Midland National Life Insurance Company vs Symetra Life Insurance Company
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
Symetra Life Insurance Company
Founded: 1957
Bellevue, Washington
Assets
$58+ billion
IUL Experience
10+ years
Products
3
Avg Cap Rate
9.5%
Key Strengths
May 2023: higher caps, participation rates, bonuses; lower premiums
Fastest approvals: 18-25 minutes
Cancer Care Compass Rider (multi-cancer detection)
2% lookback guarantee (Accumulator)
GoodLife rewards for healthy lifestyle
Detailed Feature Comparison
| Feature | Midland National Life Insurance Company | Symetra Life Insurance Company |
|---|---|---|
| Founded | 1906 | 1957 |
| Headquarters | West Des Moines, Iowa | Bellevue, Washington |
| Assets Under Management | $55 billion | $58+ billion |
| Years in IUL Business | 15+ years | 10+ years |
| Number of IUL Products | 5 | 3 |
| Typical Cap Rate Range | 8% - 11% | 8% - 11% |
| Participation Rates | 115% | 140% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 15 days to 79 years | 20-85 (Accumulator/Protector); 20-60 (SwiftProtector) |
| Underwriting Speed | 2-4 weeks standard | SwiftProtector 18-25 minutes; SwiftTerm 18 minutes |