Midland National Life Insurance Company
Reviews and Complaints
Customer Service is non existant
I need some info
Had a beep that caused interference with call
Not able to get in contact
1099
Stop insurance
Preferred solution: Full refund
Universal Life Rip Off
My life universal life policy was acquired twice by other insurance companies thru mergers, etc. It ended up at Midland National.
Midland changed the written terms of the insurance policy to suit their needs. My policy was originally valid thru 2046 which Midland changed to 2017. Defined annual premiums which changed at age 65 rose 735% with Midland over the defined premium in the original contract/policy. The value of the policy decreased to 0 $ by May 2017 at which time Midland wanted to bill be on a monthly basis.
Their so-called "cost of insurance" and excessive "riders fees" liquidated all the value in the account. When I paid the last premium last September they never stated that the "annual premium" would only cover 9 months.
These people are CROOKS of the highest order. Stay Away!!
Preferred solution: Deliver product or service ordered
DON'T TRUST THIS COMPANY OR ANY AGENT WHO REPRESENTS THEM.
I invested in a universal Life policy with this company, the insurance agent was a friend of mine so I trusted what he was telling me. He gave me all kinds of incorrect information and I am now paying for a bloated insurance policy that is way over priced and does not meet my needs.
This company has all kinds of restrictions so when you sign a policy you are stuck with their high prices, bad customer service, and penalties galore for any changes you want to make to your policy. Now that I am looking into the company they are financially unstable and repeatedly withhold death benefits and cash value from their clients for no reason. They're strategy seems to be delay delay delay.
People's life's are ruined because of this company's practices. My hope is this review will help anyone sees this company for the fraud, life insurance is extremely important and necessary don't trust your money and your family's well being with this terrible company.
- Fraud
- Getting the run around
- Disappointing
Preferred solution: Let the company propose a solution
Rip off
- Oh hold forever to talk with someone who ends up being rude
Preferred solution: Full refund
Do your homework on Midland and any company associated with them.
Preferred solution: Let the company propose a solution
Midland National Life Insurance Company Life Insurance Review
Run, Run Far away!
- Disappointing
- Getting the run around
No Access to Account Agent
Will Selling Life Insurance For Midland National Life Damage Your Life Insurance Reputation?
In the modern market most life insurance companies recruit and contract independent life insurance agents to sell their products. This field force is similar a network of “distributors” with the life insurance company acting as the “manufacturer”. The life insurance company depends on the enthusiasm and loyalty of their life insurance agents, and the life insurance agents depend on the life insurance company to provide competitive products and a good reputation. Both parties expect the other to treat them fairly.
Most independent life insurance agents don’t have the marketing budget to advertise their business so they have little choice but to rely on the reputation of the life insurance company, or companies, the agent does business with.
Considering the reputation they have earned in the last few years, many life insurance agents are beginning to wonder whether being associated with Midland National Life Insurance Company is in their best interest. Midland National has placed their profits before the needs and interests of the life insurance agents that sell those products, and in doing so has betrayed their sales force.
Midland National made the risky choice to use sales practices and materials that have resulted in regulatory actions, Attorney General investigations, and class action lawsuits by policy holders in multiple states. The most recent was earlier this year when Midland National agreed to pay a $1.3 million fine as part of a settlement with the California Department of Insurance and further agreed to make reforms to its business practices after a probe showed Midland National was allegedly misleading senior citizens when selling annuities deemed inappropriate.
This fine may have been a result of Midland National making a $31 million dollar payment last year as part of a settlement of a federal class action lawsuit in California that had alleged that Midland National had used deceptive sales practices in selling their products. Sammons, Midland National, and its sister company North American for Life and Health have paid settlements in many states over the past ten years as a result of their sales practices and the adverse effect it has had on the senior citizens that have purchased them.
A life insurance company being sued is not unusual; a life insurance company being sued by thousands of its policy holders across the country is a red flag. Being sued by a state’s chief law enforcement officer is so unusual it constitutes a flashing neon sign behind the red flag. Being sued under provisions of the RICO (Racketeer Influenced and Corrupt Organizations) Act, Bendzak v. Midland National Life Ins. Co., 240 F.R.D. 449, 450 (S.D. Iowa 2007) adds bells and sirens to the neon sign and red flag.
As the policy holder complaints began to accumulate Midland National had the opportunity to resolve them and avoid litigation. They chose not to. That action constituted a clear policy of contempt for their customers, and also for their agents.
Life insurance agents sell one thing: the reputation of the company. When that company places their reputation at risk by ignoring the needs of the consumer they make the agent’s job extremely difficult. How do you convince a customer that they can trust an insurance company if the reviews on that company are horrible? If any life insurance agent or potential customer simply Googles “Midland National Life” + “reputation” they will see a side of Midland National that may cause them to reconsider associating with them.
Midland National Life agents have more to worry about than just trying to sell a product for a company that has trashed their own reputation. In dealing with the various lawsuits and consumer complaints Midland, acting in its own best interests, has frequently refunded a policy to the consumer to avoid another lawsuit. Midland is then going back to their agents (who sold what Midland told them to sell the way Midland told them to sell it) and demanding a refund of the commissions they paid the agent. If an agent carefully reviews the compensation agreement with Midland National, or its sister company North American for Life and Health, they will find language like this
“In addition and not limited by the forgoing, North American reserves the right to chargeback commissions at any time, in its sole discretion, pursuant to paragraphs 7 and 9 of the agent contract, which are expressly incorporated herein.”
The reality for any life insurance agent is that they can NEVER spend a commission dollar from Midland National without wondering whether Midland will sue them for that money years later. Sometimes this is three or four years after the agent made the sale and in amounts of $30,000 or more, and Midland National is VERY aggressive in collecting their money.
Midland National gambled and lost in trying to beat the regulators and now they are demanding that their life insurance agents help cover Midland’s losses, and then suing those life insurance agents if they refuse. How can that be fair?
A life insurance agent has many reputable insurance companies to choose from so they not obligated to sell for a company that abuses its policy holders or agents. Time will tell how much Midland National Life suffers for betraying their life insurance agents.
Trying to get my money
- Disappointing
- Getting the run around
Preferred solution: Deliver product or service ordered
Thank You for Your Reply! We are processing your message.
Your comment is successfully posted.
Have called several times to update our new address and bank info, was hung up on twice after being placed on hold for more the 40 minutes each time. I guess when they are unable gl get their money from our bank maybe then they will be interested in doing their job......