Midland National Direct Income Single Premium Immediate Annuity can provide you with a predictable source of income – one that not only could help you prepare for life’s challenges but that also could secure a protected income stream that cannot be outlived.
Find the best immediate annuity rates, and estimate your retirement income.
Build guaranteed income into your retirement plan
Access to pension plans is dwindling, which may be leaving you with uncertainty around generating a guaranteed income stream that meets your needs in retirement.
The Direct Income SPIA may help provide you with optimal retirement confidence if you are concerned about …
- Bridging the income gap between retirement and social security payments.
- Reducing risk during market downturns.
- Accessing funds in the event of unforeseen circumstances or emergencies.
- Providing financial assistance to a loved one or leaving a legacy.
Direct Income SPIA provides you with the following advantages:
- Guaranteed income is based on the payment option you select.
- Seven options to help tailor the income stream to your needs.
- No additional decisions are required after payment options are finalized.
- Payments will not fluctuate based on stock market performance.
The payment you lock-in will be the payment that continues for the duration of your policy.
The Direct Income SPIA generates immediate income.
Once you finalize your payment and choose your payout option, there are no further decisions. Direct Income delivers payment security that continues… no matter what happens to the stock market or other investments.
Funding your Direct Income annuity contract
You can fund your Direct Income annuity contract by rolling over assets from an individual retirement account (IRA) or an employer-sponsored plan (such as a 401(k)). You could also fund the annuity by using a portion of your savings. The minimum premium required on the issue date is $25,000 for non-qualified and qualified money.
Setting up your Direct Income payment schedule
Payments can be set up at regular intervals on the same day each month and must start within one year of the issue date.
While the minimum payment can be as little as $50, any payments less than $100 will only be available by electronic funds transfer (EFT) for any mode chosen.
Choose a payment schedule that works for you:
- Monthly
- Quarterly
- Semi-annual
- Annual
Choosing your Direct Income payout option
There are seven payout options available to help you build the income stream that best meets your individual needs.
- Only need guaranteed income for a certain amount of time? Direct Income can provide that.
- You need payments for life, and to also cover your spouse? Direct Income can provide for that, too.
You choose what’s important to you, and Direct Income delivers options to help you meet those priorities.
Request a single premium immediate annuity quote to compare payout options.
Payout options to fit your unique goals
Period certain only
This option provides income for a fixed number of years (ranging from five to 20 years).
If the annuitant passes away during that time, payments will continue.
Single life only
Payments are only during the single life of the annuitant.
If the annuitant passes away, no further payments are made to an estate or any other person.
Single life and period certain
Selecting this option provides income for the life of the annuitant – with a guaranteed payment period (ranging from five to 20 years).
If the annuitant passes away before the period ends, payments will continue for the remainder of that period.
Single life with installment refund
This option guarantees that payments will continue during the life of the annuitant.
After the annuitant passes away, payments continue until the total payments are equal to the single premium originally paid.
Single life with cash refund
Payments are only during the life of the annuitant.
If the annuitant passes away before the total payments received equal the premium, a lump-sum payment is made equaling the difference between the original single premium and any payments already received.
Midland National Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.
Joint life with survivorship
Selecting the survivorship annuity creates an income stream paid for the life of the annuitant and the lifetime of his or her spouse.
After the annuitant passes away (or his or her spouse), payments continue for the remainder of the surviving spouse’s life.
Joint life with survivorship and period certain
This option provides income for the annuitant and his or her spouse’s lifetime – with a guaranteed payment period (ranging from five to 20 years).
Should the annuitant or their spouse pass away, payments continue for the remainder of the surviving spouse’s life.
If both annuitants pass away before the period ends, payments will continue for the remainder of the period.
Pension-Alternative
If you’re seeking a pension-like income in the future, but want more flexibility, check out an income rider. Annuities with an income rider provide guaranteed income for life with a death benefit for beneficiaries along with much more flexibility, access, growth potential, and control.
