Goldstein Scorecard: Incomplete (dated October 4, 2026). See how it is graded.
MNL Capstone Review: Midland National’s Legacy Bonus FIA, and What Current Owners Should Check
Written & reviewed by Hans Goldstein, EA, Independent Licensed Insurance Producer · CA license 4273294 · NPN 20602398Admitted to practice before the IRS
Facts verified against Midland National documents and website on October 4, 2026 · Updated October 4, 2026
MNL Capstone is a flexible premium fixed index annuity from Midland National Life Insurance Company with a premium bonus on premiums received in the first seven contract years. The Capstone brochure we found is dated July 2014, and Capstone is not on Midland National’s current annuity rate sheet (rates effective June 18, 2026), so treat it as a legacy contract. If you own one, the numbers that matter are in your contract and annual statement.
Correction (October 4, 2026): an earlier version of this page described Capstone as one of Midland National’s flagship FIAs and listed Weiss, COMDEX, Moody’s and “Tier A renewal integrity” labels. Capstone does not appear in Midland National’s current rate sheet, and those ratings and labels could not be verified at a primary source, so they have been removed. This page now describes MNL Capstone from Midland National’s Capstone brochure (form 19729Y, printed July 2014).
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CD vs MYGA, after tax
What $100,000 earns in 5 years: CD vs MYGA, after tax
Rates used: CD 5.00%, the top nationally available 5-year CD (Bankrate, October 14, 2026); change it to the rate you are offered. MYGA 5.95%, the best A-rated rate we track as of October 13, 2026: Delaware Life Pinnacle Plus 5-year (AM Best A-, negative outlook, 7/31/2026), $100,000 and up, effective October 6, 2026 (Delaware Life rate sheet).
| CD, interest taxed every year | $121,081 |
|---|---|
| MYGA, tax-deferred, before tax | $133,507 |
| MYGA after paying tax on all the interest at withdrawal | $126,136 |
| Tax deferral alone adds about | $674 |
| MYGA ahead of the CD, after tax | $5,055 |
Assumes 22% federal and 0% state income tax, no withdrawals, rates held for the whole term. MYGA interest is taxed as ordinary income when you withdraw it, not as capital gains. Gains taken before age 59 1/2 can owe a 10% IRS penalty, and cashing out early can cost a surrender charge. In an IRA both grow tax-deferred, so the edge there is the rate alone. Bank and credit union deposits are FDIC or NCUA insured up to the limits; a MYGA is backed by the issuing insurer's claims-paying ability and your state's guaranty association up to its limits, not the FDIC. General education, not tax, legal or financial advice.
MNL Capstone contract basics (from Midland’s 2014 brochure)
These are historical product terms from the brochure, not a current offer. Contracts issued at other times or in other states may differ; your contract governs.
| Feature | What the brochure says |
|---|---|
| Type | Flexible premium fixed index annuity, contract form AC/AS121A (riders and endorsements AR100A, AR138A, AR178A) or state variation |
| Accounts | Index Account and Fixed Account; values can be moved between them once each contract anniversary, starting at the first anniversary |
| Premium bonus | Credited on all premiums received in the first seven contract years. The percentage is on the Product Details sheet and is not publicly disclosed |
| Crediting methods | Daily Average with cap, Annual Point-to-Point with cap, Monthly Point-to-Point with monthly cap, and the Optimal Index Strategy (three indexes ranked and weighted 50%, 30%, 20%, with a cap) |
| Indexes | S&P 500, S&P MidCap 400, Dow Jones Industrial Average, Russell 2000, Nasdaq-100, EURO STOXX 50 |
| Caps | Declared on each contract anniversary and held for that year; never below the minimum guaranteed Index Cap Rate in the contract (the number is not stated in the brochure) |
| Fixed Account | Declared rate each contract year, never below the contract’s minimum fixed account rate (not stated in the brochure) |
| Penalty-free withdrawals | Up to 10% of Accumulation Value once each contract year after the first contract anniversary, with no surrender charge or Interest Adjustment |
| Interest Adjustment (MVA) | Yes, during the surrender charge period on surrenders above the penalty-free amount; limited to interest credited; not in Virginia |
| Surrender charges | A declining schedule; the schedule by year is on the Product Details sheet and is not publicly disclosed. Additional premiums keep the schedule set at issue |
| Minimum surrender value | Never less than the minimum required by state law at issue in the state where the contract was delivered |
| Income | Life annuity payout option based on Accumulation Value after the first contract year; no income rider is described in the brochure |
| Death benefit | Accumulation Value paid to the beneficiary, as a lump sum or income payments |
| Status today | Not listed on Midland National’s annuity interest rate sheet (rates effective June 18, 2026), which lists MNL Accelerate 5, RetireVantage, Endeavor 8, IndexBuilder, IncomeVantage Pro, Income Planning Annuity and Guarantee Pro |
Goldstein Scorecard (dated October 4, 2026)
| Dimension | Grade | Basis (sourced fact) |
|---|---|---|
| Financial strength | A | A+ (Superior) from AM Best, per Midland National’s website (“A+ (Superior) rated by A.M. Best since 1980”), checked October 4, 2026. |
| Rate or cap competitiveness | Incomplete | No current Capstone caps or rates are published. |
| Guaranteed floor | Incomplete | Minimum cap and fixed rates are in the contract and not publicly disclosed. |
| Liquidity | Incomplete | 10% penalty-free from year 2 and an Interest Adjustment are published; the surrender schedule is not. |
| Costs | Incomplete | The brochure describes no rider fee or spread; rider details are on the Product Details sheet, which is not public. |
| Transparency | D | Only a 2014 agent brochure is publicly available; no current Capstone rate sheet or disclosure is posted. |
| Guaranteed minimum cap | Not publicly disclosed | Capstone minimum caps, participation rates and fixed rates are in the contract; no current public disclosure states them (checked October 4, 2026). |
| Overall | Incomplete | Fewer than half the dimensions can be graded from public sources. |
How these contract minimums compare across products: guaranteed minimum caps across FIAs (October 2026).
Get the current numbers for your amountor call 213-414-2808
Pros and cons
| Pros | Cons |
|---|---|
| Issued by Midland National, rated A+ (Superior) by AM Best per Midland. | Legacy product: not on Midland’s current rate sheet. |
| Premium bonus on premiums received in the first seven contract years. | Bonus percentage and surrender schedule are not publicly disclosed. |
| Six indexes and four crediting methods, with annual reset of credited gains. | Caps are set yearly at Midland’s discretion, down to the contract minimum. |
| 10% penalty-free withdrawal each year after the first anniversary. | Interest Adjustment (MVA) can reduce the surrender value during the surrender period (not in Virginia). |
Is there a Midland National Capstone Premier annuity?
We found no Midland National product called “Capstone Premier”. It does not appear in Midland’s Capstone brochure or on its current annuity interest rate sheet (rates effective June 18, 2026), and we could not verify the “Capstone Premier 10” with a 5% bonus described on an earlier page of this site. The real product is MNL Capstone, a legacy bonus FIA, and Midland National’s current rate sheet lists MNL Endeavor 8, IndexBuilder, RetireVantage, Accelerate 5, IncomeVantage Pro, the Income Planning Annuity and Guarantee Pro. If a statement or illustration says “Capstone Premier”, ask Midland or your agent for the exact contract form number.
Who it's for, and when to look elsewhere
Fits: mainly existing owners. If you hold MNL Capstone, this page tells you what to pull from your contract and annual statement before you decide to keep it, take free withdrawals, or move it after the surrender period.
Look elsewhere if:
- You are buying new. Capstone is not on Midland National’s current rate sheet; ask for a current product with a dated disclosure.
- Your surrender period has ended and your renewal cap has dropped toward the minimum. Compare it with what is available now before you leave it in place; an exchange under IRC 1035 avoids current tax only when it is done as a direct exchange.
- You mainly want a known rate. A MYGA locks a declared rate for the term, backed by the claims-paying ability of the issuing insurer. For comparison, A-rated-or-better insurers were paying about 5.50% to 6.05% on 5-year MYGAs and the best nationally available 5-year CDs about 4.70% to 5.00% APY (MYGAs: public carrier rate sheets, October 14, 2026; CDs: Bankrate and Popular Direct, October 18, 2026). Current rates: MYGA rates.
Run the numbers: annuity surrender charge calculator and annuity calculator. Related: North American vs Midland National (both are Sammons Financial Group member companies, per Sammons Financial Group), North American Charter Plus 10, is a premium bonus good or bad, annuity second opinion.
Questions to ask your agent
- What are the minimum guaranteed Index Cap Rates and the minimum Fixed Account rate in my contract? Please show me the contract page in writing.
- What is my full surrender schedule by year, which year am I in now, and how would the Interest Adjustment (MVA) and my 10% free withdrawal apply today?
- What caps and fixed rate is my contract crediting this year, and what were they in each prior year?
- What premium bonus percentage was credited, and is any of it subject to recapture?
- If you suggest moving this money, how are you paid on the new product? Commission comes from the insurer and is built into pricing, not deducted from premium; ask the percentage and whether a longer surrender term pays you more. See how annuity commissions work.
From my desk
When someone brings me an older MNL Capstone contract, I start with the annual statement and the contract data page, not the brochure. I want three numbers: the current year’s caps on each crediting method, the contract’s minimum guaranteed caps, and the surrender charge for the current contract year.
The number owners misread most on a legacy bonus FIA is the Accumulation Value. It includes the bonus, but the surrender value is what you actually get if you leave during the surrender period, after the surrender charge and the Interest Adjustment.
Against a MYGA, I compare what the contract credited over the last few years with the declared rate a MYGA would lock for a similar term today. If the surrender period is over and the renewal caps sit near the minimum, that comparison usually decides the question.
Frequently asked questions
Is Midland National MNL Capstone still sold?
Capstone is not on Midland National’s current annuity interest rate sheet (rates effective June 18, 2026), and the Capstone brochure we found is dated July 2014. Treat it as a legacy product; existing contracts continue under their own terms.
Is there a Midland National Capstone Premier annuity?
We found no Midland National product called Capstone Premier in Midland’s Capstone brochure or its current rate sheet, and could not verify a Capstone Premier 10 with a 5% bonus. The real product is MNL Capstone, a legacy bonus FIA.
Did MNL Capstone have a premium bonus?
Yes. The 2014 brochure says Midland credits a premium bonus on all premiums received in the first seven contract years. The percentage is on the Product Details sheet, which is not publicly available; check your contract.
How much can I withdraw from MNL Capstone without a surrender charge?
Per the brochure, up to 10% of the Accumulation Value once each contract year after the first contract anniversary, with no surrender charge or Interest Adjustment. Amounts above that can carry both.
What is Midland National’s AM Best rating?
Midland National says it is rated A+ (Superior) by AM Best and has held that rating since 1980 (Midland National website, checked October 4, 2026).
Sources (checked October 4, 2026)
- Midland National Life Insurance Company, MNL Capstone fixed index annuity brochure, form 19729Y, printed July 2014 (agent-use brochure; copy hosted by ImmediateAnnuities.com).
- Midland National, Annuity interest rates sheet, form 6745Y, rates effective June 18, 2026 (product list only; this page publishes no numbers from it).
- Midland National, home page, AM Best rating statement.
- Sammons Financial Group, member companies.
- MYGA and CD benchmark: public carrier rate sheets (MYGAs, October 14, 2026) and DepositAccounts (CDs, September 24, 2026).
Get a second opinion before you sign
Talk to Hans Goldstein, a licensed independent insurance producer.
A fixed indexed annuity ties up your money for 7 to 15 years. Cap rates renew annually and can drop. Income riders have separate benefit bases that aren't cash. Get an independent review before you commit your retirement savings to a multi-year contract.
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Hans Goldstein · 213-414-2808 · NPN 20602398, independent licensed insurance producer appointed with multiple A-rated carriers
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Disclosure
This review is based on the carrier's public product materials and rates as of the date shown above. Annuity rates, caps, participation rates, payout factors, crediting methods, and long-term care benefit structures change often, sometimes monthly. Confirm current figures in the latest carrier disclosure and the contract before you buy. This is general education, not a personal recommendation or an offer of any product. Hans Goldstein is an independent licensed insurance producer (CA license 4273294, NPN 20602398) appointed with several A-rated carriers. His appointment with the carrier reviewed here may vary, and this review is not an endorsement. No carrier paid for this review. Always read the actual contract and consult a licensed advisor before purchasing any annuity or long-term care insurance product. Past index performance does not predict future credited interest. Annuities and hybrid life+LTC policies are long-term contracts with surrender charges; they are not suitable for funds you may need before the end of the surrender period. AM Best ratings and tax treatment are subject to change. Tax discussion of IRC §7702B, §1035, and the Pension Protection Act of 2006 reflects law as of 2026 and is subject to change.