Midland National Lowers Term Rates
Chicago, IL | July 23, 2015
"A driving component of our value proposition is to maintain a competitive product portfolio," said Jerry Blair, Vice President & Chief Distribution & Sales Officer. "These lower term rates – along with sought-after features like convertibility to permanent products, low minimum face amounts, and terminal illness coverage – make the Premier Term series an attractive and affordable option for financial protection."
Term life insurance is a popular form of life insurance due to its affordability and simplicity. It typically provides basic death benefit protection to help cover expenses like mortgages, loss of a primary household income earner, and can also be used for business protection, like funding buy-sell agreements.
Midland National's Premier Term products are available for 10, 15, 20, and 30-year terms with face amounts starting as low as $100,000 and ranging as high as needed, subject to underwriting limits. In addition to the convertibility2 feature, Premier Term automatically includes a living benefit for terminal illness, which allows access to up to 75% of the policy amount, up to $750,000, in the event of a terminal illness.3 Applications can be submitted electronically through Midland National's e-App, ExactApp®, making the entire process faster and simpler for both clients and agents.
"Part of what makes this product so attractive is the flexibility it provides for changing needs," said Blair. "As life changes, so do financial needs, which is why Premier Term was designed with the ability to convert to any of our individual permanent products available at the time of conversion."2
ABOUT MIDLAND NATIONAL
1. Premiums are guaranteed to remain level for the initial 10, 15, 20, or 30 year period. After the premium guarantee period, premiums will increase annually but will never exceed the Guaranteed Annual Renewal Premium.
2. Allowed during the level premium period of the policy, or policy age 75 (whichever is earlier) (Age 70 for 30 year) but never less than five years.
3. The actual payment received in connection with any acceleration will be discounted and is lower than the Death Benefit amount accelerated. In addition, there is an administrative fee required at time of election. Payment is made in a lump sum.
Premier Term (policy form series T142), Accelerated Death Benefit – Terminal Illness (form series TR164), are issued by Midland National Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, endorsements, riders or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.