North American Company for Life and Health Insurance vs Midland National Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
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
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 | North American Company for Life and Health Insurance | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1886 | 1906 |
| Headquarters | West Des Moines, Iowa (new HQ 2021); Sioux Falls, SD (also listed) | West Des Moines, Iowa |
| Assets Under Management | $35 billion | $55 billion |
| Years in IUL Business | 20+ years | 15+ years |
| Number of IUL Products | 4 | 5 |
| Typical Cap Rate Range | 10% - 11% | 8% - 11% |
| Participation Rates | 100% | 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 |