Foresters Financial vs Midland National Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Foresters Financial
Founded: 1874
Buffalo, NY (U.S.); Ontario, Canada
Assets
$2.6+ billion AUM; RBC Ratio: 451%
IUL Experience
10+ years
Products
2
Avg Cap Rate
8.5%
Key Strengths
150+ year history
Fraternal benefit society - member benefits include scholarships, grants, wellness programs
$31.2 million in social good impact (2023)
Diabetes coverage (non-med up to Table 12)
Backed by Sumitomo Life - $330B+ combined assets
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 | Foresters Financial | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1874 | 1906 |
| Headquarters | Buffalo, NY (U.S.); Ontario, Canada | West Des Moines, Iowa |
| Assets Under Management | $2.6+ billion AUM; RBC Ratio: 451% | $55 billion |
| Years in IUL Business | 10+ years | 15+ years |
| Number of IUL Products | 2 | 5 |
| Typical Cap Rate Range | 7% - 10% | 8% - 11% |
| Participation Rates | 110% | 115% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 0-85 years | 15 days to 79 years |
| Underwriting Speed | 3-4 weeks standard | 2-4 weeks standard |