Summit Discovery 7
In the complex world of retirement planning, annuities stand out as a popular choice for those seeking steady income streams in their golden years. Amidst a crowded market, a few annuity companies have distinguished themselves through their robust financial strength, customer service excellence, and diverse product offerings.
Get an annuity today!
Learn how an annuity can provide guaranteed income for life.
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
|
3.2%
Fixed
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.4%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
6.5%
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
|
125%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
175%
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
|
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
|
7.5%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
3.5%
Fixed
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.5%
Cap
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
7.5%
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
|
135%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
190%
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
|
200%
Participation
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
145%
Participation
|
| 1-Year S&P 500 Inverse Performance Triggered |
Inverse Perf Triggered
Annual
|
8%
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 | |
| Summit Discovery Increasing GLWB | Yes |