The Midland National Capital Income offers a unique health-activated income multiplier feature which can double income payments for up to five years to help prepare for increased personal care costs
Midland National and DPL launch new health-activated, fixed index annuity insurance. (Credit: FreeDigitalPhotos.net/everydayplus.)
Midland National Life Insurance Company (Midland National) and DPL Financial Partners have launched a new, commission-free fixed index annuity (FIA). The Midland National Capital Income offers a unique health-activated income multiplier feature which can double income payments for up to five years to help prepare for increased personal care costs. Capital Income offers this feature through an income rider creating guaranteed lifetime income to help safeguard retirement lifestyles.
“We had been looking to enter the fee-only advisor space when we began talking to DPL about combining our strengths to create a product that would serve an unmet need in the market,” said Rob TeKolste of Midland National. “When DPL brought us the idea for a commission-free FIA with an income rider offering a health-activated income benefit feature, we knew we could bring a powerful solution to RIAs. This fixed index annuity is competitive in its own right, but the health-related income multiplier feature provides an income stream just when many people need it most. This is a solution we believe many advisors seek for their clients.”
Capital Income offers the income rider with a health-activated multiplier for a cost. Although not intended to replace long-term care, it can be turned on in the event the policyowner can’t perform at least two out of six basic activities of daily living, like bathing, continence, dressing, eating, toileting, and transferring in and out of beds and chairs. Other conditions and limitations apply, including a waiting period and an elimination period.
“Health problems can dramatically impact a retiree’s expenses,” said David Lau, founder and CEO of DPL, the leading insurance network for registered investment advisors (RIAs). “We wanted to create a first-of-its-kind product that provides additional income should a client experience an unexpected health event that impacts their ability to care for themselves. We were delighted when Midland National stepped up to build it.”
DPL Financial Partners is the first and leading RIA turnkey insurance management platform that brings commission-free insurance solutions from a variety of the nation’s top carriers to RIA practices. DPL has created a marketplace of commission-free insurance products that enables RIAs to incorporate insurance and annuities into their practice to more holistically serve their clients. Clients benefit from products that offer competitive pricing and fiduciary implementation.
Capital Income became exclusively available to DPL’s RIA member firms on July 21, 2020.
Source: Company Press Release