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Sammons Unit Rolls Out IUL Product

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Midland National Life Insurance Company has introduced the XLDB equity-indexed universal life insurance policy.

The policy, part of the company’s XL policy family, offers purchasers a menu of 5 different stock indices, including the Dow Jones Industrial Average, the NASDAQ-100, the Standard & Poor’s MidCap 400 and the Russell 2000 index as well as the S&P 500 index.

Policyholders also can choose between daily and annual point-to-point crediting methods, according to Midland National.

One option, an Indexed Premium Guarantee rider, can give policyholders the ability to extend a death-benefit guarantee for any length of time up until the insured turns 121.

If a policy is still in force when the insured turns 121, the owner can extend the maturity date even further into the 22nd century with an extended maturity option, Midland National says.

The product offers a 3% average annual interest-rate guarantee on death, lapse, policy maturity or surrender, the company says.

Midland National is responsible for backing the policy guarantees.