John Hancock Life Insurance Company (U.S.A.) vs Midland National Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
John Hancock Life Insurance Company (U.S.A.)
Founded: 1862
Boston, Massachusetts
Assets
Part of Manulife with CA$1.4 trillion AUM
IUL Experience
15+ years
Products
4
Avg Cap Rate
8.00%
Key Strengths
160+ years in business
Comdex rating of 93 (among highest)
John Hancock Vitality Program (wellness-based rewards unique to industry)
Survivorship UL gold standard for estate planning
Strong with high-risk medical conditions
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 | John Hancock Life Insurance Company (U.S.A.) | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1862 | 1906 |
| Headquarters | Boston, Massachusetts | West Des Moines, Iowa |
| Assets Under Management | Part of Manulife with CA$1.4 trillion AUM | $55 billion |
| Years in IUL Business | 15+ years | 15+ years |
| Number of IUL Products | 4 | 5 |
| Typical Cap Rate Range | 7.50% - 9.00% | 8% - 11% |
| Participation Rates | 110% | 115% |
| Minimum Premium | $5,000 annual | $3,600 annual |
| Issue Ages | 20-70 (Accumulation IUL with Vitality) | 15 days to 79 years |
| Underwriting Speed | 3-4 weeks standard | 2-4 weeks standard |