Midland National Life Insurance Company vs Penn Mutual Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Midland National Life Insurance Company
Founded: 1906
West Des Moines, Iowa
Assets
$55 billion
IUL Experience
15+ years
Products
5
Avg Cap Rate
9.5%
Key Strengths
MoneyGeek 2025: Best cheap universal life insurance
115+ year history
Employee-owned structure (Sammons Financial Group)
Fewer complaints than expected (NAIC)
GUL swap option without new underwriting
Penn Mutual Life Insurance Company
Founded: 1847
Horsham, Pennsylvania
Assets
$39.3 billion
IUL Experience
20+ years
Products
2
Avg Cap Rate
10.5%
Key Strengths
175+ year history with mutual structure
Record $265 million dividends (2025 - highest in history)
Contractually locked 6% policy loan rate for life
Guaranteed 1% minimum interest growth
Paid dividends during Great Depression and Recession
Detailed Feature Comparison
| Feature | Midland National Life Insurance Company | Penn Mutual Life Insurance Company |
|---|---|---|
| Founded | 1906 | 1847 |
| Headquarters | West Des Moines, Iowa | Horsham, Pennsylvania |
| Assets Under Management | $55 billion | $39.3 billion |
| Years in IUL Business | 15+ years | 20+ years |
| Number of IUL Products | 5 | 2 |
| Typical Cap Rate Range | 8% - 11% | 9% - 13% |
| Participation Rates | 115% | 120% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 15 days to 79 years | 0-80 |
| Underwriting Speed | 2-4 weeks standard | 3-5 weeks standard |