Midland National Life Insurance Company is a subsidiary of Sammons Financial Group — one of the largest privately held companies in the United States. With an AM Best A+ (Superior) rating and over 115 years of history, Midland National is a stalwart in the fixed and indexed annuity market.
Midland National is particularly well known for its fixed indexed annuity lineup — specifically products with competitive income riders for future guaranteed income. Their MYGAs are also competitive, particularly in the 5 and 7-year terms.
Key Takeaways
- AM Best A+ (Superior) — excellent financial strength
- Privately held through Sammons Financial — no Wall Street shareholder pressure
- 115+ years in business — strong historical track record
- Known for competitive FIA products with income riders
- Competitive MYGA rates — frequently appears in top-10 rate comparisons
Midland National Annuity Products
Midland National RetireVantage — MYGA available in 3, 5, 7, and 10-year terms. Competitive rates with 10% annual free withdrawal. Straightforward accumulation product with no annual fees.
Endeavor Plus — Fixed indexed annuity linked to S&P 500 and other indices. Optional LifeTrack income rider for guaranteed lifetime withdrawal. 10-year surrender period.
Oak ADV — Advisory-sold FIA with no surrender charges after year 1 for RIA/fee-based advisors. Competitive caps with multiple index options. Growing product for fee-based advisor distribution.
Midland National Signature Income — Income-focused FIA with a guaranteed income rider rollup rate. Targets buyers who want to maximize future guaranteed income over a 7–10 year accumulation period.
Financial Strength Ratings
| Agency | Rating |
|---|---|
| AM Best | A+ (Superior) |
| S&P Global | AA- (Very Strong) |
Pros and Cons
| Pros | Cons |
|---|---|
| A+ AM Best — superior financial strength | Less name recognition than national brands |
| Privately held — stable, long-term focus | Some products have 10-year surrender periods |
| Competitive FIA income rider products | Not available direct — agent access only |
| 115+ years operating history | FIA complexity requires professional guidance |
Frequently Asked Questions
Who owns Midland National Life?
Midland National is a subsidiary of Sammons Financial Group — one of the largest privately held financial services companies in the U.S. Sammons also owns North American Company for Life and Health Insurance, giving them significant scale in the annuity market.
Is Midland National a good annuity company?
Yes. Midland National holds an AM Best A+ (Superior) rating, has 115+ years of operating history, and is privately held under the Sammons Financial umbrella. Their FIA and MYGA products are regularly competitive in rate comparisons.
Midland National: Company History
Midland National Life Insurance Company was founded in 1906 in Sioux Falls, South Dakota. It has operated continuously for over 118 years under various names and ownership structures, and is currently a wholly owned subsidiary of Sammons Financial Group, one of the largest privately held financial services companies in the United States. Sammons also owns North American Company for Life and Health Insurance, creating one of the largest combined fixed indexed annuity operations in the market.
Because Sammons Financial is privately held, Midland National does not face quarterly earnings pressure from public shareholders. This allows management to take a longer-term view on rate setting, product design, and investment strategy. In practice, this usually means Midland National is willing to compete aggressively on rate during favorable interest rate environments and to hold rates steady during difficult ones, rather than cutting aggressively to protect short-term margins.
Midland National manages over $50 billion in annuity assets and is a top-10 fixed indexed annuity issuer in the United States. The company specializes in FIA products with competitive income rider features, and their MYGA lineup is also consistently competitive.
Midland National Product Deep Dive
RetireVantage (MYGA)
RetireVantage is Midland National flagship multi-year guaranteed annuity. It offers 3, 5, 7, and 10-year terms with a single locked rate for the full contract period. Competitive rates from an A+ carrier, making it one of the few top-rated MYGAs where you do not have to trade financial strength for yield. 10% annual free withdrawal, no annual fees, minimum deposit $10,000. Standard declining surrender charge schedule.
Endeavor Plus (Fixed Indexed Annuity)
Endeavor Plus is Midland flagship FIA with optional income rider. Multiple index crediting strategies including S&P 500 annual point-to-point, S&P 500 monthly sum, and proprietary volatility-controlled indexes. The optional LifeTrack income rider provides guaranteed lifetime withdrawal benefits with a competitive rollup rate on the benefit base during deferral.
Endeavor Plus is particularly well known for its income rider math. For a 60-year-old depositing $200,000 and deferring 10 years, the guaranteed lifetime income at activation is typically among the top 5 in the industry, competitive with Athene, Allianz, and American Equity.
Oak ADV (Advisor-Sold FIA)
Oak ADV is Midland newer product targeted at fee-based registered investment advisors (RIAs). Unlike traditional commission-based FIAs with 10-year surrender periods, Oak ADV has a shorter surrender schedule (often 1 to 3 years) because the advisor is compensated via their own fee structure rather than by a carrier commission. Competitive caps and index options.
Oak ADV is not available to typical retail buyers. If your financial advisor is a fee-only RIA (not a commission-based broker), ask whether they can place Oak ADV for you.
Midland National Signature Income
Signature Income is Midland purpose-built income FIA. It is designed specifically for retirees who want to maximize guaranteed lifetime income from a future activation date. The income rider rollup rate and payout percentages are optimized for 7 to 10-year deferral periods leading to lifetime withdrawals starting at age 65 to 75.
How to Buy from Midland National
Midland National annuities are sold through independent insurance brokers and registered investment advisors. The company does not sell direct to consumers. To buy:
- Find an independent broker with Midland National appointments. Most annuity-focused brokerages carry Midland alongside North American (their sister company) and other top carriers.
- Request a personalized illustration for RetireVantage or Endeavor Plus showing the current rate, surrender schedule, and any rider fees.
- Compare against at least 3 to 5 competing carriers before committing. Midland is often competitive but not always the best rate on any given day.
- Complete the application and fund via wire transfer or IRA/401(k) rollover.
- Use the free-look period (typically 10 to 30 days depending on your state).
Who Should NOT Buy a Midland National Annuity
- Buyers who want a mutual company. Midland is privately held, not mutual. For mutual alternatives with similar safety profiles, consider New York Life or MassMutual.
- Buyers who want the highest possible brand recognition. Midland is less well known than Allianz, MetLife, or Prudential despite similar financial strength. For some buyers, the lower brand recognition is a psychological negative.
- Variable annuity shoppers. Midland does not offer variable annuities. For VA products, look at Corebridge, Nationwide, or Jackson National.
Midland National vs. Direct Competitors
| Feature | Midland National | North American (sister co) | Athene |
|---|---|---|---|
| AM Best Rating | A+ (Superior) | A+ (Superior) | A (Excellent) |
| Founded | 1906 | 1886 | 2009 |
| Ownership | Sammons Financial (private) | Sammons Financial (private) | Apollo Global (public affiliate) |
| MYGA Rate Competitiveness | Top 10 | Top 3 | Top 3 |
| FIA Income Rider Strength | Top tier | Good | Top tier |
| Best For | FIA income + A+ safety | Top MYGA rates + A+ safety | MYGA scale + Apollo capital |
For other A-rated FIA carriers, see our Symetra annuity review.
