Summit Focus 3
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Highlights
The Summit Focus 3 is a single premium deferred fixed index annuity. An annuity is a long-term Contract issued by an insurance company. In exchange for a premium payment, the insurance company agrees to make payments to you later on. This annuity provides an accumulation value that may earn interest through a fixed account and various index accounts (if selected). While the fixed account earns a fixed rate of interest, index accounts earn interest credits based on how an underlying index performs. Interest credits are guaranteed to never be less than zero. This annuity also provides several options for accessing funds.
What makes the Summit Focus 3 unique?
Crediting rates are determined at issue and don’t change over the three-year term because of three-year, point-to-point crediting. Most traditional FIAs only guarantee crediting rates for the first contract year, then renewal rates are set each year after that. Renewal rates may be lower than first-year rates, so guaranteeing rates for three years eliminates some uncertainty and could help boost your growth potential.
What makes the Summit Focus 3 unique?
Crediting rates are determined at issue and don’t change over the three-year term because of three-year, point-to-point crediting. Most traditional FIAs only guarantee crediting rates for the first contract year, then renewal rates are set each year after that. Renewal rates may be lower than first-year rates, so guaranteeing rates for three years eliminates some uncertainty and could help boost your growth potential.
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 | Accumulation |
|
Term
|
3 Years |
|
Surrender schedule
|
8%8%7% |
|
Free withdrawal
|
5% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Launch date
|
06/14/2022 |
|
Minimum contribution
|
$25,000 |
|
Maximum contribution
|
$1,000,000 |
|
Max Age Qualified
|
80 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, and TSP |
Brochure
|
Open brochure |
Find out if the Summit Focus 3 is the right product for you.
Premium Notes
Minimum premium
- Single premium deferred annuity
- $25,000 for nonqualified and qualified money
Note: if eligible you may roll over TSP to us to be administered as a qualified tax status that we offer.
Withdrawal Provisions
Penalty-free withdrawals
Beginning in the first contract year, up to 5% of the beginning-of-year accumulation value may be taken each year. Surrender charges and market value adjustments on any portion of the IRS-required minimum distributions (RMDs) exceeding the available penalty-free withdrawal amount will be waived by current company practice.
Market value adjustment (MVA)
The MVA is a negative or positive adjustment based on the change in the value of the MVA external index since the annuity purchase. It does not apply to penalty-free withdrawals, RMDs, the death benefit, or withdrawals during the 30-day window at the end of a Contract Period.
Beginning in the first contract year, up to 5% of the beginning-of-year accumulation value may be taken each year. Surrender charges and market value adjustments on any portion of the IRS-required minimum distributions (RMDs) exceeding the available penalty-free withdrawal amount will be waived by current company practice.
Market value adjustment (MVA)
The MVA is a negative or positive adjustment based on the change in the value of the MVA external index since the annuity purchase. It does not apply to penalty-free withdrawals, RMDs, the death benefit, or withdrawals during the 30-day window at the end of a Contract Period.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 3-Year Fixed Account |
Fixed
|
4.25%
Fixed
|
| 3-Year S&P 500 PTP Cap |
Point to Point
Triennial
|
22%
Cap
|
| 3-Year S&P 500 PTP Participation Rate |
Point to Point
Triennial
|
50%
Participation
|
| 3-Year BlackRock ESG U.S. 5% (ER) PTP Participation Rate |
Point to Point
Triennial
|
240%
Participation
|
| 3-Year S&P 500 PTP Enhanced Cap |
Point to Point
Triennial
|
29%
Cap
|
| 3-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Triennial
|
60%
Participation
|
| 3-Year BlackRock ESG U.S. 5% (ER) PTP Enhanced Participation Rate |
Point to Point
Triennial
|
325%
Participation
|
| 3-Year Fixed Account |
Fixed
|
4.65%
Fixed
|
| 3-Year S&P 500 PTP Cap |
Point to Point
Triennial
|
24%
Cap
|
| 3-Year S&P 500 PTP Participation Rate |
Point to Point
Triennial
|
55%
Participation
|
| 3-Year BlackRock ESG U.S. 5% (ER) PTP Participation Rate |
Point to Point
Triennial
|
275%
Participation
|
| 3-Year S&P 500 PTP Enhanced Cap |
Point to Point
Triennial
|
31%
Cap
|
| 3-Year S&P 500 PTP Enhanced Participation Rate |
Point to Point
Triennial
|
70%
Participation
|
| 3-Year BlackRock ESG U.S. 5% (ER) PTP Enhanced Participation Rate |
Point to Point
Triennial
|
350%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 |
|---|---|---|---|
| Penalty | 8% | 8% | 7% |
Riders
No Riders for Summit Focus 3 annuity.
Waivers
Nursing Home
Unavailable in states: SD
After the first contract anniversary, if the covered person is confined to a qualified nursing home facility for at least 90 consecutive days you may withdraw up to 100% of your accumulation value without a surrender charge or MVA. If you withdraw 100% of your accumulation value, your Contract will terminate. This waiver is automatically included with your annuity at no additional charge. The nursing home waiver does not include home health care.
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