1. Prepared for Flexible Premium Adjustable Life
Gary Scherr XL-EC2
LIFE INSURANCE FOR YOUR CHANGING NEEDS
Life 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 exactly
the 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 to
you. 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 from
the 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 1
Cash-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 taxes
Accumulation 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 1
Protected Flexibility This rider is included automatically on your Policy at no additional charge. The PFR protects the flexibility of the policy so that you have
Rider (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 $59,421
11862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
2. Prepared for Flexible Premium Adjustable Life
Gary Scherr XL-EC2
Protection $96,654 $7,106
11862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
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 are
Riders 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 1
Each of the benefit amounts shown assumes that none of the other benefits described above has been elected or received. See the specific conditions and
limitations 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 subject
to 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 benefits
described 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 Policy
Conversion, 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 upon
receipt. 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’s
ultimate 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. Prepared for Flexible Premium Adjustable Life
Gary Scherr XL-EC2
4
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 series
TR137A, 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 with
most universal life insurance.
11862 Rev 11/07 Presented by: Robert Elmore March 1, 2011
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.
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6. 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 Plus
Policy Explanation
Indexed Universal Life Midland National's XL-EC2 is a universal life policy, which features an adjustable death benefit and the potential to earn tax-deferred
Insurance 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 policy
Preferred 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 be
Amount $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, the
Option: 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.)
Premiums
First Year Planned The planned premiums are shown in the yearly detail of this illustration. Be sure to note coverage amounts and durations based on
Premium Outlay guaranteed assumptions and the two non-guaranteed scenarios.
$14,437.56
Initial Planned Monthly This is the premium billing frequency and billable premium amount requested.
Premium $1,203.13
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7. 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 Plus
No 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 as
Initial Minimum required and no policy Loans or Withdrawals have been made and no policy benefits have been increased. The Minimum Premium may
Premium(Annual) not provide coverage beyond the first 15 years.
$1,963.56
Cash Value Life insurance policies qualify as life insurance under IRC Section 7702 by satisfying one of two defined tests. This illustration uses the
Accumulation 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 Values
Policy 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.
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8. 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 Plus
Net Cash Surrender The Net Cash Surrender Value is the amount available upon surrender of the policy. The Net Cash Surrender Value is the Policy Fund
Value (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 guarantee
Value 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. The
of 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 policy
Elements 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 Features
Maturity The Maturity date for this policy is age 121 of the insured. There are no charges, deductions, or premiums beyond age 100.
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9. 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 Plus
Bonuses 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.
Riders
This 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 owner
Rider (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 Protection
Rider Option.
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10. 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 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.
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11. 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 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 Loans
Access to the Policy Fund through loans and withdrawals will reduce the policy's 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 Standard
Option 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
(Moody's Corporate Bond Yield Average - Monthly Average Corporates as published by Moody's 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.
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12. 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 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.
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13. 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 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% thereafter
Scenario #1 - Loan interest rate is 10.00% per year
Scenario #2 - Loan interest rate is 7.60% per year
Scenario #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 #3
Loan 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 Benefit
Year 10 171,843 378,402 171,843 378,402 171,843 378,402
Year 20 170,474 454,825 186,089 470,393 196,033 480,306
Year 30 0 0 0 0 81,404 362,775
Age 65 318,697 593,734 318,697 593,734 318,697 593,734
Age 80 0 0 0 0 81,404 362,775
Age 100 0 0 0 0 292,407 476,069
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14. 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 Plus
Index Definitions
Index 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.
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15. 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 Plus
Index 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 & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500", "500", "S&P MidCap 400®", "Standard & Poor's 400", and "400" are trademarks of
The 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 & Poor's®, Dow Jones or Russell 2000®, and Standard & Poor's®, Dow Jones and
Russell 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 their
legality or suitability. This product is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND
BEAR NO LIABILITY WITH RESPECT TO THIS PRODUCT. THIS INDEX DOES NOT INCLUDE DIVIDENDS PAID BY THE UNDERLYING
COMPANIES.
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 Licensors
and 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 included
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Page 11 of 22
16. 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 Plus
Index Selections and Initial Premium Allocation
The 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 will
never 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 Index
Selection 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 at
the 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
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and is not valid unless all pages are included
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17. 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 Plus
Index 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.
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and is not valid unless all pages are included
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18. 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 Plus
Index 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 be
deducted 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 after
deductions 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 Index
Segment 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 on
the 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 Index
Segment 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 Index
Segment 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.
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19. 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 Plus
Illustrated Rate for Index Selections
The following chart shows historical returns for the various Index Selections that are available, based on the current Index Cap Rate and Index Participation Rate for
each Index Selection as shown in the “Index Selections and Initial Premium Allocation” section of this illustration (including the floor of 0% in each year). Also
shown 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 of
Return 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 inception
of 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 Rates
using the percentage allocations shown in the “Index Selections and Initial Premium Allocation” section. The Maximum Illustrated Rate is not an expected rate for any
given 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 more
Index 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 given
year 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 be
less 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 in
this 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 included
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20. 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 Plus
The 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 of
0% 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 included
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21. 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 Plus
Non-guaranteed benefits and values are subject to change and may be more or less favorable than shown. This illustration assumes premiums are paid on
the 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 premium
payments.
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 premiums
End Annualized Net Cash Net Cash Net Cash
of DB Premium Policy Surrender Death Surrender Death Surrender Death
Yr Age Opt Outlay Type* Fund Value Benefit Policy Fund Value Benefit Policy Fund Value Benefit
1 51 1 14,437.56 P 12,669 5,919 250,000 13,673 6,923 250,000 13,540 6,790 250,000
2 52 1 14,437.56 P 25,607 18,857 250,000 27,461 20,711 250,000 27,800 21,050 250,000
3 53 1 14,437.56 P 38,832 32,082 250,000 41,499 34,749 250,000 42,912 36,162 250,000
4 54 1 14,437.56 P 52,311 45,561 250,000 55,831 49,081 250,000 58,964 52,214 250,000
5 55 1 14,437.56 P 66,069 59,319 250,000 70,476 63,726 250,000 76,026 69,276 250,000
6 56 1 14,437.56 P 80,130 73,380 250,000 85,216 78,466 250,000 93,947 87,197 250,000
7 57 1 14,437.56 P 94,482 87,934 250,000 100,262 93,715 250,000 112,998 106,450 264,077
8 58 1 14,437.56 P 109,193 102,916 250,000 115,631 109,353 262,252 133,149 126,872 301,984
9 59 1 14,437.56 P 124,198 118,460 273,485 131,234 125,497 288,979 154,403 148,666 339,997
10 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 P
11 61 1 14,437.56 P 154,639 150,251 321,341 164,581 160,193 341,999 202,089 197,701 419,941
12 62 1 14,437.56 P 170,010 166,298 343,422 182,372 178,660 368,393 228,688 224,975 461,950
13 63 1 14,437.56 P 185,427 182,390 364,366 200,545 197,508 394,073 256,932 253,894 504,872
14 64 1 14,437.56 P 200,890 199,270 384,304 219,091 217,471 419,122 286,897 285,277 548,835
15 65 1 14,437.56 P 216,360 216,360 403,080 238,022 238,022 443,436 318,697 318,697 593,734
16 66 1 -41,937.27 L 173,320 173,320 350,797 199,514 199,514 397,640 296,352 296,352 573,499
17 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 included
SIL134 Software Version 15.5 March 1, 2011 Page ## of ##
Page 17 of 22
22. 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 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 premiums
End Annualized Net Cash Net Cash Net Cash
of DB Premium Policy Surrender Death Surrender Death Surrender Death
Yr Age Opt Outlay Type* Fund Value Benefit Policy Fund Value Benefit Policy Fund Value Benefit
18 68 1 -41,937.27 L 74,142 74,142 234,348 115,394 115,394 299,476 248,540 248,540 529,418
19 69 1 -41,937.27 L 17,147 17,147 169,554 69,454 69,454 247,007 222,923 222,923 505,756
20 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 L
21 71 1 -41,937.27 L 0 0 0 0 0 0 167,830 167,830 452,986
22 72 1 -41,937.27 L 0 0 0 0 0 0 138,199 138,199 424,585
23 73 1 -41,937.27 L 0 0 0 0 0 0 107,038 107,038 393,520
24 74 1 -41,937.27 L 0 0 0 0 0 0 74,322 74,322 361,345
25 75 1 -41,937.27 L 0 0 0 0 0 0 39,971 39,971 326,926
26 76 1 0.00 0 0 0 0 0 0 47,216 47,216 334,106
27 77 1 0.00 0 0 0 0 0 0 54,959 54,959 341,037
28 78 1 0.00 0 0 0 0 0 0 63,243 63,243 347,737
29 79 1 0.00 0 0 0 0 0 0 72,052 72,052 354,933
30 80 1 0.00 0 0 0 0 0 0 81,404 81,404 362,775
216,563.40 P; 419,372.70 L
31 81 1 0.00 0 0 0 0 0 0 91,501 91,501 370,770
32 82 1 0.00 0 0 0 0 0 0 102,106 102,106 378,596
33 83 1 0.00 0 0 0 0 0 0 113,265 113,265 387,341
34 84 1 0.00 0 0 0 0 0 0 125,013 125,013 396,169
35 85 1 0.00 0 0 0 0 0 0 137,250 137,250 406,152
36 86 1 0.00 0 0 0 0 0 0 149,992 149,992 415,110
37 87 1 0.00 0 0 0 0 0 0 162,840 162,840 425,028
38 88 1 0.00 0 0 0 0 0 0 175,648 175,648 434,678
39 89 1 0.00 0 0 0 0 0 0 188,432 188,432 444,202
40 90 1 0.00 0 0 0 0 0 0 200,846 200,846 453,336
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Page 18 of 22
23. 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 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 premiums
End Annualized Net Cash Net Cash Net Cash
of DB Premium Policy Surrender Death Surrender Death Surrender Death
Yr Age Opt Outlay Type* Fund Value Benefit Policy Fund Value Benefit Policy Fund Value Benefit
216,563.40 P; 419,372.70 L
41 91 1 0.00 0 0 0 0 0 0 213,071 213,071 462,449
42 92 1 0.00 0 0 0 0 0 0 224,867 224,867 469,686
43 93 1 0.00 0 0 0 0 0 0 235,874 235,874 476,392
44 94 1 0.00 0 0 0 0 0 0 245,940 245,940 480,639
45 95 1 0.00 0 0 0 0 0 0 254,921 254,921 482,167
46 96 1 0.00 0 0 0 0 0 0 263,307 263,307 481,404
47 97 1 0.00 0 0 0 0 0 0 271,545 271,545 476,376
48 98 1 0.00 0 0 0 0 0 0 281,850 281,850 466,447
49 99 1 0.00 0 0 0 0 0 0 289,027 289,027 470,974
50 100 1 0.00 0 0 0 0 0 0 292,407 292,407 476,069
216,563.40 P; 419,372.70 L
At 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 0 354,955 354,955 540,849
55 105 1 0.00 0 0 0 0 0 0 663,500 663,500 864,470
60 110 1 0.00 0 0 0 0 0 0 1,271,740 1,271,740 1,486,714
65 115 1 0.00 0 0 0 0 0 0 2,252,908 2,252,908 2,520,922
71 121 1 0.00 0 0 0 0 0 0 4,209,232 4,209,232 4,459,915
Amounts 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
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Page 19 of 22
24. 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 Plus
**Illustrated Index Credits (including bonuses)
7.00% years 1 - 15
7.50% thereafter
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Page 20 of 22
25. 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 Plus
Policy Summary
First Year Planned Premium Outlay: $14,437.56
Interest 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 detail
Non-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 Benefit
Year 5 59,319 250,000 62,403 250,000 69,276 250,000
Year 10 134,293 298,082 141,890 314,332 171,843 378,402
Year 20 0 0 14,164 180,950 196,033 480,306
Age 70 0 0 14,164 180,950 196,033 480,306
Last Policy Year a Death Benefit is
Supported 19 20 71
I 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 Date
I 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 made
no statements that are inconsistent with the illustration or any promises about future performance or values of this Policy.
Agent Signature Code Date
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Page 21 of 22
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 Plus
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 with most
universal life insurance.
This Basic Illustration Is Not A Policy Contract
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