Midland National Life Insurance Company Adds Accelerated Death Benefit Endorsements for Critical, Chronic, and Terminal Illness Premier Term Series Products

Chicago, IL | Sept. 25, 2018 – Midland National® Life Insurance Company announced the addition of Accelerated Death Benefit Endorsements (ADBE) for critical, chronic, and terminal illness on Premier Term products. This is a welcome addition to the already included terminal illness benefit. The new endorsements will be added to eligible Premier Term life insurance policies at the time of issue for no additional premium.1

These new living benefits allow the policyowner to access the death benefit at a time when they may need it most — when diagnosed with a qualifying serious illness. Critical and chronic illnesses like heart disease, stroke, cancer, and diabetes are among the leading causes of death and disability in the United States. As many as 7 out of 10 deaths result from chronic illness, which makes living benefits all-the-more important.2

The endorsements strengthen Midland National’s already strong Premier Term, which is fully equipped with competitive rates, guaranteed convertibility,3 and an easy application process through ExactApp®, plus the opportunity for WriteAwaySM Accelerated Underwriting.

“Providing the Accelerated Death Benefit Endorsement with critical and chronic illness benefits for no extra premium is a considerable bonus to our Premier Term policyowners,” stated Jerry Blair, Midland National’s vice president and chief distribution officer. “Offering these benefits on competitively priced term insurance significantly enhances Midland National’s marketability for Premium Term series products.”

Features of the ADBE include a maximum accelerated amount of $2 million (lifetime maximum for critical, chronic, and terminal illness combined per policy), an increase in terminal illness limits to 90% or $1 million, and qualifying chronic illnesses not needing to be permanent.

Premier Term is available for 10, 15, 20, and 30-year level premium guarantee periods, depending on the issue age.4 The new Premier Term additions are offered in all states and territories except California, Florida, the British Virgin Islands, Mariana Islands, and the Virgin Islands.


About Midland National

For more than 110 years, Midland National has been an industry leader, crediting the company’s strength to its commitment to stability, innovation and dedicated customer service. Midland National is accredited by the Better Business Bureau, and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance and ability to meet its ongoing obligations to policyowners. This rating is the second highest out of 15 categories, was affirmed by A.M. Best for Midland National as part of Sammons Financial Group on August 2, 2018 
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National Life Insurance Company has protected families and preserved legacies for generations. Midland National is one of the leading insurance companies in America. Midland National is a member of Sammons® Financial Group, Inc. With its Annuity Division located in West Des Moines, Iowa, and its Life Operations location in Sioux Falls, South Dakota, Midland National operates in 49 states and the District of Columbia through its 12,000 licensed sales professionals. For more information, visit  midlandnational.com.

1 The accelerated death benefits are subject to eligibility requirements. The face amount will be reduced by the face 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 face amount accelerated. An administrative fee applies for any accelerated death benefit election.

2 Centers for Disease Control and Prevention. Retrieved June 28, 2017, from http://www.cdc.gov/chronicdisease/overview/index.htm

3 Guaranteed convertibility to an individual permanent life insurance policy then available from Midland National’s for conversion, subject to the terms of the policy.

4 Premiums are guaranteed to remain level for the initial 10, 15, 20, or 30-year period. After the premium guaranteed period, premiums will increase annually but will never exceed the Guaranteed Annual Renewal Premium.

Premier Term (policy form series T142) and Accelerated Death Benefit Endorsement for Critical, Chronic, and Terminal Illness for Term Life (form series TR210), are issued by Midland National Life Insurance Company, 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. Midland National is not licensed to write in New York.