Summit Edge 7 with GLWB
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Learn how an annuity can provide guaranteed income for life.
Highlights
The Summit Edge Fixed Index Annuity may be a good fit if you want:
- Protection against losses during stock market downturns
- Growth potential through multiple index options and crediting methods
- Guarantees through the certainty of a fixed rate option
- Stability provided by A+ rated Midland National® Life Insurance Company
- Tax deferral
- Death benefit to help provide a legacy to loved ones or a favorite cause
- Access to additional features including:
- Penalty-free withdrawals
- Nursing home confinement waiver
- Flexible payout options
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
|
Type
|
Fixed Index
|
|---|---|
|
Term
|
7 Years |
|
Surrender schedule
|
9%8.5%7.5%6.5%5.5%4.5%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
Qualified: $5,000 Non-Qualified: $20,000 |
|
Types of funds
|
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
2.95%
Fixed
|
| 2-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
305%
Participation
|
| 1-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
220%
Participation
|
| 2-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Biennial
|
220%
Participation
|
| 1-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 1-Year S&P 500 LV DRC 5% TR PTP Spread |
Point to Point
Annual
|
4.5%
Spread
|
| 2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
225%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
170%
Participation
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9%
Cap
|
| 1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.2%
Cap
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
180%
Participation
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
240%
Participation
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
220%
Participation
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
305%
Participation
|
| 1-Year S&P 500 Inverse Performance Triggered |
Inverse Perf Triggered
Annual
|
7.75%
Performance triggered
|
| 1-Year Fixed Account |
Fixed
|
3.2%
Fixed
|
| 2-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
315%
Participation
|
| 1-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
230%
Participation
|
| 2-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Biennial
|
235%
Participation
|
| 1-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Annual
|
180%
Participation
|
| 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
|
10%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
| 1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
180%
Participation
|
| 2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
235%
Participation
|
| 1-Year S&P 500 LV DRC 5% PTP Spread |
Point to Point
Annual
|
3.75%
Spread
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
190%
Participation
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
255%
Participation
|
| 1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
230%
Participation
|
| 2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
315%
Participation
|
| 1-Year S&P 500 Inverse Performance Triggered |
Inverse Perf Triggered
Annual
|
8.25%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Summit Income Strategy Level | No | 1.25% annually |
| Summit Income Strategy Increasing | No | 1.25% annually |