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Prepared for                                                      Flexible Premium Adjustable LifeGary Scherr             ...
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March 1, 2011                                                                                                             ...
Midland National Life Insurance Company                                                               Life Insurance Polic...
Midland National Life Insurance Company                                                               Life Insurance Polic...
Midland National Life Insurance Company                                                               Life Insurance Polic...
Midland National Life Insurance Company                                                                    Life Insurance ...
Midland National Life Insurance Company                                                                Life Insurance Poli...
Midland National Life Insurance Company                                                               Life Insurance Polic...
Midland National Life Insurance Company                                                               Life Insurance Polic...
Midland National Life Insurance Company                                                                   Life Insurance P...
Midland National Life Insurance Company                                                                 Life Insurance Pol...
Midland National Life Insurance Company                                                                 Life Insurance Pol...
Midland National Life Insurance Company                                                                  Life Insurance Po...
Midland National Life Insurance Company                                                              Life Insurance Policy...
Midland National Life Insurance Company                                                                  Life Insurance Po...
Midland National Life Insurance Company                                                                  Life Insurance Po...
Midland National Life Insurance Company                                                                 Life Insurance Pol...
Midland National Life Insurance Company                                                               Life Insurance Polic...
Midland National Life Insurance Company                                                                Life Insurance Poli...
Midland National Life Insurance Company                                                                  Life Insurance Po...
Midland National Life Insurance Company                                                       Life Insurance Policy Illust...
Midland National Life Insurance Company                                                                    Life Insurance ...
Midland National Life Insurance Company                                                                  Life Insurance Po...
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Gary Xlec Max Pay Income A65 Variable Loan

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Maximun Loans Variable rate

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Gary Xlec Max Pay Income A65 Variable Loan

  1. 1. Prepared for Flexible Premium Adjustable LifeGary Scherr XL-EC2 LIFE INSURANCE FOR YOUR CHANGING NEEDSLife insurance can provide valuable benefits to your beneficiaries in the event of your untimely death. But are you confident that your life insurance needs will be exactlythe same in the future as they are today? Will death-benefit protection be your primary concern if you are no longer able to care for yourself? With Midland National,your policy provides additional benefits that, at no additional premium, are designed to provide you with the flexibility to help meet your changing needs.The following values are based on the non-guaranteed values of the Basic Life Insurance Illustration and are provided to demonstrate the benefits that may be available toyou. As you consider these approaches, please be aware that utilizing any of these benefits would reduce the values projected in the Basic Life Insurance Illustration fromthe point of election going forward.Death Benefit The policy provides financial protection for your beneficiary in the event of your death. The generally tax-free Death Benefit can be used for many financial needs such as final expenses, debt repayment and estate taxes. Projected Death Benefit at age 80 $362,775 1Cash-Value The premiums you pay into the policy accumulate in the Policy Fund. The Policy Fund grows tax-deferred; thus, you do not pay annual taxesAccumulation on the growth. The accumulation in the Policy Fund may be accessed through tax-free Loans 2 and Withdrawals 2 to be used for any purpose you desire. Projected Policy Fund at age 80 $81,404 1Protected Flexibility This rider is included automatically on your Policy at no additional charge. The PFR protects the flexibility of the policy so that you haveRider (PFR) the ability to change the primary objective of the policy in the future in the event that your needs change: Protected Death Benefit (PDB) – This provision allows you to utilize cash value growth to guarantee (protect) a portion of the Death Benefit while retaining access to the remainder of the cash value. It enables you to choose the best fit for your needs at the time of election. Three possible scenarios include: a) Value – which seeks a cost-effective blend of Protected Death Benefit and cash-value access; b) Income – which seeks to maximize access to cash-value accumulation; and c) Protection – which seeks to maximize the Protected Death Benefit. In lieu of one of these, you may indicate the amount of death benefit you wish to protect, within allowable limits. Projected PDB at age 80 1 Protected Death Benefit Distributable Fund Value $96,654 $7,106 Income $25,000 $59,42111862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
  2. 2. Prepared for Flexible Premium Adjustable LifeGary Scherr XL-EC2 Protection $96,654 $7,10611862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
  3. 3. Prepared for Flexible Premium Adjustable Life Gary Scherr XL-EC2 Over-loan protection – This benefit guarantees that your policy will not lapse due to a large outstanding loan. This guarantee helps prevent the tax consequences that would result if the policy were to lapse. You can take advantage of either the Protected Death Benefit (PDB) or the Over-Loan Protection, and may switch from one to the other. However, only one of the two can be in effect at any given time.Accelerated Benefit These riders are automatically included on your Policy at no additional premium; however, there is an administrative fee when benefits areRiders elected. They offer you the flexibility to access a portion of your Death Benefit should you develop a covered chronic or terminal illness. The Death Benefit your beneficiaries receive will be reduced by the amount accelerated. ABR-C (Chronic Illness) - If you become chronically ill (unable to perform at least two activities of daily living 3 or suffering from severe cognitive impairment 4), the ABR-C will allow you to advance a portion of your Death Benefit as frequently as monthly. You can use the benefit in any way that you wish, such as helping to pay for a nursing home or home health care assistance. The maximum amount available to advance at age 80 is $7,255 per month 1, however since this benefit is paid prior to death, the payment you receive will be discounted. Projected Maximum Payment under ABR-C at age 80 $5,725 per month 1 ABR-T (Terminal Illness) - If you become terminally ill (life expectancy of 24 months or less), the ABR-T will allow you to advance a portion of your Death Benefit as a lump sum. The maximum amount available to advance at age 80 is $181,387 1, however since this benefit is paid prior to death, the payment you receive will be discounted. Projected Maximum Payment under ABR-T at age 80 $158,231 1Each of the benefit amounts shown assumes that none of the other benefits described above has been elected or received. See the specific conditions andlimitations described in each of the Rider forms .1 All the numeric values on these pages are derived from projected policy values using current assumptions – in regard to policy charges, cost of insurance rates, interest rates and are subjectto change. (Maximum payments of Accelerated Benefits are calculated using a 7 % interest rate.) These assumptions are not guaranteed. On a guaranteed basis, the amount of the benefitsdescribed may be significantly reduced. If the policy is a term conversion and the term policy is more than five years old, coverage under ABR-C requires an Application for PolicyConversion, Change or Reinstatement.2 Policy loans from life insurance policies generally are not subject to income tax. If the contract is a Modified Endowment Contract, a policy loan or withdrawal may be taxable uponreceipt. Also, in the early years of a universal life policy, a percentage of any amount withdrawn may be subject to federal income tax. A policy loan or withdrawal will reduce the policy’sultimate death benefit and cash value. Consult with and rely on your tax advisor or attorney for advice on your specific situation. Midla nd National does not give tax or legal advice.3 Activities of daily living: bathing, continence, dressing, eating, toileting, or transferring. 11862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
  4. 4. Prepared for Flexible Premium Adjustable Life Gary Scherr XL-EC24 Severe cognitive impairment: requires substantial supervision by another person to protect oneself from threats to health and safety.XL-EC2 is issued on policy form series L134, Protected Flexibility Rider is issued on rider form series TR129A, Accelerated Benefit Rider-Chronic Illness is issued on rider form seriesTR137A, and Accelerated Benefit Rider-Terminal Illness is issued on rider form series TR138A by Midland National Life Insurance Company, Sioux Falls, SD 57193. Products, features,issue ages, endorsements or riders may not be available in all jurisdictions. Limitations or restrictions may apply.Index Universal Life products are not an investment in the "market" or in the applicable index and are subject to all policy fees and charges normally associated withmost universal life insurance. 11862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
  5. 5. March 1, 2011 A Life Insurance Policy Illustration Software Version 15.5 Flexible Premium Adjustable Life with Indexed Features XL-EC2 Policy Form Number: L134 Series Issue State: Florida prepared for Gary Scherr presented by Robert Elmore 1947 Lago Vista Blvd. Palm Harbor, FL 34685 Bus# (727)781-1602 THIS IS AN ILLUSTRATION ONLY. AN ILLUSTRATION IS NOT INTENDED TO PREDICT ACTUAL PERFORMANCE. INTEREST RATES,DIVIDENDS, AND VALUES SET FORTH IN THE ILLUSTRATION ARE NOT GUARANTEED, EXCEPT FOR THOSE ITEMS CLEARLY LABELED AS GUARANTEED. For purposes of this illustration, ‘Policy’ and ‘Policy Owner’ when used herein also applies to ‘Certificate’ and ‘Certificate Holder’, respectively, when coverage is issued on a group basis. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 1 of ##
  6. 6. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Policy ExplanationIndexed Universal Life Midland Nationals XL-EC2 is a universal life policy, which features an adjustable death benefit and the potential to earn tax-deferredInsurance interest based on the performance of an Index (or Indexes). The policy owner has the flexibility, within limits, to determine the amount, timing, and allocation of premium payments. The benefit payable upon death ultimately depends on the underlying Policy Fund. If the policy owner chooses to utilize the Indexed Features of this policy, the amount credited to the Policy Fund will depend on the performance of the Index(es) selected (excluding dividends) and will never be less than zero. The Indexed Features of this policy are described in the following pages.Premium Class Male The premium and policy charges calculated for this illustration are for the Premium Class listed at the left. Actual premiums and policyPreferred Plus charges will depend on the outcome of the underwriting process, and may vary from what is shown on this illustration.Initial Specified The death benefit at policy issue is the Initial Specified Amount shown on the left. The actual amount payable upon death may beAmount $250,000 decreased by loans or withdrawals, or increased by additional insurance benefits and/or provisions. The insurance policy will specify how to determine the benefit.Initial Death Benefit The policy provides for three death benefit options – level, increasing or return of premium. Under the level death benefit option, theOption: Level death benefit is the Specified Amount. Under the increasing death benefit option, the death benefit is the Specified Amount plus the Policy Fund. Under the return of premium option, the death benefit is the Specified Amount plus premiums paid less total withdrawals. The return of premium option is only available at policy issue; other restrictions may apply. In the numeric detail section of this illustration, the level option is indicated by Opt 1; increasing by Opt 2; return of premium by Opt 3. (The return of premium option may not be available in all jurisdictions.) PremiumsFirst Year Planned The planned premiums are shown in the yearly detail of this illustration. Be sure to note coverage amounts and durations based onPremium Outlay guaranteed assumptions and the two non-guaranteed scenarios.$14,437.56Initial Planned Monthly This is the premium billing frequency and billable premium amount requested.Premium $1,203.13 This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 2 of ##
  7. 7. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusNo Lapse Guarantee The policy will stay in force during the first 15 years if premiums paid are at least equal to the No Lapse Guarantee Minimum Premium asInitial Minimum required and no policy Loans or Withdrawals have been made and no policy benefits have been increased. The Minimum Premium mayPremium(Annual) not provide coverage beyond the first 15 years.$1,963.56Cash Value Life insurance policies qualify as life insurance under IRC Section 7702 by satisfying one of two defined tests. This illustration uses theAccumulation Test Cash Value Accumulation Test (CVAT), which requires that the Policy Fund must not at any time exceed the net single premium that would be necessary to fund future benefits under the policy. Failure to qualify as life insurance could have adverse tax consequences. This illustration conforms to the requirements of the test.7-Pay Premium Exceeding this annual premium in any of the first seven years of the contract, on an accumulated basis, may result in future Loans and$14,437.67 Withdrawals being taxed like annuities. This option is left to the policy owner. Exceeding this amount during the first seven years does not affect any other policy features. After seven years, this amount can be exceeded without affecting the tax status of Loans or Withdrawals. Changing policy benefits after seven years may cause the policy to again be subject to the 7-Pay Premium rules. In all cases, the death benefit will be received income tax free based on the current IRS codes. Midland National does not give legal or tax advice. Please consult with and rely on a qualified legal or tax advisor for details. Policy ValuesPolicy Fund The Policy Fund is the sum of the Fixed Account Value and the Index Account Value. The Policy Fund is affected by any Loans or Withdrawals.Fixed Account Value The Fixed Account Value is the total of net premiums and transfers allocated to the Fixed Account, plus interest credited to the Fixed Account (including any applicable Interest Bonus), minus transfers, Withdrawals and policy charges deducted from the Fixed Account. Policy charges are deducted regardless of the premium amount or frequency.Index Account Value The Index Account Value is the total of net premiums and transfers allocated to the Index Selection(s), plus any Index Credit (including any applicable Index Credit Bonus), minus transfers, Withdrawals and policy charges deducted from the Index Account. As described in the following pages, the Index Credit given to each Index Selection depends on several factors, including the performance of the selected Index(es).Surrender Charge The Surrender Charge is the amount deducted from the Policy Fund upon surrender of the policy during the early years. The Surrender Charge amount is described in the insurance policy. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 3 of ##
  8. 8. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusNet Cash Surrender The Net Cash Surrender Value is the amount available upon surrender of the policy. The Net Cash Surrender Value is the Policy FundValue (reduced by outstanding loans) minus the Surrender Charge, if any.Minimum Policy Fund If the Policy Fund is being calculated due to any termination of the policy (including death, surrender, lapse or maturity) we will guaranteeValue that the Policy Fund will be at least equal to the Minimum Policy Fund Value. The Minimum Policy Fund Value uses an interest rate of 3.00% for all premiums, regardless of whether they are allocated to the Fixed Account or the Index Selections. Monthly deductions are subtracted from the Minimum Policy Fund Value and Surrender Charges may apply. After every 8 policy years (8, 16, 24…), the Policy Fund will be compared to the Minimum Policy Fund Value. If the Policy Fund is less than the Minimum Policy Fund Value, we will increase the Policy Fund so that it is at least as large as the Minimum Policy Fund Value. If the Policy Fund is greater than the Minimum Policy Fund Value, we will not make any changes to the Policy Fund or the Minimum Policy Fund Value.Guaranteed Elements Many aspects of this life insurance policy will be guaranteed, including the maximum charges and the Minimum Policy Fund Value. Theof the Policy guaranteed columns of this illustration reflect the maximum policy charges.Non-Guaranteed The Company may declare current charges that are less than the guaranteed maximum charges. Also, the amounts credited to the policyElements of the Policy may exceed the credits provided by the Minimum Policy Fund Value. As a result, these non-guaranteed elements may improve the value of the life insurance policy. The following pages provide a demonstration of how this policy would perform using lower charges than those that are guaranteed. The amounts credited to the policy depend on the Fixed Account and/or the Index Selection(s) chosen, as described in the section on illustrated rates. There are two different non-guaranteed scenarios provided in this illustration. Scenario A shows the values assuming non-guaranteed charges are used, but the amounts credited to the policy are based on the Minimum Policy Fund Value guarantee. Scenario B shows the values using non-guaranteed charges and credited amounts based on the Fixed Account and/or Index Selection(s) you have chosen. The two non-guaranteed scenarios shown in this illustration assume that the non-guaranteed elements do not change for all years. This is not likely to occur and actual results may be more or less favorable than those shown. Variations in these non-guaranteed elements could affect Death Benefits, Cash Values, or the amount available for Loans or Withdrawals. Other FeaturesMaturity The Maturity date for this policy is age 121 of the insured. There are no charges, deductions, or premiums beyond age 100. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 4 of ##
  9. 9. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusBonuses Conditionally Guaranteed Interest Bonus on the Fixed Account - An extra 0.50 % above the then current interest rate will be credited to the Fixed Account beginning after the 15th Policy Anniversary to all in force policies if the Company declares interest rates above the Minimum Guaranteed Interest Rate. Index Credit Bonus - An extra 0.50 % will be added to the Index Credit (see Index Definitions) beginning after the 15th Policy Anniversary to all in force policies. This illustration reflects an Index Credit Bonus of 0.50 % after the 15th Policy Anniversary. RidersThis illustration includes the following rider(s) at the amounts indicated. Costs associated with the rider(s) are reflected in the policy values.Accelerated Benefit Allows the policy owner to receive an advance sum from the policy if the base insured suffers from a qualifying illness. The policy ownerRider (ABR) specifies the amount to accelerate up to the maximum allowed. There is no premium or charge for this rider; however, there is an administrative fee when benefits are elected. Since this benefit is paid prior to death, the payment received will be discounted from the amount accelerated. An election to accelerate benefits will reduce the remaining death benefit and account values in the policy. If the policy has a loan balance, a portion of the payment will be used to reduce the policy debt. Amounts payable as accelerated benefits could be taxable under some circumstances. We recommend that you consult your personal tax advisor prior to electing an accelerated benefit under this rider to assess the tax treatment in your individual circumstances. ABR - Chronic Illness (ABR-C): The insured qualifies as chronically ill if a physician has certified that the insured is permanently unable to perform, for at least 90 consecutive days, without substantial assistance from another person, at least two Activities of Daily Living or suffers from severe cognitive impairment. (Activities of Daily Living include bathing, continence, dressing, eating, toileting or transferring.) The maximum Accelerated Death Benefit per year is 24% of the Death Benefit on the initial Election Date or $240,000, if smaller. Payments can be received as a lump sum, semi-annually, quarterly or monthly. If the policy is a term conversion and the term policy is more than five years old, coverage under ABR-C requires an Application for Policy Conversion, Change or Reinstatement. ABR-C is issued on rider form series TR137A. ABR - Terminal Illness (ABR-T): The insured qualifies as terminally ill if a physician has certified that the insured’s life expectancy is 24 months or less. The maximum Accelerated Death Benefit is 50% of the Death Benefit on the Election Date or $500,000, if smaller. ABR-T is issued on rider form series TR138A.Protected Flexibility Provides two benefits at no additional premium or charge; Section I - Protected Death Benefit Option and Section II - Overloan ProtectionRider Option. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 5 of ##
  10. 10. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Section I - The Protected Death Benefit (PDB) Option allows the policy owner to use cash value growth to guarantee a portion of the policy’s death benefit in the future while still having access to the PDB Distributable Fund. The PDB Distributable Fund is the cash value that is available for Withdrawal or Loan while maintaining the PDB. Provided the policy owner does not take a distribution that exceeds the PDB Distributable Fund, the policy is guaranteed to remain in force even if the net cash surrender value is insufficient to pay the monthly deductions. The maximum PDB amount will be determined by your current cash value at the time you elect the PDB, but it can never exceed your Specified Amount of insurance at the time you exercise the option. The minimum PDB amount is $25,000. You may exercise the PDB Option by sending us written notice on or after the following conditions are met. 1. The policy has been in force for at least 15 policy years; and 2. The insured’s policy age is equal to or greater than age 65; and 3. The ratio of your policy debt to your Policy Fund Value is less than 87% for policy ages 65 through 74 or less than 91% for policy ages 75 and older. The portion of the cash value that is required to maintain this option must be allocated to the Fixed Account. The remaining cash value may be allocated to any of the Index Accounts or to the Fixed Account. Other requirements may also apply. See rider form (TR129A) for benefit availability conditions and other details. Section II - The Overloan Protection Option guarantees the policy will not lapse due to loans you have taken from the policy. The policy will remain in force until the insured’s death with no further premium payments, provided the following conditions are met. 1. The policy has been in force for at least 15 policy years; and 2. The insured’s policy age is at least age 65; and 3. You have made withdrawals of all your premiums; and 4. Policy debt does not exceed the Overloan Election Amount. The Overloan Election Amount is defined as follows: 1. 89% of the Policy Fund for policy ages that are greater than or equal to age 65 but less than or equal to age 74; 2. 93% of the Policy Fund for policy ages that are greater than or equal to age 75. When the Overloan Protection Option is exercised, the Specified Amount of insurance may be reduced, the Protected Death Benefit Option will terminate, and the entire Policy Fund will be allocated to the Fixed Account. Other requirements may also apply. See the rider form (TR129A) for benefit availability conditions and other details. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 6 of ##
  11. 11. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus In some circumstances, electing these options may cause the policy to become a modified endowment contract. You may wish to contact a tax advisor when making policy changes, taking loans or withdrawals in order to avoid situations that may result in the policy becoming a modified endowment contract. Withdrawals and LoansAccess to the Policy Fund through loans and withdrawals will reduce the policys ultimate death benefit and Net Cash Surrender Value.Withdrawals Partial withdrawals are available for up to 90% of the cash surrender value starting in year 2 (50% in year 1). The first withdrawal in any one policy year is available at no charge.Loans XL-EC2 offers two loan interest rate options - a Variable Interest Policy Loan Option and a Standard Policy Loan Option. You may choose the Policy Loan Option at the time of your request for a loan, subject to such availability. However, if your policy has an outstanding loan at the time of your request for an additional loan, the new loan(s) must be the same Policy Loan Option as your outstanding loan.Standard Policy Loan The Standard Policy Loan charges a loan interest rate that is set by the Company, but it can never exceed 6.00% per year. A StandardOption Policy Loan can either be Zero Cost or Non-Zero Cost. Zero Cost Loans are available only after the 5th policy year and are guaranteed to be available on the Net Cash Surrender Value less the interest on policy loans that will accumulate on the next policy anniversary. The annual rate charged and credited on Zero Cost Loans is guaranteed to be 3.00%, resulting in a guaranteed net zero cost. Currently, the annual interest rate we charge on Non-Zero Cost Loans is 5.00%. The current interest rate credited to the amount of Non-Zero Cost Loan is 3.00%.Variable Loan Option The Variable Loan Option is available after the 5th policy year. The Variable Loan charges a loan interest rate that depends on a published monthly average rate. The Variable Loan Interest Rate will be set equal to the greater of 4.00% or the published monthly average (Moodys Corporate Bond Yield Average - Monthly Average Corporates as published by Moodys Investors Services, Inc., or any successor thereto). However, this loan rate will never be greater than 10.00% per year. The loan rate will be established as of December 31st of each calendar year, and it can only change on your Policy Anniversary. We will notify you of any loan interest rate increase at least 30 days prior to it taking effect, if you have a Variable Policy Loan. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 7 of ##
  12. 12. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus The Variable Loan has a net cost that is equal to the difference between what you earn (this is the sum of the interest earned on your fixed account and the index credits earned on your Index Account) on the portion of your Policy Fund that is assigned to your policy loan and the loan interest rate charged on your policy loan. If the total of what you earn is less than the rate charged for a Variable Loan, your net cost for the loan could exceed the net cost you would have incurred under the Standard Policy Loan. If the total of what you earn is greater than the rate charged for a Variable Loan, the net cost may be less than what you would have incurred under the Standard Policy Loan. No one can predict which loan option will ultimately be better for you. Please see the hypothetical scenarios below to gain a better understanding of how the Variable Loan will perform with different net costs. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 8 of ##
  13. 13. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Variable Loan Interest Rate Scenarios Current Charges Index Credits 7.00% years 1-15, 7.50% thereafter Fixed Account 4.00% years 1-15, 4.50% thereafterScenario #1 - Loan interest rate is 10.00% per yearScenario #2 - Loan interest rate is 7.60% per yearScenario #3 - Loan interest rate is 6.00% per year (same as Non-Guaranteed Illustrated B values on subsequent pages of this illustration)The chart below assumes the same loan amounts and durations as shown in the numeric detail of this illustration. Scenario #1 Scenario #2 Scenario #3Loan Rate Charged 10.00% 7.60% 6.00% Net Cash Net Cash Net Cash Surrender Value Death Benefit Surrender Value Death Benefit Surrender Value Death BenefitYear 10 171,843 378,402 171,843 378,402 171,843 378,402Year 20 170,474 454,825 186,089 470,393 196,033 480,306Year 30 0 0 0 0 81,404 362,775Age 65 318,697 593,734 318,697 593,734 318,697 593,734Age 80 0 0 0 0 81,404 362,775Age 100 0 0 0 0 292,407 476,069 This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ##of 22 Page 9 of ##
  14. 14. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Index DefinitionsIndex The Index is the numerical value used to measure the performance of a group of stocks and/or bonds (excluding dividends). The policy offers interest linked to six well-known indices: S&P500®, Dow Jones Industrial Average(sm) (DJIA(sm)), NASDAQ-100®, S&P MidCap 400®, Russell 2000®, and the EURO STOXX 50®. (See descriptions on next page.)Index Period The Index Period is the length of time over which the change in the Index is measured. The policy uses a 12-month Index Period.Index Crediting Method The Index Crediting Method refers to the way that the change in the Index Value is calculated for each 12-month Index Period. The policy offers four Index Crediting Methods as described below. (All crediting methods may not be available in all jurisdictions.) Annual Point-to-Point - This method compares the value of the Index at the beginning of the Index Period and the value of the Index at the end of the Index Period. The amount credited to the policy will depend on the change in the value of the Index at the end of the Index Period (all intermediate values are ignored). Monthly Point-to-Point - This method looks at the value of the Index on each Monthly Index Date throughout the Index Period. At each Monthly Index Date, the Monthly Index Return is calculated and is limited by the current Monthly Index Cap Rate. The Monthly Point-to- Point crediting method does not use a monthly floor rate, but there is still an annual floor rate of 0%. The amount credited to the policy will depend on the sum of the 12 Monthly Index Returns during the Index Period. Daily Averaging - This method looks at the value of the Index on the business days throughout the Index Period. The amount credited to the policy will depend on the average Index Value throughout the Index Period. Optimal (Multi-Index) Annual Point-to-Point - This is an Annual Point-to-Point Crediting Method, but it utilizes three Indexes. The amount credited to the policy is based on 50% of the growth in the best performing of the three Indexes, plus 30% of the second best, plus 20% of the Index with the lowest performance. This sum is then subject to the Index Cap Rate.Index Cap Rate The Index Cap Rate is the maximum annual percentage increase that will be credited with the Annual Point-to-Point Index Crediting Method. The Index Cap Rate is subject to change, but will never be less than the Minimum Index Cap Rate shown in the policy.Monthly Index Cap The Monthly Index Cap Rate is the maximum monthly percentage increase in the Index Value used in the calculation of the Monthly Point-Rate to-Point Index Crediting Method.Monthly Index Date The Monthly Index Date is the same date in each month as the date in which the Index Segment was created. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 10 of 22
  15. 15. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusIndex Participation Rate The Index Participation Rate is the portion of the Index growth that will be used in the calculation of the Index Credit. The Index Participation Rate is subject to change, but it will never be less than the Minimum Index Participation Rate shown in the policy.Index Credit The Index Credit is the amount that is actually credited to the Policy Fund based on the performance of the Index (excluding dividends). The Index Credit is only applied at the end of the Index Period. The Index Credit will never be less than the guaranteed floor rate of zero."Standard & Poors®", "S&P®", "S&P 500®", "Standard & Poors 500", "500", "S&P MidCap 400®", "Standard & Poors 400", and "400" are trademarks ofThe McGraw-Hill Companies, Inc. and have been licensed for use by Midland National Life Insurance Company."Dow Jones" and "DOW JONES INDUSTRIAL AVERAGEsm (DJIAsm) COMPOSITE STOCK PRICE INDEX" are service marks of Dow Jones & Company,Inc. and have been licensed for use for certain purposes by Midland National Life Insurance Company."Russell 2000® Index" is a trademark of Frank Russell Company and has been licensed for use by Midland National Life Insurance Company.This product is not sponsored, endorsed, sold, or promoted by Standard & Poors®, Dow Jones or Russell 2000®, and Standard & Poors®, Dow Jones andRussell 2000® make no representation regarding the advisability of purchasing this contract or investing in this product.The NASDAQ-100®, NASDAQ-100 INDEX® AND NASDAQ® are registered marks of the NASDAQ Stock Market Inc. (which with its affiliates are the"Corporations") and are licensed for use by Midland National Life Insurance Company. This product has not been passed on by the Corporations as to theirlegality or suitability. This product is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES ANDBEAR NO LIABILITY WITH RESPECT TO THIS PRODUCT. THIS INDEX DOES NOT INCLUDE DIVIDENDS PAID BY THE UNDERLYINGCOMPANIES.The EURO STOXX 50® is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors (the "Licensors"),which is used under license. The Index Accounts for this Product based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensorsand neither of the Licensors shall have any liability with respect thereto. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 11 of 22
  16. 16. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Index Selections and Initial Premium AllocationThe chart below shows the current Index Cap Rate and Index Participation Rate for each available Index Selection. The current rates are subject to change but willnever be less than the minimum rates shown. It also shows the percentage of your premium outlay that you have chosen to allocate, on this illustration, to each IndexSelection and the Fixed Account. You may change the allocation of future premiums at any time while the policy is in effect. Also, you may transfer existing funds atthe end of an Index Period. Index Index Index Crediting Minimu Current Minimu Current Initial Premium Selectio Method m Index Index m Index Index Allocation n Cap Rate Cap Rate Par Rate Par Rate 1 S&P500® Annual Point-to-Point 4% 14% 100% 100% 100% 2 S&P500® Monthly Point-to-Point 1.25% 4.5% 100% 100% 0% 3 S&P500® Daily Averaging n/a n/a 40% 115% 0% 4 DJIA(sm) Annual Point-to-Point 4% 13% 100% 100% 0% 5 DJIA(sm) Daily Averaging n/a n/a 40% 115% 0% 6 NASDAQ-100® Annual Point-to-Point 3% 12% 100% 100% 0% 7 S&P MidCap 400® Annual Point-to-Point 3% 12% 100% 100% 0% 8 S&P MidCap 400® Daily Averaging n/a n/a 30% 95% 0% 9 Russell 2000® Annual Point-to-Point 3% 12% 100% 100% 0% 10 Russell 2000® Daily Averaging n/a n/a 30% 95% 0% 11 EURO STOXX 50® Annual Point-to-Point 3% 13% 100% 100% 0% 12 Uncapped S&P500® Annual Point-to-Point n/a n/a 10% 65% 0% 13 Optimal (Multi-Index) Annual Point-to-Point 3% 12% 100% 100% 0% Fixed Account Premium Allocation: 0%All Index Selections or Index Crediting Methods may not be available in all jurisdictions. Flow of Premium This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 12 of 22
  17. 17. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusIndex Segment When you place premium or transfer money into an Index Selection, an Index Segment is created. Each Index Segment earns an Index Credit based on the Index Selection, unless the Index Segment ends before the end of the Index Period. The policy may contain multiple Index Segments. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 13 of 22
  18. 18. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusIndex Crediting Date When you place premium in an Index Selection, an Index Credit is not given until the end of the 12-month Index Period. On the Index Crediting Date (the first business day on or after the end of the Index Period), the Index Credit is calculated and the appropriate amount is added to the Index Segment. This illustration reflects the Index Credit only on the appropriate Index Crediting Dates.Deductions If enough money has been allocated to the Fixed Account to cover the monthly deductions, the deductions will be taken from the Fixed Account (we do not require money to be allocated to the Fixed Account). If the Fixed Account does not have enough money to cover the monthly deductions, the deductions will be taken from the Fixed Account and each of the Index Selections. If there are multiple Index Segments within an Index Selection, monthly deductions are taken from the most recently created Index Segment.Index Credit The Index Credit is based on the value in the Index Segment at the beginning of the Index Period (prior to any monthly deductions), less any withdrawals or transfers due to Standard Policy Loans. Hypothetical Example (Assuming 100% allocated to Index Selection #1)March 1, 2006 (Policy Anniversary) - A Net Premium (after any Premium Load) of $1,000 is allocated to Index Selection #1. Index Segment A is created with a value of$1,000. Assuming a monthly deduction of $25 in each month, the charge for the first month is deducted from Index Segment A, so Index Segment A has a value of $975.(No money is allocated to the Fixed Account.)April 1, 2006 - After subtracting the $25 monthly deduction for month 2, the value of Index Segment A is $950 ($975 - $25) on April 1, 2006. Charges continue to bededucted from Index Segment A.July 1, 2006 - A Net Premium of $500 is allocated to Index Selection #1. Index Segment B is created with a value of $500. The value in Index Segment A is $900 afterdeductions are made for the first 4 months. The monthly deductions for July are taken from the most recently created Index Segment (Segment B), so the value in IndexSegment B is now $475. Policy charges are now deducted from Index Segment B (then Segment A, if B becomes depleted) until a new Index Segment is created.March 1, 2007 - An Index Credit is given to Index Segment A. Even though the value in Index Segment A has been reduced by deductions, the Index Credit is based onthe value at the beginning of the Index Period (prior to deductions). If we assume the Index Growth is 8%, then the Index Credit is $80 ($1,000 * 8%). The value in IndexSegment A is now $980 ($900 + $80). The value in Index Segment B is $275 after a total of 9 monthly deductions have been subtracted. The total Policy Fund is now$1,255.00. Policy charges continue to be deducted from Index Segment B since this is the most recently created Index Segment.July 1, 2007 – An Index Credit is given to Index Segment B. If we assume the Index Growth is 6%, then the Index Credit is $30 ($500 * 6%). The value in IndexSegment B is now $205 ($175 + $30). The value in Index Segment A is still $980. The total Policy Fund is now $1,185.Any additional premium received would create additional Index Segments that would receive Index Credits on the appropriate Index Crediting Date. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 14 of 22
  19. 19. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Illustrated Rate for Index SelectionsThe following chart shows historical returns for the various Index Selections that are available, based on the current Index Cap Rate and Index Participation Rate foreach Index Selection as shown in the “Index Selections and Initial Premium Allocation” section of this illustration (including the floor of 0% in each year). Alsoshown is the Maximum Illustrated Rate that can be used in this illustration for each of the available Index Selections. It is equal to the 30 Year Average Rate ofReturn for that index. For those indices without 30 years of historical data, the Maximum Illustrated Rate is equal to the Average Rate of Return since the inceptionof the index. The Rate of Return can vary significantly for individual business days.If you allocate premium payments to more than one Index Selection, the Maximum Illustrated Rate will be a weighted average of each of the Maximum Illustrated Ratesusing the percentage allocations shown in the “Index Selections and Initial Premium Allocation” section. The Maximum Illustrated Rate is not an expected rate for anygiven year. It is an average based on past performance and is not intended to predict future performance. When premium payments are allocated to one or moreIndex Selections, the amount credited to your policy will depend on the actual change in the selected Index (excluding dividends). The actual credited rate for any givenyear will almost certainly be different from the illustrated rate. It is not possible to know in advance what the actual credited rate will be, but it will never beless than 0%.You may want to ask for an illustration that uses an illustrated rate other than the maximum rate so that you can understand how this may impact your policy performance.As with any Indexed UL product, even if the average rate credited to your policy matches the illustrated rate, the actual values could be different from what is shown inthis illustration depending on the pattern of actual interest credited. Maximum Index -----------Average Rates of Return ----------- Illustrated Selectio n Index Index Crediting Method 5 Year 10 Year 20 Year 30 Year Rate 1 S&P500® Annual Point-to-Point 6.80% 5.80% 8.10% 8.30% 8.30% 2 S&P500® Monthly Point-to-Point 6.50% 5.60% 8.00% 8.40% 8.40% 3 S&P500® Daily Averaging 5.80% 4.80% 6.90% 7.50% 7.50% 4 DJIA(sm) Annual Point-to-Point 6.70% 5.20% 7.40% 7.60% 7.60% 5 DJIA(sm) Daily Averaging 5.90% 4.70% 6.70% 7.50% 7.50% 6 NASDAQ-100® Annual Point-to-Point 6.50% 5.40% 7.90% n/a 7.80% 7 S&P MidCap 400® Annual Point-to-Point 6.70% 6.70% 8.30% n/a 8.10% 8 S&P MidCap 400® Daily Averaging 6.70% 6.20% 7.20% n/a 7.40% 9 Russell 2000® Annual Point-to-Point 6.40% 6.00% 7.30% 7.10% 7.10% 10 Russell 2000® Daily Averaging 6.10% 5.90% 6.80% 7.20% 7.20% 11 EURO STOXX 50® Annual Point-to-Point 6.40% 5.50% 7.30% n/a 7.30% 12 Uncapped S&P500® Annual Point-to-Point 6.10% 5.10% 7.70% 8.30% 8.30% 13 Optimal (Multi-Index) Annual Point-to-Point 6.80% 6.00% 8.00% n/a 7.80% This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 15 of 22
  20. 20. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusThe Average Rate of Return uses the current Index Cap Rate and Index Participation Rate, and assumes money is deposited on each business day of the year (the floor of0% is applied in each year). All Index Selections or Index Crediting Methods may not be available in all jurisdictions. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 16 of 22
  21. 21. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred PlusNon-guaranteed benefits and values are subject to change and may be more or less favorable than shown. This illustration assumes premiums are paid onthe Monthly due date. Values and benefits are as of the end of the policy year and will vary depending upon the amount and timing of the premiumpayments.This illustration is based on the following Initial Premium Allocations: S&P500® ann pt to pt 100% ______________________INTEREST AND COST SCENARIOS______________________ Guaranteed Non-Guaranteed Illustrated A Non-Guaranteed Illustrated B Maximum Charges, Current Charges, Current Charges, 3.00% Guaranteed Interest 3.00% Guaranteed Interest Index Credits: 7.00% ** for all premiums for all premiumsEnd Annualized Net Cash Net Cash Net Cash of DB Premium Policy Surrender Death Surrender Death Surrender DeathYr Age Opt Outlay Type* Fund Value Benefit Policy Fund Value Benefit Policy Fund Value Benefit1 51 1 14,437.56 P 12,669 5,919 250,000 13,673 6,923 250,000 13,540 6,790 250,0002 52 1 14,437.56 P 25,607 18,857 250,000 27,461 20,711 250,000 27,800 21,050 250,0003 53 1 14,437.56 P 38,832 32,082 250,000 41,499 34,749 250,000 42,912 36,162 250,0004 54 1 14,437.56 P 52,311 45,561 250,000 55,831 49,081 250,000 58,964 52,214 250,0005 55 1 14,437.56 P 66,069 59,319 250,000 70,476 63,726 250,000 76,026 69,276 250,0006 56 1 14,437.56 P 80,130 73,380 250,000 85,216 78,466 250,000 93,947 87,197 250,0007 57 1 14,437.56 P 94,482 87,934 250,000 100,262 93,715 250,000 112,998 106,450 264,0778 58 1 14,437.56 P 109,193 102,916 250,000 115,631 109,353 262,252 133,149 126,872 301,9849 59 1 14,437.56 P 124,198 118,460 273,485 131,234 125,497 288,979 154,403 148,666 339,99710 60 1 14,437.56 P 139,355 134,293 298,082 147,117 142,055 314,685 176,906 171,843 378,402 144,375.60 P11 61 1 14,437.56 P 154,639 150,251 321,341 164,581 160,193 341,999 202,089 197,701 419,94112 62 1 14,437.56 P 170,010 166,298 343,422 182,372 178,660 368,393 228,688 224,975 461,95013 63 1 14,437.56 P 185,427 182,390 364,366 200,545 197,508 394,073 256,932 253,894 504,87214 64 1 14,437.56 P 200,890 199,270 384,304 219,091 217,471 419,122 286,897 285,277 548,83515 65 1 14,437.56 P 216,360 216,360 403,080 238,022 238,022 443,436 318,697 318,697 593,73416 66 1 -41,937.27 L 173,320 173,320 350,797 199,514 199,514 397,640 296,352 296,352 573,49917 67 1 -41,937.27 L 126,042 126,042 294,746 158,684 158,684 349,782 272,981 272,981 552,202 This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 17 of 22
  22. 22. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus ______________________INTEREST AND COST SCENARIOS______________________ Guaranteed Non-Guaranteed Illustrated A Non-Guaranteed Illustrated B Maximum Charges, Current Charges, Current Charges, 3.00% Guaranteed Interest 3.00% Guaranteed Interest Index Credits: 7.00% ** for all premiums for all premiumsEnd Annualized Net Cash Net Cash Net Cash of DB Premium Policy Surrender Death Surrender Death Surrender DeathYr Age Opt Outlay Type* Fund Value Benefit Policy Fund Value Benefit Policy Fund Value Benefit18 68 1 -41,937.27 L 74,142 74,142 234,348 115,394 115,394 299,476 248,540 248,540 529,41819 69 1 -41,937.27 L 17,147 17,147 169,554 69,454 69,454 247,007 222,923 222,923 505,75620 70 1 -41,937.27 L 0 0 0 20,668 20,668 191,656 196,033 196,033 480,306 216,563.40 P; 209,686.35 L21 71 1 -41,937.27 L 0 0 0 0 0 0 167,830 167,830 452,98622 72 1 -41,937.27 L 0 0 0 0 0 0 138,199 138,199 424,58523 73 1 -41,937.27 L 0 0 0 0 0 0 107,038 107,038 393,52024 74 1 -41,937.27 L 0 0 0 0 0 0 74,322 74,322 361,34525 75 1 -41,937.27 L 0 0 0 0 0 0 39,971 39,971 326,92626 76 1 0.00 0 0 0 0 0 0 47,216 47,216 334,10627 77 1 0.00 0 0 0 0 0 0 54,959 54,959 341,03728 78 1 0.00 0 0 0 0 0 0 63,243 63,243 347,73729 79 1 0.00 0 0 0 0 0 0 72,052 72,052 354,93330 80 1 0.00 0 0 0 0 0 0 81,404 81,404 362,775 216,563.40 P; 419,372.70 L31 81 1 0.00 0 0 0 0 0 0 91,501 91,501 370,77032 82 1 0.00 0 0 0 0 0 0 102,106 102,106 378,59633 83 1 0.00 0 0 0 0 0 0 113,265 113,265 387,34134 84 1 0.00 0 0 0 0 0 0 125,013 125,013 396,16935 85 1 0.00 0 0 0 0 0 0 137,250 137,250 406,15236 86 1 0.00 0 0 0 0 0 0 149,992 149,992 415,11037 87 1 0.00 0 0 0 0 0 0 162,840 162,840 425,02838 88 1 0.00 0 0 0 0 0 0 175,648 175,648 434,67839 89 1 0.00 0 0 0 0 0 0 188,432 188,432 444,20240 90 1 0.00 0 0 0 0 0 0 200,846 200,846 453,336 This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 18 of 22
  23. 23. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus ______________________INTEREST AND COST SCENARIOS______________________ Guaranteed Non-Guaranteed Illustrated A Non-Guaranteed Illustrated B Maximum Charges, Current Charges, Current Charges, 3.00% Guaranteed Interest 3.00% Guaranteed Interest Index Credits: 7.00% ** for all premiums for all premiumsEnd Annualized Net Cash Net Cash Net Cashof DB Premium Policy Surrender Death Surrender Death Surrender DeathYr Age Opt Outlay Type* Fund Value Benefit Policy Fund Value Benefit Policy Fund Value Benefit 216,563.40 P; 419,372.70 L41 91 1 0.00 0 0 0 0 0 0 213,071 213,071 462,44942 92 1 0.00 0 0 0 0 0 0 224,867 224,867 469,68643 93 1 0.00 0 0 0 0 0 0 235,874 235,874 476,39244 94 1 0.00 0 0 0 0 0 0 245,940 245,940 480,63945 95 1 0.00 0 0 0 0 0 0 254,921 254,921 482,16746 96 1 0.00 0 0 0 0 0 0 263,307 263,307 481,40447 97 1 0.00 0 0 0 0 0 0 271,545 271,545 476,37648 98 1 0.00 0 0 0 0 0 0 281,850 281,850 466,44749 99 1 0.00 0 0 0 0 0 0 289,027 289,027 470,97450 100 1 0.00 0 0 0 0 0 0 292,407 292,407 476,069 216,563.40 P; 419,372.70 LAt age 100, we will no longer accept any premiums and there will be no further charges or deductions.51 101 1 0.00 0 0 0 0 0 0 354,955 354,955 540,84955 105 1 0.00 0 0 0 0 0 0 663,500 663,500 864,47060 110 1 0.00 0 0 0 0 0 0 1,271,740 1,271,740 1,486,71465 115 1 0.00 0 0 0 0 0 0 2,252,908 2,252,908 2,520,92271 121 1 0.00 0 0 0 0 0 0 4,209,232 4,209,232 4,459,915Amounts shown in the Outlay column are annualized, but are illustrated based on the following frequency:* P = Premium (Monthly)L = Variable Rate Loan (Monthly) 3730/TP This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 19 of 22
  24. 24. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus**Illustrated Index Credits (including bonuses)7.00% years 1 - 157.50% thereafter This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 20 of 22
  25. 25. Midland National Life Insurance Company Life Insurance Policy IllustrationPrepared for Flexible Premium Adjustable Life with Indexed FeaturesGary Scherr XL-EC2Age 50 Male Preferred Plus Policy SummaryFirst Year Planned Premium Outlay: $14,437.56Interest and Cost Scenarios: Guaranteed: Maximum charges at 3.00% guaranteed interest rate Midpoint: Interest and charges half way between illustrated & guaranteed Illustrated: Current charges at Index Credits & Fixed Account interest rate patterns as shown at the end of the numeric detailNon-guaranteed benefits and values are subject to change and may be more or less favorable than shown. Non- Non- Guaranteed Guaranteed Guaranteed Midpoint Illustrated B Net Cash Net Cash Net Cash Surrender Value Death Benefit Surrender Value Death Benefit Surrender Value Death BenefitYear 5 59,319 250,000 62,403 250,000 69,276 250,000Year 10 134,293 298,082 141,890 314,332 171,843 378,402Year 20 0 0 14,164 180,950 196,033 480,306Age 70 0 0 14,164 180,950 196,033 480,306Last Policy Year a Death Benefit isSupported 19 20 71I have received a copy of this life insurance illustration and understand any non-guaranteed elements illustrated are subject to change and could be either higher or lower.The agent has told me they are not guaranteed. Policy Owner/Applicant Signature DateI certify this life insurance illustration has been presented to the applicant and I have explained any non-guaranteed elements illustrated are subject to change. I have madeno statements that are inconsistent with the illustration or any promises about future performance or values of this Policy. Agent Signature Code Date This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 21 of 22
  26. 26. Midland National Life Insurance Company Life Insurance Policy Illustration Prepared for Flexible Premium Adjustable Life with Indexed Features Gary Scherr XL-EC2 Age 50 Male Preferred PlusIndex Universal Life products are not an investment in the "market" or in the applicable index and are subject to all policy fees and charges normally associated with mostuniversal life insurance. This Basic Illustration Is Not A Policy Contract and is not valid unless all pages are includedSIL134 Software Version 15.5 March 1, 2011 Page ## of ## Page 22 of 22

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