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Fixed Indexed Annuity

Summit Discovery 7

Midland National

8.5%

Best Cap

5%

Free W/D

50

Jurisdictions

Product data status: May 29, 2026

Rates, state availability, rider terms, and contract language must be confirmed with a licensed financial advisor or insurance professional before purchase. Guarantees are backed by the issuing insurer.

Live product data

Rates as of May 29, 2026, based on the latest AdvisorWorld scan of CANNEX data.

GLWB lifetime payout rate

6.3% lifetime payout

An income-led seven-year fixed indexed annuity from A-plus-rated Midland National with an optional GLWB rider available in two designs (Level Payments flat or Increasing Payments that grows with index credits), a six-figure premium minimum, and an annual penalty-free withdrawal allowance shown on the page.

RMD-friendly income ridersAdvisorWorld + CANNEX data

Best fit

Buyers with a six-figure deposit who plan to turn lifetime income on inside the next decade — rather than deferring a full ten years — and want both a documented GLWB withdrawal rate and the choice between starting the income stream higher and flat or lower and growing with index credits.

AM Best

A+ Superior

Surrender period

7 years

Free withdrawal

5%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

8.5% cap rate

Rate varies by premium band.

S&P 500

S&P 500 Index

3% cap rate

Rate varies by premium band.

S&P 500

S&P 500 Index

100% participation rate + 10% declared rate

Rate varies by premium band.

S&P 500

S&P 500 Index

100% participation rate + 3% spread

Rate varies by premium band.

S&P 500

S&P 500 Index

40% participation rate

Fixed Account

Fixed Account

4% declared rate

Rate varies by premium band.

+ 6 volatility-controlled index options (S&P MARC, S&P 500, Fidelity Multifactor...)

Lifetime Income Riders

Income rider

GLWB - Payments

RMD friendly
Lifetime payout rate6.3% lifetime payout

Income rider

GLWB - Increasing Payments

RMD friendly
Lifetime payout rate6.3% lifetime payout

Product analyst notes

How to think about this contract

Why it can stand out

  • Income mechanism is concrete: an optional GLWB rider in two flavors — 'Level Payments' with a higher starting payout that stays flat, and 'Increasing Payments' with a lower start that grows alongside index credits — letting buyers pick the income shape that matches their planning.
  • Seven-year surrender chassis is shorter than the standard ten-year income-led FIA chassis — this fits a buyer who plans to turn income on inside the next decade rather than deferring the full ten years.
  • A-plus rated carrier (A.M. Best) — Midland National is one of the larger U.S. fixed-annuity writers.
  • Crediting menu mixes a recognizable S&P 500 annual point-to-point cap with participation-rate strategies on proprietary volatility-controlled indexes — multiple credit paths for the withdrawal base during deferral.
  • Nursing-home and RMD surrender-charge waivers are in the contract.

What to confirm

  • The strategy menu contains a monthly-sum cap row alongside the annual point-to-point cap — those are structurally different (a monthly-sum cap can credit zero or negative in a volatile year). Compare on the annual cap row, not the monthly-sum row.
  • Two rider designs, very different income shapes — Level Payments starts higher and stays flat, Increasing Payments starts lower and grows. Compare the lifetime payment streams under realistic crediting assumptions, not just the day-one withdrawal rate.
  • Free-withdrawal allowance on this filing is narrower than the more common standard for accumulation-led FIAs — liquidity is tighter on this contract than on the accumulation-led siblings; the live allowance is shown on this page.
  • Premium minimum is published on the live feed and reflects a six-figure floor — this filing is positioned for the high-balance rollover market.
  • Some index strategies use proprietary volatility-controlled indexes (S&P MARC, S&P 500 Low Volatility Daily Risk Control, Fidelity Multifactor Yield). Their participation rates look high in absolute terms but are not directly comparable to an S&P 500 cap.
  • Surrender ladder is front-loaded and runs the full seven years, with the market value adjustment layered on top — the year-by-year schedule is shown on this page.
  • Filed in 50 jurisdictions (every state and DC except New York) — New York residents are not on this filing.
  • Death benefit is the cash surrender value — no enhanced or step-up death benefit on this contract.

Not ideal for

Buyers who want pure tax-deferred accumulation without paying a rider fee, anyone shopping below the published premium minimum, anyone who needs broader annual penalty-free liquidity than the live filing publishes, anyone who may need full liquidity inside the seven-year surrender window (front-loaded surrender charge plus MVA), and New York residents (not filed there).

All crediting strategies

View rate listings (24 rows)

These are the current crediting strategy listings returned for this product. Use the filters to narrow by index, term, premium band, or rate type.

Par: 160% · 1-yr

Fidelity Multifactor Yield Index 5% ER

participation

7-yr surrender$100,000+

Par: 150% · 1-yr

S&P MARC 5% Excess Return

participation

7-yr surrender$100,000+

Par: 100% + Spread: 3% · 1-yr

S&P 500 Index

participation

7-yr surrender$100,000+

Par: 100% + Spread: 100% · 1-yr

S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index

participation

7-yr surrender$100,000+

Par: 100% + Fixed: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

7-yr surrender$100,000+

Par: 40% · 1-yr

S&P 500 Index

participation

7-yr surrender$100,000+

Cap: 8.5% · 1-yr

S&P 500 Index

cap

7-yr surrender$100,000+

Fixed: 4% · 1-yr

Fixed Account

fixed

7-yr surrender$100,000+

Cap: 3% · 1-yr

S&P 500 Index

Monthly Point-to-Point · monthly_sum_cap

7-yr surrender$100,000+

Par: 220% · 2-yr

Fidelity Multifactor Yield Index 5% ER

participation

7-yr surrender$100,000+

Par: 210% · 2-yr

S&P MARC 5% Excess Return

participation

7-yr surrender$100,000+

Par: 100% + Spread: 0% · 2-yr

S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index

participation

7-yr surrender$100,000+

Par: 160% · 1-yr

Fidelity Multifactor Yield Index 5% ER

$100,000+

Par: 150% · 1-yr

S&P MARC 5% Excess Return

$100,000+

Par: 100% + Spread: 3% · 1-yr

S&P 500 Index

$100,000+

Par: 100% + Spread: 100% · 1-yr

S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index

$100,000+

Par: 100% + Fixed: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy

$100,000+

Par: 40% · 1-yr

S&P 500 Index

$100,000+

Cap: 8.5% · 1-yr

S&P 500 Index

$100,000+

Fixed: 4% · 1-yr

Fixed Account

$100,000+

Cap: 3% · 1-yr

S&P 500 Index

Monthly Point-to-Point

$100,000+

Par: 220% · 2-yr

Fidelity Multifactor Yield Index 5% ER

$100,000+

Par: 210% · 2-yr

S&P MARC 5% Excess Return

$100,000+

Par: 100% + Spread: 0% · 2-yr

S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index

$100,000+

Income riders

Income rider

GLWB - Level Payments

RMD friendly
Lifetime withdrawal rate6.3%
Annual rider feeNot shown
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120

GLWB

Income rider

GLWB - Increasing Payments

RMD friendly
Lifetime withdrawal rate6.3%
Annual rider feeNot shown
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120

GLWB

Income rider

GLWB - Level Payments

RMD friendly
Lifetime withdrawal rate4.1%
Annual rider feeNot shown
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120

GLWB

Income rider

GLWB - Increasing Payments

RMD friendly
Lifetime withdrawal rate4.1%
Annual rider feeNot shown
Withdrawal-base growthNot shown
Deferral assumed0 years
Issue age50 — 120

GLWB

Key Features

Free withdrawal

5%/yr

Annual amount that may be available without surrender charges, subject to contract terms.

Surrender waivers

2

Nursing home waiver, RMD waiver

Death benefit

Standard Death Benefit

Beneficiary value depends on contract terms, withdrawals, and rider elections.

Strategy guarantee

Minimum guaranteed cap: 0.25%

Strategy guarantee

Minimum guaranteed declared rate: 0.25%

Strategy guarantee

Guaranteed minimum interest rate (fixed): 0.25%

Annuitization options

Single and joint

Contract conversion options should be confirmed before purchase.

Fund types

Non-qualified, Qualified

Availability can vary by state and product terms.

Surrender schedule

Yr 1

9%

Yr 2

8.5%

Yr 3

7.5%

Yr 4

6.5%

Yr 5

5.5%

Yr 6

4.5%

Yr 7

3%

After

0%

Nursing home waiver, RMD waiver, Surrender waivers

Documents

brochure

summit-discovery-7.pdf

Confidence: highReviewed Apr 6, 2026

Direct link not published — request the document from the carrier.

Carrier Ratings

AM BestA+
S&PA+
S&PA+

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Summit Discovery 7 currently shows 12 distinct indexed or fixed crediting choices across 24 current rate listings, including S&P 500 Index, with 4 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, and renewal terms are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 8.5% cap
  • S&P 500 Index: 3% cap
  • S&P 500 Index: 100% participation

Income rider language

What to look for before treating the rider as income

GLWB - Level Payments is the main income-rider entry returned for this product. Rider terms can affect the tradeoff between future lifetime withdrawals, contract value, beneficiary value, and cost, so the exact state version and rider election should be confirmed before comparing it to annuitization or income-only contracts.

  • 6.3% withdrawal rate
  • RMD friendly

Liquidity terms

Why access rules deserve as much attention as rates

A fixed indexed annuity can preserve more control than an income-only contract, but access is still governed by the surrender schedule, free-withdrawal terms, and waiver language. Those details are where many product comparisons become more meaningful than a simple rate list.

  • 5%/yr free withdrawal
  • 7 surrender years
  • Nursing home waiver
  • RMD waiver

Verification note

Use carrier materials as term evidence, then confirm the current version

Carrier materials such as summit-discovery-7.pdf help explain the contract language behind the data on this page; the latest document activity we see is Apr 8, 2026. For the current brochure, rate sheet, or specimen contract, confirm the state-specific version with the carrier or a licensed financial professional.

  • Rates and rider terms can vary by state and issue age
  • Carrier guarantees depend on claims-paying ability
  • Current contract forms should be confirmed before purchase

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