The Midland National Capital Income® annuity will now be available through Nationwide’s growing portfolio of advisory annuity solutions.
The partnership brings together two of the industry’s most respected financial services firms at a time when a record number of Americans are approaching retirement. With guaranteed income and health-related benefits built in, the product aims to address rising demand among fee-only advisors for income solutions that provide security, flexibility, and transparency.
Nationwide, the top wholesale distributor of advisory variable annuities, will distribute Capital Income alongside Midland Advisory, the fee-based distribution arm of Midland National. This marks the first time the FIA will be available outside of Midland’s existing advisor network.
“As we enter a period of peak retirement, many pre-retirees are seeking out advisors and solutions to ensure they have the resources they need to secure peace of mind for their golden years,” said Eric Fry, Associate Vice President of Nationwide Advisory Product Development. “Working together with Midland Advisory, Nationwide will now be able to offer another guaranteed product for advisors that will help them bridge the retirement gap for their clients.”
Capital Income includes a built-in Guaranteed Lifetime Withdrawal Benefit (GLWB) that provides guaranteed lifetime income for a 1% annual charge. It also features an embedded ADL Benefit Rider – also known as the health-activated income multiplier – which allows clients to double their lifetime income for up to five years if they are unable to perform two of six listed Activities of Daily Living (ADLs).
Fry highlighted two distinguishing features of the product: there is no waiting period to begin income withdrawals (provided all payees meet the age requirement), and the ADL benefit remains available even after the account value is fully depleted. “This creates greater flexibility and control for the advisor and their client,” he added.
Cooper Sinclair, Head of Strategy for Midland Advisory, emphasized how the collaboration responds to a long-standing gap in the market. “One of the biggest challenges in financial planning is bridging the transition from funding retirement to creating a solid decumulation strategy that both the advisor and client can trust,” said Sinclair. “Advisors don’t have as many options for client retirement income as they do for accumulation. With Nationwide and Midland Advisory working together, we expect to bring annuity benefits to more financial advisors and their clients.”
The Midland National Capital Income annuity has been ranked as the top fixed indexed annuity for fee-only advisors by Wink’s Sales & Market Report and is expected to strengthen Nationwide’s already robust advisory-focused annuity suite.
