UL-CV

Help provide your clients the flexibility to live what they love. UL-CV (Universal Life - Cash Value) is a flexible premium adjustable life insurance product that is specifically designed for those who are seeking death benefit protection and cash value performance.

Markets

UL-CV is designed to be suitable for many types of individuals and purposes:

For clients seeking potentially high cash value accumulation.
As protection for outstanding loans, whether these loans are personal or business.
For clients seeking supplemental retirement income and long term death benefit protection.
For clients seeking access to the cash value during the policy’s early years.

Highlights

Premium Bonus
Interest Bonus
Waiver of Surrender Charge Option
Table Shaving (Table D to Standard) when Waiver of Surrender Charge Option is selected
Five underwriting classes
Net Zero-Cost Loans in years 6+
Overloan Protection Benefit
Long No-Lapse Guarantee period
Accelerated Benefit Riders for Chronic and Terminal Illnesses
Highest compensation product in Midland National’s UL portfolio
Two-year rolling targets

Death Benefit

Option 1 — Level Death Benefit
Option 2 — Increasing Death Benefit
Minimum: $25,000
Maximum: Unlimited (subject to Underwriting approval)

No-Lapse Guarantee

If the minimum premium is paid, we guarantee coverage will not expire for the lesser of 20 years or age 70 (but not less than 5 years)¹.

Waiver of Surrender Charge²

When elected, surrender charge is waived in all years. Does not apply to policy surrenders for 1035 exchanges to another company. The Waiver of Surrender Charge option must be selected at the time of application.

Table Shaving³

For policies that include the Waiver of Surrender Charge Option (available for an additional fee), qualifying rated cases through Table D will be classified as Standard. “Qualifying rated cases” includes all policies up to $5,000,000 for ages 0-75. Table Shaving will not apply to anything beyond Table D and cannot be used to move a proposed insured into one of the Preferred Classes.

Interest Bonus

UL-CV offers a conditionally guaranteed interest bonus⁴ 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. The current interest bonus rates are 1.0% in years 11-20 and 1.15% in years 21 and thereafter.

Premium Bonus

A conditionally guaranteed premium bonus⁵ will be added to the account value for policies that persist beyond 10 years. The bonus is added as an interest credit at the beginning of policy years 11-15.

Overloan Protection Benefit⁶

Should the policy become in danger of lapsing due to a large loan amount relative to the policy’s cash value, the policyholder may elect to guarantee a lower death benefit amount, provided the policy is not terminated due to surrender and policy loans or withdrawals are not taken during the Overloan Protection Period. This benefit may reduce the death benefit value.

¹ Subject to premium paying requirements.
² Available for an additional charge of $.04 - .06 per $1,000 per month, depending on issue age.
³ When a person applies for life insurance coverage, his or her health is evaluated and a corresponding underwriting rating is applied. This product’s table shaving features allow certain substandard underwriting rates (known as "table ratings") to be improved to a "standard" rating. A "standard" rating generally indicates average health and involves a lower life insurance premium than do substandard ratings.
⁴ If we are crediting interest in excess of the guaranteed interest rate and your policy is in effect after the 10th policy anniversary, your policy will receive an Interest Bonus (Not available in Texas.). The Interest Bonus is 1.0% above the then current interest rate in years 11-20, increasing to 1.15% in years 21 and thereafter. The Interest bonus is not applied to loaned funds. The Interest Bonus percentage is not guaranteed and subject to change. Once a policy is issued, the percentage will not change. The Interest Bonus is not available in Texas.
⁵ A conditionally guaranteed Premium Bonus will be added to the account value for policies that persist beyond 10 years. Money will be 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. To calculate the Premium Bonus, we first determine the average net premium. The average net premium is equal to the sum of the (total premiums paid less withdrawals taken in the first 10 years less the debt at the end of the 10thth policy year) divided by 10. The Premium Bonus is the lesser of the average net premium and 120% of the commissionable target premium. The Premium Bonus is spread out over five years (20% paid annually in years 11-15). The Premium Bonus feature is only available if: (a) the policy is in effect; (b) the company declares a current interest rate that exceeds th 3% guaranteed interest rate; and (c) the current cost of insurance rates are less than guaranteed maximum cost of insurance rates shown in the Schedule of Policy Benefits. The amount of the Premium Bonus will be the lesser of: (a) the sum of total premiums paid in the first 10 Policy Years, less withdrawals and policy debt, divided by 10; or (b) 120% of the initial commissionable target premium.
⁶ The policy will remain in effect when extensive loans are taken provided the policy is not terminated due to surrender and the policyowner does not take policy loans or withdrawals during the Overloan Protection period. This benefit may reduce the death benefit value.

UL-CV is issued on policy form series L136 by Midland National Life Insurance Company, Executive Offices, Sioux Falls, SD 57193. Products, features, riders, endorsements or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.