Midland National Life — stay away
Midland National Life Insurance Company, Sioux Falls, South Dakota has been sued in states all over the country for their sales practices. The Minnesota Attorney General sued them for ripping off senior citizens and won a multi million dollar settlement. These legal issues involving their sales practices may have contributed to Standard & Poor's reduction in December, 2008 of their outlook on Midland from stable to negative.
You should carefully consider all of this if a life insurance agent offers you a policy from Midland.
The most recent action was by a former leading General Agent Eric Castaneira (Castaneira v. Midland National Life Insurance, et al; Civ #10-4039, United States District Court, Southern District of South Dakota) that alleges Midland threatened his family when he tried to blow the whistle on policy fraud, withheld over $350, 000 of his commissions to retaliate against him, intentionally wrecked his agency, and then gave him a settlement to cover it up but broke their promise to pay him.
Midland has a long history of abusing its employees as well as its agents and policy holders. They are considered a legal precedent for union busting. In 1982, the National Labor Relations Board found that Midland distributed anti-union campaign literature to its employees with their paychecks. The literature included false impressions and other misleading information. The union learned of the document the next morning, 3 1/2 hours before polling.
Midland National Life Insurance Co. v. Local 304A, United Food & Commercial Workers, 263 NLRB 127 (1982).