Policy offers income increase if policy owners are unable to perform self-care tasks
LOUISVILLE, KY. (June 30, 2020) – DPL Financial Partners and Midland National® Life Insurance Company (Midland National), are introducing a new, commission-free fixed index annuity (FIA), the Midland National Capital IncomeSM. Through its unique health-activated income multiplier feature, Capital Income can double income payments for up to five years to help prepare for increased personal care costs. It offers this feature through its income rider, which can create guaranteed lifetime income to help safeguard retirement lifestyles.
“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.”
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.
“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 will be exclusively available to DPL’s RIA member firms by the end of July 2020.
About DPL Financial Partners
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 rather than commissioned, sales-driven ones. www.dplfp.com
About Midland National Life Insurance Company
For more than 110 years, Midland National® Life Insurance Company (Midland National) has been an industry leader, crediting the company’s strength to its commitment to stability, innovation and dedicated customer service. Midland National is accredited by the Better Business Bureau, and has earned an A+ (Superior) rating from A.M. Best, a large third-party independent reporting and rating company that rates an insurance company on the basis of the company's financial strength, operating performance and ability to meet its ongoing obligations to policyowners. This rating is the second highest out of 15 categories and was affirmed by A.M. Best for Midland National as part Sammons® Financial Group, Inc. on Aug. 7, 2019.
Founded as Dakota Mutual Life Insurance Company in 1906, Midland National has protected families and preserved legacies for generations. Midland National is one of the leading insurance companies in the United States. Midland National is a member of Sammons Financial Group, a subsidiary of Sammons Enterprises, Inc. With its annuity division in West Des Moines, Iowa, and its life insurance operations in Sioux Falls, South Dakota, Midland National operates in 49 states and the District of Columbia through its 12,000 licensed sales professionals. For more information, click here.
1 Known as ADL Benefit Rider in the contract. See contract for full ADL definitions and additional conditions required to elect it. THE ADL BENEFIT RIDER (ALSO KNOWN AS THE HEALTH-ACTIVATED INCOME MULTIPLIER) IS NOT LONG TERM CARE INSURANCE NOR IS IT INTENDED TO REPLACE LONG TERM CARE INSURANCE.
Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.
The Midland National Capital IncomeSM is issued on base contract form AS202A/ICC19-AS201A or appropriate state variations including all applicable endorsements and riders.