Midland National Life Insurance Company vs Columbus Life
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
Columbus Life
Founded: 1906
Cincinnati, Ohio
Assets
$45 billion group assets (Western & Southern)
IUL Experience
10+ years
Products
3
Avg Cap Rate
9%
Key Strengths
Offers 3+ IUL products
Indexed Explorer Plus, Indexed Explorer Now (rapid issue), Expedition SIUL (survivorship)
Detailed Feature Comparison
| Feature | Midland National Life Insurance Company | Columbus Life |
|---|---|---|
| Founded | 1906 | 1906 |
| Headquarters | West Des Moines, Iowa | Cincinnati, Ohio |
| Assets Under Management | $55 billion | $45 billion group assets (Western & Southern) |
| Years in IUL Business | 15+ years | 10+ years |
| Number of IUL Products | 5 | 3 |
| Typical Cap Rate Range | 8% - 11% | 8% - 10% |
| Participation Rates | 115% | 110% |
| Minimum Premium | $3,600 annual | $5,000 annual |
| Issue Ages | 15 days to 79 years | 0-85 years |
| Underwriting Speed | 2-4 weeks standard | 2-4 weeks standard, rapid issue available |