Executive Term - Century Series 2
Our Executive Term product can be converted to most of Midland National’s permanent life insurance products at a later date. If you convert your policy within the first five years, 100 percent of the premium paid on the term policy (excluding riders) will be transferred to the new permanent policy. If you convert your policy in years six, seven or eight, a percentage of the total five-year premium will be transferred.
Term Conversion Credit Example
$100.00 Annual Premium
| Policy Year | Total Premium Paid to Date |
% of Premium Credited Upon Conversion |
Total of Premium Credited |
|---|---|---|---|
Policy Year 1 |
$100.00 |
100% |
$100.00 |
Policy Year 2 |
$200.00 |
100% |
$200.00 |
Policy Year 3 |
$300.00 |
100% |
$300.00 |
Policy Year 4 |
$400.00 |
100% |
$400.00 |
Policy Year 5 |
$500.00 |
100% |
$500.00 |
Policy Year 6 |
$600.00 |
75% of 5-yr. |
$375.00 |
Policy Year 7 |
$700.00 |
50% of 5-yr. |
$250.00 |
Policy Year 8 |
$800.00 |
25% of 5-yr. |
$125.00 |
Midland National's Executive Term - Century Series 2 life insurance product is issued on policy form series T082E1 and the Graded Conversion Credit Rider is issued on form series TR127 by Midland National Life Insurance Company, Executive Office, One Sammons Plaza, Sioux Falls, SD 57193. Products, features or riders may not be available in all jurisdictions. Limitations or restrictions may apply.