Fixed index annuity review and rates

Summit Navigate 5

The Summit Navigate Fixed Index Annuity may be a good fit if you want: 
  • Growth potential through both annual and term credits
  • Protection against losses during stock market downturns 
  • Tax deferral, you pay no taxes until a withdrawal is taken
  • Stability, provided by A+ (Superior) rated Midland National┬« Life Insurance Company
  • Provide a legacy for loved ones or a favorite cause 
Annuity payout options
In all states but Florida: With the exception of lifetime income options, income options are available from five to 20 years. Choose from:
  • Income for a specified period 
  • Life income 
  • Income for a specified amount 
  • Joint and survivor life income 
  • Life income with a period certain 
  • Joint and survivor life income with a period certain. 
For Florida: You may select an annuity payout option based on the accumulation value at any time after the first contract year. The following options are available: 
  • Life income 
  • Life income with a 10-year or 20-year period certain 
  • Joint and survivor life income 
  • Joint and survivor life income with a 10-year or 20-year period certain 
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) PTP Participation Rate with Annual Performance Credits
Term Participation & Annual Performance
Annual
100% Participation
7% Performance triggered
1-Year BlackRock ESG US 5% ER PTP Participation Rate with Annual Performance Credits
Term Participation & Annual Performance
Annual
100% Participation
6.8% Performance triggered
5-Year Fixed Account
Fixed
4% Fixed

Surrender schedule

Year 1 2 3 4 5
Penalty 8% 8% 8% 7% 6%
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
5 years
Return of premium
Market value adjustment
Minimum contribution
$10,000
Types of funds
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, NQ Stretch, and TSP