Allianz Life Insurance Company of North America vs Midland National Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Allianz Life Insurance Company of North America
Founded: 1896
Minneapolis, Minnesota
Assets
$125 billion
IUL Experience
28+ years
Products
2
Avg Cap Rate
9%
Key Strengths
Exclusive Index Rate Lock feature (unique to Allianz)
40% multiplier bonus available
5% guaranteed index loan rate
Multiple uncapped index crediting options
Free chronic and terminal illness benefits
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
Detailed Feature Comparison
| Feature | Allianz Life Insurance Company of North America | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1896 | 1906 |
| Headquarters | Minneapolis, Minnesota | West Des Moines, Iowa |
| Assets Under Management | $125 billion | $55 billion |
| Years in IUL Business | 28+ years | 15+ years |
| Number of IUL Products | 2 | 5 |
| Typical Cap Rate Range | 8% - 10% | 8% - 11% |
| Participation Rates | 110% | 115% |
| Minimum Premium | $5,000 annual | $3,600 annual |
| Issue Ages | 25-65 for accelerated underwriting (up to $3M without medical exam) | 15 days to 79 years |
| Underwriting Speed | 2-3 weeks standard, accelerated available | 2-4 weeks standard |