West Des Moines, Iowa, Nov. 18, 2019
The product combines guaranteed death benefit protection1; cash value growth potential; an accelerated death benefit endorsement for a qualifying critical, chronic, or terminal illness; and a premium recovery endorsement— all for the price of a guaranteed death benefit policy.
“We realize our policyowners may have concerns about balancing their current need for life insurance with unexpected future financial obligations. Guaranteed death benefit protection coupled with cash value growth potential and the addition of a Premium Recovery Endorsement gives the policyholder affordability, flexibility, and control that they might not expect from a life insurance product,” says Jerry Blair, chief distribution officer of SFG’s Life Division.
Strategic Protector is unique due to the combined guaranteed death benefit protection and cash value growth potential. It’s an IUL policy, meaning cash value can grow based on the movement of a stock market index, without participation in the market. Cash value provides the opportunity to grow an extra funding source for use in the retirement years or may provide some relief from the strict premium payment requirements of a guaranteed death benefit, especially in the later years.
“It’s generally sound financial advice to have an emergency cash fund. It often saves people from financial distress when unexpected circumstances arise. We’re excited to include cash value potential in the new Strategic Protector because it could provide an extra layer of emergency funds,” continued Blair.
Strategic Protector also includes an accelerated death benefit endorsement for critical, chronic, and terminal illnesses for no extra premium.2 This endorsement allows the policyowner to accelerate a portion of the death benefit for a qualifying illness.
This new product offering also features Midland National’s new Premium Recovery Endorsement, which is a return of premium feature that offers the policyowner an option to fully surrender the policy and recover some or all of their total premiums paid with a 60-day window after the 15, 20, and 25 policy year anniversary.3
Strategic Protector is the latest addition to Midland National’s comprehensive line of life insurance products. It’s available with Midland National’s WriteAway® Accelerated Underwriting, which provides a faster and less invasive process for issuing a policy. The average time for an application that qualifies for WriteAway is a speedy 6.5 calendar days from submission to approval.4
About Midland National Life Insurance
For more than 110 years, Midland National® Life Insurance Company (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 based on 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, Inc. on August 7, 2019. For the latest rating, access www.ambest.com.
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National 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., a subsidiary of Sammons Enterprises, 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, www.midlandnational.com.
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About Sammons® Financial Group, Inc.
The member companies of Sammons® Financial Group, Inc. (SFG), are here to help families and businesses protect their future, so they can enjoy life’s moments today. A subsidiary of Sammons Enterprises, Inc., SFG is a group of privately-owned financial companies, including several of the most enduring and stable companies in our industry. SFG is comprised of three member companies: Midland National® Life Insurance Company, which includes Sammons® Corporate Markets; North American Company for Life and Health Insurance®; and Sammons Institutional GroupSM, which consists of Midland Retirement Distributors® and Sammons Retirement Solutions®, Inc. Together, SFG offers some of today’s most sought-after life insurance, annuity, and retirement planning products. Sammons Financial Group: With You for Every Moment®.
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Subject to premium payment requirements.
Subject to eligibility requirements. The death benefit will be reduced by the amount of the death benefit accelerated. Since benefits are paid prior to death, a discount will be applied to the death benefit accelerated. As a result, the actual amount received will be less than the amount of the death benefit accelerated. An administrative fee applies for an election of the chronic or terminal illness. There is no administrative fee for critical illness.
The Premium Recovery Endorsement is only available with the Premium Guarantee Rider option.
Source: Internal underwriting data, 6/14/2019. This process is not available in California.
Midland National has been a BBB Accredited Business since January 30, 2017. The BBB has determined that Midland National Life Insurance Company meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints.
THE ACCELERATED DEATH BENEFIT ENDORSEMENT FOR CRITICAL ILLNESS IS NOT HEALTH INSURANCE NOR IS IT INTENDED TO REPLACE HEALTH INSURANCE.
THE ACCELERATED DEATH BENEFIT FOR CHRONIC ILLNESS IS NOT LONG TERM CARE INSURANCE NOR IS IT INTENDED TO REPLACE LONG TERM CARE INSURANCE.
Life insurance policies have terms under which the policy may be continued in force or discontinued. Current cost of insurance rates and interest rates are not guaranteed. Therefore, the planned periodic premium may not be sufficient to carry the contract to maturity. Failure to meet premium requirements may result in a lapse in the policy and participation in the index accounts. The index accounts are subject to caps and participation rates. In no case will the interest credited be less than 0 percent. Please refer to the customized illustration provided by your agent for additional detail. The policy’s death benefit is paid upon the death of the insured. The policy does not continue to accumulate cash value and excess interest after the insured’s death. For costs and complete details, call or write Midland National, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Telephone: 800-923-3223.
TEXAS RESIDENTS: Receipt of acceleration-of-life-insurance benefits may affect your, your spouse’s, or your family’s eligibility for public assistance programs such as medical assistance (Medicaid), Aid to Families with Dependent Children (AFDC), supplementary social security income (SSI), and drug assistance programs. You are advised to consult with a qualified tax advisor and with social service agencies concerning how receipt of such a payment will affect your, your spouse’s, and your family’s eligibility for public assistance.
Strategic Protector IUL is issued on policy form series L148 or state variation, including all applicable endorsements and riders, by Midland National Life Insurance Company, Sioux Falls, SD 57193. Product, features, endorsements, riders or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.