Summit Prime 7
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Learn how an annuity can provide guaranteed income for life.
Highlights
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 You do not pay taxes on interest earnings until withdrawn.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
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Type
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Fixed Index
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|---|---|
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Term
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7 Years |
|
Surrender schedule
|
9%9%8%7%6%5%4% |
|
Free withdrawal
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1st year: 0% 2nd+ year: 10% |
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Market value adjustment
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|
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Return of premium
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|
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Minimum contribution
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Qualified: $5,000 Non-Qualified: $10,000 |
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Types of funds
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Non-Qualified, Profit Sharing, IRA, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
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
|
9%
Cap
|
| 1-Year Nasdaq-100 PTP Participation Rate |
Point to Point
Annual
|
40%
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% |