The Annuity Division of Midland National Life Insurance Company is a fraud! They make promises by word of mouth, but hide what they really mean in all of the embedded fine print in their contracts. Their contracts are deliberately misleading and impossible for the average person to understand.
They promised me a guaranteed three percent floor on my annuity contract and then didn't pay me one penny for this whole last year! Their field representative, Ron Roberts of Jackson, CA, assured me that if the economy took a downturn, then I would at least received a guaranteed 3% return. However, such was not the case and I was told that a guaranteed floor is not what I was lead to believe.
Also my money is tied up for fourteen years and I will be 65 years old next year. My new financial adviser is a Dave Ramsey ELP (endorsed local provider) and he informed me that the Dave Ramsey organization would never sanction the sale of this product to anyone!
So please spread the word that Midland National is not to be trusted. Their penalty for early withdraw from their program is staggering and no reputable company would tie up a senior citizen's money for fourteen years.
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