Summit Discovery 7
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Learn how an annuity can provide guaranteed income for life.
Highlights
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
|
Type
|
Fixed Index
|
|---|---|
|
Term
|
7 Years |
|
Surrender schedule
|
10%9%8%7%6%4.5%3% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 5% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$50,000 |
|
Types of funds
|
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and TSP |
Brochure
|
Open brochure |
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 |