Midland National Life Insurance Company Launches New XL-CV Max

Chicago, IL | April 17, 2018

Midland National® Life Insurance Company announced the release of a new Indexed Universal Life (IUL) insurance product.

The new XL-CV Max is a permanent life insurance policy offering death benefit protection with the potential to accumulate cash value through interest crediting based on the performance of a selected stock index performance without participation directly in the stock market. Additional product features have been added to boost cash value growth.

Significant new features include an Account Interest Multiplier, which boosts the interest credit by 10 percent beginning in policy year six, as well as a guaranteed 1 percent Interest Bonus on the index account that kicks in at policy year 111. A Return of Premium Death Benefit option is another welcome new addition2.

XL-CV Max also includes an updated version of Midland National’s popular Accelerated Death Benefit Endorsement3. Qualifying chronic illnesses no longer need to be permanent and the maximum amount that can be accelerated has increased to $2 million (lifetime maximum for all three benefits combined per policy).

“We’ve really enhanced our popular XL-CV product to include some new features that considerably increase cash value potential,” said Jerry Blair, Midland National’s vice president and chief distribution officer. “The new XL-CV Max provides death benefit protection with maximized performance and marketability.”

XL-CV Max retains the highly sought-after features found in Midland National’s IUL portfolio, including a zero percent floor on any index credits (subject to a cap), the minimum account value, which guarantees a 2.5 percent average annual return to the account value, and index credits included on the first annual statement.

“We’ve designed a product that the agent can illustrate at higher cash value and income potential for their clients, with clear, simple benefits and features,” said Blair. “The way features like the account interest multiplier and interest bonus add to cash value is both effective and transparent. XL-CV Max, like all of our IUL products, was created with growth and maximum value for the policyowner in mind.”

WriteAwaySM, an accelerated underwriting processthat allows applicants to avoid the lab tests and paramedical exams typically associated with life insurance, will be available to qualified applicants for XL-CV Max. “The process of obtaining life insurance today is easier, faster and much less invasive with our WriteAway accelerated underwriting,” said Blair.

XL-CV Max is now available on Midland National’s web-based illustration software and applications can be submitted through paper applications or online through the ExactApp ® e-application, available on Midland National’s website.


For more than 110 yearsMidland Nationalhas been an industry leader, crediting the company’s strength to its commitment to stability, innovation and dedicated customer service. Midland National is accredited by theBetter 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 policyholders. 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 July 6, 2017.

Founded as Dakota Mutual Life Insurance Company in 1906, Midland National® Life Insurance Companyhas protected families and preserved legacies for generations. Midland Nationalis 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 on Midland National, please visit https://www.sammonsfinancialgroup.com/our-company/midland-national.

Sammons® Financial Group is comprised of Midland National® Life Insurance Company, North American Company for Life and Health Insurance®, Sammons Retirement Solutions® Inc. and Sammons Financial Network® LLC, member FINRA.

1 – Account Interest Multiplier is applied after the interest credit or index credit is determined and before any Interest Bonus.  It is not applied to the Interest Bonus or any portion of the Account Value that is Policy Debt or the Minimum Account Value.   This multiplier is conditionally guaranteed on the fixed account. Midland National will pay the multiplier only when the declared interest rate is greater than the Fixed Account Guaranteed Interest Rate shown in the policy.  The interest bonus is conditionally guaranteed on the fixed account.  Midland National will pay the bonus if we are crediting interest in excess of the guaranteed interest rate and the policy is in effect after the 10th policy anniversary.

2 – Subject to eligibility requirements.

3 – Subject to eligibility requirements. This product is not currently available California.

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.

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 Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Telephone 800-843-3316.

XL-CV Max (policy form series L147) and Accelerated Death Benefit Endorsement for Critical, Chronic and Terminal Illness (form series TR207) are issued by Midland National Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, riders, endorsement or issue ages may not be available in all jurisdictions. Restrictions or limitations may apply.