Summit Navigate 7
Get an annuity today!
Learn how an annuity can provide guaranteed income for life.
Highlights
The Summit Navigate Fixed Index Annuity may be a good fit if you want:
- Growth potential through both annual and term credits
- Protection against losses during stock market downturns
- Tax deferral, you pay no taxes until a withdrawal is taken
- Stability, provided by A+ (Superior) rated Midland National® Life Insurance Company
- Provide a legacy for loved ones or a favorite cause
Annuity payout options
In all states but Florida: With the exception of lifetime income options, income options are available from five to 20 years. Choose from:
In all states but Florida: With the exception of lifetime income options, income options are available from five to 20 years. Choose from:
- Income for a specified period
- Life income
- Income for a specified amount
- Joint and survivor life income
- Life income with a period certain
- Joint and survivor life income with a period certain.
For Florida: You may select an annuity payout option based on the accumulation value at any time after the first contract year. The following options are available:
- Life income
- Life income with a 10-year or 20-year period certain
- Joint and survivor life income
- Joint and survivor life income with a 10-year or 20-year period certain
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
|
8%8%8%7%6%5%4% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
|
Return of premium
|
|
|
Minimum contribution
|
$10,000 |
|
Types of funds
|
Non-Qualified, IRA, IRA Rollover, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 7-Year Fidelity Multi Factor Yield 5% (ER) PTP Participation Rate with Annual Performance Credits |
Term Participation & Annual Performance
7-Year
|
100%
Participation
8%
Performance triggered
|
| 7-Year BlackRock ESG US 5% ER PTP Participation Rate with Annual Performance Credits |
Term Participation & Annual Performance
7-Year
|
100%
Participation
7.8%
Performance triggered
|
| 7-Year Fixed Account |
Fixed
|
4.7%
Fixed
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 8% | 8% | 8% | 7% | 6% | 5% | 4% |