Fixed index annuity review and rates

Summit Focus 3

The Summit Focus 3 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 various index accounts (if selected). While the fixed account earns a fixed rate of interest, index accounts earn interest credits based 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.
What makes the Summit Focus 3 unique?
Crediting rates are determined at issue and don’t change over the three-year term because of three-year, point-to-point crediting. Most traditional FIAs only guarantee crediting rates for the first contract year, then renewal rates are set each year after that. Renewal rates may be lower than first-year rates, so guaranteeing rates for three years eliminates some uncertainty and could help boost your growth potential. 
Available in states: AL, AK, AZ, AR, CO, CT, DE, DC, FL, GA, HI, 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
3-Year Fixed Account
Fixed
2.7% Fixed
3-Year S&P 500 PTP Cap
Point to Point
Triennial
15% Cap
3-Year S&P 500 PTP Participation Rate
Point to Point
Triennial
45% Participation
3-Year BlackRock ESG U.S. 5% (ER) PTP Participation Rate
Point to Point
Triennial
180% Participation
3-Year S&P 500 PTP Enhanced Cap
Point to Point
Triennial
22% Cap
3-Year S&P 500 PTP Enhanced Participation Rate
Point to Point
Triennial
60% Participation
3-Year BlackRock ESG U.S. 5% (ER) PTP Enhanced Participation Rate
Point to Point
Triennial
225% Participation
3-Year Fixed Account
Fixed
3% Fixed
3-Year S&P 500 PTP Cap
Point to Point
Triennial
17% Cap
3-Year S&P 500 PTP Participation Rate
Point to Point
Triennial
50% Participation
3-Year BlackRock ESG U.S. 5% (ER) PTP Participation Rate
Point to Point
Triennial
200% Participation
3-Year S&P 500 PTP Enhanced Cap
Point to Point
Triennial
24% Cap
3-Year S&P 500 PTP Enhanced Participation Rate
Point to Point
Triennial
65% Participation
3-Year BlackRock ESG U.S. 5% (ER) PTP Enhanced Participation Rate
Point to Point
Triennial
250% Participation

Surrender schedule

Year 1 2 3
Penalty 8% 8% 7%
Midland National Life Insurance Company
Founded: 1906
A.M. Best: A+
Fitch: A+
S&P: A+
Carrier details
Free withdrawal
5%
Surrender schedule
3 years
Return of premium
Market value adjustment
Minimum contribution
$25,000
Types of funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, and TSP