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Midland National® Life Insurance Company recently released a new Premium Deposit Agreement (Agreement) feature for most single life Indexed Universal Life insurance products.

Now, with our Premium Deposit Agreement, policyowners can submit a lump sum payment to create a Premium Deposit Account (PDA) and enjoy the automatic funding of future annual premium payments to a policy. This worry-free feature will automatically pay the policyowner’s annual premium payments, so they don’t have to remember to make future payments (as long as there are sufficient funds in the PDA and it is in effect).

“The new Premium Deposit Agreement is an excellent option for a holding account for funds intended to finance future premiums,” said Jerry Blair, Midland National's vice president and chief distribution officer. “It’s an added benefit that we can now offer our new policyowners and use to increase our marketability of Midland National’s Indexed Universal Life insurance products.”

Read the full press release here.

Indexed Universal Life Insurance products are not an investment in the “market” or in the applicable index and are subject to all policy fees and charges normally associated with most universal life insurance. 

Premium Deposit Agreement is issued on form series TR195 by Midland National Life Insurance Company, Administrative Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features, endorsements, riders, and issue ages may not be available in all jurisdictions. Limitations and restrictions apply.


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