Midland National Life Insurance Company vs F&G (Fidelity & Guaranty 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
F&G (Fidelity & Guaranty Life)
Founded: 1959
Des Moines, Iowa
Assets
$40 billion
IUL Experience
10+ years
Products
2
Avg Cap Rate
9.5%
Key Strengths
LIMRA Q2 2024: Top IUL provider ranking
Competitive historical performance
Quick policy delivery
Juvenile IUL specialty (15 days to 17 years)
Living benefits: accelerated death benefits
Detailed Feature Comparison
| Feature | Midland National Life Insurance Company | F&G (Fidelity & Guaranty Life) |
|---|---|---|
| Founded | 1906 | 1959 |
| Headquarters | West Des Moines, Iowa | Des Moines, Iowa |
| Assets Under Management | $55 billion | $40 billion |
| Years in IUL Business | 15+ years | 10+ years |
| Number of IUL Products | 5 | 2 |
| Typical Cap Rate Range | 8% - 11% | 8% - 11% |
| Participation Rates | 115% | 115% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 15 days to 79 years | 15 days to 85 years |
| Underwriting Speed | 2-4 weeks standard | Some immediate delivery or within 24 hours |