The LiveWell® Preferred Fixed Index Annuity, issued by Midland National® Life Insurance Company, includes two optional riders available at an additional cost (clients may choose only one):
LIVEWELL® INCOME FOR LIFE
Guaranteed Lifetime Withdrawal Benefit (GLWB) Rider
- Guarantees clients will never outlive payments, even if their value drops to zero
- They can choose payments monthly, quarterly, semi-annually, or annually
- Clients always retain control of their money
- Value is guaranteed to grow at 8% simple interest up to twice net premium
- Can be added to the contract at issue for 0.85% of the GLWB Value (cost deducted from accumulation value)
- The longer your clients wait to take withdrawals, the greater the Lifetime Payment Amount they'll receive
- When your client first elects Lifetime Payment Amounts, their payments will be based on their current LiveWell Income for Life Value multiplied by a percentage based on the youngest GLWB-covered person's age, called the Lifetime Payment Percentage
- If a Required Minimum Distribution (RMD) is required, your client can take the greater of the Lifetime Payment Amount or the RMD without reducing their Lifetime Payment Amount
- Cannot be elected with LiveWell Legacy Protector Rider
LIVEWELL® LEGACY PROTECTOR
Guaranteed Minimum Death Benefit (GMDB) Rider
- Your clients’ beneficiaries are guaranteed to receive the Accumulation Value
- The GMDB Amount is guaranteed to grow at 5% simple interest to twice net premium until age 85
- Available as a death benefit if greater than the Accumulation Value
- Beneficiaries can choose a lump sum payment or a series of income payments (may be taxed to beneficiaries as ordinary income)
- Can be added at contract issue for 0.35% of the GMDB Amount, which is taken annually from the Accumulation Value as long as the rider is in effect
- Cannot be elected with LiveWell Income for Life Rider
Please see product brochure for more details.
Neither Sammons Institutional GroupSM, Inc., Midland National®, nor any agents acting on their behalf, should be viewed as providing legal, tax, or investment advice. Have your clients consult with and rely on their own qualified professional.