Our Professional Opinion on the MNL Endeavor Annuities
We would not recommend MNL Endeavor 12 for most accumulation buyers. Twelve years of surrender charges is a long commitment when Midland can change the cap and participation rates used to calculate future interest. We would start with Endeavor 8 or another shorter annuity and require a compelling reason to give up four additional years of flexibility.
Endeavor 8 Plus is a different decision: its premium bonus goes into your real account, which we like. But it requires a larger minimum deposit, the bonus can be recaptured if you leave early, and its growth terms may differ from Endeavor 8. We would not choose Plus merely because it gives you a bonus.
Midland National Life Insurance Company is a great insurance company. Its AM Best rating is A+ (Superior), above our A− minimum. The insurer meets our financial-strength standard; our concern is whether each Endeavor contract gives you enough in return for its restrictions.
For accumulation, we would compare the S&P 500 terms with an annuity that locks a competitive cap for its surrender period and with a fixed-rate MYGA. If the guaranteed MYGA result meets your goal, Endeavor needs to offer enough potential upside to justify the possibility of years with no interest.
What We Like
- The S&P 500 is available: You can start with a familiar index instead of relying on an engineered index.
- Annual crediting is an option: You can choose a yearly opportunity for interest instead of waiting through a two-year term.
- A real account bonus on 8 Plus: It can participate in future credited interest and may benefit your family.
- Flexible deposits: You can add money under the contract’s rules without automatically starting a new surrender schedule for each contribution.
- A strong insurer: Midland National’s A+ rating exceeds our financial-strength minimum.
What We Don’t Like
- Twelve years is too long for most buyers: A renewable cap makes the added commitment harder to justify.
- No ordinary first-year free withdrawal: This is a bad place for money you might need soon.
- The bonus can be recaptured: The Plus account value is not necessarily the amount you can walk away with early.
- Crediting terms can change: A competitive starting cap or participation rate may not last through the surrender period.
- An MVA can affect an early exit: Charges and an adjustment can reduce the proceeds of a withdrawal above the allowance.
MNL Endeavor Annuity Overview
MNL Endeavor is a flexible-premium fixed indexed annuity. The series includes Endeavor 8, Endeavor 12, and Endeavor 8 Plus. You can allocate money among a fixed account and available indexed strategies; you do not directly own the index or its stocks.
Key Features
- Endeavor 8: Eight-year surrender period and generally a $20,000 minimum deposit.
- Endeavor 12: Twelve-year surrender period and generally a $20,000 minimum deposit.
- Endeavor 8 Plus: Eight-year surrender period, generally a $75,000 minimum, and a premium bonus on eligible deposits in the first five contract years.
- Issue ages: Generally through age 85 for the 8 and 8 Plus and 75 for the 12; state limits can be lower.
- Free withdrawals: Generally up to 10% of accumulation value annually after the first contract anniversary.
- Growth choices: A fixed account and available one- and two-year indexed strategies, including S&P 500 choices.
- Death benefit: Generally the remaining accumulation value, subject to the contract’s terms.
Availability and provisions vary by state and contract. Later deposits generally follow the contract’s existing surrender schedule, rather than creating a new eight- or twelve-year schedule for every deposit.
Endeavor 8 vs. Endeavor 12 vs. Endeavor 8 Plus
We would start with Endeavor 8. If you are considering Endeavor 12, compare the actual crediting terms and decide whether they justify four more years of surrender restrictions. A longer term is not automatically better because its initial cap looks higher; that cap may change at renewal.
Endeavor 8 Plus adds a premium bonus to eligible deposits made during the first five contract years. The bonus is added to the accumulation value rather than a separate income calculation. That is useful, but the Plus version generally requires at least $75,000 and may offer different caps, participation rates, or margins from the non-bonus version.
Compare the two versions using the same deposit, index, time horizon, and withdrawals. A larger starting balance may help Plus, while stronger subsequent credits can help the non-bonus version. The answer depends on both the bonus and the terms used to earn interest.
How Endeavor Earns Interest
The fixed account earns a declared rate. Indexed options calculate interest using an available index and the chosen formula. The cap is a ceiling on a qualifying gain; the participation rate determines the percentage of an eligible gain used in the formula. Some options use a margin or another formula. A flat or negative index period can result in zero interest.
We prefer starting with the traditional S&P 500. A high participation rate on a volatility-controlled index is not proof that it will credit more: the indexes themselves behave differently. Compare the exact index and its crediting rules, not the largest percentage in an illustration.
The initial cap and other terms can change for later periods, subject to the contract’s minimums. Compare Endeavor with other indexed annuities, including a product that locks a competitive S&P 500 cap for the full surrender period. A locked cap is still a limit on potential interest, not a guaranteed return.
Why We Prefer Annual Crediting
Endeavor offers annual and two-year indexed strategies. We would generally start with annual point-to-point crediting. In eight years, an annual strategy offers eight term-end opportunities to earn interest; a two-year strategy offers four.
Suppose an index rises during the first year and returns to its starting level at the end of year two. An annual strategy could lock in an eligible first-year gain, while a two-year point-to-point strategy could finish with no gain to credit. Different terms and market paths can favor the two-year strategy, but a high participation rate alone does not tell us it is better.
Withdrawals, Surrender Charges, and the MVA
There is no ordinary penalty-free withdrawal in the first contract year. After the first anniversary, you can generally withdraw up to 10% of the accumulation value each year without a surrender charge or MVA. Withdrawals reduce the money left to earn future interest, and money taken out before an index term ends can affect the interest credited on that amount.
During the surrender period, amounts above the free allowance may face a surrender charge and a market value adjustment. The MVA can increase or decrease the proceeds. The standard 8-year schedule begins at 10% and declines to 3% in year eight; the standard 12-year schedule begins at 10% and declines to 2% in year twelve. State and contract schedules can differ.
For Endeavor 8, Midland’s current practice may waive the surrender charge and MVA for a required minimum distribution calculated solely on the contract that exceeds the free amount. That practice can change. Confirm the treatment for your specific version before relying on it.
What Happens to the Plus Bonus if You Leave or Die?
An early surrender or withdrawal above the free allowance can trigger bonus recapture on Endeavor 8 Plus in addition to any surrender charge and MVA. Your accumulation value and cash surrender value can therefore be very different. Ask for the amount you would actually receive before moving the money.
The Plus bonus is not recaptured upon the annuitant’s death under the applicable benefit terms. That can make a real account bonus worth comparing for someone in poor health or concerned about leaving money to family. Compare the actual beneficiary payment, including the effect of prior withdrawals and contract conditions, rather than assuming every bonus contract pays the same death benefit.
Nursing Home Waiver and Spousal Continuation
A qualifying nursing-home confinement waiver can provide additional access without surrender charges or an MVA. For Endeavor 8, it is generally included for issue ages 75 or younger and can increase the free amount when its conditions are met. Availability and terms differ by state and version.
The waiver gives access to your own annuity money; it is not long-term care insurance. We would not rely on it as a substitute for a care plan or an emergency fund.
Before payout begins, the death benefit generally pays the remaining accumulation value under the contract’s rules. An eligible spouse who is the sole primary beneficiary may be able to elect spousal continuation instead of taking the benefit. Confirm eligibility and the effect on the contract for your particular version.
What We Would Compare Instead
For guaranteed accumulation, compare a MYGA with the same deposit and holding period. Its fixed rate lets you calculate the result in advance; Endeavor offers potential for higher credited interest but can also have zero-credit years. If that certainty already meets your goal, we would not give it up just because an indexed illustration looks better.
If you need guaranteed lifetime income, Endeavor would not be our first choice. We would compare an annuity with a guaranteed lifetime withdrawal benefit, using the same deposit, age, income start date, and single- or joint-life coverage.
Our Final Verdict
We would pass on Endeavor 12 for most buyers. Its long surrender period and renewable crediting terms are not a combination we like. Endeavor 8 is the better starting point, while 8 Plus deserves a comparison if its real account bonus makes sense after accounting for its crediting terms and recapture.
We would choose an annual S&P 500 strategy when its terms are competitive and compare a cap-lock annuity and a MYGA before making a decision. Do not buy the longest contract—or the biggest bonus—without understanding what you give up.
Contact The Annuity Expert for free annuity quotes. We can compare the Endeavor versions with other accumulation and income options for your deposit, timeline, and access needs.
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