We’re excited to bring you and your clients our newest Indexed Universal Life insurance product, XL-CV Max – life insurance with maximum effect! Not only can XL-CV Max help provide your client with death benefit protection, it features stronger performance and marketability, along with all the other features you love about our IUL products.
So, what similarities does XL-CV Max share with other IUL products?
- Death benefit protection
- A compelling choice of index selections and crediting methods
- Guaranteed interest rate bonus on the indexed account
- 2.5% minimum account value trued up every 10 years
- Index credits based on the beginning segment value regardless of charges
throughout the year
- Index credits on the first annual statement
- Protected death benefit feature
- Accelerated Death Benefit Endorsements for terminal, chronic and critical illnesses1
- Policy charges waived when receiving the chronic illness benefit (now up to
$2 million net amount at risk on XL-CV Max)
What sets XL-CV Max apart from the rest? We’re glad you asked.
- Account Interest Multiplier2 on fixed and indexed accounts starting in year 6
- Increased interest bonus3 applied in years 11+ to 1%
- Added Return of Premium Death Benefit*
- Allows variable interest rate loans4 in year 1 available on day 1
- Shortened surrender charge period schedule to 10 years
- Raised Accelerated Death Benefit maximum acceleration amount to $2 million
- Both permanent and temporary chronic illness benefits
- Even stronger performance potential
These added benefits put the “Max” in XL-CV Max, and can help strengthen your client’s financial strategy by providing death benefit protection, an opportunity for stronger long-term cash value growth, supplemental retirement income, and an opportunity to access a portion of the death benefit while living if they were diagnosed with a serious illness. With all these features, you can have confidence that your client is getting the most out of their IUL product. Speaking of clients…
We have created a great consumer video that you can share with clients as you’re discussing this exciting new product. View it here!
XL-CV Max is approved everywhere but California and Delaware. Help take your client’s future, and your sales, to the max, with XL-CV Max. Check out our many client and agent tools and resources here to get started today.
*Subject to eligibility requirements.
1. Accelerated death benefits are automatically included at policy issue for no additional premium, 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. This feature allows the owner to advance a portion of the death benefit if the insured meets the requirements described in the endorsement form. The endorsement may cover critical, chronic and terminal illness depending on product and state. Refer to the specific product guides or www.MidlandNational.com for more information.
2. Account Interest Multiplier is applied after 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. The multiplier is guaranteed on the index account, and conditionally guaranteed on the fixed account.
3. Certain Midland National products offer a conditionally guaranteed interest bonus to further help your clients build long-term cash value accumulation. An interest bonus may be earned when we declare a current interest rate that exceeds the guaranteed interest rate. The interest bonus is guaranteed on the indexed account, and conditionally guaranteed on the fixed account. Interest bonus percentages are not guaranteed and subject to change, however, once a policy is issued, the percentage will not change. For standard policy loans the interest bonus is not applied to any loaned amount.
4. The net cost of a variable interest rate loan could be negative if the credits earned are greater than the interest charged. The net cost of the loan could also be larger than under standard policy loans if the amount credited is less than the interest charged. In the extreme example, the amount credited could be zero and the net cost of the loan would equal the maximum interest rate charged on variable interest loans. In brief, Variable Interest Rate Loans have more uncertainty than Standard Policy Loans in both the interest rate charged and the interest rate credited.
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.
XL-CV Max IUL (policy form series L147) and Accelerated Death Benefit Endorsement for Critical, Chronic and Terminal Illness (form series TR207) are issued by Midland National, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, riders, endorsements, or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.
133MS-66 FOR AGENT USE ONLY. NOT TO BE USED FOR CONSUMER SOLICITATION PURPOSES. 6/18