Supplement dated February 5, 2024
to the Prospectus dated November 13, 2023
for the LiveWell Dynamic Annuity
issued by Midland National Life Insurance Company
through the Midland National Life Separate Account C
This Supplement describes an important update to the state variations described in Appendix B to the Prospectus. Please read this Supplement carefully and retain it with your Prospectus for future reference.
Effective January 19, 2024, for Contracts issued in Massachusetts:
•The following Cycle Investments are available for investment:
Index | Cycle Term (# of years) | Cycle Structure | Cycle Floor/ Buffer Rate | Crediting Type | Rate Threshold | ||||||||||||
S&P 500 | 1 | Buffer | -30% | Cap | 5% | ||||||||||||
S&P 500 | 6 | Buffer | -10% | Participation | 10% | ||||||||||||
MSCI EAFE | 1 | Buffer | -10% | Cap | 5% | ||||||||||||
Russell 2000 | 1 | Buffer | -10% | Cap | 5% |
•The Fair Value calculation prior to the Cycle End Date for Cycle Investments that have a Cycle Start Date on or after January 19, 2024 will not include the Proportional Cap Rate. The Fair Value calculation for Cycle Investments that have a Cycle Start Date prior to January 19, 2024 will continue to incorporate the Proportional Cap Rate, if applicable. When a Cycle Investment subject to a Proportional Cap Rate matures, we will not invest the proceeds in a new Cycle Investment of the same Cycle Type that is not subject to a Proportional Cap Rate unless you direct us to do so. If you are invested in a Cycle Investment with a Cap Rate that has a Cycle Start Date prior to January 19, 2024, and you do not provide us with written reallocation instructions, we will allocate the proceeds to the Default Account when the Cycle Investment matures.
•The optional Return of Premium Death Benefit Rider is available for election at Contract issue if the oldest Owner is younger than Issue Age 76. If you purchased your Contract prior to January 19, 2024, this benefit was not available.
•The optional Waiver of Surrender Charges Rider is available for election at Contract issue. If you purchased your Contract prior to January 19, 2024, this benefit was not available.
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If you have any questions, please call us toll-free at (866) 747-3421, or write us at P.O. Box 9261, Des Moines, IA 50306-9261.
Please retain this Supplement for future reference.