Pruco Life Insurance Company of New Jersey vs Midland National Life Insurance Company
Comprehensive side-by-side comparison of indexed universal life insurance companies
Pruco Life Insurance Company of New Jersey
Founded: 1982
Newark, New Jersey
Assets
$1.5 trillion Prudential consolidated
IUL Experience
10+ years
Products
1
Avg Cap Rate
10%
Key Strengths
Prudential subsidiary for NJ/NY
Prudential Momentum IUL (2024): 10.5-11% caps on S&P 500
Nasdaq-100 uncapped with 65% participation
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 | Pruco Life Insurance Company of New Jersey | Midland National Life Insurance Company |
|---|---|---|
| Founded | 1982 | 1906 |
| Headquarters | Newark, New Jersey | West Des Moines, Iowa |
| Assets Under Management | $1.5 trillion Prudential consolidated | $55 billion |
| Years in IUL Business | 10+ years | 15+ years |
| Number of IUL Products | 1 | 5 |
| Typical Cap Rate Range | 8% - 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 | 2-4 weeks standard |