To purchase an annuity from Midland National, use its website to find a local agent, who assists you in choosing an annuity and making the purchase. Its website also offers information about the difference between annuities.
Annuities are useful in planning for future financial security, states Midland National. An annuity is tax-deferred, which allows the money that would otherwise go towards taxes to remain in the annuity and grow with compound interest. It also provides an income stream with different options for payout. You can name a beneficiary to the account, which allows that person to receive proceeds from the annuity without going through probate court in the event of your death.
Midland National offers three types of annuities, according to its website. One is a traditional fixed annuity, which offers a fixed interest rate over a specific length of time. There is also a fixed index annuity in which the interest rate is linked to market indices that you choose on a yearly basis. This offers a guarantee that the credited interest rate does not decrease in the future. There is also the option of an immediate annuity, which provides a guaranteed income stream, although the length of the payout period differs.