Midland National Life Insurance Company holds an A+ (Superior) rating from AM Best, the second-highest financial strength rating available. Backed by Sammons Financial Group (the same private holding company behind North American Company), Midland National brings over 115 years of operating history and $65+ billion in total assets. For consumers shopping MYGAs and fixed index annuities, Midland National consistently ranks among the top-tier carriers for both financial strength and product competitiveness.
Is Midland National a Good Annuity Company?
Yes, Midland National is a strong, stable annuity company. It holds an A+ (Superior) rating from AM Best and is part of Sammons Financial Group, which is 100% employee-owned through an ESOP. Founded in 1906, Midland is a leading writer of fixed index annuities and competitively priced MYGAs. The combination of a top-tier rating and an ownership model with no outside shareholders makes it a solid shortlist carrier for conservative savers.
Midland National at a Glance
| Full Legal Name | Midland National Life Insurance Company |
|---|---|
| Parent Company | Sammons Financial Group |
| Headquarters | Sioux Falls, South Dakota (administrative offices in West Des Moines, IA) |
| Founded | 1906 |
| AM Best Rating | A+ (Superior) |
| S&P Rating | A+ (Strong) |
| Moody’s Rating | A1 |
| Total Assets | $65+ billion |
| Products | MYGAs, Fixed Index Annuities, SPIAs |
| States Available | All 50 states + DC |
Midland National’s Financial Strength
An A+ rating from AM Best places Midland National in the top tier of U.S. insurance carriers. Only a handful of annuity companies, including New York Life and Northwestern Mutual, hold the highest A++ designation, making A+ a meaningful distinction for buyers who prioritize financial security.
Midland National is owned by Sammons Financial Group, a privately held conglomerate based in Dallas. Sammons also owns North American Company for Life and Health Insurance, which means both carriers share the same parent-level financial backing and private ownership structure. This is relevant for buyers comparing the two: the corporate stability behind them is identical.
With $65+ billion in total assets and over a century of continuous operation, Midland National has weathered the Great Depression, multiple recessions, and two full market cycles. That track record matters when you’re locking in a 5- or 7-year MYGA rate.
The Ownership Story Behind Midland National
Here is what sets Midland National apart from most competitors, and what generic reviews leave out: its parent, Sammons Financial Group, is 100% employee-owned through an Employee Stock Ownership Plan established in 1978, one of the largest privately held, employee-owned financial services firms in the country. There is no publicly traded stock and no private-equity owner looking for an exit. Proponents argue that structure supports a long-term, conservative posture, since the company is not managed to hit quarterly Wall Street targets. Midland (founded 1906, Sioux Falls) and its sister carrier North American both sit under Sammons and both carry A+ (Superior) ratings.
What Types of Annuities Does Midland National Offer?
Midland National focuses on three core annuity categories, with its strongest competitive positioning in the MYGA and FIA markets.
- Multi-Year Guaranteed Annuities (MYGAs), Endeavor Series: The Endeavor MYGA series offers guaranteed interest rates for fixed terms. Available in multiple term lengths, these contracts lock in your rate from day one, no market exposure, no fluctuating returns. Midland National’s MYGA rates are frequently competitive in 3-, 5-, and 7-year comparisons.
- Fixed Index Annuities (FIAs), RetireVantage and Oak Advisory: The RetireVantage series is designed for accumulation with index-linked growth potential tied to benchmarks like the S&P 500. The Oak Advisory series is built around advisory relationships, giving fee-based financial advisors a commission-free FIA option for their clients. Both products offer downside protection, your principal cannot decline due to market losses.
- Single Premium Immediate Annuities (SPIAs): For buyers who want guaranteed income starting right away, Midland National offers SPIAs that convert a lump sum into a monthly income stream. These are straightforward: you deposit a premium, choose your payout period, and receive guaranteed payments.
Midland National MYGA Rates
Current Midland National MYGA rates are shown below, updated regularly from live carrier data.
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Who Is Midland National Best For?
Midland National works well for a specific type of annuity buyer. Consider this carrier if you match one or more of these profiles:
- Conservative accumulators who want a top-rated carrier: If you want a guaranteed rate from an A+ carrier, not just an A-, and you’re allocating $100,000 or more, Midland National’s financial strength is a genuine differentiator.
- FIA buyers comparing with North American: Since both carriers share the same Sammons Financial parent, buyers often evaluate RetireVantage (Midland National) against North American’s FIA lineup. Both are strong; the product structures and index options differ.
- MYGA buyers in all 50 states: Not all top-rated MYGA carriers are available in every state. Midland National’s nationwide availability means you won’t hit a state-availability roadblock.
- Fee-based advisory clients: If you work with a fee-only or fee-based financial advisor, the Oak Advisory FIA was built specifically for that relationship structure.
Midland National Pros and Cons
Here is a balanced look at Midland National’s strengths and limitations for annuity buyers:
Pros
- Strong financial backing with an A+ (Superior) AM Best rating
- Offers MYGA products with guaranteed rates and predictable returns
- Offers fixed index annuities with growth potential tied to market indexes and downside protection
- Available through independent agents, allowing side-by-side comparisons with other carriers
Cons
- Rates vary by product and term, so comparison shopping is always recommended
- Product availability varies by state, so not all products may be offered where you live
- Surrender charges apply during the contract term, which limits liquidity
Frequently Asked Questions About Midland National
Is Midland National a safe company for annuities?
Midland National holds an A-range AM Best rating (A+ (Superior)), which indicates a strong ability to meet ongoing policyholder obligations. State guaranty associations provide backstop protection up to state-specific limits. Coverage limits vary by state; see NOLHGA.com for details. Always verify both the current rating and your state’s coverage limits.
What types of annuities does Midland National offer?
Midland National offers MYGAs, fixed index annuities, immediate annuities through independent agents and financial professionals. Product availability, rates, and features vary by state. Use our rate comparison tool to see what’s currently available from Midland National and competing carriers.
How do I buy an annuity from Midland National?
Midland National annuities are sold through licensed insurance agents and financial advisors. My Annuity Store is an independent platform that can quote Midland National alongside 90+ top annuity companies so you can compare rates, terms, and financial strength ratings in one place. Request a free quote or call 855-583-1104 to get started.
Contact Midland National
| Website | www.midlandnational.com |
|---|---|
| Phone | 1-800-923-3223 |
| Mailing Address | Midland National Life Insurance Company 8300 Mills Civic Parkway West Des Moines, IA 50266 |
| Hours | Monday–Friday, 7:00 am–6:00 pm CT |
Compare Midland National Against Other Carriers
My Annuity Store compares Midland National alongside North American, MassMutual, Athene, and 20+ other top-rated carriers, so you can see exactly where their rates rank before committing to any contract. Get a free comparison quote or call 855-583-1104.
