Introducing Essential Guaranteed Universal Life

Essential Guaranteed^® Universal Life

A new addition to Midland National’s lineup! Essential Guaranteed UL provides some of the lowest premiums available in the industry for clients seeking lifetime guaranteed death benefit protection².

Universal Life—Death Benefit (UL-DB)

UL-DB is a flexible life insurance product that is specifically designed for those who are seeking low-cost permanent life insurance. The base plan excels at carry ($1 at age 100) and endow scenarios while the optional Premium Guarantee Rider allows the UL-DB to balance lifetime guarantee coverage² with cash accumulation.

Universal Life—Cash Value (UL-CV)

Designed for maximum funding, the UL-CV offers the tools needed for cash accumulation while providing death benefit protection. The contractually guaranteed Net Zero Cost Loans³ compliment the premium bonus⁴, interest rate bonuses⁵, and Waiver of Surrender Charge option⁶ to create an industry leading solution for supplemental income.

Net Zero-Cost Loans

What kind of access do your clients have to their cash values? Midland National provides contractually guaranteed Net Zero-Cost Loans throughout the UL product line. A Net Zero-Cost Loan is charged and credited at the same rate for a net zero cost and is generally free from income tax³. Net Zero-Cost Loans are available on the full loan value of the policy.

Accelerated Benefit Rider–Chronic Illness (ABR-C)

This innovative rider allows your client to accelerate up to 24% or $240,000 of the death benefit per year for expenses such as nursing care or home healthcare if they become unable to perform two of six activities of daily living (bathing, continence, dressing, eating, toileting, and transferring) or develops a severe cognitive impairment. ABR-C is available with no additional premium⁷.

Accelerated Benefit Rider–Terminal Illness (ABR-T)

This rider allows your client to receive a portion of the death benefit if the base insured becomes terminally ill. ABR-T is available with no additional premium⁷.

¹ Allows policyowner the right to exchange policy, without evidence of insurability, to one of our cash value accumulation universal life policies available at the time of exchange. Not available for ages 76 and above.
² Subject to premium paying requirements.
³ Policy loans or withdrawals will reduce the policy’s ultimate cash value. In some situations loans and withdrawals may be subject to federal taxes. Midland National nor its agents give tax or legal advice. Clients should be instructed to consult with and rely on their own tax advisor or attorney for advice on their specific situation.
⁴ A conditionally guaranteed Premium Bonus will be added to the account value for policies that persist beyond 10 years. Money will paid in the form of interest credited to the Account Value. The bonus is added as an interest credit at the beginning of policy years 11-15.

The Premium Bonus feature is only available if:

the policy is in effect;
the company declares a current interest rate that exceeds the 3% guaranteed interest rate; and
the current cost of insurance rates are less than guaranteed maximum cost of insurance rates shown in the Schedule of Policy Benefits.

⁵ UL-CV offers a conditionally guaranteed interest bonus to further help your clients build long-term cash value accumulation. Interest bonus may be earned when we declare a current interest rate that exceeds the guaranteed interest rate. Interest Bonus percentages are not guaranteed and subject to change; however, once a policy is issued, the percentage will not change. Not available in Texas. Interest bonus is not applied to loaned funds.
⁶ Available for an additional charge per $1,000 per month, depending on issue age and underwriting class.
⁷ There is an administrative fee when the ABR-C or ABR-T benefit is elected. Because benefits are paid prior to death, the actual amount received will be discounted and will be less than the death benefit accelerated.

For full product details, please reference the product feature cards; the Essential Guaranteed UL feature card #13151, UL-CV feature card #12360, UL-DB feature card #12397, and ABR-C & ABR-T feature card #11846.

Essential Guaranteed Universal Life, UL-CV, and UL-DB are issued on policy form series L138, L136, and L137; Accelerated Benefit Rider-Chronic Illness (ABR-C) Accelerated Benefit Rider-Terminal Illness (ABR-T), Premium Guarantee Rider are issued on rider form series TR137A, TR138A, and TR141 respectively by Midland National Life Insurance Company, Executive Offices, One Sammons Plaza, Sioux Falls, SD, 57193. Products, features, endorsements, riders or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.