Midland National Life Insurance Co. of Sioux Falls, South Dakota recently released its new XL Heritage Indexed Universal Life (IUL) insurance, a product designed to simplify death benefit administration with streamlined flexibility and enhanced benefits.

Customized to serve a specific demographic, IUL targets individuals between the ages of 50 and 80 with liquid assets between $25,000 and $200,000 ($150,000 for ages 50-59) not otherwise earmarked for day-to-day or retirement needs.

“We created XL Heritage to help fill a need we recognized in this market,” Jerry Blair, vice president and chief distribution and sales officer, said. “Clients are looking for a flexible and simple solution for passing on a portion of their estate to their beneficiaries while still maintaining control of their money in case of an emergency.”

The big picture, according to Blair, takes into consideration the practicality of building on existing assets to increase guaranteed death benefits; let policy holders take advantage of the investment while still living; and give the added advantage of user-friendly application and underwriting procedures.

“Now the agent can provide a quote, complete the e-app, and get a decision over the phone generally in a total of about 30 minutes,” Blair said. “It’s never been simpler to write IUL business.”

XL Heritage is accessible via Midland National’s e-app platform, ExactApp. Visit here to learn more.