Summit Prime 5
The Summit Prime 5 annuity is perfect for future-focused planners. It guarantees a solid income for life, so you can enjoy your golden years without worrying about living costs. It's like a pension that never runs out!
With amazing benefits like protected principal, stable returns, and flexibility in withdrawals, Summit Prime 5 shines as a smart, reliable investment. Your hard-earned savings are definitely in safe hands!
Summit Prime 5
About Product
Non-Qualified: $10,000
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.
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 1-Year Fixed Account |
Fixed
|
4.25%
Fixed
|
| 1-Year S&P 500 PTP Cap |
Point to Point
Annual
|
8%
Cap
|
| 1-Year S&P 500 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
8%
Cap
|
| 1-Year Nasdaq-100 PTP Participation Rate |
Point to Point
Annual
|
40%
Participation
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
| Penalty | 9% | 9% | 8% | 7% | 6% |
Riders
No Riders for Summit Prime 5 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.
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.
Premium Notes
Minimum $10,000 (Non-Qualified) or $5,000 (Qualified)
Maximum $1,000,000
Additional Premiums
Summit Prime 5 permit additional premiums of at least $2,000 to be added during the first 12 months following the contract date. Premiums allowed as One-time debit or Periodic Payments: Monthly, Quarterly, Semi-Annually, or Annually.
Withdrawal Provisions
Penalty-Free Withdrawals 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.Owners have 30 days following their policy delivery to examine their policy and to return it for a full refund of their premium.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.The owner may withdraw a minimum of $600 annually up to a maximum of 10% of the policy’s Accumulated Value as of the prior anniversary date.These partial surrenders will not be subject to surrender charges or MVA.For new qualified policies where the client is either over 72 or turns 72 during the term and requires RMDs, enough value should be withdrawn to cover the RMD requirement for that calendar year. If a withdrawal is made and then it is later determined that more needs to be surrendered to satisfy the RMD requirement, the additional withdrawal will incur surrender charges and MVA, regardless of the amount previously withdrawn.The remaining Accumulated Value after a partial surrender must be at least $2,000. If the balance is less than $2,000 the contract will be terminated, and the remaining balance sent to the Owner.
- A.M. Best A-
