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MNL IndexBuilder ® 10 fixed index annuity | Issued by Midland National® Life Insurance Company
Annuity
Boost your retirement savings and add flexibility for the “what ifs” in retirement
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REV 12-23
Help protect your retirement from the unknown. Recent history has shown us that while we can’t predict the future exactly, we know better than to assume life won’t throw a few surprises our way. Additionally, between multiple recessions, an uncertain Social Security future, and a daily fluctuating market, many have doubts about their retirement readiness. Protection from loss is an important piece of an overall retirement plan. And fixed index annuities such as the MNL IndexBuilder 10® offers protection from market decreases with the potential for growth. Key benefits of MNL IndexBuilder® 10 • Give your retirement savings a jumpstart with an immediate premium bonus • Add an immediate boost and flexibility with the optional additional benefit rider (ABR) for a cost, which provides an enhanced premium bonus, enhanced penalty-free withdrawals, return of premium, and additional payout benefit (feature not available in all states) • Choose from multiple index strategies, including enhanced crediting methods offering greater upside potential* • Tax deferral, income for life, and full accumulation value at death *In exchange for a strategy charge.
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Up to 17% total immediate premium bonus To get a head start on your retirement savings, Midland National credits you a base premium bonus, which multiplies any additional premium you put into your policy during the first three years by a specified premium bonus percentage. Plus, you can get an immediate boost on your retirement savings right from the start with an enhanced premium bonus percentage available through the optional additional benefit rider (for a cost). What sets MNL IndexBuilder® 10 apart
Enhanced bonus (with ABR, for cost)
Total immediate bonus (if ABR elected)
Premium
Base bonus
7%
7%
14%
$20,000-$74,999
10%
7%
17%
$75,000+
Additional premium The premium bonus is credited to your accumulation value upon issue and is applied to the accumulation value when additional premiums are received during the first three years. All additional premiums will initially be credited a fixed interest rate, which will be guaranteed until the end of the contract year, and declared at the time the additional premium is received. On each contract anniversary, Midland National will allocate any premiums received since the prior contract anniversary, according to your most recent instructions. It’s important to note, the surrender charge is based off initial premium only, so there’s no rolling surrender charge. The base premium bonus percentage differs by the amount of initial premium.
For premium under $75,000, the base premium bonus is 7%, instead of 10%. The enhanced premium bonus percentage is 7% for all premium received in the first three years, if the optional additional benefit rider is elected. Products that have premium bonuses and enhanced premium bonuses may offer lower credited interest rates, lower index cap rates, lower participation rates, and/or greater index margins than products that don’t offer a premium bonus or enhanced premium bonus. Over time and under certain scenarios, the amount of the premium bonus may be offset by lower credited interest rates, lower index cap rates, lower participation rates, and/or greater index margins. Issue ages (may vary by state) Available issue ages 0-79 (qualified and non-qualified). For issue ages 0-17, a Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) custodial account must be established. Minimum premium Flexible premium, $20,000 non-qualified and qualified initial premium.
How it works
Base premium bonus applied to all premium in first three years
Enhanced premium bonus applied to all premium in first three years (with ABR, for cost)
Total premium bonus percentage (if ABR elected)
Premium timing
Premium amount
Bonus amount
$17,000 $1,700 $1,700 $1,700
At issue
$100,000 $10,000 $10,000 $10,000 $10,000
Year 1 Year 2 Year 3 Year 4
10%
7%
17%
$0
0%
0%
0%
$22,100
Total: $140,000
Total premium amount plus bonus: $162,100
Hypothetical examples are for illustrative and educational purposes only and not intended to predict future performance. The use of alternate assumptions could produce significantly different results.
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Optional additional benefit rider
Return of premium At any time after the third contract anniversary, you may terminate the contract and receive no less than your contract’s net premium paid. The net premium is equal to your initial and subsequent premiums (less any strategy charges if applicable, excluding the ABR rider cost and any premium tax) less any withdrawal amounts you have received (after any surrender charges or interest adjustment). Enhanced penalty-free withdrawals In years where no withdrawals were taken in the previous year, the penalty-free withdrawals can increase to 20% (maximum) of the accumulation value*. If any penalty-free withdrawal is taken during a contract year, the penalty-free allowance available for the following year resets to 10%. *Only available after the second contract year
Add the optional additional benefit rider (ABR) for a cost to gain even more flexibility and an enhanced premium bonus. The ABR can only be elected at product issue. 7% enhanced premium bonus Get an additional 7% premium bonus on top of the base premium bonus on any premiums received in the first three contract years. Products that have premium bonuses or enhanced premium bonuses may offer lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins than products that don’t offer a premium bonus or enhanced premium bonus. Over time and under certain scenarios the amount of the premium bonus may be offset by the lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins. 4% Additional payout benefit (feature not available in all states) If you elect an annuity payout option after the waiting period has elapsed, as shown in the contract, this benefit will be added to your accumulation value.
See example below.
Available penalty-free withdrawal
Penalty-free withdrawal taken
Contract year
1
0%
0% 0%
2
10%
Rider cost is 0.95% of accumulation value at each contract anniversary during the surrender charge period. This rider cost is considered a penalty-free withdrawal, and does not reduce the penalty-free withdrawal available to you. The rider cost, under certain scenarios, may result in loss of premium.
3
20%
5%
4
10%
0%
5
20%
0%
6
20%
0%
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Options for accessing funds Penalty-free withdrawals
In all states but Florida:
MNL IndexBuilder 10 allows you to access a portion of funds each year without incurring a surrender charge and Market Value Adjustment (MVA). Starting in the second 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 MA) 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 100% of your accumulation value without a surrender charge, MVA, or premium bonus recapture 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. 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. See the “Understanding the market value adjustment” brochure for more information. 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 following table for available payout options.
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
For Florida: 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
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Additional product features Learn how MNL IndexBuilder® works to help offer stability, growth potential, lifetime income, flexibility, and a legacy. Provide a lasting legacy MNL IndexBuilder 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. By naming a beneficiary, you may minimize the delays, expense and publicity often associated with probate. Please consult with and rely on your own legal or tax professional.
Contract values Accumulation value
The accumulation value is 100% of premium, allocated to the fixed and indexed account option plus any base or enhanced premium bonus (if ABR is elected) less any withdrawals plus any interest credits. The accumulation value will be reduced by the amount of any withdrawals (including any rider charges), but cannot decrease due to negative index performance. Full surrender – surrender value If you decide to surrender or terminate your Annuity Contract, the surrender value is the amount that is available to you as a lump sum. The surrender value is equal to the accumulation value, subject to market value adjustment, less applicable surrender charges, premium bonus recapture, and state premium taxes. The surrender value will never be less than the minimum requirements set forth by state law, at the time of issue, in the state where the Annuity Contract is delivered or issued for delivery. The minimum surrender value will never be less than 87.5% of all premiums less any surrenders (after MVA or reduction for surrender charges and premium bonus recapture) accumulated at a rate not less than the rate required or otherwise directed by your Annuity 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.
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How your annuity can grow
MNL IndexBuilder 10 has a strategy and index account option to suit your style: • Whether you like to take charge of your financial choices or prefer to set it and forget • Whether you’re interested in a fixed return, hoping for more growth potential or a combination
In addition to the fixed account, here are available crediting methods. Diversify premium among the following index account options: Crediting method options* Index availability* Annual Point-to-Point with Index Cap Rate • S&P 500® Annual Point-to-Point with Participation Rate • S&P MARC 5% ER
• BlackRock ESG US 5% Index ER • S&P MARC 5% ER • Fidelity Multifactor Yield Index 5% ER
Annual Point-to-Point with Enhanced Participation (subject to strategy charge)
Monthly Point-to-Point with Index Cap Rate
• S&P 500®
• S&P 500® Low Volatility Daily Risk Control 8% Index • BlackRock ESG US 5% Index ER • S&P MARC 5% ER • Fidelity Multifactor Yield Index 5% ER
Two-year Point-to-Point with Participation Rate
• BlackRock ESG US 5% Index ER • S&P MARC 5% ER • Fidelity Multifactor Yield Index 5% ER
Two-year Point-to-Point with Enhanced Participation (subject to strategy charge)
• S&P 500® Low Volatility Daily Risk Control 5% • BlackRock ESG US 5% Index ER • Fidelity Multifactor Yield Index 5% ER
Annual Point-to-Point with Index Margin
Annual Inverse Performance Trigger (declared performance rate)
• S&P 500®
In your contract the applicable period of time for the crediting method is referred to as a “term”. * Index(es) and strategies may not be available in all states. Each crediting method and the index account options perform differently in various market scenarios. Refer to the “How it works-crediting methods and index options” brochure for more information on the differences. Your financial professional may explain how the different interest crediting methods work to help you determine which strategy or combination of strategies could be the best fit for your objectives. Fixed account Premium allocated to the fixed account will be credited interest at a declared fixed account interest rate. The declared fixed rate is an annual effective rate. Interest is credited to the fixed account daily. The initial premium interest rate is guaranteed for the first contract year. For each subsequent contract year, we will declare, at our discretion, a fixed account interest rate that will apply to the amount allocated to the fixed account as of the beginning of that contract year. A declared fixed account Interest rate will never fall below the minimum guaranteed fixed account interest rate.
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Pick from a wide variety of index* options
S&P 500® Index (SPX) The S&P 500 Index is widely regarded as the best single gauge of the large cap U.S. equities market since the index was first published in 1957. The price-return index includes 500 leading companies in leading industries of the U.S. economy and does not include dividends in the index valuation. S&P Multi-Asset Risk Control 5% Excess Return Index (SPMARC5P) S&P MARC 5% ER The S&P MARC 5% ER Index is a multi-asset excess return index that strives to create more stable index performance through diversification, an excess return methodology, and volatility management (i.e. risk control). The index applies rules to adjust allocations among multiple asset classes creating a diversified basket of these assets. The index then adds an element of risk control by applying rules to allocate between this basket and cash. The index is managed to a 5% volatility level. Fidelity Multifactor Yield Index SM 5% ER Index (FIDMFYDN) The Fidelity Multifactor Yield Index 5% ER (the “Index”) is a multi-asset, rules-based index that blends a multifactor equity starting universe with U.S. Treasuries, and uses a dynamic allocation approach that seeks to reduce volatility and deliver a more consistent investment experience over time. The starting portfolio is a combination of 6 factors with pre-determined weights and a tilt towards high dividend yielding companies. A fixed income overlay is applied, and the volatility levels of the combined portfolio are analyzed daily and components are adjusted to meet a 5% volatility target.
S&P 500® Low Volatility Daily Risk Control 5% Index (SPLV5UT) The S&P 500® Low Volatility Daily Risk Control 5% Index strives to create stable index performance through managing volatility (i.e. risk control) on the S&P 500 Low Volatility Index. The S&P 500 Low Volatility Index measures performance of the 100 least volatile stocks in the S&P 500. The index adds an element of risk control by applying rules to allocate between stocks, as represented by the S&P 500 Low Volatility Index, and cash. The index is managed to a 5% volatility level. S&P 500® Low Volatility Daily Risk Control 8% Index (SPLV8UT) The S&P 500® Low Volatility Daily Risk Control 8% Index strives to create stable performance through managing volatility (i.e. risk control) on the S&P 500 Low Volatility Index. The S&P 500 Low Volatility Index measures performance of the 100 least volatile stocks in the S&P 500. The index adds an element of risk control by applying rules to allocate between stocks, as represented by the S&P 500 Low Volatility Index, and cash. The index is managed to an 8% volatility level. BlackRock ESG US 5% Index ER (BESGUVCX) The BlackRock ESG US 5% Index ER (the “Index”) objective is to offer exposure to the iShares ESG Aware MSCI USA ETF subject to a 5% Target Volatility. The index manages to the Target Volatility by incorporating Fixed Income US Treasury iShares® ETFs and a Cash Constituent. The Index tracks the return of the weighted ETFs and any Cash Constituent, above the sum of the Return on the Interest Rate and the Index Fee.** * Past index performance is not intended to predict future performance. ** It is important to note your premium is not invested in the Index but in the insurance company’s general account, which may include investments that do not follow the environmental, social, and governance (ESG) practices of the BlackRock ESG US 5% Index ER.
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Crediting method features and details
Unlock greater upside potential with enhanced crediting methods In exchange for a strategy charge, you’ll unlock a greater upside potential. The charge is deducted from your accumulation value once each term and is guaranteed to stay the same for the life of the contract. It will be deducted at the time of a partial withdrawal that exceeds the penalty- free withdrawal amount or the end of the term. The strategy charge will be deducted regardless of the interest credited to accumulation value (“AV”) true-up 2 If interest credited over your contract term is less than the total strategy charges, there could be a loss of premium. To help protect your premium, your MNL IndexBuilder 10 fixed index annuity includes AV true-up. The AV true-up provides a one-time refund at the end of the surrender charge period of the difference between total interest credited and strategy charges since issue, if any. This benefit is not available if you take excess penalty-free withdrawals. 2. Known as guaranteed accumulation value true-up endorsement in your contract. Annual and two-year reset the contract and can lead to loss of premium. Experience protection with One advantage of fixed index annuities is a reset feature, which applies to this annuity no matter which crediting method you choose. The annual and two-year resets allow an interest credit, if any, to be added to the index account at the end of each index term. That amount, when added, becomes “locked in” because it cannot be taken away due to negative index performance. The “locked-in” interest credit will be added to the accumulation value, giving you the advantage of compounding in subsequent years. This feature also resets your starting index point each new index term. Annual and two-year reset can be a benefit when the index experiences a severe downturn during the term because at the beginning of the next term, you can take advantage of any gains from that point forward. Without this feature, you would have to wait for the index to climb to its original level before any gains could be realized. How transfers work You may elect to transfer funds between the fixed account and index account options annually after the first contract year for the annual index strategies (or every two years if you choose the Two-year Point to-Point strategies). Based on current tax laws, these transfers between options will not be taxable or subject to surrender penalties.
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How withdrawals impact how your annuity grows
Having access to funds is always an important factor. If you choose to withdraw money from your contract, there are several factors to consider. For withdrawals taken during the surrender charge period in excess of your penalty-free allowance, surrender charges, premium bonus recapture, and market value adjustment may apply.
Surrender charges During the surrender charge period, a surrender charge is assessed on any amount withdrawn, whether as a partial or full surrender, that exceeds the penalty-free amount and may result in a loss of premium. Additional premiums deposited into existing contracts will maintain the surrender charge schedule set forth at policy issue date. Certain payout options may incur a surrender charge and premium bonus recapture (if applicable). Market value adjustments apply during the surrender charge period. A surrender during the surrender charge period could result in a loss of premium. Surrender charges may vary by state. In California , the surrender charge percentage in the 10th contract year will decrease 0.04% monthly until the surrender charge equals 0.00%. The decrease will occur on the same day in each month as the date of the contract anniversary; if the date does not exist for a given month, the date for that month will be the last calendar day of the month.
Surrender charge schedule
AL, AZ, AR, CO, DC, FL, GA, IA, IL, KS, KY, LA, MA, ME, MI, MS, NE, NH, NM, NC, ND, RI, SD, TN, VT, WV, WI, WY
AK, CT, DE, HI, ID, IN, MD, MN, MO, MT, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, WA
Contract year
CA
1
8.00% 7.45% 6.50% 5.50% 4.55% 3.55% 2.55% 1.50% 0.50% 0.44%
10% 10%
9.0% 8.5% 7.5% 6.5% 5.5% 4.5% 3.5% 3.0% 2.0%
2 3 4 5 6 7 8 9
9% 9% 8% 8% 7% 6% 4% 2%
10
1.0%
Premium bonus recapture provision
Premium bonus recapture schedule
AL, AZ, AR, CO, DC, FL, GA, IA, IL, KS, KY, LA, MA, ME, MI, MS, NE, NH, NM, NC, ND, RI, SD, TN, VT, WV, WI, WY
A base premium bonus will be credited on premium received during the first three contract years, and the enhanced premium bonus will be credited during the first three contract years (if the ABR is elected). During the surrender charge period, withdrawals in excess of the penalty-free allowance or a full surrender will incur a premium bonus recapture. This is in addition to any applicable surrender charges and/or market value adjustments. This recapture schedule is set at issue and applies to total premium bonus. After the surrender charge period, premium bonus recapture is 0%. Premium bonus recapture may vary by state. The premium bonus is not recaptured in the event of death of the annuitant. No premium bonus recapture will occur on any penalty-free withdrawal amount, under the nursing home confinement waiver, or on any rider charge.
AK, CT, DE, HI, ID, IN, MD, MN, MO, MT, NJ, NV, OH, OK, OR, PA, SC, TX, UT, VA, WA
Contract year
CA
1
75% 75% 65% 55% 45% 35% 25% 15% 5% 0%
100% 90% 80% 70% 60% 50% 40% 30% 20%
90% 80% 75% 65% 55% 45% 40% 30% 20%
2 3 4 5 6 7 8 9
10
10%
10%
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Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including Midland National® Life Insurance Company. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, Midland National Life Insurance Company. This brochure is for solicitation purposes only. Please refer to your Contract for any other specific information. With every Contract that Midland National issues there is a free-look period. This gives you the right to review your entire Contract and if you are not satisfied, return it and have your premium returned. The MNL IndexBuilder® 10 is issued on form AS145A/ICC16-AS145A.MVA (contract), AR306A, AR307A/ICC15-AR307A, AR308A/ICC16-AR308A, AR310A.PB/ICC16-AR310B.PB, AR312A/ICC15- AR312A, AR313A/ICC15-AR313A, AR314A/ICC15-AR314A, AR317A/ICC15-AR317A, AR331A/ICC17-AR331A, AR383A/ICC20-AR383A, AR384A/ICC20-AR384A, AR403A/ICC22-AR403A, AR404A.1/ ICC23-AR404A.1, and AR405A.1/ICC23-AR405A.1 (riders/endorsements) or appropriate state variation by Midland National® Life Insurance Company, West Des Moines, IA. This product, its features and riders may not be available in all states. Premium taxes: Accumulation value and surrender value and death benefit will be reduced for premium taxes as required by the state of residence. Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for optional benefit riders or strategy fees or charges associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index. The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product. All rates and features are subject to change. Please consult your financial professional for the current information. Special notice regarding the use of a living trust as owner or beneficiary of this annuity. The use of living trusts in connection with an annuity contract can be a valuable planning mechanism. However, a living trust is not appropriate when mass-produced in connection with the sale of an insurance product. We strongly suggest you seek the advice of your qualified legal advisor concerning the use of a trust with an annuity contract. Premium bonus Products that have premium bonuses and enhanced premium bonuses may offer lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins than products that don’t offer a premium bonus or enhanced premium bonus. Over time and under certain scenarios the amount of the premium bonus may be offset by the lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins. 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 a qualified advisor. Under current law, annuities grow tax deferred. Annuities may be subject to taxation during the income or withdrawal phase. The tax-deferred feature is not necessary for a tax-qualified plan. In such instances, you should consider whether other features, such as the Death Benefit, lifetime annuity payments, and any other features make the contract appropriate for your needs. Withdrawals taken prior to age 59 1/2 may be subject to IRS penalties. The “S&P 500®”, “S&P 500® Low Volatility Daily Risk Control 5% Index”, “S&P 500® Low Volatility Daily Risk Control 8% Index”, and “S&P Multi-Asset Risk Control 5% Excess Return Index”, (“the Indices”) are products of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and have been licensed for use by Midland National® Life Insurance Company (“the Company”). S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The Company’s Product is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Company’s Product or any member of the public regarding the advisability of investing in securities generally or in the Company’s Product particularly or the ability of the Indices to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the Company with respect to the Indices is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indices are determined, composed and calculated by S&P Dow Jones Indices without regard to the Company or the Company’s Product. S&P Dow Jones Indices has no obligation to take the needs of the Company or the owners of the Company’s Product into consideration in determining, composing or calculating the Indices. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Company’s Product. There is no assurance that investment products based on the Indices will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, “promoter” (as defined in the Investment Company Act of 1940, as amended), “expert” as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice. S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDICES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE COMPANY, OWNERS OF THE COMPANY’S PRODUCT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE COMPANY’S PRODUCT REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD- PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE COMPANY, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES. The Fidelity Multifactor Yield Index 5% ER (the “Index”) is a multi-asset index, offering exposure to companies with attractive valuations, high quality profiles, positive momentum signals, lower volatility and higher dividend yield than the broader market, as well as U.S. treasuries, which may reduce volatility over time. Fidelity is a registered trademark of FMR LLC. Fidelity Product Services LLC (“FPS”) has licensed this Index for use for certain purposes to Midland National® Life Insurance Company (the “Company”) on behalf of the Product. The Index is the exclusive property of FPS and is made and compiled without regard to the needs, including, but not limited to, the suitability needs, of the Company, the Product, or owners of the Product. The Product is not sold, sponsored, endorsed or promoted by FPS or any other party involved in, or related to, making or compiling the Index. The Company exercises sole discretion in determining whether and how the Product will be linked to the value of the Index. FPS does not provide investment advice to owners of the Product, nor to any other person or entity with respect to the Index and in no event shall any Product contract owner be deemed to be a client of FPS. Neither FPS nor any other party involved in, or related to, making or compiling the Index has any obligation to continue to provide the Index to the Company with respect to the Product. Neither FPS nor any other party involved in, or related to, making or compiling the Index makes any representation regarding the Index, Index information, performance, annuities generally or the Product particularly. Fidelity Product Services LLC disclaims all warranties, express or implied, including all warranties of merchantability or fitness for a particular purpose or use. Fidelity Product Services LLC shall have no responsibility or liability whatsoever with respect to the Product. The BlackRock ESG US 5% Index ER is a product of BlackRock Index Services, LLC and has been licensed for use by Midland National® Life Insurance Company. BlackRock®, BlackRock ESG US 5% Index ER, and the corresponding logos are registered and unregistered trademarks of BlackRock. The annuity product is not sponsored, endorsed, sold or promoted by BlackRock Index Services, LLC, BlackRock, Inc., or any of its affiliates, or any of their respective third-party licensors (including the Index calculation agent, as applicable) (collectively, “BlackRock”). BlackRock has no obligation or liability in connection with the administration or marketing of the annuity product. BlackRock makes no representation or warranty, express or implied, to the owners of the annuity product or any member of the public regarding the advisability of investing the annuity product or the ability of the BlackRock ESG US 5% Index ER to track general market performance. BlackRock does not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Index or any data or communication related thereto nor does it have any liability for any errors, omissions or interruptions of the BlackRock ESG US 5% Index ER.
29720Y-1
11
REV 12-23
Midland National ® is a Sammons Financial Group company. We are committed to our customers, distribution partners, employees and communities – and the deeply rooted belief that we grow stronger together. With so much change happening in the world, people are looking for companies that can stand the test of time. They need a partner that can weather life’s storms. That’s us. For over a century, we have been here for our customers and honoring our commitments. And because we’re privately owned, we don’t measure our impact by the number of years we’ve been in business, investor goals or size of the company. We are proud of our impact of the financial futures we help secure, and the legacies we help establish. We believe that we aren’t here to serve just today’s customers, but customers for generations to come. As we look ahead to our next hundred years, that fundamental principle remains rich in its vision. No matter how much change happens in the world around us, we strive to find new ways to create value for our customers. Just like always. Midland National has continued to earn high ratings, based on our financial strength, operating performance, and ability to meet obligations to our policyholders and contract holders. Midland National currently holds the following ratings: “ A+ ” A.M. Best A,B (Superior) (Second category of 15) S&P Global Ratings B,C (Strong) (Fifth category of 22) Fitch Ratings D (Stable) (Fifth category of 19) Ratings are subject to change.
A.M. Best is a large, third-party independent reporting and rating company that rates an insurance company on the basis of the company’s financial strength, operating performance, and ability to meet its obligations to policyholders. S&P Global Ratings is an independent, third-party rating firm that rates on the basis of financial strength. Ratings shown reflect the opinions of the rating agencies and are not implied warranties of the company’s ability to meet its financial obligations. The ratings above apply to Midland National’s financial strength and claims-paying ability. A) A.M. Best rating affirmed on August 29, 2023. For the latest rating, access ambest.com. B) Awarded to Midland National® as part of Sammons® Financial Group Inc., which consists of Midland National® Life Insurance Company and North American Company for Life and Health Insurance®. C) S&P Global rating assigned Feb. 26, 2009 and affirmed on May 24, 2023. D) Fitch Ratings, a global leader in financial information services and credit ratings, on Dec. 7, 2022, assigned an Insurer Financial Strength rating of A+ Stable for Midland National. This rating is the fifth highest of 19 possible rating categories. The rating reflects the organization’s strong business profile, low financial leverage, very strong statutory capitalization, and strong operating profitability supported by strong investment performance. For more information access fitchratings.com.
Not FDIC/NCUA Insured Not A Deposit Of A Bank Not Bank Guaranteed
West Des Moines, Iowa MidlandNational.com
May Lose Value
Not Insured By Any Federal Government Agency
29720Y-1
12
REV 12-23
Annuity
MNL IndexBuilder ® 10 fixed index annuity
Issued by Midland National® Life Insurance Company
Premium bonus special 1 now available for a limited time.
Immediate bonus Up to 12% premium bonus (10% base premium bonus plus 2% premium bonus special) 1
On all premiums received in first three years. Plus, get an additional 7% enhanced premium bonus with the optional additional benefit rider (ABR - for a cost 2 ). The special is considered part of the base premium bonus. (All bonuses may be subject to a premium bonus recapture 1 ) Diversification • 17 interest-crediting strategies • 14 uncapped strategies (subject to index margin/participation rate/declared performance rate) • 6 enhanced participation strategies (with a strategy fee 3 ) Liquidity options • 10% annual penalty-free withdrawal 4 of accumulation value starting in year two, or up to 20% enhanced penalty-free withdrawal with the ABR 2 . • Up to 100% of accumulation value available with the nursing home confinement waiver rider 5 . (not available in all states) • Return of premium any time after the third contract anniversary 6 , with the addition of the ABR 2 .
28696Y-10
West Des Moines, IA | MidlandNational.com
REV 12-23
Page 1 of 2
Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including Midland National® Life Insurance Company. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, Midland National Life Insurance Company. Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from the accumulation value for optional benefit riders or strategy fees or charges associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index. Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state. The MNL IndexBuilder® 10 is issued on form AS145A/ICC16-AS145A.MVA (contract), AR306A, AR307A/ICC15-AR307A, AR308A/ICC16-AR308A, AR310A.PB/ICC16-AR310B.PB, AR312A/ICC15-AR312A, AR313A/ICC15-AR313A, AR314A/ICC15-AR314A, AR317A/ICC15-AR317A, AR331A/ICC17-AR331A, AR383A/ICC20-AR383A, AR384A/ICC20-AR384A, AR403A/ICC22-AR403A, AR404A.1/ICC23-AR404A.1, and AR405A.1/ICC23-AR405A.1 (riders/endorsements) or appropriate state variation by Midland National® Life Insurance Company, West Des Moines, IA. This product, its features and riders may not be available in all states. 1. Assumes 2% premium bonus special. This premium bonus special increase may be modified or discontinued at any time without notice. All decisions are at the sole discretion of Midland National® and all decisions are final. No exceptions will be made. Premium bonus and enhanced premium bonus may vary by annuity product, premium band and surrender charge period selected and may be subject to a premium bonus recapture. Products that have premium bonuses may offer lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins than products that don’t offer a premium bonus. Over time and under certain scenarios the amount of the premium bonus and enhanced premium bonus may be offset by the lower credited interest rates, lower index cap rates, lower participation rates and/or greater index margins. The premium bonus and enhanced premium bonus are not recaptured in the event of death of the annuitant. No premium bonus or enhanced premium bonus recapture will occur on any penalty-free withdrawal amount or under the nursing home confinement waiver or on any rider charge. 2. Rider cost is 0.95% of accumulation value at each contract anniversary during the surrender charge period. This rider cost is considered a penalty-free withdrawal, and does not reduce the penalty-free withdrawal available to you. The rider cost, under certain scenarios, may result in loss of premium. ABR and all its features may not be available in all states. 3. Known as a strategy fee annual percentage in the contract. In exchange for the charge, an enhanced participation rate is received. The charge is multiplied by the number of years in the crediting term and is deducted once each term from the accumulated value allocated to the enhanced participation rate method. The charge will be deducted once each term at the earliest of any partial withdrawal that exceeds the penalty-free amount, a full surrender or the end of the term. The strategy charge will be deducted regardless of the interest credited to the contract and can lead to loss of premium in certain scenarios. Strategy charges are considered a partial surrender outside of the available penalty-free amount and for purposes of the return of premium feature will reduce the net premium accordingly. 4. Withdrawals taken prior to age 59 1/2 may be subject to IRS penalties. 5. Subject to the terms of the rider. 6. You may terminate the contract and receive no less than your contract’s net premium paid. The net premium is equal to your initial and subsequent premiums (less any strategy charges if applicable, excluding the ABR rider cost and any premium tax) less any withdrawal amounts you have received (after any surrender charges or interest adjustment).
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals are independently contracted with Midland National and are insurance licensed that will be paid a commission on the sale of an insurance product.
Talk to your financial professional for details.
28696Y-10
West Des Moines, IA | MidlandNational.com
REV 12-23
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