Our universal life (UL) product, Essential Guaranteed®, is a highly competitive choice to help your clients secure guaranteed death benefit protection1–all the way to age 120–at a great value. Essential Guaranteed UL also offers a Guaranteed Exchange Privilege that allows your clients to exchange to a Midland National indexed universal life product without evidence of insurability or surrender charges, subject to the terms of the policy. It also offers a Premium Recovery Endorsement which allows the policyowner to receive some or all of the total premiums paid when fully surrendering the policy within a 60-day window following the 15, 20, or 25-year policy anniversary.2 Included for no additional premium.
2. The Premium Recovery Endorsement allows the owner to fully surrender the policy during the premium recovery period and recover all or a portion of the total premiums paid less any policy debt or withdrawals, including withdrawal charges and processing fees. The total premiums paid will be reduced by the same portion as the death benefit for any acceleration of the death benefit. This endorsement will remain in effect to the 25-year policy anniversary as long as the qualification test is satisfied at each policy anniversary. Generally, the qualification test is met if the gross premiums paid guarantee the policy to at least the insured's attained age of 95, assuming no policy loans are taken. In some instances, additional premium may be required based on underwriting class, table ratings or flat extras. If the Premium Recovery Endorsement terminates, it cannot be reinstated. This benefit is available for a 60-day window following the 15, 20, and 25-year policy anniversaries. The owner may recover up to 50% of paid premiums if exercised following the 15-year anniversary, and up to 100% of paid premiums if exercised following the 20 or 25-year anniversaries. The maximum amount that can be recovered is capped at 50% of the lowest specified amount of the policy. The premium recovery value will never be less than the net cash surrender value. Please reference the policy for complete details.
Essential Guaranteed Universal Life 5 is issued on policy form series L146 or state variation including all applicable endorsements and riders, by Midland National® Life Insurance Company, Sioux Falls, South Dakota, 57193. Products, features, riders, endorsements or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.
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