Summit Journey 10
Midland National
5.5%
Best Cap
10%
Free W/D
50
States
A fixed index annuity that provides guaranteed lifetime income without a waiting period, market-linked growth potential with downside protection, and a built-in income rider that can double payments if you need long-term care.
Free Withdrawal
10%/yr
Available In
50 states
Min Premium
$20,000
Surrender
10 years
Current Rates & Strategies
| Index | Crediting | Cap | Participation | Fixed |
|---|---|---|---|---|
| Fidelity Multifactor Yield Index 5% ER | 2-Year | -- | 175% | -- |
| Fidelity Multifactor Yield Index 5% ER | Annual | -- | 120% | -- |
| S&P 500 Dynamic Intraday TCA Index (USD) ER | 2-Year | -- | 65% | -- |
| S&P 500 Dynamic Intraday TCA Index (USD) ER | Annual | -- | 45% | -- |
| S&P 500 Index | Annual | 5.5% | 100% | -- |
| S&P 500 Index | Monthly | 1.8% | 100% | -- |
| S&P 500 Low Volatility Daily Risk Control 5% USD Total Return Index | Annual | -- | 100% | -- |
| S&P MARC 5% Excess Return | 2-Year | -- | 170% | -- |
| S&P MARC 5% Excess Return | Annual | -- | 120% | -- |
| Fixed Account | Daily | -- | -- | 3.1% |
Key Features
Guaranteed Lifetime Withdrawal Benefit (GLWB)
6.25% to 10.10% annual withdrawal rates depending on age and payment optionBuilt-in income rider that guarantees withdrawals for life based on your age and choice of level or increasing payments, starting as early as age 50 with no waiting period
GLWB Roll-Up
7.50% simple interest annually for up to 10 yearsYour income value grows automatically each year if you haven't started taking payments, guaranteed at simple interest with no market performance required
LPA Multiplier
Available starting year 3; up to 5 years of doubled paymentsIf you cannot perform two of six daily living activities for 90 consecutive days, you can receive double your income payment for up to 5 years
Market Growth Potential
Multiple index options including S&P 500, S&P Multi-Asset Risk Control, and Fidelity Multifactor Yield IndexAccess to index-linked interest through multiple crediting strategies without direct stock market investment
Premium Protection
0% floor on index-linked accounts; guaranteed fixed account availableYour principal and credited interest are protected from market downturns; gains lock in annually on contract anniversaries
Flexible Income Options
Level or increasing options available; can adjust payment scheduleChoose between level payments (same amount every year) or increasing payments (start lower, grow each year); start and stop anytime
Tax-Deferred Growth
Tax-deferred accumulation; taxes due only on withdrawalsRetirement funds grow without annual tax obligations, allowing compound growth potential until withdrawal
Penalty-Free Withdrawals
10% annual penalty-free withdrawal allowanceBeginning in year two, withdraw up to 10% of your account value annually without surrender charges or market value adjustments
Highlights
Guaranteed lifetime income starting as early as age 50 with no waiting period
7.50% annual guaranteed roll-up on your income value for up to 10 years
Full premium protection from market downturns with potential for market-linked growth
Double your income payments for up to 5 years if you need long-term care assistance
Backed by Midland National's A.M. Best Superior financial strength rating
Surrender Schedule
Yr 1
8%
Yr 2
8%
Yr 3
8%
Yr 4
7%
Yr 5
6%
Yr 6
5%
Yr 7
4%
Yr 8
3%
Yr 9
2%
Yr 10
1%
After
0%
Nursing home waiver, RMD waiver
Best For
Retirees or near-retirees age 40-79 who want guaranteed lifetime income, market-linked growth potential, and protection from market downturns, particularly those concerned about longevity risk and potential long-term care needs.
Consider Alternatives If
Investors who need immediate liquidity or frequent access to funds, those uncomfortable with surrender charges in the first 10 years, or those seeking direct stock market exposure rather than index-linked alternatives.
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