Summit Prime 10
Highlights
This annuity can earn interest in two ways:
- interest at a rate that is guaranteed in the first year and can’t go below 1% after that,
- and interest that depends on how one or more market indexes perform. This annuity does not participate directly in any stock or equity investments. You aren’t buying shares of stock or an index. Dividends paid on the stocks on which the indexes are based don’t increase your annuity earnings. Summit Prime 10 might be suitable for use as an IRA or another qualified account, as well as an attractive alternative to CDs and other taxable vehicles.
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Type
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Fixed Index |
|---|---|
| Purpose | Accumulation |
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Term
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10 Years |
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Surrender schedule
|
9%9%8%7%6%5%4%3%2%1% |
|
Free withdrawal
|
1st year: 0% 2nd+ year: 10% |
|
Market value adjustment
|
|
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Return of premium
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|
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Launch date
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04/01/2021 |
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Minimum contribution
|
Qualified: $5,000 Non-Qualified: $10,000 |
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Maximum contribution
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$1,000,000 |
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Max Age Qualified
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80 |
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Types of funds
|
Non-Qualified, Profit Sharing, IRA, IRA Transfer, SEP IRA, IRA-Roth, 1035 Exchange, Inherited IRA, NQ Stretch, and TSP |
Brochure
|
Open brochure |
Find out if the Summit Prime 10 is the right product for you.
Premium Notes
Minimum $10,000 (Non-Qualified) or $5,000 (Qualified)
Maximum $1,000,000
Additional Premiums
Allowed 1st 3 Years
Premiums allowed as One-time debit or Periodic Payments: Monthly, Quarterly, Semi-Annually, Annually.
Note: we take TSP as a rollover to IRA.
Withdrawal Provisions
Beginning one year after the Contract Date the owner may withdraw up to 10% of the Accumulated Value of the contract annually without incurring any penalties or surrender charges. This may be repeated one time each contract year for the duration of the surrender charge period. Withdrawals prior to age 59 ½ may be subject to a 10% IRS penalty.
Free Partial Withdrawals
The owner may elect to withdraw a partial amount without penalty only once annually. Subsequent withdrawals during the same Contract year are subject to surrender charges and MVA even if the total amount is under the free partial withdrawal limit.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
9%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
| 1-Year S&P 500 PTP Monthly Average Cap |
Point to Point
Annual
|
11%
Cap
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
9%
Cap
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| 1-Year Nasdaq-100 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
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| 1-Year Nasdaq-100 PTP Monthly Average Cap |
Point to Point
Annual
|
11%
Cap
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% | 5% | 4% | 3% | 2% | 1% |
Riders
No Riders for Summit Prime 10 annuity.
Waivers
Nursing Home
You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you are confined to a nursing home for 90 consecutive days. The nursing home waiver does not include home health care.
Terminal Illness
You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you are diagnosed with a medical condition that is expected to result in death within 12 months.
Annuitization
Available after 5 Years.
Disability
You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you are disabled for 90 consecutive days.
ADL
You may withdraw up to 10% during Contract Year One or 50% beginning in Contract Year Two of your Accumulated Value without surrender charges or MVA if you experience impairment in two (2) of the six (6) Activities of Daily Living for 90 consecutive days.
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