Fixed index annuity review and rates

Summit Discovery 7

The Summit Discovery Fixed Index Annuity may be a good fit if you want:
  • Protected lifetime income options, providing flexibility depending on your needs 
  • DOUBLE your payments for up to 5 contract years if you are unable to perform 2 out of the 6 ADLs 
  • Protection against losses during stock market downturns 
  • Growth potential for your: 
    • GLWB value, through a guaranteed lifetime withdrawal benefit (GLWB) stacking roll-up credit 
    • Accumulation value, through multiple index options and crediting methods 
  • Guarantees through the certainty of a fixed rate option
  • Stability provided by Midland National Life Insurance Company 
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 Fixed Account
Fixed
2.9% Fixed
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.2% Cap
1-Year S&P 500 PTP Cap
Point to Point
Annual
5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
30% Participation
1-Year S&P 500 PTP Daily Average Spread
Point to Point
Annual
Daily average
6% Spread
1-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Annual
110% Participation
2-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Biennial
155% Participation
1-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Annual
2% Spread
2-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Biennial
0.75% Spread
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Biennial
170% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Annual
115% Participation
1-Year S&P 500 Inverse Performance Triggered
Inverse Perf Triggered
Annual
6.5% Performance triggered
1-Year Fixed Account
Fixed
3.2% Fixed
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.3% Cap
1-Year S&P 500 PTP Cap
Point to Point
Annual
6% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
30% Participation
1-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Annual
120% Participation
2-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Biennial
170% Participation
1-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Annual
1.5% Spread
2-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Biennial
0.25% Spread
1-Year S&P 500 PTP Daily Average Spread
Point to Point
Annual
Daily average
4.5% Spread
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Biennial
185% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Annual
130% Participation
1-Year S&P 500 Inverse Performance Triggered
Inverse Perf Triggered
Annual
7% Performance triggered

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 10% 9% 8% 7% 6% 5% 3%

Riders

Name Inbuilt Fee
Summit Discovery GLWB Yes None
Summit Discovery Increasing GLWB Yes None
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: 5%
Surrender schedule
7 years
Return of premium
Market value adjustment
Minimum contribution
$50,000
Types of funds
Non-Qualified, IRA, Spousal IRA, IRA Rollover, SEP IRA, IRA-Roth, and TSP