May 7, 2019
Midland National® Life Insurance Company, a member of Sammons Financial Group and one of America’s leading insurance companies, today unveiled their MNL Income Planning Annuity, a new 10-year fixed index annuity. This annuity product includes an embedded Guaranteed Lifetime Withdrawal Benefit (at an additional cost1), and it features an easy-to-use income quote calculator for customers to determine their lifetime income amount based on net premium, issue age, and their age at the time of income election. The MNL Income Planning Annuity is changing the way guaranteed income is calculated: guaranteed income simplified.
“Guaranteed lifetime income can be vital for a stable retirement, and the MNL Income Planning Annuity clarifies what the lifetime payment amount will be without complex calculations,” says Rob TeKolste, president of Sammons Independent Annuity Group. “This product supports reliable and confident retirement planning so that our customers can focus on enjoying their retirement years.”
With A+ ratings from multiple third-party agencies, Midland National offers a secure, stable source of annuity products. Their newest product innovation builds upon this reliability and simplifies the planning process for customers, who can utilize the new Income Expedition site to analyze their expenses and expected retirement income to help identify income gaps. They can also access the user-friendly Income Planning Calculator to determine their income based on net premium, their issue age, and the age at which they begin drawing upon the funds.
“These tools help empower our customers and their financial professionals to plan as thoroughly and easily as possible,” says TeKolste. “Once customers determine their income, they can rest easy knowing that their funds are in stable hands and they can have a reliable regular payment during retirement.”
Midland National is continually rated A+ by agencies including A.M. Best, Fitch and S&P Global Ratings, and they were named to Ward’s Top 50 list of top-performing life insurance companies for the past three years. To learn more about the MNL Income Planning Annuity, you can find an agent near you. You can also begin your own Income Expedition here.
1For an annual 0.95% fee.
About Midland National
For more than 110 years, Midland National has been an industry leader, crediting the company’s strength to its commitment to stability, innovation and dedicated customer service. Midland National is accredited by the Better Business Bureau, and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance and ability to meet its ongoing obligations to policyowners. This rating is the second highest out of 15 categories, was affirmed by A.M. Best for Midland National as part of Sammons Financial Group on August 2, 2018.
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, visit midlandnational.com.
Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state. The MNL Income Planning AnnuitySM 10 is issued on form AS200A/ICC19-AS200A (contract) or appropriate state variation.
Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for additional optional benefit riders could under certain scenarios exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
"Income" or "lifetime income" refers to guaranteed payment of Lifetime Payment Amounts ("LPAs") through the Guaranteed Lifetime Withdrawal Benefit (GLWB) rider. It does not refer to interest credited to the contract. Clients should consult with their own tax advisor regarding tax treatment of LPAs, which will vary according to individual circumstances.