Gary 250k Egul

Prepared for Flexible Premium Adjustable Universal Life
Gary R. Scherr Essential Guaranteed Universal Life

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, atno
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 $250,000 1

Cash-Value Accumulation This policy is designed for death benefit protection rather than cash value accumulation. Taking a
loan2 or withdrawal2 may jeopardize your death benefit guarantee.

Projected Account Value at age 80 $0 1

Accelerated Benefit These riders are automatically included on your Policy at no additional premium; however, there is
Riders an administrative fee when benefits are 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 $5,000 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 $3,979 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 $125,000 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 $108,979 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
.
1All 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, coverageunder ABR-C requires an Application
for Policy Conversion, Change or Reinstatement.

11943 Presented by: Robert Elmore February 28, 2011


2Policy 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 National does not give tax or
nd
legal advice.
3Activities of daily living: bathing, continence, dressing, eating, toileting, or transferring.
4Severe cognitive impairment: requires substantial supervision by another person to protect oneself from threats to health and safety.

Essential Guaranteed Universal Life is issued on policy form series L138, 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.

11943 Presented by: Robert Elmore February 28, 2011

February 28, 2011

A Life Insurance Policy Illustration
Software Version 15.5

Flexible Premium Adjustable Universal Life
Essential Guaranteed Universal Life
Policy Form Number: L138 Series
Issue State: Illinois

prepared for
Gary R. Scherr

presented by
Robert Elmore
1947 Lago Vista Blvd
Palm Harbor, FL 34685
Bus# (727)781-1602
Fax# (727)432-9331
relmore@tampabay.rr.com

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 included
SIL138 Software Version 15.5 February 28, 2011 Page ## of ##
Page 1 of 8

Midland National Life Insurance Company
Life Insurance Policy Illustration
Age 50

Policy Explanation

Universal Life Insurance The life insurance policy you are considering allows flexible premium payments to age 100. The
death benefit is adjustable and ultimately depends on the cash value in the policy. The account
value is based on the amount of your premium payments, monthly policy charges, and monthly
interest credited to the policy. Interest rates and policy charges are subject to change. The current
interest rate at issue is guaranteed for the first policy year and thereafter is guaranteed to never go
below 2.50%. Policy charges are guaranteed not to exceed the maximums listed in the policy. The
non-guaranteed elements 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
Preferred Plus the left. Actual amounts will depend on the outcome of the underwriting process, and may vary
from what is shown on this illustration.

Initial Specified Amount The death benefit at policy issue is the Initial Specified Amount shown on the left. The actual
$250,000 amount payable at death may be 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 an option for either a level or increasing death benefit. Under the level death
Option: Level benefit option, the death benefit is the Specified Amount. Under the increasing death benefit
option, the death benefit is the Specified Amount plus the Account Value. In the numeric detail
section of this illustration, the level option is indicated by Opt 1; increasing by Opt 2.

First Year Planned The planned premiums are shown in the yearly detail of this illustration. Be sure to note when
Premium Outlay coverage would cease based on guaranteed or non-guaranteed assumptions. This amount includes
$2,450.20 a conversion credit of $295.00.

Initial Planned Monthly This is the premium billing frequency and billable premium amount requested.
Premium $179.60

5 Year No Lapse Your policy will stay in effect during the first 5 years if you pay at least the Minimum Premium as
Guarantee Minimum required and you have not made any policy Loans or Withdrawals or increased any policy benefits.
Premium (Annual) The Minimum Premium may not provide coverage beyond the first 5 years.
$1,684.56

Extended No Lapse After the 5 Year No Lapse Guarantee Period, the Extended No Lapse Guarantee extends the
Guarantee policy’s guaranteed death benefit for any length up to age 120. The guarantee will vary depending
on the amount and timing of premium payments. The charges associated with this benefit are
defined in the policy. You have chosen to guarantee the death benefit to age 120 by paying the
illustrated premium on the applicable due date. Changes in your premium pattern or other policy
changes such as loans, withdrawals and death benefit changes may affect the length of the extended
no lapse guarantee.

Page 2 of 8

Age 50

Maximum Level Annual By paying the Maximum Level Annual Premium to age 100, your policy would have the greatest
Premium $7,104.77 values and long term benefit. This premium changes if you change any policy benefits. Paying this
premium may cause your policy to become a Modified Endowment Contract. Refer to the
definition of 7-Pay Premium.

Maximum Single This is the maximum amount that can be paid into the policy on a single payment basis.
Premium $81,281.67 (Additional premiums can be paid in the year that this amount is exceeded by the sum of the
Maximum Level Annual Premiums.) These maximum premiums are based on the Federal
Guideline Premium limits. Paying this premium may cause your policy to become a Modified
Endowment Contract. Refer to the definition of 7-Pay Premium. Paying this premium does not
guarantee the policy will reach Maturity.

7-Pay Premium Exceeding this annual premium in any of the first seven years of the contract, on an accumulated
$13,816.41 basis, may result in future Loans and Withdrawals being taxed like annuities. This option is left to
the policy holder. After seven years, this amount can be exceeded without affecting the tax status
of Loans or Withdrawals. Exceeding this amount during the first seven years does not affect any
other policy features. Changing policy benefits after seven years may cause your 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. Contact your financial planner for details.

Account Value The Account Value is the accumulation of net premiums paid, plus interest credited, minus policy
charges. Policy charges are deducted regardless of premium amount or frequency. Different
portions of the Account Value may earn different interest rates. The Account Value is affected by
any Loans or Withdrawals.

Surrender Charge The Surrender Charge is the amount deducted from the Account Value upon surrender of the policy
during the early years. The Surrender Charge amount is described in the insurance policy.

Net Cash Surrender The Net Cash Surrender Value is the amount available to you upon surrender of the policy. The
Value Net Cash Surrender Value is the Account Value (reduced by outstanding loans) minus the
Surrender Charge, if any.

Non-Guaranteed Many aspects of your life insurance contract will be guaranteed, including your minimum interest
Elements of the Policy and maximum charges. However, the current interest rate credited may exceed the guaranteed rate
and current monthly charges may be less than the maximum charges. As a result, these non-
guaranteed elements may improve the value of your life insurance policy.

The following pages provide snapshots of your policy assuming higher interest and lower charges
than those that are guaranteed. Since these elements cannot be predicted, a range of results is
illustrated. This illustration assumes that the currently illustrated, non-guaranteed elements used
will not change for all years shown. That 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.

Maturity The Maturity date is age 120 of the insured. If the insured is living at Maturity and the policy is in
effect, you may ask us to extend the Maturity date indefinitely as allowed by law. There are no
charges, deductions, or premiums beyond age 100.

Page 3 of 8

Age 50

Loans and Withdrawals The amount available for loan equals the Net Cash Surrender Value less the loan interest that will
accumulate on the next Policy Anniversary. During the first 10 years, the interest charged on loans
is currently 4.00% (guaranteed not to exceed 6.00%), and the interest credited on these loans is
guaranteed at 2.50% for a current net rate of 1.50%. After 10 policy years, contractually guaranteed
Net Zero Cost Loans (loans charged and credited at the same rate for a net zero cost) are available
on the full loan amount.

Partial withdrawals are available for up to 90% of the Net Cash Surrender Value starting in year 2
(50% in year 1). A withdrawal charge will be deducted from the Account Value, if any Surrender
Charges remain at the time of the withdrawal. The first withdrawal in any one policy year is
available without a processing fee; a $25 processing fee applies to the second and subsequent
withdrawals in each policy year.

Access to the Account Value through Loans and Withdrawals will reduce the policy's ultimate
death benefit and Net Cash Surrender Value.

Exchange Privilege During the Exchange Period (through the insured’s attained age 75), you may exchange this policy
or a portion of it, without evidence of insurability, to an individual permanent life insurance policy
available at that time for exchange from this plan. This policy must be in effect and not have an
outstanding loan at the time of exchange. For a partial exchange, policy minimums for both
policies still apply. See policy form for details.

Page 4 of 8

Age 50

Riders Selected This illustration includes the following rider(s). A general description of each selected rider follows. Details
concerning each rider are shown in the Rider Detail portion of this illustration. Costs associated with the selected rider(s) are
reflected in the policy values.

Accelerated Benefit Rider (ABR) - Accelerates the death benefit if the Primary Insured suffers from a qualifying illness. (Form
Series TR137A and TR138A)

Rider Detail

Accelerated Benefit Rider (ABR) allows the policy owner to receive an advance sum from the policy if the base insured suffers
from a qualifying illness. The policy owner 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.

Page 5 of 8

Age 50

Premium Class: Male, Preferred Plus
Interest and Cost Scenarios:
Guaranteed: 3.50% year 1, 2.50% thereafter, Maximum charges
Illustrated: 3.50% interest rate, Current charges (The current rate is 3.50%)

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.

Guaranteed Non-Guaranteed Illustrated
End Annualized Net Cash Net Cash
of Premium Account Surrender Surrender
Yr Age Opt Outlay Type* Value Value Death Benefit Account Value Value Death Benefit
1 51 1 2,450.20 PE 310 0 250,000 767 0 250,000
2 52 1 2,155.20 P 324 0 250,000 1,288 0 250,000
3 53 1 2,155.20 P 247 0 250,000 1,737 0 250,000
4 54 1 2,155.20 P 76 0 250,000 2,143 0 250,000
5 55 1 2,155.20 P 0 0 250,000 2,503 0 250,000
6 56 1 2,155.20 P 0 0 250,000 2,816 0 250,000
7 57 1 2,155.20 P 0 0 250,000 3,050 0 250,000
8 58 1 2,155.20 P 0 0 250,000 3,203 0 250,000
9 59 1 2,155.20 P 0 0 250,000 3,332 0 250,000
10 60 1 2,155.20 P 0 0 250,000 3,405 0 250,000
21,847.00 PE

11 61 1 2,155.20 P 0 0 250,000 3,451 0 250,000
12 62 1 2,155.20 P 0 0 250,000 3,439 0 250,000
13 63 1 2,155.20 P 0 0 250,000 3,426 0 250,000
14 64 1 2,155.20 P 0 0 250,000 3,293 0 250,000
15 65 1 2,155.20 P 0 0 250,000 3,063 0 250,000
16 66 1 2,155.20 P 0 0 250,000 2,734 0 250,000
17 67 1 2,155.20 P 0 0 250,000 2,330 0 250,000
18 68 1 2,155.20 P 0 0 250,000 1,850 0 250,000
19 69 1 2,155.20 P 0 0 250,000 1,168 0 250,000
20 70 1 2,155.20 P 0 0 250,000 213 0 250,000
43,399.00 PE

21 71 1 2,155.20 P 0 0 250,000 0 0 250,000
22 72 1 2,155.20 P 0 0 250,000 0 0 250,000
23 73 1 2,155.20 P 0 0 250,000 0 0 250,000
24 74 1 2,155.20 P 0 0 250,000 0 0 250,000
25 75 1 2,155.20 P 0 0 250,000 0 0 250,000
26 76 1 2,155.20 P 0 0 250,000 0 0 250,000
27 77 1 2,155.20 P 0 0 250,000 0 0 250,000
28 78 1 2,155.20 P 0 0 250,000 0 0 250,000
29 79 1 2,155.20 P 0 0 250,000 0 0 250,000
30 80 1 2,155.20 P 0 0 250,000 0 0 250,000
64,951.00 PE

31 81 1 2,155.20 P 0 0 250,000 0 0 250,000
32 82 1 2,155.20 P 0 0 250,000 0 0 250,000
33 83 1 2,155.20 P 0 0 250,000 0 0 250,000
34 84 1 2,155.20 P 0 0 250,000 0 0 250,000

Page 6 of 8

Age 50


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.

Guaranteed Non-Guaranteed Illustrated
End Annualized Net Cash Net Cash
of Premium Account Surrender Surrender
Yr Age Opt Outlay Type* Value Value Death Benefit Account Value Value Death Benefit
35 85 1 2,155.20 P 0 0 250,000 0 0 250,000
36 86 1 2,155.20 P 0 0 250,000 0 0 250,000
37 87 1 2,155.20 P 0 0 250,000 0 0 250,000
38 88 1 2,155.20 P 0 0 250,000 0 0 250,000
39 89 1 2,155.20 P 0 0 250,000 0 0 250,000
40 90 1 2,155.20 P 0 0 250,000 0 0 250,000
86,503.00 PE

41 91 1 2,155.20 P 0 0 250,000 0 0 250,000
42 92 1 2,155.20 P 0 0 250,000 0 0 250,000
43 93 1 2,155.20 P 0 0 250,000 0 0 250,000
44 94 1 2,155.20 P 0 0 250,000 0 0 250,000
45 95 1 2,155.20 P 0 0 250,000 0 0 250,000
46 96 1 2,155.20 P 0 0 250,000 0 0 250,000
47 97 1 2,155.20 P 0 0 250,000 0 0 250,000
48 98 1 2,155.20 P 0 0 250,000 0 0 250,000
49 99 1 2,155.20 P 0 0 250,000 0 0 250,000
50 100 1 2,155.20 P 0 0 250,000 0 0 250,000
108,055.00 PE

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 0 250,000 0 0 250,000
55 105 1 0.00 0 0 250,000 0 0 250,000
60 110 1 0.00 0 0 250,000 0 0 250,000
65 115 1 0.00 0 0 250,000 0 0 250,000
70 120 1 0.00 0 0 250,000 0 0 250,000

Amounts shown in the Outlay column are annualized, but are illustrated based on the following frequency:
*P = Premium (Monthly)
E = Extra Premium
2262/TP

Page 7 of 8

Age 50

Policy Summary

First Year Planned Premium Outlay: $2,450.20
Midpoint: Interest and charges half way between illustrated & guaranteed

Non-guaranteed benefits and values are subject to change and may be more or less favorable than shown.

Guaranteed Non-Guaranteed Non-Guaranteed
Values Midpoint Values Illustrated Values
Year 5
Cash Value 0 0 0
Death Benefit 250,000 250,000 250,000

Year 10
Cash Value 0 0 0
Death Benefit 250,000 250,000 250,000

Year 20
Cash Value 0 0 0
Death Benefit 250,000 250,000 250,000

Age 70
Cash Value 0 0 0
Death Benefit 250,000 250,000 250,000

Last Policy Year a
Death Benefit is
Supported* 70 70 70

I have received a copy of the illustration and understand that this illustration assumes that the currently illustrated non-guaranteed
elements will continue unchanged for all years shown. This is not likely to occur and actual results may be more or less favorable
than those shown.

Policy Owner/Applicant Signature Date

I have informed the applicant or policyowner that his illustration assumes that the currently illustrated non-guaranteed elements
will continue unchanged for all years shown. This is not likely to occur and actual results may be more or less favorable than those
shown.

Agent Signature Code Date

*Unless the Extended Maturity Option is available and exercised.

Page 8 of 8

Gary 250k Egul

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