You may have used annuities as a savings vehicle as part of your financial plan. However, now you may find that you no longer need the money in the annuity and you want to pass the money on to your heirs. But did you know that the gains on your annuity (the portion that exceeds your original investment) will be taxable income to your heirs?1 In addition, the full value of your annuity is includible in your taxable estate, which could result in a diminished inheritance. By using life insurance to help maximize your annuity funds, you can provide your loved ones with the most value for your annuity funds, without the limitations of income or estate taxes.2
Watch the video and learn about annuity maximization using life insurance.
1. If the original investment was pre-tax, then the full value of the annuity will be taxable income to heirs.
2. Neither Midland National Life Insurance Company nor its agents give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.
While the primary purpose of life insurance is to provide a death benefit to beneficiaries, it can also be used to create a self-completing plan to help fund a college education. Additionally, a key benefit of permanent life insurance, that doesn't involve death, is that it has the potential to accumulate cash value on a tax-deferred basis.1 Those funds can then be accessed to help pay for college costs.
Learn more by watching the video and contact your Midland National representative today.
1. The tax-deferred feature of universal life or indexed universal life insurance is not necessary for a tax-qualified plan. In such instances, you should consider whether other features, such as the death benefit and optional riders make the policy appropriate for your needs. Before purchasing a policy, you should obtain competent tax advice both as to the tax treatment of the policy and the suitability of the product.
2. The primary purpose of life insurance is to provide a death benefit to beneficiaries. Because of the uncertainty surrounding all funding options except savings, it is critical to make personal savings the cornerstone of your college funding program. However, even a well-conceived savings plan can be vulnerable. Should you die prematurely, your savings plan could come to an abrupt end.
3. To protect against this unexpected event, life insurance may be the only vehicle that can help assure the completion of a funding plan. In addition to the financial protection aspect of insurance, the tax-deferred buildup of cash values can be part of your college savings plan. Generally, if the policy is not a Modified Endowment Contract then tax-free withdrawals can be made up to the contract's cost basis. Moreover, if the policy is not a Modified Endowment Contract, then loans in excess of the cost basis are also tax free as long as the policy remains in force.
Estate planning can be a real challenge – even with a will in place. Life insurance death benefit proceeds can provide the liquidity needed to pay off debt, create an equitable inheritance between heirs and even provide protection for businesses. A good estate plan defines how you will build, preserve, and maximize your wealth. Midland National offers solutions to help ensure that your plans are intact when you need it most.
Learn more by watching the video and contact your Midland National representative today!
There comes a time when you may need to think about the future generations of your family. You have worked hard, accomplished your goals, and accumulated funds to support a comfortable retirement. Legacy building is a plan using life insurance to maximize the amount of money you can pass along to your beneficiaries in a way that's also tax-efficient.1
Contact your Midland National representative today to see if this strategy is right for you.
1. Neither Midland National nor any of its agents, employees or representatives is authorized to give tax or legal advice. Please consult with and rely on a qualified tax or legal advisor before entering into or paying additional premiums with respect to such arrangements or commencing any charitable giving plan.
Most people know life insurance can provide financial protection and continuity during one of life's most difficult times – the death of a loved one. Few people know that life insurance can also provide help while you're living.
Watch the video below to find out if Living Benefits could be right for you.
When it's time to make decisions about your pension plan, most employers provide two options: life only or joint and survivor. Learn how life insurance might help you get the most out of your pension plan using the life only option, yet provide funds for your spouse should you pass away first.
Watch the video below to find out if the Pension Maximization strategy could be right for you.
Neither Midland National nor its agents give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.
Do you currently own a life insurance policy, but haven't reviewed your coverage needs in awhile? If so, life changes fast and the passage of time may have brought about a new job, marriage, children, a mortgage or a change in health—all reasons to review your coverage needs. A policy review is an opportunity to review your financial situation and evaluate your life insurance needs.
Take a moment to watch the video below to learn more.
Are you concerned about the financial security of your family today should something happen to you? Are you also uneasy about the future and falling short of retirement income? It may be time to consider life insurance. Take a moment to view our video about using life insurance to help with retirement planning.
Contact your Midland National representative today to see if this strategy is right for you.
Have you overlooked a risk in your overall financial strategy? We're not talking about choosing the right funds or bonds. Life insurance is unique for its ability to provide cash at the time that it might be needed most-when income is interrupted due to death.
Contact your Midland National representative today to see if this strategy is right for you.
Do you have funds set aside that you can access easily? Is this money stored where exposure to loss is limited? If so, this money is your "smart money." While there are many options where to hold this smart money, only one helps you gain generally income tax-free death benefit protection: life insurance.*
Contact your Midland National representative today to see if this strategy is right for you.
*Neither Midland National nor its agents give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor before entering into or paying additional premiums with respect to such arrangements.
You might know the basic difference between term and permanent insurance. But are you aware how this choice may affect your options in the future. Watch the video below and determine what option best suits your financial needs!
Contact your Midland National representative today to see which strategy is right for you.
Indexed universal life is a version of universal life that combines death benefit protection with the opportunity to grow cash value through an account that credits interest based upon the upward movement of stock market indexes – without the risk of investing directly in the market.
Watch the video and see if our Indexed Universal Life Insurance products are a good fit for you.
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. 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, One Sammons Plaza, Sioux Falls, SD 57193. Telephone: (605) 335-5700.
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