LiveWell Variable Annuity

issued by: Midland National® Life Insurance Company

through the Midland National Life Separate Account C

Supplement dated October 24, 2024 to the Prospectus, the Initial Summary Prospectus, and the Updating Summary Prospectus, each dated May 1, 2024

This Supplement describes important changes that are being made to the investment options available under your Contract. Please read this Supplement carefully and retain it with your Prospectus or Summary Prospectus for future reference.

As previously described in the Supplement dated August 1, 2024, the Board of Trustees of Guggenheim Variable Funds Trust has approved an agreement and plan for the reorganization (the “Reorganization”) of the Guggenheim VIF Series Q (Small Cap Value) Fund (the “Guggenheim Fund”) into and with the NAA Small Cap Value Series Fund (the “NAA Fund”) of the New Age Alpha Variable Funds Trust. The Reorganization is anticipated to occur on or about October 25, 2024 (the “Reorganization Date”), subject to the approval of the shareholders of the Guggenheim Fund. As a result, the Subaccount that invests in the Guggenheim Fund (the “Guggenheim Subaccount”) will also be reorganized into and with a Subaccount that invests in the NAA Fund (the “NAA Subaccount”).

The investment adviser for the NAA Fund will be New Age Alpha Advisors, LLC. The adviser has contractually agreed, until April 30, 2026, to limit the current expenses of the NAA Fund so that they do not exceed the current expenses of the Guggenheim Fund.

On the Reorganization Date, any Accumulation Value held in the Guggenheim Subaccount will be allocated to the NAA Subaccount.

After the Reorganization Date, the NAA Subaccount will be closed to new investment allocations. Any Accumulation Value you have in the NAA Subaccount can remain in the NAA Subaccount unless you order the transfer or withdrawal of the Accumulation Value from the NAA Subaccount. Any order to allocate Net Premium and transfer Accumulation Value to either the Guggenheim Subaccount or the NAA Subaccount received after the Reorganization Date will be refused and any premium received with the order will be returned to you without interest. An “order” includes any “standing” allocation instructions we have on file that list the Guggenheim Subaccount. If your on-file allocation instructions include the Guggenheim Subaccount, please contact us (as described below) to change your instructions for allocating any future Net Premium and to avoid delays in your investment allocations.

Additional information about the investment options available under your Contract can be found in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at www.srslivewell.com/prospectus. You can also request this information at no cost by calling 866-747-3421 or by sending an email request to SecuritiesPI@sfgmembers.com.

A corresponding change is hereby made throughout the Prospectus, Initial Summary Prospectus, and Updating Summary Prospectus.

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If you have any questions, please call the Customer Service Center toll-free at 1-866-747-3421, or write the Customer Service Center at, Midland National Life Insurance Company, PO Box 9261 Des Moines, IA 50306-9261.

Please retain this supplement for future reference.