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Last updated June 15, 2009
In 1906, the company that would eventually evolve into Midland National Life Insurance Company was founded on a late summer evening in the Black Hills of South Dakota. To capitalize the new company, its six directors were required to apply for a $1,000 life insurance policy and pay an assessment of $300. They paid their first claim in 1908.
Midland National Life offers five different forms of life insurance. These are term, whole, universal, indexed universal and variable universal. Term-life insurance is a temporary and affordable coverage option that can be converted into a permanent policy if financial circumstances change. Whole life insurance is a policy that offers the security of level premiums and guaranteed permanent coverage. Universal life insurance offers whole life coverage and the flexibility of adjusting premiums and death benefits. Indexed universal life insurance offers death benefit guarantees. It also gives the insured the opportunity to earn interest linked with the upward movement of a stock market index without the risk of investing directly in the market. Variable universal life insurance provides a guaranteed death benefit and the opportunity for the insured to invest their premiums in various separate account investment portfolios. Contact Midland Life Company at: Midland National Life Insurance Company One Sammons Plaza Sioux Falls, SD 57193 Telephone: (800) 843-3316 Sources: “Our 100-Year History,” Midland National Life web sit, 2009; “Types of Life Insurance,” Midland National web site, 2009; “Contact Midland National,” Midland National web site, 2009 “Midland National Life Insurance Company,” A.M. Best web site, April 2009