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

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

Types Of Retirement Accounts Accepted

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.

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How We Can Help

Narrowing Down Your Retirement Needs

Your goal is clear: to secure a stable, reliable income stream for your retirement. At The Annuity Expert, we understand that navigating the myriad of annuity options can be daunting. The core problem we solve is simplifying this process, ensuring you find the best solution tailored to your needs.

Understanding The Core Problem

Retirement planning can be overwhelming, with many facing the dilemma of balancing growth and security. The symptoms of this problem include anxiety over market volatility, confusion about product options, and uncertainty about future income stability. These symptoms can significantly impact your peace of mind and financial confidence.

Our Expertise

As an insurance agency, annuity broker, and retirement planner with 15 years of experience, we specialize in finding the best solutions at the lowest costs. We stand for empowering our clients with knowledge and providing personalized advice that addresses their unique financial situations.

Midland National Annuity Reviews

What We Recommend

Step 1: Schedule A Consultation

The first step is to schedule a free consultation with our expert advisors. During this meeting, we’ll discuss your retirement goals, current financial situation, and any concerns you might have. The main benefit of this step is gaining clarity and personalized insights into your options.

Step 2: Customized Annuity Plan

Based on our initial discussion, we’ll develop a customized annuity plan tailored to your needs. This plan will detail the best annuity products suited for your retirement goals, ensuring you understand all features and benefits. The main benefit here is having a clear, actionable plan.

Step 3: Implementation And Ongoing Support

Once you’ve chosen your annuity, we’ll assist with the implementation process, ensuring all paperwork is correctly handled. Additionally, we provide ongoing support to adjust your plan as needed, ensuring it continues to meet your needs. The main benefit is the peace of mind knowing your retirement plan is in expert hands.

Features And Benefits

  • Personalized Advice: Tailored solutions that fit your unique financial situation.
  • Expert Guidance: 15 years of experience ensuring you get the best options.
  • Ongoing Support: Continuous assistance to adapt your plan as needed.
  • Competitive Rates: Finding the best products at the lowest costs.

Addressing Common Objections

  • Complexity: We simplify complex terms and options, making it easy to understand.
  • Costs: Our goal is to find the best solutions at the lowest costs, ensuring value for money.

Without expert guidance, you risk choosing an annuity that might not fully meet your needs, potentially leading to financial insecurity during retirement.

By working with us, you’ll secure a stable income stream tailored to your needs, providing financial security and peace of mind throughout your retirement.

You’ll experience confidence, relief, and satisfaction knowing you have a reliable retirement plan in place.

For free advice or a personalized quote, contact us today. Let’s secure your retirement together.

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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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