LINCOLN, Neb., November 3, 2021 / PRNewswire / – Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-focused, service-oriented life insurance and annuity platform, today announced that its subsidiary American Life & Security Corp. (ALSC) launched its first Multi-Year Guaranteed Annuity (MYGA) product for the Registered Investment Adviser (RIA) market.
“This is an important new initiative for American Life as we seek to meet the growing demand for MYGA products suitable for RIAs and their customers. We have had many discussions with RIAs looking for ways to access annuity products and we are optimistic that this will be well received in the market, ”said Midwest Holding Executive Chairman and Co-CEO Mike minnich.
American Life’s Paid MYGA is available for qualifying and non-qualifying plan types and includes the option of a three- or five-year guarantee with the guaranteed rate for the entire term. Liquidity is offered after the first year at the minimum required distribution or 10% of the account value, whichever is greater.
“With the US RIA market growing rapidly to over $ 20 trillion over the past decade, we believe that providing RIAs with more annuity options tailored to the needs of their clients will help drive the growth of RIAs. American Life, ”said Midwest Holding, general manager of distribution. Nathan thompson.
“We have reduced our internal annuity contract expenses for this MYGA in order to provide a higher and more competitive credit interest 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 and further expansion is planned, ”said Midwest Holding, director of corporate finance. Noh Joon Choo.
For more information visit www.american-life.com
About Midwest Holding Inc.
Midwest Holding Inc. is a growing, technology-driven, service-driven annuity platform. Midwest designs and develops annuity products that are distributed through independent distribution channels to a large and growing demographic of US retirees. Midwest generally creates, manages and 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 reinvented by a team of seasoned insurance, technology and investment experts with a new goal – to build a platform on modern technology with ease , transparency and cost-effectiveness to address inefficiencies in the annuities industry. For more information, please visit www.american-life.com
SPECIAL CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press 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 words such as “could”, “could”, “will”, “should”, “expect”, “expect”, “anticipate”, “believe”, “estimate”, “foresee”, “potential”, “intend” or “continue”, the negative of these terms or any other comparable terminology used in connection with any discussion of results of operations or financial performance future. These statements are predictions only and reflect our management’s current good faith expectations regarding 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 forward-looking statements. Factors that could cause our actual results to differ materially from those contemplated in these forward-looking statements include, but are not limited to, the following:
- our business plan, including in particular our reinsurance strategy, may not prove to be successful;
- our reliance on third party insurance marketers 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 of the 21 states and District of Colombia in which we are currently licensed;
- our annuity products may not be significantly accepted by the market;
- the inability to obtain new clients, retain existing clients or reduce policies in force by existing clients; and
- higher service, administrative or general costs due to the implementation of our business plan.
Readers are cautioned not to place undue reliance on these forward-looking statements. For more details on the factors that could affect these expectations, see also the risk factors and other caveats included in Midwest’s filings with the SEC, which can be obtained online at the Securities and Markets website. United States Exchange Commission at http://www.sec.gov or on the Midwest website at http://www.midwestholding.com. Except as required by law, Midwest does not undertake to update any forward-looking statements contained in this press release.
For more information, please visit www.midwestholding.com
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