Nationwide vs Midland National Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Nationwide
Founded: 1926
Columbus, Ohio
Assets
$140 billion
IUL Experience
18+ years
Products
4
Avg Cap Rate
10.25%
Key Strengths
Fortune 100 company (#72 in 2025)
Pioneer of Volatility Control Index movement
Industry-leading participation rates
Lowest cost of insurance charges in industry
Cap rates reaching 25% on certain strategies
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
Detailed Feature Comparison
| Feature | Nationwide | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1926 | 1906 |
| Headquarters | Columbus, Ohio | West Des Moines, Iowa |
| Assets Under Management | $140 billion | $55 billion |
| Years in IUL Business | 18+ years | 15+ years |
| Number of IUL Products | 4 | 5 |
| Typical Cap Rate Range | 6.00% - 25.00% | 8% - 11% |
| Participation Rates | 250% | 115% |
| Minimum Premium | $5,000 annual | $3,600 annual |
| Issue Ages | 0-85 years | 15 days to 79 years |
| Underwriting Speed | 2-4 weeks standard | 2-4 weeks standard |