Midland National Life Insurance Company vs Transamerica 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
Transamerica Life Insurance Company
Founded: 1904
Cedar Rapids, Iowa
Assets
$223 billion in premiums in force; $29.5 billion AUM
IUL Experience
20+ years
Products
2
Avg Cap Rate
12.00%
Key Strengths
High cap rates (12% on flagship product)
Uncapped options with high participation rates
Superior living benefits offerings
12.5 million insurance policies in force
Over 120 years of history
Detailed Feature Comparison
| Feature | Midland National Life Insurance Company | Transamerica Life Insurance Company |
|---|---|---|
| Founded | 1906 | 1904 |
| Headquarters | West Des Moines, Iowa | Cedar Rapids, Iowa |
| Assets Under Management | $55 billion | $223 billion in premiums in force; $29.5 billion AUM |
| Years in IUL Business | 15+ years | 20+ years |
| Number of IUL Products | 5 | 2 |
| Typical Cap Rate Range | 8% - 11% | 9.50% - 14.00% |
| Participation Rates | 115% | 150% |
| Minimum Premium | $3,600 annual | $3,600 annual |
| Issue Ages | 15 days to 79 years | 0-85 years |
| Underwriting Speed | 2-4 weeks standard | 2-4 weeks standard |