LiveWell Freedom Variable Annuity

LiveWell Freedom Variable Annuity Issued by Midland National Life Insurance Company Simple. Innovative. Straightforward. Income Now. Freedom Later. 27009V PRT 05-18 NOT FDIC/NCUA INSURED, MAY LOSE VALUE, NO BANK/CU GUARANTEE, NOT A DEPOSIT, NOT INSURED BY ANY FEDERAL AGENCY

Income Now. Freedom Later. The LiveWell Freedom Variable Annuity Helps You Make the Most of Both Stages of Retirement With: Streamlined investment options Up to 80% equity allocation to help maintain growth potential Required automatic quarterly rebalancing to maintain your investment allocations No front-end charges Annual 2% GLWB roll-up percentage 1 feature PLUS 75% share in any index gains experienced with the S&P 500 Index with Annual Point-to- Point Freedom Date gives you full access to your accumulation value... without affecting the lifetime payment amount, reducing your accumulation value for lifetime payments, or further charging for the GLWB. Tax-deferred growth potential Distributed by Sammons Retirement Solutions and issued by Midland National Life Insurance Company Helping Your Nest Egg Provide For Both Stages of Retirement Planning for retirement is complicated. Most of us want to save enough money to help us enjoy the experiences we ve waited a lifetime for. But then there s the worry of outliving your nest egg... especially as you enter later stages of your retirement. As a result, many people think of retirement in two stages: Early retirement where you re ready to do the things you ve been dreaming about. Later in retirement where medical costs may play a bigger role in your plans as you age. Does that sound complicated? It doesn t have to be with the LiveWell Freedom Variable Annuity (LiveWell Freedom). LiveWell Freedom was created specifically to help provide income starting as early as the first stage of retirement with innovative features to help deliver more financial freedom later in retirement. Simple. Streamlined Investment Options You have the freedom to choose between 10 investment options with the LiveWell Freedom. Instead of featuring dozens of choices that may be hard to sort out, its 10 streamlined options still give you flexibility to set up investment choices according to your long-term objectives. Your equity allocation can be as high as 80% with a minimum of 60%. The remainder must be allocated to bonds. This is intended to help you take advantage of growth potential over the long run, while still giving you the advantage of bond fund options to meet more conservative objectives. 2 Required Automatic Quarterly Rebalancing As you re enjoying the first portion of your retirement, managing your money for later should be convenient. So LiveWell Freedom helps make things more straightforward with required automatic quarterly rebalancing to help maintain your investment allocations. Innovative. Guaranteed Lifetime Withdrawal Benefit (GLWB) Helps Provide A Lifetime Of Income Growth is an important consideration when it comes to retirement funds that are intended to provide an income stream. This is an area where LiveWell Freedom shines. Your GLWB value, which initially equals your 1 Annual roll-up is applied until the earliest of the first withdrawal, the maximum GLWB value is reached, or at the Freedom Date. The GLWB roll-up is not applied to the accumulation value, only to the GLWB value. The GLWB value is not available for withdrawal, surrender, or as a death benefit. 2 The investment options available under the contract have been chosen to align the GLWB benefit and the expected accumulation value investment performance to manage the risk to Midland National. Please see the prospectus for details. 2

account value on the contract issue date, will grow based on an annual benefit base roll-up of 2% growth PLUS 75% share in any gains tied to the S&P 500 Index during the roll-up period. 1 Note: You can also grow your GLWB value by adding premium during the first year. That means your GLWB value will be credited with 2% growth on each contract anniversary during the roll-up period. During years when the stock market performs well, you ll also have the potential to add 75% of the gains associated with the S&P 500 Index. In years when the stock market is down, your GLWB value won t go down, and you ll still have the automatic 2% annual roll-up, during the roll-up period. The roll-up continues for your GLWB value until you take a withdrawal (which activates your lifetime payment amounts), your GLWB value has doubled to up to 200% of the total money invested, or at your Freedom Date. Freedom Date Gives You More Flexibility Later in Retirement Longevity in your family should be something to celebrate. And the LiveWell Freedom Variable Annuity helps you celebrate in financial terms as well. That s where your Freedom Date SM comes in. When you purchase the LiveWell Freedom, your Freedom Date is set. (If you re under age 60 when it s issued, your Freedom Date is your 25th contract anniversary. If you re age 60 or older, your Freedom Date is your 20th contract anniversary. 2 ) As soon as you reach your Freedom Date and your accumulation value is greater than zero: You ll have full access to your accumulation value with no impact to your lifetime payment amounts (LPAs) Your accumulation value will no longer be reduced for LPAs GLWB charges are no longer applied So you can tap into the accumulation value you ve built over the first portion of your retirement while still receiving the LPAs you d set up earlier. It can be a win-win proposition especially if longevity runs in your family. Straightforward. Accessing Your Money 7-year surrender charge schedule Years since each premium payment 0 1 2 3 4 5 6 7+ % surrendered in excess of the Free Withdrawal Amount 8 8 7 6 5 4 3 0 Free Withdrawals you can take a withdrawal(s) without incurring surrender charges. The annual penalty-free amount is the greater of: 1. 10% of remaining premium less than 7 years old (or in year 1 10% of your initial investment), or 2. any partial withdrawal taken as part of the GLWB feature, or 3. required minimum distributions (RMDs) Your penalty-free amount is calculated each contract year and is not cumulative. Death Benefit equal to 100% of your accumulation value Straightforward Fees Fees 1.25% includes mortality and expense (M&E) and administrative charges. This fee is assessed on a daily basis. Annual GLWB Charge 1.45% (divided by 4) of the GLWB value assessed on a contract quarterly basis. Once issued, these fees/charges are set for the life of the contract. The GLWB charge will not increase on existing contract holders based on current company practice. 3 Thus, purchases made while this practice is in place will not be charged more than 1.45% of the GLWB value, divided by 4, assessed on a contract quarterly basis, deducted from the accumulation value for the duration of your contract. 1 Your guaranteed lifetime withdrawal benefit (GLWB) value is not impacted by any positive (or negative) investment performance tied to your investment options and accumulation value. 2 Freedom Dates are based on a single owner. For joint ownership, it s based on the age of the youngest owner. For a non-natural owner, it s based on the age of the annuitant. 3 Features offered by current company practice are not guaranteed by the contract and the company reserves the discretion to change its practice at any time. 3

An Investment Option That Brings Growth Potential Through A Guaranteed Lifetime Withdrawal Benefit (GLWB) Feature Even the most seasoned investor may become nervous with market ups and downs right before and during retirement. As a result, many Americans become more conservative in their investments during that time. But they still would be interested in the potential to take advantage of growth options. LiveWell Freedom includes a GLWB feature that brings innovative growth benefits to the GLWB value. First, you have the advantage of 2% annual roll-up applied to the GLWB value, during the roll-up period. Then you can share in 75% of the gains tied to the S&P 500 Index. Plus, the GLWB value growth can continue up to 200% of the total money invested in LiveWell Freedom. Here s how LiveWell Freedom can help make your GLWB value grow: 2% ANNUAL GLWB ROLL-UP PERCENTAGE SHARE OF 75% tied to the S&P 500 Index UP TO GAINS 200% GROWTH based on total money invested in LiveWell Freedom 4

LiveWell Freedom In Action: Setting Up Income To Last A Lifetime Laura is a 55-year-old office manager. She s saved diligently for her retirement and hopes to spend time traveling with friends and spoiling the grandkids. As she plans for her retirement, she and her financial professional decide to use a portion of her retirement savings to set up an income stream Laura can count on for the rest of her life. She invests $100,000 in a LiveWell Freedom Variable Annuity. She decides to begin taking out withdrawals starting in 10 years when she turns 65 and fully retires. The annual 2% GLWB roll-up growth feature reassures Laura that her GLWB value can keep growing during the 10 years before she starts taking withdrawals. (She doesn t take any withdrawals during those 10 years.) She s also happy that she ll have the opportunity to participate in potential market gains without worrying that market downturns will reduce her GLWB value. In this illustration, when Laura reaches age 65, the GLWB value of her LiveWell Freedom annuity has doubled to $200,000, even with ups and downs in the stock market. At that point she starts her lifetime payment amount (LPA) of $8,000 each year. It s easier to confidently plan her retirement with the knowledge that she has the potential to receive up to $8,000 every year for the rest of her life from LiveWell Freedom. 5

Take A Look At Laura s GLWB Value No Downside Risk On The GLWB Value When Stock Market Goes Down Want to see how the Freedom Date works for Laura? See her continued story on page 8. Lifetime Payment Amounts Begin 55 60 65 70 75 GLWB Value Account Value Lifetime Payment Amounts This hypothetical example is for illustrative purposes only and is not representative of the future performance of the LiveWell Freedom Variable Annuity. All guarantees, including the GLWB, are based on the claims-paying ability of the issuing insurance company. Another Look Look below to see what could happen to Laura s contract value in a flat market. Notice, the GLWB roll-up feature can still provide growth to the GLWB value, even in flat market conditions. This is a hypothetical example only based on net fund returns equal to zero. No fees are applied. Applying additional fees could result in negative returns. Lifetime Payment Amounts Begin 55 60 65 70 75 80 85 GLWB Value Account Value Lifetime Payment Amounts This hypothetical example is for illustrative purposes only and is not representative of the future performance of the LiveWell Freedom Variable Annuity. All guarantees, including the GLWB, are based on the claims-paying ability of the issuing insurance company. 6

Freedom For Later In Your Retirement Depending on your age when you retire, you may have decades of expenses to plan for. And while it s important to keep your money working hard for you, there should also be a point where you re rewarded with some extra financial freedom. The LiveWell Freedom Variable Annuity delivers extra freedom for your retirement savings once you reach your Freedom Date. On your Freedom Date, if your accumulation value is greater than zero: You ll have full access to your accumulation value with no impact to your lifetime payment amount (LPA) Your accumulation value will no longer be reduced for LPAs There are no more GLWB charges Plus, you have immediate access to that accumulation value to do as you d like with the money. You can withdraw it all and your LPAs will still continue. You can roll the accumulation value into another investment or a second income stream and your LPAs will still continue. 1 You can leave the money where it is so your loved ones can receive it as a death benefit and your LPAs will still continue. 1 Before making any rollover decisions, you must carefully consider all available retirement plan options including leaving the money in the current plan (which may be beneficial in certain circumstances), rolling the money to the new employer s plan, installment and annuity payments (if available) and IRA rollovers. The key factors for the decision include: 1) investment options, 2) fees and expenses (including both investment options and account-related fees and expenses), 3) differing service levels available, 4) withdrawal penalties, 5) creditor and legal protections, 6) required minimum distributions, 7) employer stock, 8) income needs, and 9) tax impact and penalties. Tax consequences will vary and you should consult with a tax or legal professional. LiveWell Freedom In Action: Freedom To Do More With Your Money Later In Retirement Let s continue the story of Laura. She invested $100,000 in a LiveWell Freedom Variable Annuity when she was 55. Ten years later when she turned 65, she began taking the annual lifetime payment amount of $8,000 a year to help supplement her retirement income. Those payments can continue every year for the rest of her life. But one of Laura s concerns was outliving her retirement savings. Her grandmother had lived to be 93, and her grandfather reached age 95. Longevity definitely runs in her family. But on the year Laura turns 80, she ll reach her Freedom Date. 7

Her $8,000-a-year lifetime payment amount (LPA) will keep coming. But Laura will be free to do whatever she wants with the accumulation value of her account. She can withdraw the accumulation value and spend it however she d like. Her LPAs would still continue. She can set up the value as a death benefit for her loved ones. Her LPAs would still continue. She could use the money to set up an additional income stream for herself which would be paid in addition to her LPAs. She could even use the money to set up a college fund for her grandkids. And her LPAs would still continue. At your Freedom Date, you are free to do whatever you want with your accumulation value without: Impacting your LPA Reducing your accumulation value for LPAs Being charged for the GLWB feature Plus, your payments will continue for life. Freedom Date Lifetime Payments Continue 55 60 65 70 75 80 GLWB Value Account Value Lifetime Payment Amounts This hypothetical example is for illustrative purposes only and is not representative of the future performance of the LiveWell Freedom Variable Annuity. All guarantees, including the GLWB, are based on the claims-paying ability of the issuing insurance company. 8

Freedom To Build Your Own Streamlined Allocation LiveWell Freedom helps simplify investment decisions by using a streamlined portfolio of bond and equity investment options from some of the nation s most respected asset managers. You can choose any combination among these 10 fund options as long as the equity allocation is between 60% and 80%. Investment Options From Some of the Most Popular Money Managers Bond Investment Options BlackRock Total Return V.I. Fund Class III: This fund seeks to provide current income by investing in securities that pay interest or dividends. Janus Henderson Flexible Bond Portfolio Service Class: This fund seeks maximum total return by primarily investing at least 80% of its net assets in bonds. MFS VIT II Corporate Bond Portfolio Service Class: This fund focuses on total return emphasizing current income while considering capital appreciation by investing at least 80% of assets in corporate debt instruments. PIMCO Total Return Portfolio Advisor Class: This investment seeks maximum total return by investing in investment-grade debt securities with up to 20% of total assets in high yield securities. Western Asset Variable Core Bond Plus Portfolio Class II: This fund s goal is maximizing total return by investing at least 80% of net assets in debt and fixed income securities. Equity Investment Options American Funds IS Blue Chip Income and Growth Fund Class 4: The fund seeks to produce above-average yields by investing at least 80% of assets in dividend-paying common stocks of established U.S. companies. BlackRock Large Cap Focus Growth V.I. Fund Class III: The goal of this investment is long-term capital growth achieved by investing at least 80% of net assets in large cap equity securities and derivatives with similar characteristics. BlackRock S&P 500 V.I. Fund Class III: This fund invests at least 80% of its assets in common stocks in the S&P 500 for a passive approach that mimics expected yields of the index. Deutsche Equity 500 Index VIP-B: This investment seeks to replicate as closely as possible the S&P 500 Composite Stock Price Index by emphasizing stocks in large U.S. companies. Oppenheimer Main Street Fund/VA Service Class: The goal of this investment is capital appreciation through investments in common stocks of U.S. companies. It currently focuses on companies with market capitalizations equal to the companies in the Russell 1000 Index. 9

Facts At A Glance Issue Age 50-75 Type of Money Non-Qualified, Traditional IRAs, Roth IRAs, SEP-IRAs Minimum Investment $50,000 Minimum Additional Contributions Death Benefit Asset Allocation 1 $1,000; Additional premiums are only allowed during the first contract year. 100% of Accumulation Value You have the freedom to choose any combination from the investment options below as long as the equity allocation is from 60% to 80%. Bond BlackRock Total Return V.I. Fund Class III Janus Henderson Flexible Bond Portfolio Service Shares MFS VIT II Corporate Bond Portfolio Service Class PIMCO VIT Total Return Portfolio Advisor Class Western Asset Variable Core Bond Plus Portfolio Class II Equity American Funds IS Blue Chip Income and Growth Fund Class 4 BlackRock Large Cap Growth V.I. Fund Class III BlackRock S&P 500 V.I. Fund Class III Deutsche Equity 500 Index VIP-B Oppenheimer Main Street Fund/VA Service Class Required Automatic Asset Rebalancing Automatic quarterly rebalancing is required and based on the most recent asset allocation instructions. Fees Standard Account Annual Expenses 2 1.25% Guaranteed Lifetime Withdrawal Benefit (GLWB) Feature The first partial withdrawal initiated by you, including RMDs, will set the lifetime payment percentage and terminate the GLWB roll-up period. Growth Features 3 : Annual guaranteed 2% GLWB roll-up + 75% share of any index gains tied to the S&P 500 Index Up to 200% of total premium(s) received Income Features: Guaranteed withdrawals for life as early as age 50 LiveWell Freedom age bands, based on your attained age at the time of first withdrawal Lifetime Payment Percentages (LPPs) Single Joint Age % Age % 75+ 5.00% 75+ 4.50% 70-74 4.50% 70-74 4.00% 65-69 4.00% 65-69 3.50% 60-64 3.50% 60-64 3.00% 50-59 3.00% 50-59 2.50% Annual GLWB Charge: 1.45%, divided by 4, of GLWB value assessed on a contract quarterly basis. This charge will not increase for existing contract holders by current company practice.* Number of funds, investment options, and associated fees are as of 4/30/2018. Standard variable annuity investment option fees, ranging from 0.40%-1.14% net, also apply. * Purchases made while this practice is in place will not be charged more than 1.45%, divided by 4, of the GLWB value assessed on a contract quarterly basis deducted from the accumulation value for the duration of their contract. Features offered by current company practice are not guaranteed by the contract, and the company reserves the discretion to change its practice at any time. 1 There is a requirement of a maximum of 80% equity allocation and a minimum of 60% equity allocation with the remaining allocated in bonds. 2 Separate Account Annual Expenses include Mortality and Expense (M&E) and Administrative Charges. This fee is set for the life of the contract and assessed on a daily basis. 3 The roll-up percentage is not applied to the accumulation value, only to the GLWB value. The GLWB value is not available for withdrawal, surrender or as a death benefit. The roll-up is applied until the earliest of the first withdrawal, the maximum GLWB value has been reached, the Freedom Date has been achieved or when lifetime income payments have been elected. 10

Facts At A Glance continued Freedom Date SM 4 Once you ve reached your Freedom Date and your accumulation value is greater than zero: Your accumulation value will no longer be reduced for lifetime payment amounts (LPAs) You will have full access to your accumulation value without affecting your LPAs The GLWB charge will no longer be assessed Your Freedom Date is determined based on your age at issue. For issue ages 60 or older, the Freedom Date is your 20th contract anniversary. For issue ages less than 60, the Freedom Date is your 25th contract anniversary. 5 Withdrawal Charges Years since each premium payment 0 1 2 3 4 5 6 7+ % surrendered in excess of the Free Withdrawal Amount 8 8 7 6 5 4 3 0 Penalty-Free Withdrawal Amount 6 Greater of: 10% of premium (less withdrawals) or any partial withdrawal taken as part of the GLWB feature or required minimum distributions (RMDs) 4 All contract guarantees, including the Freedom Date, are based on the claims-paying ability of the issuing insurance company and do not apply to the variable subaccounts. 5 Based on single owner. If joint ownership applies, it is based on the younger owner. If the owner is non-natural, it is based on the age of the annuitant. 6 The Free Withdrawal Amount is available for withdrawal without a surrender charge. The amount is calculated at the beginning of each contract year. For withdrawals occurring in the first contract year, the amount calculated is based on the initial premium received. The annual Free Withdrawal Amount is noncumulative. While you always have access to your money, for withdrawals taken in excess of this amount, a surrender charge will apply. In certain circumstances, partial withdrawals during a contract year in excess of the greater of the lifetime payment amount or the required minimum distribution will negatively impact the lifetime payment amount and the GLWB value. Remaining Premium is the sum of the premium payments made less any withdrawals taken. Variable Annuities are designed for long-term investing, such as retirement investing and are subject to market risk including loss of principal. Investing in variable annuities involves risk, including potential loss of investment. You should consider the investment objectives, risks, charges, and expenses of the variable annuity and its underlying investment options carefully before investing. The prospectus and/or summary prospectus contain this and other information. You may contact your financial professional or call 866-747-3421 to obtain a current prospectus for the variable annuity and its underlying investment options. Please read it carefully. LiveWell Freedom Variable Annuity is issued on form AS153A/ICC18-AS153A (contract) and AR354A/ICC18-AR354A, AR355A/ICC18-AR355A, AR346A.2/ICC18-AR346A.2 (riders and endorsements) or appropriate state variations by Midland National Life Insurance Company, West Des Moines, Iowa 50266. The LiveWell Freedom Variable Annuity is not available in New York. Variable products are distributed by Sammons Financial Network LLC, member FINRA. Midland National Life Insurance Company, Sammons Financial Network LLC, member FINRA, Sammons Institutional Group SM, Inc., and Sammons Retirement Solutions (a division of Sammons Institutional Group) are affiliated companies. This brochure is neither an offer to sell nor a solicitation to buy. Before purchasing this product, you must receive a current variable annuity prospectus that includes information regarding risk factors, fees, expenses, investment objectives, and policies. Read the prospectus carefully before you invest any money. No variable product offers any guaranteed rate of return. The tax-deferred feature of the annuity is not necessary for a tax-qualified plan. Before purchasing this product, you should obtain competent tax advice as to the tax treatment of the annuity and the suitability of the purchase. Under current law, annuities grow tax-deferred. Annuities may be subject to taxation during the income or withdrawal phase. There is no additional tax benefit to investing in a variable annuity within a tax-qualified account (such as an IRA). Sammons Institutional Group SM, Inc., Sammons Financial Network LLC and Midland National Life Insurance Company do not give tax, legal, or investment advice. Please consult with and rely on your own tax, legal, or investment advisor(s). Taxes are payable upon withdrawal of funds, and a 10% IRS penalty may apply to withdrawals prior to age 59½. This contract, and any of its riders, are not designed for resale or speculation, arbitrage, viatical settlements or any type of collective investment scheme. This contract may not be traded on any stock exchange or secondary market. By purchasing this contract, you represent and warrant that you are not purchasing or intending to use this contract, and any of its riders, for resale, speculation, arbitrage, viatical settlements or any type of collective investment scheme. 11

Innovation Backed By More Than 110 Years Experience The LiveWell Freedom Variable Annuity is issued by Midland National Life Insurance Company and distributed by Sammons Retirement Solutions. While this innovative option pairing income features with freedom benefits stands as a unique option for clients, it s also backed by the experience and insights gained from more than 110 years in the financial services industry. Midland National Life Insurance Company was founded in 1906 as Dakota Mutual Life Insurance Company. It changed its name to Midland National in 1925 and has earned a reputation for steady growth, stability, and industry success. Independent rating agencies have awarded the following ratings: A+ Superior A.M. Best a,b (2nd category of 15) Superior ability to meet ongoing obligations to policyholders A+ Strong S&P Global Ratings b,c (5th category of 22) Very strong financial security characteristics A+ Stable Fitch Ratings b,d (5th category of 19) Strong business profile and investment performance 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. Fitch Ratings is a global leader in financial information services and credit ratings. 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 above ratings apply to Midland National s financial strength and claims-paying ability. These ratings do not apply to the safety or performance of the variable separate accounts which will fluctuate in value. a) A.M. Best rating affirmed on July 14, 2016. For the latest rating, access www.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 Ratings rating assigned February 26, 2009 and affirmed on October 19, 2016. d) Fitch Ratings rating assigned on April 24, 2018, assigned an Insurer Financial Strength rating of A+ Stable. 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 www.fitchratings.com. Sammons Retirement Solutions (a division of Sammons Institutional Group) specializes in simple, innovative, and straightforward solutions to help individual investors live well in retirement. Sammons Retirement Solutions is a member of Sammons Financial Group, an insurance holding company with over $82 billion in assets*. Headquartered in Dallas, Texas, Sammons Enterprises, Inc. ranks as one of the largest privately held companies in the United States.** If you have questions or want additional information, please contact Sammons Retirement Solutions at 866-747-3421 or www.srslivewell.com. If you re a financial professional and are interested in more details about the LiveWell Freedom Variable Annuity, please call the Sammons Retirement Solutions Sales Desk at 855-624-0201. * Statutory Basis as of 12/31/2017. Guarantees are based on the claims-paying ability of Midland National Life Insurance Company. ** Ranked No. 83 on Forbes 2017 List of America s Largest Private Companies. The list includes 225 privately held companies with revenues of more than $2 billion. NOT FDIC/NCUA INSURED, MAY LOSE VALUE INCLUDING LOSS OF PRINCIPAL, NO BANK/CU GUARANTEE, NOT A DEPOSIT, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. Sammons Retirement Solutions Customer Service Center 866-747-3421 5801 SW 6th Avenue Topeka, Kansas 66636-1001 27009V PRT 05-18