Annuity Educator
Best Guaranteed Annuity Rates
2-Year
5.25%
3-Year
6.25%
5-Year
6.30%
7-Year
5.80%
10-Year
5.80%

Summit Discovery 7

In the complex world of retirement planning, annuities stand out as a popular choice for those seeking steady income streams in their golden years. Amidst a crowded market, a few annuity companies have distinguished themselves through their robust financial strength, customer service excellence, and diverse product offerings.

Get an annuity today!

Learn how an annuity can provide guaranteed income for life.

Key Takeaways

  • Companies are different
The Summit Discovery Fixed Index Annuity may be a good fit if you want:
  • Protected lifetime income options, providing flexibility depending on your needs 
  • DOUBLE your payments for up to 5 contract years if you are unable to perform 2 out of the 6 ADLs 
  • Protection against losses during stock market downturns 
  • Growth potential for your: 
    • GLWB value, through a guaranteed lifetime withdrawal benefit (GLWB) stacking roll-up credit 
    • Accumulation value, through multiple index options and crediting methods 
  • Guarantees through the certainty of a fixed rate option
  • Stability provided by Midland National Life Insurance Company 
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 Fixed Account
Fixed
3.2% Fixed
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.4% Cap
1-Year S&P 500 PTP Cap
Point to Point
Annual
6.5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
30% Participation
1-Year S&P 500 PTP Daily Average Spread
Point to Point
Annual
Daily average
6% Spread
1-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Annual
125% Participation
2-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Biennial
175% Participation
1-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Annual
2% Spread
2-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Biennial
0.75% Spread
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Biennial
185% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Annual
130% Participation
1-Year S&P 500 Inverse Performance Triggered
Inverse Perf Triggered
Annual
7.5% Performance triggered
1-Year Fixed Account
Fixed
3.5% Fixed
1-Year S&P 500 PTP Monthly Sum Cap
Point to Point
Annual
Monthly sum
2.5% Cap
1-Year S&P 500 PTP Cap
Point to Point
Annual
7.5% Cap
1-Year S&P 500 PTP Participation Rate
Point to Point
Annual
30% Participation
1-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Annual
135% Participation
2-Year S&P MARC 5% ER PTP Participation Rate
Point to Point
Biennial
190% Participation
1-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Annual
1.5% Spread
2-Year S&P 500 LV DRC 5% TR PTP Spread
Point to Point
Biennial
0.25% Spread
1-Year S&P 500 PTP Daily Average Spread
Point to Point
Annual
Daily average
4.5% Spread
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Biennial
200% Participation
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate
Point to Point
Annual
145% Participation
1-Year S&P 500 Inverse Performance Triggered
Inverse Perf Triggered
Annual
8% Performance triggered

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 10% 9% 8% 7% 6% 5% 3%

Riders

Name Inbuilt Fee
Summit Discovery GLWB Yes
Summit Discovery Increasing GLWB Yes