Additional product features Learn how MNL RetireVantage® works to help offer stability, growth potential, lifetime income, flexibility, and a legacy. Provide a lasting legacy MNL RetireVantage includes a death benefit, which can provide your beneficiary your annuity’s full accumulation value or minimum surrender value as of the date of death, whichever is greater. Your beneficiary may choose to receive the payout in either a lump sum or a series of income payments. Please consult with and rely on your own legal or tax professional.
Options for accessing funds Penalty free withdrawals MNL RetireVantage allows you to access a portion of funds each year without incurring a surrender charge and Market Value Adjustment (MVA). Starting in the first contract year, you may choose to take a penalty-free withdrawal of up to 10% of the accumulation value annually. Withdrawals may be treated by the government as ordinary income. If taken before age 59 1/2, you may be subject to additional IRS penalties for early withdrawal. Nursing home confinement waiver (not available in all states) After the first contract anniversary, if you are confined to a qualified nursing care center as defined in the rider (skilled nursing facility or residential care facility for the elderly in CA), you may withdraw up to 10% of your accumulation value without a surrender charge or MVA as long as you meet the eligibility requirements for this rider. If you withdraw 100% of your accumulation value, your contract and any applicable riders will terminate. If there are joint annuitants, the rider may be used for either the first or second annuitant to be confined to a qualified nursing care center, but not both. This rider is automatically included with your annuity at no additional charge. Refer to the rider for additional details, including benefit terms, conditions, and limitations. Market value adjustment (MVA) with external index (state variations exist) Your contract also includes a market value adjustment feature – which may decrease or increase your surrender value depending on the change in the market value adjustment external index rate since your annuity purchase. Market value adjustments are applied only during the surrender charge period to surrenders in excess of the penalty-free amount. Your annuitization payout options You can choose to receive annuity payments based on your choice of several annuity options. Once you elect an annuitization option, it cannot be changed, and all other rights and benefits under the annuity end. The payment amount and number of payments will be based on your annuity’s surrender value and the annuitization option you choose (state variations may exist). See the tables below for available payout options.
Contract values Accumulation value
The accumulation value is 100% of premium, allocated to the fixed and indexed account option less any withdrawals plus any interest credits. The accumulation value will be reduced by the amount of any withdrawals, but cannot decrease due to negative
index performance. Surrender value
The surrender value is the amount that is available at the time of contract surrender. The surrender value is equal to the accumulation value, subject to the market value adjustment, less applicable surrender charges, and if applicable, state premium taxes. The surrender value will never be less than the minimum requirements set forth by state laws, at the time of issue, in the state where the contract is delivered or issued for delivery. The minimum surrender value will not be less than 87.5% of all premiums; less any partial surrenders (after market value adjustment, reductions for surrender charges); accumulated at a rate not less than the rate required by state law or otherwise directed by your contract. Tax deferral improves growth potential Your annuity’s value grows on a tax-deferred basis, meaning more of it is working for you. Tax-deferred growth means you don’t owe taxes until you access funds, allowing more time for growth potential. Work with your tax advisor to find out how this might work for you. Under current law, annuities grow tax deferred. An annuity is not required for tax deferral in qualified plans. Annuities may be subject to taxation during the income or withdrawal phase. Please note that neither Midland National, nor any financial professionals acting on its behalf, should be viewed as providing legal, tax or investment advice. Consult with and rely on your own qualified advisor. You may select an annuity payout option based on the accumulation value at any time after the first contract year. Choose from: • Life income • Life income with a 10- or 20-year period certain • Joint and survivor life income • Joint and survivor life income with a 10- or 20-year period certain
With the exception of life income options, income options are available from five to 20 years. Choose from:
• Income for a specified period • Income for a specified amount • Life income with a period certain • Life income • Joint and survivor life income
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