The new Essential Guaranteed Universal Life (UL) insurance product comes with an added Premium Recovery Endorsement and new rates


Image: Midland National Life Insurance launches new life insurance product. Photo: Courtesy of fantasista/

Midland National Life Insurance Company, a member of Sammons Financial Group and one of America’s leading insurance companies, today announced a new Essential Guaranteed Universal Life (UL) insurance product with an added Premium Recovery Endorsement and new rates. These new features allow Midland National to help consumers secure guaranteed death-benefit protection1 that meets their needs. The new Essential Guaranteed UL also includes enhanced dial-a-guarantee pricing (selecting a no-lapse guarantee period that is shorter than a guarantee to maturity) for guarantees to age 100 or less and is strong in level pay, single pay and 10-pay scenarios.

“In this era of low interest rates, a number of carriers are no longer offering a lifetime guaranteed universal life insurance product. People are living longer and need to be better prepared for the future,” says Jerry Blair, chief distribution officer of Sammons Financial Group’s Life Division. “Essential Guaranteed Universal Life provides customers and their families with support when they need it most.”

Essential Guaranteed UL is the latest product innovation from Midland National that builds upon their reliability and commitment to their customers, who want to protect and provide for their families after they are gone or in case of an emergency. The new features of this lifetime guaranteed UL are:

New Premium Recovery Endorsement: Essential Guaranteed allows policyowners to receive some or all of the total premiums paid when fully surrendering the policy following the 15, 20 or 25-year policy anniversary.

Accelerated Death Benefit Endorsements: Policyowners may accelerate a portion of the policy’s death benefit, which pays an unrestricted cash benefit if the insured is diagnosed with a qualifying critical, chronic, or terminal illness.

Guaranteed Exchange Privilege: This feature allows an exchange to an indexed universal life product at the same risk class with no underwriting and no surrender charge, subject to the terms of the policy.

Additional Compliance: Essential Guaranteed UL is now compliant with Principal Based Reserves and 2017 CSO Mortality Tables.

This product is available with Midland National’s WriteAway Accelerated Underwriting, which provides a faster and less invasive process for issuing a policy.

Midland National is continually rated A+ by agencies including A.M. Best, Fitch and S&P Global Ratings, and they were named to Ward’s Top 50 list of top-performing life insurance companies for the past three years. To learn more about the new Midland National Essential Guaranteed Universal Life product, you can find an agent near you.

Source: Company Press Release