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Best Guaranteed Annuity Rates
2-Year
5.70%
3-Year
6.25%
5-Year
6.30%
7-Year
6.00%
10-Year
5.80%

Summit Prime 7

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Highlights

Summit Prime 7 is a limited single premium deferred annuity designed to accumulate money on a tax-advantaged basis. You do not pay taxes on interest earnings until withdrawn. 
This annuity can earn interest in two ways: 1) interest at a rate that is guaranteed in the first year and can’t go below 1% after that, and 2) 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. 
Available in states: AL, AK, AZ, AR, 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, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
Type
Fixed Index
Purpose Accumulation
Term
7 Years
Surrender schedule
9%9%8%7%6%5%4%
Free withdrawal
1st year: 0%
2nd+ year: 10%
Market value adjustment
Return of premium
Launch date
04/01/2021
Minimum contribution
Qualified: $5,000
Non-Qualified: $10,000
Maximum contribution
$1,000,000
Max Age Qualified
85
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 7 is the right product for you.

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Premium Notes

Premium Limits
Minimum $10,000 (Non-Qualified) or $5,000 (Qualified)
Maximum $1,000,000

Additional Premiums
Summit Prime 7 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.

Note: we take TSP as a rollover to IRA.

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.

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
1-Year Nasdaq-100 PTP Participation Rate
Point to Point
Annual
40% Participation
1-Year Nasdaq-100 PTP Monthly Average Cap
Point to Point
Annual
11% Cap

Surrender schedule

Year 1 2 3 4 5 6 7
Penalty 9% 9% 8% 7% 6% 5% 4%

Riders

No Riders for Summit Prime 7 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.

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