Midland National® Announces ExactAppSM for Indexed Universal Life
Sioux Falls, SD | February 9, 2015
Midland National Life Insurance Company announced today the immediate availability of the ExactAppSM electronic application submission tool for its indexed universal life products.
Use of ExactAppSM will allow Midland National's agents to schedule paramed exams online and submit complete application packages without re-keying the data. In addition to the increased efficiency of application submission, ExactAppSM will allow faster turnaround times and quicker commission payments.
"We've heard a lot of good things about Exact AppSM from our agents, and they've asked us to extend it to our indexed universal life portfolio. Doing so now will mean increased ease of doing business for our agents and for us," said Jerry Blair, Vice President and Chief Distribution & Sales Officer. "It's a win-win situation."
Indexed universal life insurance (IUL) is a form of permanent insurance that provides an opportunity to grow cash value, based on the performance of stock market indices, without the risk of investing directly in the market. Popular features of IUL insurance include living benefits, like access to cash value in the form of policy loans, or access to a portion of the death benefit through the accelerated death benefit feature.
ABOUT MIDLAND NATIONAL
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National® Life Insurance Company has protected families and preserved legacies for generations. Midland National is one of the leading insurance companies in America. Midland National is a member of Sammons® Financial Group, Inc. With its Annuity Division located in West Des Moines, Iowa and its Life Operations location in Sioux Falls, South Dakota, Midland National operates in 49 states and the District of Columbia through its 12,000 licensed sales professionals. For more information, please visit www.midlandnational.com.
Indexed Universal Life products are not an investment in the "market" or in the applicable index and are subject to all policy fees and charges normally associated with most universal life insurance.
Policy loans from life insurance policies generally are not subject to income tax, provided the contract is not a Modified Endowment Contract (MEC), as defined by Section 7702A of the Internal Revenue Code. A policy loan or withdrawal from a life insurance policy that is a MEC is taxable upon receipt to the extent cash value of the contract exceeds premium paid. Distributions from MECs are subject to federal income tax to the extent of the gain in the policy and taxable distributions are subject to a 10% additional tax prior to age 59½, with certain exceptions. Policy loans and withdrawals will reduce cash value and death benefit. Policy loans are subject to interest charges. Consult with and rely on your tax advisor or attorney on your specific situation.