Midland National has announced the availability of a living benefit rider that can be added to any of the company’s fixed annuities. The Guaranteed Income Provider provides an alternative to annuitizing a contract. It allows clients to receive guaranteed lifetime withdrawals during the accumulation phase.
Other highlights of the new benefit include the following:
- Up to 8 percent withdrawals for life
- The ability to start and stop payments according to policyholder wishes
- Annual step-up feature
- Available joint life payouts
- 4 percent bonus each year a withdrawal is not taken
For more information, call (877) 586-0241.