Rigsbee, 90, served as president and chief executive officer of Midland National from 1961 to 1992.
While Rigsbee was at Midland National, the company increased the amount of life insurance it had in force to $50 billion, from $275 million.
Midland National is now a unit of Sammons Financial Group and a major issuer of life insurance and annuities. Esfand Dinshaw, the chairman of Sammons, said in a statement that Rigsbee put Midland National on the path toward unparalleled growth by introducing a regional sales director program. The program helped the company build its field force and boost sales, Dinshaw said.