Fixed index annuity review and rates

IndexMax ADV 7

The IndexMax ADV 7 is a single premium deferred fixed index annuity. An annuity is a long-term contract issued by an insurance company. In exchange for a premium payment, the insurance company agrees to make payments to you later on. This annuity provides an accumulation value that may earn interest through a fixed account and an index account (if selected). While the fixed account earns a fixed rate of interest each year, index accounts earn interest credits based in part on how an underlying index performs. Interest credits are guaranteed to never be less than zero. This annuity also provides several options for accessing funds. 
Available in states: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY

Allocation Accounts

Name Type Rates
1-Year Fidelity Multi Factor Yield 5% ER Annual Performance Credit with Participation Rate
Term Participation & Annual Performance
Annual
100% Participation
7.5% Performance triggered
1-Year S&P 500 LV DRC 5% Annual Performance Credit with Participation Rate
Term Participation & Annual Performance
Annual
100% Participation
7.5% Performance triggered
1-Year BlackRock ESG US 5% ER Annual Performance Credit with Participation Rate
Term Participation & Annual Performance
Annual
100% Participation
7.5% Performance triggered
1-Year Fixed Account
Fixed
5% Fixed

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 6% 6% 5% 4% 3% 3% 2%
Midland National Life Insurance Company
Founded: 1906
A.M. Best: A+
Fitch: A+
S&P: A+
Carrier details
Free withdrawal
1st year: 0%
2nd+ year: 10%
Surrender schedule
7 years
Return of premium
Market value adjustment
Minimum contribution
$50,000
Types of funds
Non-Qualified, IRA, IRA Rollover, TSA 403b, SEP IRA, IRA-Roth, and 1035 Exchange