What’s Covered In This ReviewIn this review, we’ll cover the following information on the Midland National MNL Guarantee Ultimate 5-Year Annuity:
- Product Type
- Current Rates
- Realistic long term return expectations
- How it is used
- How it is most poorly used
Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in. We make the complex, simple.The consideration of an annuity – or for that matter, any type of insurance or financial product – that can provide you with security, as well as an ongoing income stream in the future, is a big decision. However, if you have been reading up on the Midland National MNL Guarantee Ultimate 5-Year annuity, it is possible that it can fit into your overall financial plans. But, prior to diving in head first and purchasing this annuity, it can be beneficial if you know all of the key facts, especially those that relate to how this product works, and how it may (or may not) help you in attaining your future financial goals. Throughout the past decade or so, annuities have become much more popular. One reason for this is due to the guaranteed stream of lifetime income they can provide. And, because of the appeal of annuities, there are many more financial advisors who are offering these vehicles to their clients. Yet, this is not necessarily a good thing. While insurance and financial advisors will typically try to do what is best for their clients, they may not always be providing you with the entire story when it comes to annuities. This could be due to the fact that annuities can be highly complex products – and, over the years, with the new array of annuity offerings that are being introduced into the marketplace, these financial vehicles can be extremely confusing, even for well-educated consumers. With that in mind, it is always recommended that you fully understand what it is that you are buying. This is particularly the case, as an annuity may comprise a substantial portion of your overall retirement savings. In addition, once you have made the commitment to purchase an annuity, it can be extremely difficult – and costly – if you want to get out.
Annuity and Retirement Income Planning Information that You Can TrustIf you have not yet visited our website, we would like to personally welcome you here to AnnuityGator.com. We are a team of experienced financial professionals, and we are highly dedicated to offering you in-depth, and unbiased, annuity reviews. We have been providing these annuity reviews for a number of years, and because of that, we have actually become a well-known and trusted source of all types of annuity information. If you’ve been in search of more details about annuities, and you have been looking for this information on the Internet, it is likely that you have run across a wide range of details about these products – some of which can be quite conflicting. This is not surprising, as there are not only a large number of annuities out there in the marketplace to choose from, but also, each one of these can offer you differing features and benefits. Plus, these products tend to include a great deal of “small print” in the contract. It is possible that you may also have recently attended a seminar where a financial advisor will offer you dinner or lunch while presenting you information about the benefits of owning an annuity. That seminar may even be what has led you here seeking more information about the Midland National MNL Guarantee Ultimate annuity. While there can be many good websites that are focused on marketing their annuities online, some of these can also work hard at luring you in so that you’ll provide your contact information with promises such as:
- Fast Annuity Quotes
- Lowest fees
- Top-Rated Annuity Carriers
- Highest Income Payouts
- Guaranteed Income for Life!
Midland National MNL Guarantee Ultimate 5-Year Annuity
|Product Name||Guarantee Ultimate|
|Issuer||Midland National Life Insurance Company|
|Type of Product||Single Premium Deferred Annuity|
|Standard & Poor's Rating||A+ (Strong)|
|Phone Number||(877) 586-0244|
Opening Thoughts on the Midland National MNL Guarantee Ultimate 5 Year AnnuityMidland National Life Insurance Company has been in the business of providing wealth accumulation and protection products for more than 110 years. Initially founded in 1906 as Dakota Mutual Life Insurance Company, this insurer thrived – even through the Great Depression, World War l and World War ll. Today, the company is a subsidiary of the Sammons Financial Group. As a private insurer, Midland National is not subject to the short-term earning pressures that publicly held insurance companies can often face. This insurer holds more than 1 million life insurance and annuity policies and has assets of more than $44 billion. Midland National Life Insurance Company has consistently received strong ratings from third-party rating companies, which include an A+ (Superior) from A.M. Best and an A+ (Strong) from Standard & Poor’s. After building up a lifetime of savings, no one wants to be subject to the continuous ups and downs of the stock market – yet, even after retiring, it is essential that your savings grow in order to help stretch out retirement income that is received, and to keep pace with the rising cost of goods and services that you need.
Before we get into the gritty details, here are some necessary legal disclosures…This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Midland National Life Insurance Company has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners. For additional information on how to compare annuities so that you can decide which may be the best one for you, contact us in order to obtain our free annuity report.
How Midland National Life Insurance Describes the MNL Guarantee Ultimate 5 Year AnnuityMidland National’s MNL Guarantee Ultimate Annuity is a single premium, multi-year guarantee product that is designed to help individuals with reaching their retirement goals. This annuity offers several choices in terms of guaranteed interest rate periods and surrender charge periods – including a 5-year option. It is available for individuals up to 90 years old in most states. According to the Midland National product brochure, the funds that are deposited into the account are allowed to grow on a tax-deferred basis, and the annuity can be converted to income for life – with receipt of the full accumulation value at death. For those who pay in a higher initial premium amount of $200,000 or more, a higher amount of interest will be received. If the owner or the annuitant of this annuity should die, Midland National Life Insurance Company will pay the full accumulation value of the annuity to a named beneficiary. In addition, after the first contract anniversary date, if the annuitant should become confined to a qualified nursing home for at least 90 consecutive days, the insurance company will increase the penalty-free amount by 10 percent of the accumulation value each year while he or she remains confined. The MNL Guarantee Ultimate 5-Year annuity can be used with qualified or non-qualified accounts. The minimum premium amount that may be deposited is $2,000 for qualified and $10,000 for a non-qualified account.
How Financial Advisors Might “Pitch” This AnnuityThe Midland National MNL Guarantee Ultimate 5-year annuity offers many attractive features – including the ability to roll funds into the account and allow them to continue growing per a guaranteed interest rate. In addition, this annuity offers the ability to access penalty-free withdrawals. In this case, the current year’s interest withdrawals are available each year and may begin as early as 30 days after the annuity is issued – provided that the annuity owner is on the systematic withdrawal system. With the additional nursing home confinement rider – which is available to issue ages of 75 and under – the annuity holder can access additional funds, penalty-free, from the annuity in order to help with paying the cost of a nursing home. Yet, even though you are able to obtain a set rate of interest for a guaranteed period of time with this annuity, the truth is that this – as well as the other features like lifetime income – can also be found on any number of other annuity options. And, if you are able to find these features – along with some added benefits – it may just be worth your while to take a closer look at the other alternative(s) before you make a commitment to the Midland National product. There may also be some potential drawbacks that other insurance sales agents have conveniently overlooked. For instance, while this annuity offers a 5-year interest rate guarantee, once that period of time has elapsed, you will have a 30-day window to either remove all of your funds or to roll the balance over into a new 5-year rate guarantee period. In this case, if we are still seeing historically low-interest rates in the economy – which has been in effect now for nearly a decade – your return on this annuity could be drastically lower, at a time when you may need the money the most. The bottom line here is that, while there are some nice benefits to going with the Guarantee Ultimate 5-Year product, once you have locked up your money in it, it can be too late for you to change your mind if or when a better option comes along. Therefore, if you still are not 100 percent sure that the Midland National MNL Guarantee Ultimate 5-Year annuity is right for you, and if you would also like to have some answers to other questions that have come up, then please feel free to reach out to us directly through our secure contact form here. We know how confusing it can be when you are considering whether or not a complex financial vehicle such as an annuity may or may not be the best fit for you. However, having more of an in-depth understanding of what you need to look for in these products is important, as annuities may encompass a large percentage of your retirement savings. If you would like to get some additional assurance that you know what it is that you are buying, then click here to download our free report on what you need to know prior to purchasing an annuity.
Fees Associated with the Midland National MLN Guarantee Ultimate 5-Year AnnuityIn addition to having a firm grasp on how your annuity will perform, it is also important that you know about any of the charges or fees that you may be hit with as a result of owning this product. In the case of the Guarantee Ultimate 5-Year annuity product, there are several areas where fees can come in. Fees and charges can reduce the value of your annuity. Typically, they will help to cover the insurance company’s expenses of selling and/or managing the annuity, as well as paying out its benefits. The insurer may subtract these costs directly from your annuity’s value. Should you want to withdraw some or all of your money during the first five years that you own this annuity, you will incur a surrender charge of 10 percent each year. A surrender charge is assessed on any amount that is withdrawn, whether as a partial or full surrender, that exceeds the penalty-free amount. Therefore, it is essential to keep in mind that this is a long-term financial commitment.
The Annuity Gator’s End Take on the Midland National MNL Guarantee Ultimate AnnuityWhere it works best: This particular annuity will typically work the best if you are looking for:
- A short-term interest rate guarantee
- Safety of principal
- Guaranteed lifetime income
- Want access to most or all of your funds within the first five years
- Do not intend to use the lifetime income feature