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Midland Deferred Annuity Sales to Seniors

A lawsuit was brought and previously settled against Midland National Life Insurance Company (Midland), as part of the Sammons Annuity Group division. The complaint alleged that Midland imposed surrender charges and other penalties on senior consumers and failed to disclose certain important information in the course of marketing and selling their deferred annuity products.

According to the allegations in the lawsuit against Midland, the defendant failed to disclose to purchasers material to senior consumers, including, but not limited to, the products’ high surrender charges; and that the interest credited over the term of these annuities is improperly lowered to recoup high commissions paid to their sales agents and any promised premium bonus.

Certain Midland deferred annuity products included in the previous class included:

  • APP 10
  • APP 16
  • Bonus 5
  • Bonus 10
  • Bonus 11
  • Capstone 7 yr
  • Capstone 10 yr
  • Capstone 14 yr
  • Direct 10
  • Direct 16
  • Direct Bonus
  • Direct Flex
  • Direct Guarantee
  • Direct Guarantee Plus
  • Four Seasons 14 yr
  • Guarantee Bonus 15
  • Guarantee Nine
  • Innovator 7 yr
  • Innovator 10 yr
  • Innovator 14 yr
  • Legacy 10
  • Legacy Bonus 5
  • Legacy Bonus 11
  • Legacy Select
  • Mainstreet 4 yr
  • MNL 5
  • MNL 6
  • MNL 10
  • MNL Flex I
  • MNL Flex I-ROP
  • MNL Flex II
  • MNL Flex II-ROP
  • MNL Flex III
  • MNL Flex III-ROP
  • MNL Leader
  • MNL Legacy
  • MNL Select 6 yr 5% PF
  • MNL Select 6 yr 10% PF
  • MNL Select 8 yr 5% PF
  • MNL Select 10 yr 10% PF
  • MNL Select 14 yr 5% PF
  • Paragon 7 yr
  • Paragon 10 yr
  • Paragon 14 yr
  • Paragon Plus 7 yr
  • Paragon Plus 10 yr
  • Paragon Plus 14 yr
  • Prosperity 7 yr
  • Prosperity 10 yr
  • Prosperity 14 yr
  • Veridian
  • Veridian 7
  • Veridian Bonus 10
  • Veridian Plus
  • Veridian Power 5
  • Veridian Power 7
  • Veridian Power 10
  • Veridian Preferred 5
  • Veridian Preferred 7
  • Veridian Select

If you or a family member was sold a deferred annuity from Midland Life Insurance Company (Midland), live in California and are over the age of 60 years old, please contact the Evans Law Firm.

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