Summit Discovery 7
Midland National
7.5%
Best Cap
5%
Free W/D
50
States
The Summit Discovery is a fixed index annuity that combines premium protection during market downturns with growth potential when markets rise, while providing guaranteed lifetime income starting as early as age 50. It's designed for retirees concerned about market volatility, longevity, and creating a sustainable income stream.
Free Withdrawal
5%/yr
Available In
50 states
Min Premium
$50,000
Surrender
7 years
Current Rates & Strategies
| Index | Crediting | Cap | Participation | Fixed |
|---|---|---|---|---|
| Fidelity Multifactor Yield Index 5% ER | 2-Year | -- | 185% | -- |
| Fidelity Multifactor Yield Index 5% ER | Annual | -- | 145% | -- |
| S&P 500 Index | Annual | 7.5% | 100% | -- |
| S&P 500 Index | Daily | -- | 100% | -- |
| S&P 500 Index | Monthly | 2.5% | 100% | -- |
| S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index | 2-Year | -- | 100% | -- |
| S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index | Annual | -- | 100% | -- |
| S&P MARC 5% Excess Return | 2-Year | -- | 190% | -- |
| S&P MARC 5% Excess Return | Annual | -- | 125% | -- |
| Fixed Account | Daily | -- | -- | 3.5% |
Key Features
Guaranteed Lifetime Withdrawal Benefit (GLWB)
No additional costAutomatically included feature that guarantees you can withdraw a specified lifetime payment amount each year for life, even if your account value reaches zero, starting after one year and as early as age 50.
GLWB Stacking Roll-Up Credit
3% + 150% of accumulation gainsYour GLWB value grows by 3% annually plus 150% of any gains in your accumulation value, compounding for up to 20 years before you start taking income.
LPA Multiplier Benefit
Up to 5 years of doubled paymentsIf you're unable to perform 2 out of 6 activities of daily living for 90 consecutive days, you can receive double your lifetime payments for up to 5 years.
Premium Protection & Annual Reset
0% floor on lossesYour principal and annual gains are protected from market losses; gains lock in each contract year and cannot be lost if the index declines.
Multiple Index & Crediting Options
4 indices × 5-6 crediting methodsChoose from S&P 500, S&P MARC 5% ER, S&P 500 Low Volatility, or Fidelity Multifactor indices with annual, two-year, monthly, or daily average crediting methods.
Flexible Income Options
Two distinct payment optionsChoose between level lifetime payments (consistent amount) or increasing lifetime payments (starting lower, growing based on accumulation value gains).
Penalty-Free Withdrawals
5% annual penalty-free accessAfter the first contract year, withdraw up to 5% of your beginning-of-year accumulation value annually without surrender charges.
Nursing Home Confinement Waiver
Full access, no chargesAccess 100% of your accumulation value penalty-free if you require qualified nursing home care.
Death Benefit
Based on accumulation valueYour beneficiaries receive your accumulation value plus partial interest, protected from market declines.
Spousal Continuance
Available before or after income beginsYour surviving spouse may continue receiving GLWB benefits after your death, with the option to continue lifetime payments.
Tax-Deferred Growth
Tax deferral until withdrawalEarnings grow tax-deferred, allowing more of your money to compound over time.
Highlights
Guaranteed lifetime income starting as early as age 50, even if your account value reaches zero
Premium protection against market losses with potential for growth when markets rise
GLWB stacking roll-up credits that grow your lifetime payment amounts by 3% plus 150% of accumulation value gains for up to 20 years
Double your lifetime payments for up to 5 years if you can't perform 2 of 6 daily living activities
Multiple index and crediting method options to match your market outlook and risk tolerance
Surrender Schedule
Yr 1
10%
Yr 2
9%
Yr 3
8%
Yr 4
7%
Yr 5
6%
Yr 6
4.5%
Yr 7
3%
After
0%
Nursing home waiver, RMD waiver
Best For
Retirees or pre-retirees aged 40-85 concerned about market volatility, longevity risk, and creating a guaranteed lifetime income stream, particularly those with family history of long life expectancy or who want principal protection combined with growth potential.
Consider Alternatives If
Investors who need immediate liquidity, frequent access to funds, or who are comfortable with direct stock market exposure and can tolerate significant principal loss.
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