Company Information
Company Name
Midland National Life
Product Name
Midland National Life Guarantee Pro 7
Description
The Guarantee Pro 7 is a single premium, fixed annuity with a seven-year rate lock. After the seven year term, owners have a 30-day window to withdraw all funds, transfer to another company, annuitize for income, or start a policy with a new term. This contract accepts both qualified and nonqualified funds and is RMD friendly.
Lower rates are available for deposits between $20K-$99.9K while amounts between $100K-$2mil receive the highest rate. Current company practice allows for free interest withdrawals in the first 12 months.
AM Best Rating
A+
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 10%
Rate
5.05%
Term
7 Years
Minimum Investment
$ 100,000
Maximum Investment
$2,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Issued by a strong A+ rated company doing business for over 100 years. No surrender charges at passing. Flexible free interest withdrawal options. Spousal continuance options.
Notable Features
At no cost, this policy includes a Nursing Home rider. It waives all surrender charges if owner is confined in a qualified facility for over 90 consecutive days.
Other Popular Products
Midland National offers very competitive fixed-indexed annuities with upfront and ongoing premium bonuses. Additionally, their single premium life insurance is popular for wealth transfer and tax avoidance.
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About Midland National Life
With offices in West Des Moines, IA, and Sioux Falls, SD, Midland National Life is well-respected in the life and annuity marketplace. They and their sister company, North American Company, are part of the even larger Sammons Financial Group.
Founded in 1906, Midland National is one of the oldest insurance carriers available to consumers. With an A+ rating and $75 billion under management, consumers can confidently place their insurance business with a tried and true company.