Midland National Life Insurance Company Launches New Premier Term Life Product
West Des Moines, IA | June 24, 2019 – Midland National® Life Insurance Company (Midland National), a member of Sammons® Financial Group, Inc. (SFG) and one of America’s leading insurance companies, today announced new lower premiums for its Premier Term life insurance product. In addition to competitive rates, Premier Term also features an accelerated death benefit for critical, chronic, and terminal illnesses at no extra cost1, subject to eligibility requirements. Premier Term can help policyowners and their families with medical costs or bills due to a qualifying illness by providing access to a portion of the death benefit while the insured is still living.
“Life is unpredictable, so it’s important to prepare the best you can – especially when it comes to finances. Families who are going through the difficulty of losing a breadwinner can feel a little more at ease knowing that their Premier Term policy can help provide for their needs,” says Jerry Blair, chief distribution officer of SFG. “This product can help a family maintain their quality of life.”
Premier Term’s lower premiums build upon Midland National’s commitment to their customers, making the death benefit protection that only life insurance can provide even more affordable. Midland National offers 10, 15, 20, and 30-year level premium guarantee periods, depending on issue age. It’s also available with Midland National’s WriteAway® Accelerated Underwriting, which provides a faster and less invasive process for issuing a policy.
Premier Term provides the policyowner with the opportunity to convert to most of Midland National’s currently available permanent life insurance products without evidence of insurability. Conversion is allowed during the level premium period of the policy, or to age 75 (69 for 30-year), whichever is earlier. There are some restrictions based upon the age of the insured at policy issue, but the conversion period is never less than five years, regardless of issue age. “Premier Term’s generous conversion privilege creates additional opportunity for the policyholder. A person’s financial goals can be quite different years down the road, and Midland National can help,” says Blair.
Midland National is continually rated A+ by agencies including A.M. Best, Fitch and S&P Global Ratings, and they were named to Ward’s Top 50 list of top-performing life insurance companies for the past three years. To learn more about the new Midland National Premier Term product, you can find an agent near you.
Sammons® Financial Group is comprised of North American Company for Life and Health Insurance®, Midland National® Life Insurance Company, Sammons Institutional GroupSM, Inc. and Sammons Financial Network® LLC, member FINRA.
About Midland National Life Insurance
For more than 110 years, Midland National® Life Insurance Company (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 policyholders. 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, Inc. on August 2, 2018
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National 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, www.midlandnational.com.
About Sammons Financial Group, Inc.
The member companies of Sammons® Financial Group, Inc. (SFG), are here to help families and businesses protect their future, so they can enjoy life’s moments today. A subsidiary of Sammons Enterprises, Inc., SFG is a group of privately-owned financial companies, including several of the most enduring and stable companies in our industry. SFG is comprised of three member companies: Midland National® Life Insurance Company, which includes Sammons® Corporate Markets; North American Company for Life and Health Insurance®; and Sammons Institutional GroupSM, which consists of Midland Retirement DistributorsSM and Sammons Retirement Solutions®, Inc. Together, SFG offers some of today’s most sought-after life insurance, annuity, and retirement planning products. Sammons Financial Group: With You for Every MomentSM.
1. An administration fee is required at time of election of an accelerated death benefit. The face amount will be reduced by the accelerated death benefit amount. Since benefits are paid prior to death, a discount will be applied to the face amount accelerated. As a result, the actual amount received will be less than the amount of face amount accelerated.
Premier Term (policy form series T142) and Accelerated Death Benefit Endorsement for Term Life for critical, chronic and Terminal illness (policy form series TR210) are issued by Midland National Life Insurance Copany Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193 Products, features, riders, endorsements, or issues ages may not be available in all jurisdictions. Limitations or restrictions may apply.