Summit Edge 5
Highlights
- Protection against losses during stock market downturns
- Growth potential through multiple index options and crediting methods
- Guarantees through the certainty of a fixed rate option
- Stability provided by A+ rated Midland National® Life Insurance Company
- Tax deferral
- Death benefit to help provide a legacy to loved ones or a favorite cause
- Access to additional features including:
- Penalty-free withdrawals
- Nursing home confinement waiver
- Flexible payout options
Type
|
Fixed Index |
---|---|
Purpose | Accumulation |
Term
|
5 Years |
Surrender schedule
|
9%8.5%7.5%5.5%4% |
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
Flexible premium | Product Life |
Market value adjustment
|
|
Return of premium
|
|
Launch date
|
06/26/2018 |
Minimum contribution
|
Qualified: $5,000 Non-Qualified: $20,000 |
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, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Summit Edge 5 is the right product for you.
Premium Notes
Minimum Initial Qualified: $5,000
Minimum Initial NQ: $20,000
Additional Premium
Flexible premium is accepted for life of policy with contractual min of $25 and max of $5,000 per year. Additional premium does not extend surrender charge period.
Note: if eligible you may roll over TSP to us to be administered as a qualified tax status that we offer.
Withdrawal Provisions
Up to 10% of beginning-of-year Accumulation Value — or Required Minimum Distributions (RMDs) if greater by current company practice — starting in year 2. This amount is not cumulative nor available in the first year.
Market Value Adjustment
The MVA is a positive or negative adjustment based on the change in the MVA index value of the MVA external index since the annuity purchase. It does not apply to 10% penalty-free withdrawals, RMDs, the death benefit, or withdrawals after the surrender charge period.
Allocation Accounts
Name | Type | Rates |
---|---|---|
1-Year Fixed Account |
Fixed
|
2.85%
Fixed
|
1-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Annual
|
165%
Participation
|
2-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Biennial
|
215%
Participation
|
1-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
210%
Participation
|
2-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
300%
Participation
|
1-Year S&P 500 LV DRC 5% TR PTP Spread |
Point to Point
Annual
|
5%
Spread
|
2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
220%
Participation
|
1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
165%
Participation
|
1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8.75%
Cap
|
1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.05%
Cap
|
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
175%
Participation
|
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
235%
Participation
|
2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
300%
Participation
|
1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
210%
Participation
|
1-Year S&P 500 Inverse Performance Triggered |
Inverse Perf Triggered
Annual
|
7.5%
Performance triggered
|
1-Year Fixed Account |
Fixed
|
3.1%
Fixed
|
1-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Annual
|
175%
Participation
|
2-Year BlackRock ESG US 5% ER PTP Participation Rate |
Point to Point
Biennial
|
230%
Participation
|
1-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
220%
Participation
|
2-Year BlackRock ESG US 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
310%
Participation
|
1-Year S&P 500 PTP Monthly Sum Cap |
Point to Point
Annual
Monthly sum
|
2.25%
Cap
|
1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9.75%
Cap
|
1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
1-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Annual
|
175%
Participation
|
2-Year S&P MARC 5% ER PTP Participation Rate |
Point to Point
Biennial
|
230%
Participation
|
1-Year S&P 500 LV DRC 5% PTP Spread |
Point to Point
Annual
|
4%
Spread
|
1-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Annual
|
185%
Participation
|
2-Year Fidelity Multifactor Yield 5% ER PTP Participation Rate |
Point to Point
Biennial
|
250%
Participation
|
2-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Biennial
|
310%
Participation
|
1-Year Fidelity Multifactor Yield 5% ER PTP Enhanced Participation Rate |
Point to Point
Annual
|
220%
Participation
|
1-Year S&P 500 Inverse Performance Triggered |
Inverse Perf Triggered
Annual
|
8%
Performance triggered
|
Surrender schedule
Year | 1 | 2 | 3 | 4 | 5 |
---|---|---|---|---|---|
Penalty | 9% | 9% | 8% | 6% | 4% |
Riders
No Riders for Summit Edge 5 annuity.
Waivers
Death
Death Benefit Available
Nursing Home
Unavailable in states: MA, and SD
Longevity is an important consideration in any retirement plan. Summit Edge 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. The nursing home waiver does not include home health care.
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