Summit Navigate 7
Highlights
- 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
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.
- 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
Type
|
Fixed Index |
---|---|
Purpose | Accumulation |
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
|
|
Launch date
|
02/06/2020 |
Minimum contribution
|
$10,000 |
Maximum contribution
|
$1,000,000 |
Max Age Qualified
|
85 |
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 |
Find out if the Summit Navigate 7 is the right product for you.
Premium Notes
Withdrawal Provisions
Beginning in the second contract year, up to 10% 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 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 penalty-free withdrawals, RMDs, the death benefit, or withdrawals after the surrender charge period.
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
|
4.55%
Fixed
|
7-Year S&P 500 Dynamic Intraday TCA PTP Participation Rate with Annual Performance Credits |
Term Participation & Annual Performance
7-Year
|
100%
Participation
5.45%
Performance triggered
|
Surrender schedule
Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
---|---|---|---|---|---|---|---|
Penalty | 8% | 8% | 8% | 7% | 6% | 5% | 4% |
Riders
No Riders for Summit Navigate 7 annuity.
Waivers
Nursing Home
Unavailable in states: SD
After your first contract year, if you become confined to a qualified nursing care facility for 90 consecutive days, you can withdraw 100% of your accumulation value without a surrender charge and without application of an MVA. You cannot be confined at the time your contract is issued. This feature is automatically included with your annuity at no additional charge. The nursing home waiver does not include home health care.
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