Midland National review: don't buy their products 10

The Life company for Midland is worse than the Annuity company.

If you own a policy that offers a secondary guarantee where the death benefit won't go away as long as you've made your scheduled premium payments research if the promise they made will come true. IT WONT. The company has business practices in place that will make your policy lapse before you expect it to. Ask for an inforce illustration. You will have to do this numerous times as they wont send the correct one out first. its part of the deception.

I took out a loan on my annuity last year. I've been very sick this past year. I was a day late with a payment on the loan. They reported it to the IRS and won't back up to fix the problem. There's no one at Midland that will even try to help. It's truly unbelievable. Even with my illness...they seemingly have no interest in helping.

Avoid these people. Avoid Midland.

Gordon

As a Midland National Life agent you would have received the email you received today that included this link http://www.midland-national-life-review.com/Honor_Role.html.

It includes the growing list of agents that want to distance themselves from Midland National.

Since you are more than happy to trash Midland National agents by name, then how about a list of agents who proudly proclaim they have been betrayed and who will come out an openly oppose Midland? You say midland national review is a group of volunteers.

Names, please? Please, please give names of the vast number of agents who have been "betrayed." If you have no problem listing the names of existing agents, then please list the names of former agents who agree with Eric Castaneira.

Has Midland National Life Betrayed Its Agent Force?

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 insurance company depends on the enthusiasm and loyalty of their life insurance agents, and the agents depend on the insurance company to provide competitive products and a good reputation. Both parties expect the other to treat them fairly.

Considering their track record of the last few years, there is valid reason to assert that Midland National Life Insurance Company has betrayed their sales force by placing their profits before the needs and interests of the life insurance agents that sell their products.

Midland National made the risky choice to use sales practices and materials that have resulted in class action lawsuits by policy holders in multiple states, including a civil action filed by the Minnesota Attorney General. 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 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?

Of course, most consumer complaints don’t make it to the first page of a search engine. Insurance companies hire internet experts to make sure that doesn’t happen. But, what if one of those experts chooses to help the consumers? Midland National Life Review is a group of volunteers that have developed a website (www.midland-national-life-review.com) that provides a clearing house for complaints against Midland National and provides guidance on how a consumer can get help with a policy or file a complaint. Because it displays on most search engines right below the listing for Midland National Life, the website allows consumers to see the side of Midland National that the company and the agents don’t discuss.

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. Sometimes this is three or four years after the agent made the sale and in amounts of $30, 000 or more.

Midland National gambled and lost and now they are demanding that their agents help cover Midland’s losses and then suing the agents if they refuse. How can that be fair?

A life insurance agent has many reputable insurance companies to choose from. They don’t have 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.

Tim K., Sad and Disgusted, Insurance_Guy: All the same person.

The mind of a Midland National Life Insurance Company agent.

No wonder nobody trusts them.

I can see from your account of the story that no settlement was ever going to be good enough for you. No wonder Midland National employees fear for their lives. You are a deranged psychopath.

I'd be happy to defend any entity that wanted to lock you up for life.

The only damage being done to Midland is the damage YOU are doing through your slanderous and hypocritical website.

Who called you a "do gooder"? It wasn't me. You are more like an "evil doer."

Any HONEST life insurance agent would have a problem with agreeing to a terrorist's terms. I hope nobody cowers down to your pressure.

Personal sacrifice? You mean the hundreds of thousands of dollars you are trying to extort from Midland National? I commend those agents who have made the personal sacrifice of standing up to a bully like you.

Is that the same Eric Castaneira whose Family was threatened by Midland for blowing the whistle on them? The lawsuit he filed (Castaneira v. Midland National Life Insurance, et al; Civ #10-4039, United States District Court, Southern District of South Dakota) is posted at www.midland-national-life-review.com. Is this the same Castaneira that Midland signed a settlement agreement with and then broke their promise?

Here are a few excerpts from it:

Despite all of Midland’s claims of improper behavior on Castaneira’s part they offered to reinstate Castaneira’s contract and return all of the commissions they had withheld if he would drop his lawsuit against them. Castaneira refused to consider this until Midland agreed to objectively review and investigate their sales practices.

In mid August, 1991 Castaneira was made aware of a telephone call between two individuals that he believed to be Wilson and William Rigsbee (hereinafter “Rigsbee”), then president and CEO of Midland, in which the subject of harming Castaneira or Castaneira’s family was raised to prevent Castaneira from causing any further trouble.

In 1997 the IRS filed a tax lien against Castaneira for income on commissions he was supposed to be receiving from Midland; however, Castaneira had not received a check from them in over seven years.

An attorney contacted Midland on Castaneira’s behalf for an explanation and Midland, an insurance company that is required by law to know where every dollar is at every moment, took 42 days to respond that they had approximately $50, 000 in commissions they had been holding for Castaneira. They also could not explain why they had been served an IRS lien on any money in their possession over one year earlier but had not disclosed the money to the IRS in violation of the law.

In mid summer, 2003 Castaneira was made aware of a recording of a telephone call in which individuals affiliated with Midland and their private investigators openly discussed their frustration with Ligtenberg’s inability to “get the job done” and whether Castaneira “should be dealt with”. The tone of the conversation made it very clear to Castaneira that the context of the conversation was a discussion of serious harm or death, and he took preventive measures for his security.

In November, 2003 Midland again became serious about reaching a settlement, and in December Castaneira signed a settlement agreement titled “Mutual Release” (hereinafter “settlement”) with Midland that provided for structured payments of over $166, 000. As part of the agreement Midland agreed to advocate Castaneira’s ability to leave South Dakota and later qualified the extent of their efforts as “whatever was necessary”.

Midland insisted on a “non disclosure” clause in the settlement that would prevent Castaneira from making public Midland’s payment and the fact that the settlement included the following language “There have been…disputes and differences... Castaneira and Midland have now agreed in consideration of the terms hereinafter set forth in this agreement, to settle all disputes and differences between them."

Yep, that’s the kind of life insurance company I would defend!

Has anyone seen ONE WORD anywhere on the internet of Midland National denying any of these complaints or allegations? With as much damage as this story is causing them, and with the army of lawyers they have hired, why haven’t they gone to court to stop all of these complaints if it they weren’t true?

While you were ranting about Castaneira being a “do gooder” you failed to mention that Midland has been sued by thousands of its customers in at least six different states for ripping them off. The Minnesota Attorney General sued them for the same thing.

Midland National agents have been given the opportunity to make this public pledge:

ETHICS PLEDGE

I will not promote, endorse, or sell any life insurance, annuity, or investment products for, or on behalf of, Midland National Life Insurance Company, North American Company for Life and Health, Midland Annuity, or Sammons Financial Group until those companies agree to resolve in a fair and equitable manor all outstanding policy and contractual litigation and disputes with their current and former policy holders and agents.

How can any HONEST life insurance agent have a problem with that?

Perhaps you should spend less time complaining about people that have made an extraordinary personal sacrifice in warning consumers and spend more time becoming an ethical insurance agent.

All of these Midland complaints should have one name on them: Eric Castaneira.

I'm writing just to offset this troll above who puts a negative review of Midland on every site he can get his grubby hands on. Now that Eric Castaneira is out of prison for holding the Midland VP hostage at gunpoint, and he has unsuccessfully tried to sue Midland, so now he's moved on to slander and libel. This bottom feeder is actually blacklisting Midland agents by name on his website.

Just search Eric Castaneira and you'll see.