Fixed index annuity review and rates
Summit Prime 7
Summit Prime 7 is a limited single premium deferred annuity designed to accumulate money on a tax-advantaged basis. You do not pay taxes on interest earnings until withdrawn.
This annuity can earn interest in two ways: 1) interest at a rate that is guaranteed in the first year and can’t go below 1% after that, and 2) interest that depends on how one or more market indexes perform. This annuity does not participate directly in any stock or equity investments. You aren’t buying shares of stock or an index. Dividends paid on the stocks on which the indexes are based don’t increase your annuity earnings.
Summit Prime 10 might be suitable for use as an IRA or another qualified account, as well as an attractive alternative to CDs and other taxable vehicles.
This annuity can earn interest in two ways: 1) interest at a rate that is guaranteed in the first year and can’t go below 1% after that, and 2) interest that depends on how one or more market indexes perform. This annuity does not participate directly in any stock or equity investments. You aren’t buying shares of stock or an index. Dividends paid on the stocks on which the indexes are based don’t increase your annuity earnings.
Summit Prime 10 might be suitable for use as an IRA or another qualified account, as well as an attractive alternative to CDs and other taxable vehicles.
Available in states:
AL, AK, AZ, AR, 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, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
3.5%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
37.5%
Participation
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year Nasdaq-100 PTP Participation Rate |
Point to Point
Annual
|
37.5%
Participation
|
| 1-Year Nasdaq-100 PTP Monthly Average Cap |
Point to Point
Annual
|
11%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% |
Brochure
Free withdrawal
1st year: 0%
2nd+ year: 10%
2nd+ year: 10%
Surrender schedule
7 years
Return of premium
Market value adjustment
Minimum contribution
Qualified: $5,000
Non-Qualified: 1000000%
Non-Qualified: 1000000%
Types of funds
Non-Qualified, Profit Sharing, IRA, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, NQ Stretch, and TSP