|Annuity Type||Flexible premium deferred fixed index annuity|
|For 5- or 7-year Surrender Charge Period: 0-85
For 10-year Surrender Charge Period: 0-79
|Type of Money||Non-qualified, Traditional IRAs, Roth IRAs, SEP-IRAs, and Inherited IRAs|
|Minimum Premium||$10,000 Initial Premium ($1,000 additional)|
|Maximum Premium Contribution||$2 million (without prior approval)|
|Three Accounts Available||
|Surrender Charge Options
The LiveWell® Preferred Fixed Index Annuity offers different surrender charge options, allowing more flexibility.
|Listed below are 3 surrender charge options from which your client can choose. See product-specific disclosure for additional information.
Certain Surrender Charge Periods may not be available. Please confirm availability with your firm, or contact the Sammons Retirement Solutions Sales Desk at 855-624-0201.
|Penalty-Free Withdrawal Amount||Starting in year 2, your clients may withdraw up to 10% of their Accumulation Value (or Required Minimum Distributions if greater) without a surrender charge. The Penalty-Free Partial Surrender Amount is not cumulative.|
|Market Value Adjustment (MVA)
MVA may be negative or positive
|This contract includes a Market Value Adjustment (MVA) feature which may decrease or increase the Surrender Value depending on the change in the MVA Index Value of the MVA External Index since the beginning of the current Surrender Charge Period. When the MVA External Index rises, Surrender Values are generally lower. When the MVA External Index decreases over time, the Surrender Value generally increases. Please refer to the Understanding the Market Value Adjustment brochure for further details.|
|Surrender Value||The Surrender Value is the amount that is available at the time of surrender. The Surrender Value is equal to the Accumulation Value, subject to Market Value Adjustment, less applicable surrender charges and state Premium Taxes. A surrender during the Surrender Charge Period could result in a loss of premium. The Surrender Value will never be less than the minimum requirements set forth by state laws at the time of issue in the state where the Contract is delivered. In Indiana, the Surrender Value will never be less than 87.5% of the premium, less any surrenders (after any Market Value Adjustment or surrender charges), accumulated at 1%.|
|Interest Rate Bands||Based on your client's Accumulation Value on each Contract Anniversary
Band 1: < $100,000 Band 2: $100,000 to $249,999 Band 3: >= $250,000
Declared for both fixed and index accounts.
|Index Caps/Rates||Click here for current caps and interest rates.|
LiveWell® Legacy Protector and LiveWell® Income for Life cannot be elected together and availability may vary by state.
Optional riders are not allowed on inherited IRAs.
|LiveWell Income for Life Rider
Guaranteed Lifetime Withdrawal Benefit (GLWB)
|LiveWell Legacy Protector
Guaranteed Minimum Death Benefit (GMDB)
|Nursing Home Confinement Waiver2||
The Nursing Home Confinement Waiver is included at no additional charge.
In CT, known as Free Withdrawal Nursing Home Rider. In states where waiver is approved. If joint covered persons are named on the annuity, waiver will apply to the first covered person who qualifies for the benefit.
|Standard Death Benefit||
Upon death of the Owner, Midland National® will pay the Accumulation Value as the standard death benefit.
If there are joint Owners, the death benefit is paid upon death of the first Owner.
The standard death benefit will never be less than the minimum Surrender Value set forth by your state.
No surrender charges or Market Value Adjustments are applied at death. See Contract for details.
Spousal Continuance: If the Owner dies and the sole Beneficiary is the deceased Owner's spouse, the Beneficiary may elect to continue this Contract as the new Owner.
|Annuity Payout Options||
Should your client decide to receive an income from their annuity after the Surrender Charge Period, they will have several annuity payment options from which to choose, including: income for a specified period, income for a specified amount, life income with a period certain, life income, and joint and survivor life income.
Annuity payout options are a benefit of deferred annuities, but not a requirement with the LiveWell® Preferred Fixed Index Annuity.
Fixed Index Annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although Fixed Index Annuities guarantee no loss of premium due to market downturns, deductions from your clients' Accumulation Value for additional optional benefit riders could under certain scenarios exceed interest credited to their Accumulation Value, which would result in loss of premium. They are complex insurance products and may not be appropriate for all clients. Please see the contract for features and limitations that may impact income.
Please click here to view important product-specific disclosures for the LiveWell® Preferred Fixed Index Annuity.
NOT FDIC/NCUA INSURED, MAY LOSE VALUE INCLUDING LOSS OF PRINCIPAL, NO BANK/CU GUARANTEE, NOT A DEPOSIT, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.
FOR INSTITUTIONAL USE ONLY. NOT INTENDED FOR CONSUMER SOLICITATION PURPOSES.