Retirement income IN STEP WITH YOUR LIFE

MyPath Lifetime Income A suite of optional living benefits Issued by Minnesota Life Insurance Company Retirement income IN STEP WITH YOUR LIFE MyPath Summit no longer available Available with select MultiOption variable annuities

What s inside Overview 3 Variable annuities 4 Protect your vision of the future 7 Grow your guaranteed income 9 Sustainable income with flexibility 16 Create retirement income that s compatible with your life 17 We are Securian Financial Group 18 2

Retirement income IN STEP WITH YOUR LIFE What will your retirement path look like? Do you intend to pursue a traditional retirement with more time with family, travel and volunteering? Or perhaps you re going to hit your stride with a new career or business venture. Whatever you envision for your retirement journey, you need sustainable income that helps you keep your financial footing. Our MyPath Lifetime Income suite, available for an additional cost with your MultiOption variable annuity, offers four distinct benefit options that can help you protect, grow and sustain income that s guaranteed to last as long as you do. Each benefit is available on a single or joint life basis. MyPath Core Flex Flexible with a range of options MyPath Ascend 2.0 Accelerated Enhancement growth for those gearing up for retirement MyPath Summit Greater withdrawal percentages for those nearing retirement MyPath Value Valuable protection at a modest cost Once elected, a MyPath optional lifetime income benefit can t be cancelled. 3

Variable annuities and a MyPath optional lifetime income benefit Variable annuities are designed to help provide long-term financial security. That s why they can be a good match for the reality of today s retirees. Along with the guaranteed income protection provided by the MyPath optional lifetime income benefits, annuities also offer: Tax-deferred earnings, allowing you to grow your retirement assets faster, since you don t pay taxes on earnings until withdrawn. Investment choice, so you can develop a customized investment strategy to match your goals and risk comfort level while working within the asset allocation options provided for optional living benefits.* The opportunity to protect your annuity assets for the people you care about once you re gone. Certain annuities offer other optional death benefits that can further protect or enhance the assets you pass on. Lifetime income, with a variety of ways to receive your income in retirement, including annuitizing your contract to receive a permanent stream of income payments. That s a unique benefit only annuities provide. You can select from a range of guaranteed income options to meet your needs, although the terms of the annuity income can t be altered once it goes into effect. Optional benefits like those in the MyPath suite are available at an additional cost to provide future retirement income protection. Combined, these benefits help you keep your retirement income on track while you pursue the retirement you ve envisioned. * Investment requirements apply. Your annuity assets must remain in one of the approved asset allocation options. What else should I know? Customers should consider all of their assets, income and investments when considering as asset allocation model or strategy. You have the opportunity to select a variable annuity with the combination of features and benefits that fit your needs and goals. The cost of the variable annuity will vary based on your selections. Annual costs include mortality and expense fees, administrative and investment management fees and any cost for optional benefits when applicable. Deferred sales charges may apply on early withdrawals or surrender. Variable annuities are subject to market fluctuation, investment risk and loss of principal. Investment performance of the variable investment options is not guaranteed and you can lose money investing in a variable annuity. MyPath optional lifetime income benefits do not assure growth of the annuity contract s value. The MyPath Lifetime Income suite of optional lifetime income benefits establishes a Benefit Base for calculating Guaranteed Annual Income. The Benefit Base provides no minimum contract value or investment return and is not available for withdrawal. The guarantees have no bearing on the performance of the variable investment options. For any MultiOption contract that includes a Credit Enhancement, the Credit Enhancement is treated as earnings as it applies to optional benefits. Earnings from variable annuities are taxable as ordinary income when distributed, and if withdrawn before age 59½ may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax deferral feature offers no additional value. This information is a general discussion of the relevant federal tax laws. It was not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. This information is provided to support the promotion or marketing of ideas that may benefit a taxpayer. Taxpayers should seek the advice of their own tax and legal advisors regarding any tax and legal issues applicable to their specific circumstances. Guarantees under the contract and optional benefits are based on the financial strength and claims-paying ability of Minnesota Life. 4

Adding a MyPath optional lifetime benefit to your MultiOption variable annuity can help you protect, grow and sustain income that s guaranteed to last as long as you do. 5

6 PROTECT your retirement income from market declines.

Protect your vision of the future When you add a MyPath benefit to your MultiOption variable annuity, you gain the security of knowing your retirement income is protected, even in declining markets. Your Guaranteed Annual Income (GAI) will never decrease solely due to a down market. You can continue to receive your GAI withdrawals, regardless of the value of your annuity even if it falls to zero. How it works: Your initial purchase payment is used to establish a Benefit Base. The Benefit Base is separate from your annuity s contract value and may grow over time as you make additional purchase payments or experience growth in your investments. This Benefit Base is a component in establishing your Guaranteed Annual Income (GAI), which is calculated as a percentage of your Benefit Base. Your GAI is guaranteed never to decrease, as long as you don t withdraw more than the GAI in any year. And, your GAI can increase, even after withdrawals begin through a variety of features to help grow your guaranteed income. GUARANTEED ANNUAL INCOME EVERY YEAR FOR LIFE REGARDLESS OF MARKET PERFORMANCE Contract Value Contract Anniversary This is a hypothetical example for illustrative purposes only and is not intended to predict or project investment results. Withdrawals may be subject to a deferred sales charge, and withdrawals before age 59½ may be subject to IRS penalties in addition to income tax. Your GAI is not protected if an excess withdrawal is taken that causes the contract value to fall to zero. Lifetime income on your terms You are first eligible to begin taking withdrawals at the Benefit Date, which is the later of the contract anniversary following your 59th birthday of the youngest designated life, or the date you purchase your MultiOption annuity. Once you reach the Benefit Date, each of the four MyPath optional lifetime income benefits gives you the freedom to decide when you want to begin utilizing your guaranteed income. Start and stop withdrawals at any time. The Benefit Base for MyPath optional lifetime income benefits provides no minimum contract value and is not available for withdrawal. It may be adjusted for additional purchase payments and all excess withdrawals, as described in the supplemental rate sheet. All MyPath benefits are subject to a $4 million Benefit Base maximum. We reserve the right to limit or discontinue acceptance of future purchase payments after the contract is issued. 7

8 GROW your guaranteed retirement income by locking in gains, some with features that further enhance your income.

Grow your guaranteed income Accumulating enough assets for your retirement years can be challenging enough. You also need to make sure your income has the potential to grow and keep up with the lifestyle that you envision for yourself in retirement. All MyPath benefits provide valuable ways for you to increase your Benefit Base. As your Benefit Base grows, so does your Guaranteed Annual Income. Some MyPath benefits have features to help you grow your income even when markets are down or flat. Lock in gains automatically with a Reset All four MyPath benefits offer a Benefit Base Reset during periods of strong market conditions. If your annuity s contract value at your contract anniversary is greater than your current Benefit Base (after any applicable Benefit Base Enhancement for Core Flex or Ascend 2.0), a Reset automatically locks those market gains into your Benefit Base, even if you ve already started taking withdrawals. Contract Value Benefit Base GROWTH DURING STRONG MARKET PERFORMANCE Increase to the Benefit Base at RESET (R) R R R R R Strong markets can create a Reset (R), which in turn will increase your Benefit Base and Guaranteed Annual Income (GAI). 1 2 3 4 5 6 7 8 9 10 Contract Anniversary This is a hypothetical example for illustrative purposes only and is not intended to predict or project investment results. Please note the // symbol identifies a break in the vertical axis of the graph. Due to space considerations, this presentation focuses on the upper contour of the fluctuating contract value. The base value of the graph is not considered to be zero. Withdrawal amounts taken before the Benefit Date or in excess of the GAI for the contract year are considered excess and will have a negative impact on the benefit s guarantees. See the accompanying supplemental rate sheet for more details. The cost of your MyPath benefit may increase at an annual Reset but will not exceed the maximums shown in the supplemental rate sheet. If you elect to decline a cost increase, you will no longer be eligible for future Benefit Base increases. 9

Grow your income with additional features An added opportunity, available only with MyPath Core Flex and Ascend 2.0, is available through a Benefit Base Enhancement. The Enhancement helps your Benefit Base grow in any year you haven t taken a withdrawal during the Enhancement Period (10 years for Core Flex, 12 years for Ascend 2.0). With Core Flex, the 10 year Enhancement Period will renew upon Benefit Base Reset. Calculated using simple interest, the Enhancement is determined annually by multiplying the Enhancement rate (a percentage which is locked in at contract issue), by the Enhancement Base, which begins equal to the Benefit Base. The Enhancement Base is increased by purchase payments made in the first year or, if later, prior to the first withdrawal, and is decreased for excess withdrawals. Please review the prospectus and supplemental rate sheet for complete details. When you receive an Enhancement, that amount is locked in to your Benefit Base thereby increasing your Guaranteed Annual Income. In any year where a Reset results in a greater increase than a potential Enhancement, the Benefit Base will be increased by the Reset amount, not both. Stacking accelerates growth Independently, both the Enhancement and the Reset features are effective tools in strengthening potential future guaranteed income. Stacking these two features together helps increase the growth potential of the Benefit Base. When a Reset occurs, both the Enhancement Base and Benefit Base are set to the higher contract value, thus increasing future Enhancements. And when the Benefit Base grows, so does the guaranteed annual income. MyPath Core Flex and MyPath Ascend 2.0 HOW BENEFIT BASE RESETS AND ENHANCEMENTS WORK TOGETHER Contract Value Benefit Base Enhancement Base Increase to the Benefit Base & Enhancement Base at RESET (R) +E Benefit Base Enhancement Benefit Base and Enhancement Base reset to contract value R +E +E +E Withdrawal taken in the amount of the GAI 1 2 3 4 5 6 7 8 Contract Anniversary +E Benefit Base increases due to Enhancement R +E This hypothetical example assumes purchase of MyPath Core Flex or MyPath Ascend 2.0 and demonstrates how the annual Reset and Enhancement features work together generally in varied market conditions. This example is for illustrative purposes only and is not intended to predict or project investment results. Please note the // symbol identifies a break in the vertical axis of the graph. Due to space considerations, this presentation focuses on the upper contour of the fluctuating contract value. The base value of the graph is not considered to be zero. The cost of your MyPath benefit may increase at an annual Reset but will not exceed the maximums. If you elect to decline a cost increase, you will no longer be eligible for future Benefit Base increases. 10

Opportunity to extend your Enhancement period With MyPath Core Flex, you have a unique opportunity to extend that valuable Enhancement period beyond 10 years! For every year you don t take a withdrawal during the enhancement period, you are eligible to receive an Enhancement, credited to the Benefit Base, increasing your Guaranteed Annual Income. For each year you receive a reset to your Benefit Base, a new 10-year period begins in which you are eligible for Enhancements (in years with no withdrawals). EXTEND YOUR ENHANCEMENT PERIOD WITH A RESET Reset to the Benefit Base A Reset also resets the 10 year Enhancement period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Contract Anniversary 200% Benefit Base Guarantee offers security in flat or down markets MyPath Ascend 2.0 offers guaranteed income growth even in years of poor market performance. The 200% Benefit Base Guarantee allows you to at least double your initial Benefit Base, if no withdrawals are taken for the 12 years after purchase (or if later, the anniversary following the 67th birthday of the youngest designated life). You will retain the highest Benefit Base achieved through either Resets and Enhancements, or through the 200% Benefit Base Guarantee. As long as you don t take any withdrawals, your 200% Benefit Base Guarantee will equal: 200% of initial Benefit Base and additional first-year purchase payments + 100% of purchase payments thereafter 11

Grow your income with high-quality investment options MyPath optional lifetime income benefits require the use of select high-quality investment options that can help your annuity grow over time. All four MyPath benefits let you choose from a range of Managed Volatility Portfolios. The benefits of Managed Volatility Portfolios The ups and downs of the market can make any investor uneasy. Managed Volatility Portfolios (MVPs) seek to minimize extreme swings and to provide more consistent growth over time. While you may not capture the highest gains, managed volatility portfolios provide a way to help minimize losses during down markets and minimize the emotional impact that the market can have on many investors. In this hypothetical example, one investment, represented by the blue line experiences more severe ups and downs, increasing the tendency of many investors to exit the market. The second investment represented by the gold line follows the same path, but smooths out some of the volatility a moderating factor that helps keep investors in the market. MORE SEVERE SWINGS VS. A SMOOTHER ROUTE Investment 1 Investment 2 Return Time There is no guarantee the portfolio will meet its objectives. 12

HOW MVPS WORK MVPs go beyond traditional asset allocation. They offer a responsive portfolio management style that is designed to reduce the impact of severe market declines and provide more consistent returns over the long run. When market volatility is low, equity exposure INCREASES. Goal: Take advantage of market upswings. When market volatility is high, equity exposure DECREASES. Goal: Capture market gains and reduce losses from declines. Additional Investment Options with MyPath Core Flex and Value If you are seeking a wider range of investment options, two of the MyPath benefits, MyPath Core Flex and MyPath Value, provide an expanded variety of investment options and asset allocation plans from which to choose. Work with your financial professional to determine what is best for you. Although Managed Volatility Portfolios seek to minimize the impact of market downturns, their hedging strategies may limit some upside potential. As with any variable investment, investing in Managed Volatility Portfolios involves investment risk, including the loss of principal. Neither diversification nor asset allocation guarantee against loss, they are methods used to manage risk. Because these funds employ an asset allocation strategy, investment risks may vary. One should consult the prospectus for more details. 13

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SUSTAIN guaranteed income with flexibility and control over how and when you take withdrawals. 15

Sustainable income with flexibility Your retirement journey could last 30 years or more, and will probably shift and change over time. So it s important to have lifetime income that s flexible and accessible. With MyPath optional lifetime income benefits, once you reach your Benefit Date, you are free to begin taking your Guaranteed Annual Income withdrawals. Start and stop withdrawals at any time. Your Guaranteed Annual Income (GAI) the amount you can receive annually is determined at the time of your first withdrawal by multiplying the Benefit Base by the Annual Income Percentage. ANNUAL INCOME PERCENTAGE Benefit Base X Annual Income Percentage = Guaranteed Annual Income Single Joint The Annual Income Percentage (AIP) is a percentage based on your age at first withdrawal (age of the younger spouse, if joint). The longer you wait to start taking withdrawals, the higher the AIP (except for MyPath Value, which has a static AIP). The percentages vary for each MyPath benefit and are available in the supplemental rate sheet that must accompany this brochure. Keep in mind that withdrawals in excess of the GAI or taken before the Benefit Date may have a negative impact on the benefit. 60-64 65-74 75-79 80+ Age Growth opportunity even after you begin taking income If you experience a Benefit Base Reset, your Annual Income Percentage will adjust if you fall into a higher age range, even if you have already started taking withdrawals. A higher AIP will increase your GAI! MyPath is RMD Friendly With MyPath, you can receive the greater of your Guaranteed Annual Income or any Required Minimum Distributions for the contract each year, guaranteed for life! What are RMDs? The IRS requires investors with assets in qualified accounts (pre-tax accounts like IRAs) to begin taking some money out of those accounts Required Minimum Distributions annually beginning at age 70½. If you withdraw the Required Minimum Distributions for two calendar years in one contract year, any amount in excess of the GAI or current calendar year RMD (whichever is greater) will be treated as an excess withdrawal. Excess withdrawals include any withdrawal prior to the Benefit Date as well as any amount withdrawn in a contract year that exceeds the GAI for that year. Excess withdrawal amounts will reduce the Benefit Base and Enhancement Base (as defined in the supplemental rate sheet) proportionately based on the ratio of the excess amount withdrawn to contract value. The GAI is recalculated. In down markets, this can have a larger negative impact than dollar-for-dollar withdrawals. 16

Sustain a legacy for the people you care about For some, preparing for retirement means thinking beyond your own retirement income needs and making sure your loved ones are taken care of after you re gone. Upon your death, your variable annuity contract value is payable to your beneficiaries. Certain MultiOption annuity contracts may provide for a guaranteed minimum death benefit (which is the greater of the contract value or the total purchase payments adjusted pro-rata for withdrawals). The MyPath Highest Anniversary Death Benefit is available with select MultiOption annuities in combination with MyPath Core Flex and MyPath Value. This optional benefit, available for an additional cost offers even greater death benefit protection 1. Adding the MyPath Highest Anniversary Death Benefit The MyPath Highest Anniversary Death Benefit allows you to capture upside investment performance and lock in market gains for your loved ones. It provides your beneficiaries with the highest value your annuity contract has achieved on any contract anniversary through age 80 (adjusted for withdrawals). Once you start withdrawals, the highest anniversary value still provides important protection for your beneficiaries, and is simply reduced by the dollar amount of the withdrawals you ve taken. If you have taken enough withdrawals to cause your annuity s contract value to decline to zero, the Highest Anniversary Death Benefit ends and is no longer available for your beneficiaries. Withdrawal amounts before the Benefit Date or in excess of the Guaranteed Annual Income for the contract year are considered excess and will have a negative impact on the death benefit s guarantees. LOCK IN GAINS FOR LOVED ONES Initial Purchase Payment Contract Value Purchase Payment MyPath Highest Anniversary Death Benefit Guaranteed Minimum Death Benefit 1 2 3 4 5 Contract Anniversary This is a hypothetical example for illustrative purposes only and is not intended to predict or project investment results. Assumes a client under age 75 and no additional purchase payments or withdrawals. ¹ At the first death under the single benefit (or the second death under the joint benefit), the death benefit will be the greater of the guaranteed minimum death benefit or the MyPath Highest Anniversary Death Benefit. 17

Create retirement income that s COMPATIBLE WITH YOUR LIFE The MyPath Lifetime Income suite of optional living benefits provides you with options to protect, grow and sustain income. Work with your advisor to learn more about how a MultiOption variable annuity and a MyPath optional lifetime income benefit can help you create retirement income that s in step with your life, and your journey in retirement. 18

WE ARE SECURIAN You may not have heard of us. Boasting is not our strong suit. But we are one of the nation s largest and strongest financial services providers. Securian provides retirement solutions, investments and insurance through our subsidiaries, including Minnesota Life. Minnesota Life issues our annuities and has been a respected presence in the industry for more than a century. For more information about the rating agencies, and to see where our ratings rank relative to others, visit securian.com/ratings. WE ARE a highly rated company headquartered in St. Paul, Minnesota. WE DO what s right. Our strong record of transparency, compliance and ethical conduct sets us apart. WE ARE a trusted longterm partner with a laser-sharp focus on helping people reach their goals now and in the years ahead. 19

This is a general communication for informational and educational purposes. The materials and the information are not designed, or intended, to be applicable to any person s individual circumstances. It should not be considered investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action. If you are seeking investment advice or recommendations, please contact your financial professional. An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to non-qualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charges, investment management fees and rider fees. Variable annuities are subject to market fluctuation, investment risk and loss of principal. This must be preceded or accompanied by a current variable annuity prospectus. You should consider the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product carefully before investing. The portfolio and variable insurance product prospectuses contain this and other information. Please read the prospectuses carefully before investing. MultiOption annuities and MyPath optional benefits may not be approved in all states and product features may vary by state. We reserve the right to limit or discontinue acceptance of future purchase payments after the contract is issued. For MultiOption Extra, this only applies if an optional benefit is elected. This may limit the ability to increase the contract value through additional purchase payments. If an optional benefit is elected in the contract, this may also limit the ability to increase the value used to calculate the optional benefit. The MyPath suite of optional lifetime income benefits establishes a Benefit Base for calculating guaranteed annual income. The Benefit Base provides no minimum contract value or investment return and is not available for withdrawal. Withdrawals exceeding allowed guidelines, or taken before the Benefit Date, may have a negative impact on the guarantees of these optional living benefits. All withdrawals reduce the Contract Value. These benefits cannot be cancelled and require use of an approved asset allocation strategy. The guarantees are subject to the financial strength and claims-paying ability of Minnesota Life. The guarantees have no bearing on performance of the variable investment options. These benefits are available on a single or joint life basis for an additional cost with a variable annuity and are based on state approval. MultiOption Extra provides a 7% Credit Enhancement on all purchase payments received during the first contract year. Credit Enhancements are treated as earnings for tax purposes and will be subject to market risk when invested in the variable investment options. The Credit Enhancement is also treated as earnings as it applies to benefits within the contract such as the Guaranteed Minimum Death Benefit or any optional living or death benefit. All death benefits payable will be reduced by any Credit Enhancement applied within 12 months of death. Contracts with Credit Enhancements such as MultiOption Extra often have higher fees and expenses and longer Deferred Sales Charge periods than contracts that do not provide Credit Enhancements. Minnesota Life recovers the cost of providing Credit Enhancements through these higher fees and expenses. It is possible that higher fees and expenses may outweigh the benefits of the Credit Enhancement. This information should not be considered as tax or legal advice. You should consult your tax advisor regarding your own tax situation. This must be accompanied by the supplemental rate sheet. Not a deposit Not FDIC/NCUA insured Not insured by any federal government agency Not guaranteed by any bank or credit union May go down in value Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation s largest financial services providers, it is the holding company parent of a group of companies that offer a broad range of financial services. Securian Financial Group, Inc. www.securian.com Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. Variable products offered through Securian Financial Services, Inc. Member FINRA/SIPC. 400 Robert Street North, St. Paul, MN 55101-2098 1-800-820-4205 2014-2017 Securian Financial Group, Inc. All rights reserved. 11-70203 ICC11-70203 12-70232 ICC12-70232 13-70252 ICC13-70252 13-70253 ICC13-70253 13-70254 ICC13-70254 13-70255 ICC13-70255 13-70258 ICC13-70258 13-70259 ICC13-70259 13-70260 ICC13-70260 13-70261 ICC13-70261 14-70270 ICC14-70270 14-70271 ICC14-70271 17-70341 ICC-70341 F79280 Rev 7-2018 DOFU 12-2017 316778