| Product Summary |
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The Midland Foundation Select 5 year is a remarkably straight forward annuity. The rates are guaranteed for all five years. Because of its short surrender charge period and rate guarantee design it can be teamed up with the Foundation Select 3 year to have a laddered approach in anticipation of increasing interest rates. At the end of the surrender charge period there is no window or rollover. |
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| Principal Guarantee* |
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| Principal Guarantee: |
yes |
| MVA: |
no |
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| Rate Lock Policy |
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You may fax in 1035 Exchange/Transfers to hold the current rates, however, the original documentation must be received in the Home Office by the next business day. Funds received within 45 days will be granted the rate hold. |
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| Surrender Schedule |
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| Year |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
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8 |
7 |
6 |
5 |
4 |
0 |
0 |
0 |
0 |
0 |
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| Contributions |
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| Max.: |
$3,000,000 |
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| Min. NQ: |
$10,000 |
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TSA 403b: |
n/a |
| Min. IRA: |
$2,000 |
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401(k): |
yes |
| Min. add.: |
n/a |
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| Add. Extend Surr.: |
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| All IRAs: |
yes |
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| Liquidity Features |
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| Annual Free WD: |
int. only after 30 days |
| Earnings: |
yes |
| Cumulative: |
no |
| Systematic: |
yes |
| Loan Provision: |
no |
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| Waivers |
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| Nursing Care: |
90 days- 1st yr. 10% per yr |
| Terminal: |
yr 2. 50% of accumulated value |
| Disability: |
no |
| Unemployment: |
no |
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| Notes |
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Both the Nursing Home and the Terminal Illness riders automatically apply to applicants 75 years and younger. They do not apply to those over the age of 75.
* In the states of CA, FL
The surrender Schedule is as follows:
8,7,6,5,4,0 |
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| Company Ratings |
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| AM Best: |
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A+ |
| S&P: |
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A+ |
| Moodys: |
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| Fitchs: |
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| Current Rates (effective 07/20/2010) |
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| Current first year rate: |
3.00% |
| Includes first year bonus of: |
1.00% |
| Base Rate: |
2.00% |
| Length of rate guarantee: |
5 Years |
| Minimum guaranteed rate: |
1.10% |
| Average Yield: |
2.19% |
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| State Approval |
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AK, AL, AR, AZ, CA, CO, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, PA, RI, SC, TN, TX, VA, WI, WV, WY
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| Age Restrictions |
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| Owner qualified $: |
90 |
| Owner non-qualified $: |
90 |
| Annuitant qualified $: |
90 |
| Annuitant non-qualified $: |
90 |
| Maturity Age: |
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| Owner/Annuitant Driven |
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Both owner and annuitant driven |
| Mailing Address |
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Overnight Address:
401 Westown Parkway
Ste. 300
West Des Moines, IA 50266
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