Is the Midland Income Planning Annuity Any Good?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Our Midland Income Planning Annuity Review

The Midland Income Planning Annuity from Midland National Life is a fixed-indexed annuity that offers a secure and reliable option for individuals seeking retirement goals. This annuity provides the potential for growth based on positive changes in a market index while safeguarding against market downturns. It is especially suitable for conservative investors who prioritize the safety of their investments and prefer low-risk options such as bonds and bank CDs.

Key Takeaways:

  • The Midland Income Planning Annuity offers potential growth linked to market index performance while protecting against market downturns.
  • It is suitable for conservative investors who prioritize safety and security in their investment choices.
  • The annuity has a term of 10 years, so investors should consider their long-term financial goals and commitments before investing.
  • Excess withdrawals before the term ends may incur surrender charges, and early withdrawals may be subject to a market value adjustment.
  • The annuity provides the option for guaranteed retirement income through annuitization or an income rider.
Midland Income Planning Annuity Reviews

What to Consider Before Investing in the MNL Income Planning Annuity

Before making any investment decisions, it is crucial to carefully evaluate the MNL Income Planning Annuity from Midland National Life. This fixed-indexed annuity offers potential gains based on market index performance while providing protection against market downturns. However, there are several important factors to consider before committing to this annuity:

Surrender Charges

The MNL Income Planning Annuity has a term of 10 years, meaning your money will be locked in for this duration. Being comfortable with this long-term commitment is important, as early or excess withdrawals before the term’s end may result in surrender charges. These charges can vary based on the specific terms of the annuity contract.

Participation Rates and Spreads

Understanding the participation rates and spreads is crucial when investing in the MNL Income Planning Annuity. Participation rates determine how much of the market index’s gains will be credited to your annuity. Meanwhile, spreads represent the percentage deducted from the market index’s performance. Evaluating these factors is essential to ensure that the annuity’s potential returns align with your investment goals.


Caps refer to the maximum amount of interest that can be credited to your annuity based on the market index’s performance. This means that even if the market index performs exceptionally well, there is a capped limit on the gains you can receive. Consider the cap rate offered by the MNL Income Planning Annuity and determine if it aligns with your desired level of potential returns.

Income Riders and Custom Indexes

The MNL Income Planning Annuity offers additional features such as income riders and custom indexes. Income riders provide guaranteed lifetime income options, allowing you to create a stable income stream during retirement. Custom indexes allow you to choose specific indexes to track for potential gains. Depending on your retirement income needs and financial objectives, these features can enhance the annuity’s flexibility and usefulness.

By carefully considering surrender charges, participation rates, spreads, caps, income riders, and custom indexes, you can decide whether the MNL Income Planning Annuity aligns with your investment goals and risk tolerance. It’s essential to consult with a qualified financial advisor who can provide personalized guidance based on your specific financial situation.

National Life Income

What We Like

  • Historical Stability and High Ratings: Midland National stands out with its long history since being founded in 1906, reflecting a stable and reliable presence in the industry. This is further reinforced by receiving high ratings from prominent rating agencies: A+ from A.M. Best, A+ from Fitch, and A+ from Standard & Poor’s. Such ratings signify strong financial health and reliability.
  • RMD-Friendly Policies: Their policies are designed to be friendly towards Required Minimum Distributions (RMDs), making them a viable option for retirement planning.
  • Competitive Lifetime Income Rider: Midland National’s lifetime income rider is noteworthy for its competitive payouts. When compared to other income annuities, it stands out for offering potentially higher returns.

What We Don’t Like

  • Compromise on Upside Potential: While the lifetime income rider offers competitive payouts, this comes at a cost. The higher income payouts potentially reduce the opportunity for interest crediting, limiting the upside potential.
  • Complex Indexes and Limited Growth: The indexes chosen by Midland National for growth are complicated. This complexity might be challenging for some clients to understand. Additionally, these indexes offer limited upside potential, which could be a drawback for those seeking higher growth opportunities.

Our Recommendations

Midland National is a strong contender for individuals seeking a stable and reliable annuity with competitive lifetime income payouts, especially for those planning for retirement and needing RMD-friendly options. However, if your priority is high growth potential and simpler investment options, exploring other providers offering more straightforward indexes and greater upside potential may be beneficial. Consider your financial goals and risk tolerance when evaluating Midland National’s offerings.

Midland National Annuity Reviews

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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