Is the Midland National Income Planning Annuity a Good Annuity?
The Midland National Income Planning Annuity (MNL Income Planning Annuity) is a 10-year fixed index annuity issued by Midland National, designed for guaranteed lifetime income. If your goal is safe growth instead, see our North American Charter Plus 10 review. The verdict: $17,160 a year for life on $100,000 at age 70, but a 1.25% rider fee and only 5% free withdrawals.
- Best for: buyers 50 to 65 who can wait 8 or more years before turning on income.
- Not for: anyone who needs access to the money, wants growth, or wants to leave a large inheritance.
Midland National Income Planning Annuity at a Glance
| Feature | Details |
|---|---|
| Purpose | Guaranteed lifetime income |
| Carrier | Midland National Life (Sammons Financial), AM Best A+ (Superior) |
| Surrender schedule | 10 years: 10%, 10%, 10%, 10%, 10%, 9%, 8%, 6%, 4%, 2% (varies by state) |
| Market value adjustment | Yes, during the surrender period |
| Premium | $20,000 minimum, qualified or non-qualified |
| Issue ages | 50 to 79 |
| Free withdrawal | 5% of initial premium per contract year, starting year 1 |
| Waivers | Nursing home confinement waiver at no added cost (not in all states) |
| Death benefit | Remaining accumulation value |
| Guaranteed minimum value | 87.5% of premium, accumulated at the contract minimum rate |
| Bonus | None |
| Income rider | Built-in GLWB, 1.25% of initial premium per year |
| Index options | 8 crediting methods on 6 indexes, plus a fixed account |
| Illustration basis | May 1, 2026; male, 60, Arizona; $100,000 non-qualified |
How Much Income Does the Midland National Income Planning Annuity Pay?
| Rider feature | Details |
|---|---|
| Rider fee | 1.25% of initial premium per year, deducted from accumulation value |
| Roll-up | None on the benefit base. The payout rate rises 10% each birthday you wait for 10 years, then 2% a year until year 25 or age 80. |
| Income starting at 65 | 10.65% = $10,650 a year |
| Income starting at 67 | 12.89% = $12,890 a year |
| Income starting at 70 | 17.16% = $17,160 a year |
| Income starting at 72 | 17.85% = $17,850 a year |
| Income starting at 75 | 18.94% = $18,940 a year |
| LPA multiplier | Income doubles for up to 5 years if you cannot perform 2 of 6 daily activities (2-year wait) |
- Wait for 8: Midland says waiting 8 birthdays doubles your lifetime payment, whatever your issue age.
- When the rider beats plain withdrawals: the illustration shows the accumulation value running out around age 78 to 79. Every check after that is the carrier’s money.
- Early starts pay less: income starting at 62 would pay about 8% of premium, less than half the age 70 rate.
- Your own numbers: try our income rider calculator for your age, premium and start date.
How Much Guaranteed Lifetime Income Can You Buy?
Live quotes from today’s carrier feedSee what the Midland National Income Planning Annuity would pay you for life before your next birthday
Lifetime income depends on your age, your premium and when you start. Run the numbers in our income rider calculator, or request a quote with current carrier figures for your age and state, in writing.
Hypothetical Historical Rate of Return
The May 1, 2026 illustration put 100% in the 1-year S&P 500 point-to-point strategy with a 25% participation rate. There is no cap, so a 12% index year credits 3%.
- Hypothetical credited rate: 4.09% a year over the most recent 10 years (2016 to 2025), and 2.56% in the illustration’s low period.
- Backtest caveat: these use past index data. Midland can change the 25% participation rate at each anniversary.
- Plan low: subtract the 1.25% rider fee, and growth on this contract is low single digits. Buy it for the income, not the growth.
- MYGA benchmark: At today's top 10-year rate of 6.30% (compound), $100,000 grows to about $184,218 over 10 years, a gain of $84,218. See today’s 10-year MYGA rates and fixed index annuity rates.
Get your Midland National Income Planning Annuity illustration for your age and state
Send us your premium amount, your state, and when you need the money. We will come back with current numbers on this contract and comparable ones from the 90+ top annuity companies on our platform, in writing.
Midland National Income Planning Annuity Strengths and Red Flags
What it does well
- 10% payment increase: each birthday you wait raises lifetime income 10%, for up to 10 years.
- A+ carrier: Midland National holds A+ ratings from AM Best, S&P and Fitch.
- Care backup: the LPA multiplier doubles income for up to 5 years at no extra charge.
Red flags
- 1.25% fee on premium: $1,250 a year on $100,000, charged even in years with zero credits. It can reduce your premium.
- 10% surrender charge for 5 years: the first five years all carry 10%, plus a market value adjustment.
- 5% free withdrawal: half the 10% many fixed index annuities allow. Excess withdrawals cut future income by the same percentage.
- Increase slows after year 10: the 10% payment increase drops to 2% a year.
- Shrinking death benefit: heirs get only the accumulation value, which drains once income starts.
Final verdict: the Midland National Income Planning Annuity is built for guaranteed lifetime income. It earns our 4.0 rating for buyers who can wait 8 years. For growth or a rival to the Midland National Income Planning Annuity, see the North American Charter Plus 10 or Income Pay Pro 10.
Compare live rates on 137 fixed index annuities or visit our annuity review database.
Other Sammons Financial Reviews
Also based on: MNL Income Planning Annuity brochure 28832Y-1 (REV 8-26); Midland National illustration, May 1, 2026.
This review is for educational purposes only and is not a recommendation or an offer to sell any annuity. Product features, index options, and rates can and do vary by state, and this product is not available for sale in every state. Always request a carrier illustration and work with a licensed annuity agent before you buy.
Frequently Asked Questions
What is the rider fee on the Midland National Income Planning Annuity?
The fee is 1.25% of your initial premium each year, deducted from the accumulation value on each anniversary. On $100,000 that is $1,250 a year. You can drop the rider after the surrender period.
Does the Midland National Income Planning Annuity have a roll-up?
No. Instead, your lifetime payment rises 10% for each birthday you wait, for 10 years, then 2% a year until year 25 or age 80.
What is the minimum premium for the Midland National Income Planning Annuity?
The minimum is $20,000 for both qualified and non-qualified money. Issue ages are 50 to 79.
What is Midland National's AM Best rating?
Midland National Life Insurance Company holds an A+ (Superior) rating from AM Best, its second-highest category. It is a Sammons Financial Group company.
