Types of Life Insurance
Term Life Insurance
Term life insurance policies provide affordable, temporary coverage. Term policies contain no cash value and are designed for death benefit protection only. The premiums may be level for the first 10, 15, 20 or 30 years, depending on the policy selected. Because the death benefit protection is for a limited period, the premium is often the lowest of all types of life insurance policies. However, after the level term period, premiums may go up significantly and increase annually.
Whole Life Insurance
Whole life is the traditional form of permanent life insurance. It provides the certainty of level premiums, a guaranteed interest rate and a guaranteed death benefit1. Whole Life provides the extra security of guaranteed protection at affordable rates, yet it includes the element of cash value accumulation.
Universal Life Insurance
Universal life is a flexible premium, adjustable life insurance product that provides the flexibility for choosing various features and adjusting those features as financial priorities and needs change. The policy can have cash value that grows on a tax-deferred basis2.
Indexed Universal Life Insurance
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. The Index Account features a zero percent floor which guarantees your account won't earn less than zero percent due to poor market performance.
Variable Universal Life Insurance
Variable universal life insurance is designed to provide solid death benefit protection and the potential for cash value accumulation. The combination of flexibility, attractive tax features, and Separate Account investment portfolios create life insurance products that you can tailor to your insurance needs, risk orientation and long-term objectives.
Please consider the fund's investment objectives, risks, charges and expenses carefully before investing. The product prospectus and the fund prospectuses contain this and other information about Midland National's variable products including the fund's investment objectives, risks, charges, and expenses. To obtain current product and fund prospectuses, you can call or write to Midland National, Administrative Office, One Sammons Plaza, Sioux Falls, SD, 57193, (800) 272-1642. You may also visit our website, MidlandNational.com. Please read the prospectus carefully before you invest or send any money.
1.Guarantees are based on the claims-paying ability of Midland National.
2.Midland National does not give tax or legal 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.
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, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Telephone: (800) 272-1642.
Variable products distributed by Sammons Financial Network® LLC, member FINRA. Sammons Financial Network® LLC and Midland National® Life Insurance Company are affiliated companies and indirect wholly owned subsidiaries of Sammons Enterprises, Inc. of Dallas, Texas.
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.
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