Midwest Holding Subsidiary American Life Introduces Multi-Year Guaranteed Annuity (MYGA) Product for Registered Investment Advisors (RIAs)
LINCOLN, Neb., Nov. 3, 2021 /PRNewswire/ -- Midwest Holding Inc. ("Midwest") (NASDAQ: MDWT), a technology-enabled, services-oriented life and annuity platform, announced today that its subsidiary American Life & Security Corp. (ALSC) has launched its first Multi-Year Guaranteed Annuity (MYGA) 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
SPECIAL CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release constitute forward-looking statements. These statements are based on management's expectations, estimates, projections and assumptions. In some cases, you can identify forward-looking statements by terminology including "could," "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "intend," or "continue," the negative of these terms, or other comparable terminology used in connection with any discussion of future operating results or financial performance. These statements are only predictions and reflect our management's good faith present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause our actual results to differ materially from those contemplated in such forward-looking statements include among others, the following:
- our business plan, particularly including our reinsurance strategy, may not prove to be successful;
- our reliance on third-party insurance marketing organizations to market and sell our annuity insurance products through a network of independent agents;
- failure to maintain adequate reinsurance;
- our inability to expand our insurance operations outside the 21 states and District of Columbia in which we are currently licensed;
- our annuity products may not achieve significant market acceptance;
- failure to obtain new customers, retain existing customers, or reductions in policies in force by existing customers; and
- higher service, administrative, or general expense due to the implementation of our business plan.
Readers are cautioned against placing undue reliance on any such forward-looking statements. For details on factors that could affect these expectations, see also the risk factors and other cautionary language included in Midwest's filings with the SEC, which can be obtained online at the website of the U.S. Securities and Exchange Commission at http://www.sec.gov or on Midwest's website at http://www.midwestholding.com. Except as required by law, Midwest does not undertake to update forward-looking statements contained in this release.
For more information, please visit www.midwestholding.com
Investor contact: [email protected]
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SOURCE Midwest Holding Inc.
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