Midland National Direct Income Annuity Review

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The Direct Income from Midland National is a single premium immediate annuity which provides an immediate payout. The Direct Income is an excellent retirement planning tool that combines guaranteed income with a variety of payout options. You can choose the option that will best meet your financial goals.

The Direct Income will provide security in that your payments will never fluctuate, even in the event of a market downturn. You will never have to make another decision regarding the dollars you have placed in your Direct Income annuity.

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Annuity Payment Options

The Direct Income has a variety of payout options to meet your needs, including: Period Certain only; Life only; Life and Period Certain; Installment Refund; Cash Refund; Joint Life with Survivorship; and Joint Life with Survivorship and Period Certain. The payout options are available to you when you purchase the Direct Income product. Once a payment option is chosen it is set for the duration of the policy.

Period Certain only:

Income for a fixed number of years (5 to 20), with payments continuing to a named beneficiary should death occur prior to the end of the period certain. The Period Certain payment option cannot be set-up to pay out past age 100 for the owner or annuitant.

Life only:

Payments will be made only during your lifetime. After your death, no further payments will be made. No payments will be made to an estate or any other person.

Life and Period Certain:

Income payable for your lifetime with a guaranteed payment period ranging from 5 to 20 years. If you die before the end of the period certain, payments continue to a named beneficiary until the end of that period certain. The Period Certain payment option cannot be set-up to pay out past age 100 for the owner or annuitant.

Installment Refund:

Payments are made during your lifetime. After your death, your beneficiary(ies) continue to receive payments until all payments are equal to the single premium originally paid.

Cash Refund:

Payments are made during your lifetime. After your death, your beneficiary(ies) receives a lump-sum payment equal to your single premium originally paid, less any payments you received.

Joint Life with Survivorship:

Income payable for your lifetime and the lifetime of your spouse. After your death or the death of your spouse, payments continue to the surviving spouse for his/her lifetime.

Joint Life with Survivorship and Period Certain:

Income payable for your lifetime and the lifetime of your spouse, with a guaranteed payment period ranging from 5 to 20 years. After your death or the death of your spouse, payments continue to the surviving spouse for his/her lifetime. If both you and your spouse die before the end of the period certain, payments continue to a named beneficiary until the end of the period certain.

Note: For either of the Joint Life options, the survivor benefit can be 50%, 66.67% or 100% and the Period Certain durations can range from 5 years to 20 years.

Payment Modes: Monthly, quarterly, semi-annually, and annually. A particular mode will not be available if the payment is less than $50. Payments less than $100 will be available only by electronic funds transfer directly into your bank account. Once a payment mode is chosen, it is set for the duration of the policy.

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