Midland National Releases XL Heritage IUL

Chicago, IL | August 9, 2017

Midland National® Life Insurance Company announced on August 1, 2017 the release of the new XL Heritage Indexed Universal Life insurance (IUL) product.

Designed to provide a guaranteed death benefit with a single premium1, XL Heritage touts desirable features like liquidity and living benefits.

Over the next several decades, the Baby Boom generation could transfer as much as $30 trillion in assets to the next generation.2 "We created XL Heritage to help fill a need we recognized in this market," said Jerry Blair, Vice President and Chief Distribution and Sales Officer. "Clients are looking for a flexible and simple solution for passing on a portion of their estate to their beneficiaries while still maintaining control of their money in case of an emergency."

XL Heritage is designed for clients ages 50-80 who have between $25,000 and $200,000 ($150,000 for ages 50-59) of liquid assets not needed for retirement or daily needs.

According to Blair, the ability to leverage a client's money into a larger guaranteed death benefit is just the beginning. What sets XL Heritage apart is the smooth, simple application and underwriting process. "We've really streamline the process with XL Heritage," said Blair. "Now the agent can provide a quote, complete the e-app, and get a decision over the phone generally in a total of about 30 minutes. It's never been simpler to write IUL business."

XL Heritage is available through Midland National's e-app platform, ExactApp. Medical information is collected generally in a 15 to 20-minute phone call without the typical requirements of a medical exam or blood work of the insured3.

While clients desire to maximize the legacy they leave to their beneficiaries, XL Heritage also includes an Accelerated Death Benefit feature that allows the policyowner to use a portion of the death benefit while they are living. The policyowner can accelerate a portion of the death benefit should the insured become chronically or terminally ill as defined in the policy contract, subject to eligibility requirements.

This latest release is the fifth product added to the company's current IUL portfolio.



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 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 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 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.

A+ (Superior), the second highest rating out of 15 categories, was affirmed by A.M. Best for Midland National as part of Sammons Financial Group on July 6, 2017.  A.M. Best is a large third party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating to performance and ability meet its ongoing to policyholders obligations.


1 Although XL Heritage is filed as a Flexible Premium Universal Life and allows additional premiums, the product is designed for a single premium payment. There are limited benefits to adding premiums after policy issue - for example, the Account Value will increase with additional premium payments, but the guaranteed death benefit and the Return of Premium Value will NOT. Therefore, clients should carefully consider whether additional premiums should be paid. Product availability subject to state approval.
2 Source: CNBC 11-30-16, Morgan Stanley 2015, Accenture. The “Greater” Wealth Transfer – Capitalizing on the Intergenerational Shift in Wealth, 2012; Accenture 2016.
3 Coverage is subject to some health and lifestyle questions.
Indexed Universal Life Insurance 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.
XL Heritage indexed universal life insurance is issued on form series L145 by Midland National Life Insurance Company, One Sammons Plaza, Sioux Falls, SD 57193. Product, features, riders, endorsements or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.