Summit Discovery 7
Get an annuity today!
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 |
|---|---|
| Purpose | Lifetime Income |
|
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
|
|
|
Launch date
|
09/25/2018 |
|
Minimum contribution
|
$50,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
85 |
|
Types of funds
|
Non-Qualified, IRA, Spousal IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, and TSP |
Brochure
|
Open brochure |
Find out if the Summit Discovery 7 is the right product for you.
Premium Notes
Note: if eligible you may roll over TSP to us to be administered as a qualified tax status that we offer.
Withdrawal Provisions
Market value adjustment (MVA)
Your contract also includes a market value adjustment feature—which may decrease or increase your surrender value depending on the change in the index value of the market value adjustment external index since your annuity purchase. Due to the mechanics of a market value adjustment, surrender values generally decrease as the market value adjustment external index rises or remains constant. When the market value adjustment external index decreases enough over time, the surrender value generally increases. However, the market value adjustment is limited to the surrender charge or the interest credited to the accumulation value. This adjustment is applied only during the market value adjustment period to surrenders exceeding the applicable penalty-free allowance. It does not apply to penalty-free withdrawals, RMDs, the death benefit, or withdrawals after the surrender charge period.
Penalty-free withdrawals
After your first contract anniversary, you may take a penalty-free withdrawal of up to 5% of your beginning-of-year accumulation value each year. If you withdraw more than that, a surrender charge and market value adjustment may apply. However, by current company practice, we’ll waive surrender charges and market value adjustments on any portion of an IRS-required minimum distribution (RMD) that goes beyond what’s available to you penalty-free. After the surrender charge period, surrender charges and a market value adjustment no longer apply.
A feature offered “by current company practice” is not a contractual guarantee of this annuity contract and can be removed or changed at any time.
Your contract also includes a market value adjustment feature—which may decrease or increase your surrender value depending on the change in the index value of the market value adjustment external index since your annuity purchase. Due to the mechanics of a market value adjustment, surrender values generally decrease as the market value adjustment external index rises or remains constant. When the market value adjustment external index decreases enough over time, the surrender value generally increases. However, the market value adjustment is limited to the surrender charge or the interest credited to the accumulation value. This adjustment is applied only during the market value adjustment period to surrenders exceeding the applicable penalty-free allowance. It does not apply to penalty-free withdrawals, RMDs, the death benefit, or withdrawals after the surrender charge period.
Penalty-free withdrawals
After your first contract anniversary, you may take a penalty-free withdrawal of up to 5% of your beginning-of-year accumulation value each year. If you withdraw more than that, a surrender charge and market value adjustment may apply. However, by current company practice, we’ll waive surrender charges and market value adjustments on any portion of an IRS-required minimum distribution (RMD) that goes beyond what’s available to you penalty-free. After the surrender charge period, surrender charges and a market value adjustment no longer apply.
A feature offered “by current company practice” is not a contractual guarantee of this annuity contract and can be removed or changed at any time.
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 |
Waivers
Death
Death Benefit Available
Nursing Home
Unavailable in states: CA, MA, and SD
Summit Discovery helps provide flexibility with a nursing home confinement waiver, giving you access to 100% of your accumulation value—available penalty-free—for a qualified confinement to a nursing home beginning in year two. (Included at no additional charge.) Not available in all states. The nursing home waiver does not include home health care.
ADL
DOUBLE your payments for up to 5 contract years if you are unable to perform 2 out of the 6 ADLs
Ready to Protect Your Financial Future?
Request a free quote or talk to our financial expert to get help