insurance options. Here is a detailed overview of Midland National's policy options:

Term Life Insurance Options:

Midland National offers Premier Term life insurance with flexible term lengths of 10, 15, 20, or 30 years. Customers can choose a term that suits their needs in consultation with a Midland National agent. The company provides competitive rates and guaranteed convertibility for its term life insurance products. Additionally, Midland National's term life insurance policies include accelerated death benefits for critical, chronic, and terminal illnesses, allowing early access to a portion of the death benefit.

Whole Life Insurance Options:

Midland National provides a whole life insurance policy that offers lifelong coverage with a guaranteed death benefit. This policy also has the potential to build cash value over time. The premiums remain level, and the death benefit is guaranteed as long as premiums are paid. Policyholders can borrow against the cash value or use it to pay premiums. Midland National's whole life insurance is available to customers under 70 years old and includes optional riders, such as the ability to purchase additional coverage or waive premiums in the event of disability.

Universal Life Insurance Options:

Midland National's universal life insurance is a flexible permanent life insurance policy that combines death benefit protection with cash value accumulation. Policyholders can adjust their premium payments and death benefit as their needs change. This type of policy is ideal for those seeking customizable coverage and the opportunity to build cash value for retirement. Midland National offers several universal life insurance products, including Strategic ProtectorSM IUL, Strategic AccumulatorSM IUL 2, and Strategic AcceleratorSM IUL 2 with different features and benefits.

Final Expense Insurance Options:

Midland National also offers final expense insurance to assist families with end-of-life costs, including funeral expenses, medical bills, and outstanding debts. These policies provide more affordable coverage options for seniors who only require insurance for specific end-of-life expenses. Midland National's final expense insurance policies come in various options to suit different needs and budgets.

Riders:

Midland National allows customers to add riders to their policies for an additional cost. These riders provide extra coverage and benefits, such as coverage for the life of a child, waiver of monthly deductions in the event of disability, accidental death benefit, and accelerated death benefit for chronic illness.

Midland National's application process

Midland National Life Insurance Company offers accelerated death benefits for critical, chronic, and terminal illnesses on Premier Term products. These benefits allow the policyholder to access the death benefit early if they are diagnosed with a qualifying serious illness.

Midland National Application Process

Midland National offers an easy application process through ExactApp® for its Premier Term products. The process is as follows:

• Register for an account on the Midland National website.
• Work with one of Midland National's agents to buy a policy.
• Complete the application through ExactApp®.
• If eligible, you may be able to skip the life insurance medical exam through WriteAwaySM Accelerated Underwriting.
• Once the application is approved, your Premier Term policy will include the Accelerated Death Benefit Endorsement (ADBE) at no additional premium.

Eligibility and Requirements

The accelerated death benefits are subject to eligibility requirements. To qualify, you must be diagnosed with a serious illness as defined by Midland National. The qualifying illnesses include critical and chronic illnesses like heart disease, stroke, cancer, and diabetes. The benefits can be used to cover medical bills, vacations, or any other expenses you choose.

It is important to note that the face amount of the policy will be reduced by the amount of the death benefit that is accelerated. A discount will be applied to the accelerated death benefit, resulting in a lower actual amount received compared to the face amount. Additionally, an administrative fee is charged for any accelerated death benefit election.

Frequently asked questions