Midwest Holding Inc. announced that its subsidiary American Life & Security Corp. has launched its first multi-year guaranteed annuity product for the registered investment advisor market.
American Life's fee-based MYGA is available for both qualified and non-qualified plan types and includes the option of a three- or five-year guarantee with the rate guaranteed for the entire term period. Liquidity is offered after the first year at either the required minimum distribution or 10 percent of the account value, whichever is greater.
"With the rapid growth of the U.S. RIA market to $20 trillion+ over the last decade, we believe providing RIAs more annuity options that fit their clients' needs will help drive American Life's growth," said Midwest Holding Managing Director of Distribution Nathan Thompson.
"We reduced our internal annuity contract expenses for this MYGA to provide a higher, more competitive interest crediting rate for the RIA market. As part of their planning process on behalf of clients, RIAs may consider this new MYGA offering as an alternative to bonds and CDs. It is already available in 21 states with further expansion planned," said Midwest Holding Director of Corporate Finance Noh-Joon Choo.