Midland National Life Insurance Company vs North American Company for Life and Health Insurance
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
North American Company for Life and Health Insurance
Founded: 1886
West Des Moines, Iowa (new HQ 2021); Sioux Falls, SD (also listed)
Assets
$35 billion
IUL Experience
20+ years
Products
4
Avg Cap Rate
11%
Key Strengths
Superior crediting performance (#1 in distribution testing)
Fixed Interest Participating Policy Loans with 2.0% bonus
Protected Death Benefit - unique guaranteed portion feature
Free acceleration of death benefits for critical/chronic/terminal illness
Over 600,000 policies and annuities
Detailed Feature Comparison
| Feature | Midland National Life Insurance Company | North American Company for Life and Health Insurance |
|---|---|---|
| Founded | 1906 | 1886 |
| Headquarters | West Des Moines, Iowa | West Des Moines, Iowa (new HQ 2021); Sioux Falls, SD (also listed) |
| Assets Under Management | $55 billion | $35 billion |
| Years in IUL Business | 15+ years | 20+ years |
| Number of IUL Products | 5 | 4 |
| Typical Cap Rate Range | 8% - 11% | 10% - 11% |
| Participation Rates | 115% | 100% |
| 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 |