Fixed Indexed Annuity

Summit Edge 5

Midland National

9.25%

Best Cap

10%

Free W/D

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

8% lifetime payout

The five-year income-led variant of Midland's Summit Edge series, from A-plus-rated Midland National, with an optional Summit IncomeStrategy GLWB rider (Level LPA flat or Increasing LPA that grows with index credits) — unusual for an income-rider FIA to come in a five-year chassis, fits a buyer with a near-term income-start date.

1.25% annual rider feeRMD-friendly income ridersAdvisorWorld + CANNEX data

Best fit

Buyers with a six-figure deposit who plan to turn lifetime income on inside the next five years rather than deferring a full decade, and want a documented GLWB withdrawal rate on a short-surrender chassis.

AM Best

A+ Superior

Surrender period

5 years

Free withdrawal

10%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Caps, participation rates, and declared rates are shown separately.

Index / strategyRate mechanicsTermPremium

S&P 500

S&P 500 Index

9.25% cap rate

Rate varies by premium band.

1-year term

$100,000+

S&P 500

S&P 500 Index

2.75% cap rate

Rate varies by premium band.

1-year term

$100,000+

S&P 500

S&P 500 Index

100% participation rate + 10% declared rate

Rate varies by premium band.

1-year term

$100,000+

S&P 500

S&P 500 Index

40% participation rate

1-year term

$100,000+

S&P 500

S&P 500 Index

55% participation rate

Rate varies by premium band.

2-year term

$100,000+

Fixed Account

3.4% declared rate

Rate varies by premium band.

1-year term

$100,000+

+ 11 volatility-controlled index options (S&P MARC, Fidelity Multifactor, S&P 500...)

Lifetime Income Riders

Income rider

Summit IncomeStrategy - LPA

RMD friendly

Lifetime payout rate8% lifetime payout

Annual rider fee1.25% annual rider fee

Income rider

Summit IncomeStrategy - Increasing LPA

RMD friendly

Lifetime payout rate6.7% lifetime payout

Annual rider fee1.25% annual rider fee

Product analyst notes

How to think about this contract

Why it can stand out

Shortest chassis of the three Summit Edge variants (five-, seven-, and ten-year filings) — the five-year version fits a buyer who plans to turn income on inside five years rather than committing to the standard decade-long income-led FIA chassis. Unusual for an income-rider FIA at this rate tier.
Income mechanism is concrete: optional Summit IncomeStrategy GLWB rider in two designs — 'Level LPA' (higher starting payout, stays flat) and 'Increasing LPA' (lower start, grows alongside index credits) — letting buyers pick the income shape that matches their planning.
A-plus rated carrier (A.M. Best) — Midland National is one of the larger U.S. fixed-annuity writers.
Crediting menu pairs 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.
Annual penalty-free withdrawal allowance preserved alongside the income rider, with nursing-home and RMD surrender-charge waivers in the contract.

What to confirm

The GLWB rider carries an annual fee charged on the withdrawal base, not on the account value — effective cost runs higher than a flat percent of cash value once the base rolls up, and on a five-year chassis the withdrawal base has far less time to roll up before the fee starts compounding meaningfully.
The strategy menu contains monthly-sum cap rows and fee-bearing strategy variants alongside the clean annual point-to-point cap — those are structurally different rates and not comparable to the headline S&P 500 cap.
Two rider designs, very different income shapes — Level LPA starts higher and stays flat, Increasing LPA starts lower and grows. Compare the lifetime payment streams under realistic crediting assumptions, not just the day-one withdrawal rate.
Premium minimum is published on the live feed and reflects a six-figure floor — this filing is positioned for the high-balance rollover market.
Caps on the five-year chassis are tighter than on the seven- and ten-year siblings — the buyer is trading crediting strength for the shorter surrender length.
Market value adjustment applies on early surrender on top of the surrender-charge ladder.
Filed in 50 jurisdictions (every state and DC except New York) — New York residents are not on this filing.

Not ideal for

Buyers who can defer ten years (Summit Edge 10 carries higher caps and the same rider for a more rewarding roll-up), buyers who want pure tax-deferred accumulation without paying the rider fee, anyone shopping below the published premium minimum, anyone who may need full liquidity inside the five-year surrender window (MVA layers on top), and New York residents (not filed there).

All crediting strategies

View rate listings (34 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: 180% · 1-yr

Fidelity Multifactor Yield Index 5% ER

Enhanced Participation Rate · participation

5-yr surrender$100,000+

Par: 140% · 1-yr

S&P MARC 5% Excess Return

participation

5-yr surrender$100,000+

Par: 140% · 1-yr

Fidelity Multifactor Yield Index 5% ER

participation

5-yr surrender$100,000+

Par: 100% + Fixed: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

5-yr surrender$100,000+

Par: 85% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

Enhanced Participation Rate · participation

5-yr surrender$100,000+

Par: 70% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

participation

5-yr surrender$100,000+

Par: 40% · 1-yr

S&P 500 Index

participation

5-yr surrender$100,000+

Cap: 13% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

cap

5-yr surrender$100,000+

Cap: 9.25% · 1-yr

S&P 500 Index

cap

5-yr surrender$100,000+

Fixed: 3.4% · 1-yr

Fixed Account

fixed

5-yr surrender$100,000+

Cap: 2.75% · 1-yr

S&P 500 Index

Monthly Point-to-Point · monthly_sum_cap

5-yr surrender$100,000+

Par: 260% · 2-yr

Fidelity Multifactor Yield Index 5% ER

Enhanced Participation Rate · participation

5-yr surrender$100,000+

Par: 200% · 2-yr

S&P MARC 5% Excess Return

participation

5-yr surrender$100,000+

Par: 200% · 2-yr

Fidelity Multifactor Yield Index 5% ER

participation

5-yr surrender$100,000+

Par: 130% · 2-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

Enhanced Participation Rate · participation

5-yr surrender$100,000+

Par: 95% · 2-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

participation

5-yr surrender$100,000+

Par: 55% · 2-yr

S&P 500 Index

participation

5-yr surrender$100,000+

Par: 180% · 1-yr

Fidelity Multifactor Yield Index 5% ER

Enhanced Participation Rate

$100,000+

Par: 140% · 1-yr

S&P MARC 5% Excess Return

$100,000+

Par: 140% · 1-yr

Fidelity Multifactor Yield Index 5% ER

$100,000+

Par: 100% + Fixed: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy

$100,000+

Par: 85% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

Enhanced Participation Rate

$100,000+

Par: 70% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

$100,000+

Par: 40% · 1-yr

S&P 500 Index

$100,000+

Cap: 13% · 1-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

$100,000+

Cap: 9.25% · 1-yr

S&P 500 Index

$100,000+

Fixed: 3.4% · 1-yr

Fixed Account

$100,000+

Cap: 2.75% · 1-yr

S&P 500 Index

Monthly Point-to-Point

$100,000+

Par: 260% · 2-yr

Fidelity Multifactor Yield Index 5% ER

Enhanced Participation Rate

$100,000+

Par: 200% · 2-yr

S&P MARC 5% Excess Return

$100,000+

Par: 200% · 2-yr

Fidelity Multifactor Yield Index 5% ER

$100,000+

Par: 130% · 2-yr

S&P 500 Dynamic Intraday TCA Index (USD) ER

Enhanced Participation Rate

RMD friendly

Lifetime withdrawal rate5%

Annual rider fee1.25%

Withdrawal-base growthNot shown

Deferral assumed0 years

Issue age40 — 120

Joint availabilityJoint life

GLWB

Key Features

Free withdrawal

10%/yr

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

Surrender waivers

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

Yr 2

8.5%

Yr 3

7.5%

Yr 4

5.5%

Yr 5

After

Nursing home waiver, RMD waiver, Surrender waivers

Documents

product guide

summit-edge-5.pdf

Confidence: highReviewed Apr 6, 2026

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

Carrier Ratings

AM BestA+

S&PA+

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Summit Edge 5 currently shows 17 distinct indexed or fixed crediting choices across 34 current rate listings, including S&P 500 Index and S&P 500 Dynamic Intraday TCA Index (USD) ER, with 6 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: 9.25% cap
S&P 500 Index: 2.75% cap
S&P 500 Dynamic Intraday TCA Index (USD) ER: 13% cap

Income rider language

What to look for before treating the rider as income

Summit IncomeStrategy - Level LPA 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.

8% withdrawal rate
1.25% rider fee
10 deferral years
RMD friendly
Joint life availability

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.

10%/yr free withdrawal
5 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-edge-5.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

Free Comparison Report

Get a personalized Summit Edge 5 illustration

See year-by-year projections for your specific age, premium, and income goals.

Get Free Report

Related Resources

Summit Edge 5

8% lifetime payout

Featured crediting strategies

Lifetime Income Riders

Summit IncomeStrategy - LPA

Summit IncomeStrategy - Increasing LPA

How to think about this contract

Why it can stand out

What to confirm

All crediting strategies

Income riders

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Increasing LPA

Summit IncomeStrategy - Increasing LPA

Summit IncomeStrategy - Increasing LPA

Summit IncomeStrategy - Increasing LPA

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Level LPA

Summit IncomeStrategy - Level LPA

Key Features

Free withdrawal

Surrender waivers

Death benefit

Strategy guarantee

Strategy guarantee

Strategy guarantee

Annuitization options

Fund types

Surrender schedule

Documents

summit-edge-5.pdf

Carrier Ratings

Contract notes from product data

How the interest-crediting choices are framed

What to look for before treating the rider as income

Why access rules deserve as much attention as rates

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

Get a personalized Summit Edge 5 illustration

Related Resources

Compare Rates

Midland National Products

Learn More