Midwest Holding Inc., a technology-enabled, services-oriented life and annuity platform, announced today that its subsidiary American Life & Security Corp. has launched its first Multi-Year Guaranteed Annuity product for the registered investment advisor (RIA) market.
"This is an important new initiative for American Life as we seek to respond to growing demand for MYGA products tailored to RIAs and their clients. We have had many discussions with RIAs seeking ways to access annuity products and we are optimistic this will be well received in the market," said Midwest Holding Executive Chairman and co-Chief Executive Officer Mike Minnich.
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.
For additional information, visit www.american-life.com
About Midwest Holding Inc.
Midwest Holding Inc. is a growing, technology-enabled, services-oriented annuity platform. Midwest designs and develops annuity products that are distributed through independent distribution channels, to a large and growing demographic of U.S. retirees. Midwest originates, manages and typically transfers these annuities through reinsurance arrangements to asset managers and other third-party investors. Midwest also provides the operational and regulatory infrastructure and expertise to enable asset managers and third-party investors to form and manage their own reinsurance capital vehicles.
About American Life & Security Corp.
American Life & Security Corp. is a wholly owned subsidiary of Midwest Holding Inc. In 2018, the company was recapitalized and reimagined by a team of seasoned insurance, technology and investment experts with a new purpose - build a platform on modern technology with simplicity, transparency and cost efficiency to remedy inefficiencies in the life and annuity industry. For more information, please visit www.american-life.com