New UL option from Midland National

Midland National Life Insurance Company is now offering Essential Guaranteed Universal Life 2, a product aimed at price-conscious clients.

Some highlights of Essential Guaranteed UL 2 include:

• Competitive premiums: Level-pay scenarios, with improvements in short-pay and dump-in situations.
• Guaranteed Exchange Privilege: Ability to exchange up to the policy’s specified amount to an accumulation type UL policy without evidence of insurability or surrender charge.
• $25,000 minimum face amount
• Accelerated Benefit for Chronic Illness: Includes an accelerated death benefit rider for chronic illness at issue with no additional premium.
• Zero-Cost Loans: Guaranteed net zero-cost loans are available on the full loan value starting in year six.
• Death benefit guarantee to any age, up to age 120, with no premiums after age 100
• Up to 120% compensation with two-year rolling target premiums

“Using our already competitive level-pay premiums as a starting point, we improved our dump-in and short-pay premiums on the Essential Guaranteed UL 2,” says Steve Palmitier, CLU, LLIF, president and chief operating officer of Midland National. “Combine this competitiveness with our fast, fair and consistent underwriting and you have a standout product.”