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Fixed Indexed Annuity

Capital Income

Midland National

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6%

Best S&P 500 Annual Cap

10%

Free W/D

50

Jurisdictions

Product data status: July 3, 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.

Model this product

See what Capital Income would do for you

Set your numbers and switch between growth, income, and liquidity. Index losses credit 0% — the floor — so a down market never reduces your value.

Product analyzer
Illustrative — live CANNEX rates as of July 3, 2026; not a projection or guarantee.
Crediting strategy
Compare against
$150,842
Est. value at age 80 (Capital Income)
6%
Best S&P 500 1-yr point-to-point cap
Dimensional US Equity Core Plus Excess Return Index — 6.75% Cap (Annual)
✦
How crediting works: the cap limits positive index returns; a down year credits 0%, never a loss. A cap strategy tracks the index within its terms. What is a cap vs participation? →
Assumptions: illustrative — applies Capital Income's published cap rate (6.75% on Dimensional US Equity Core Plus Excess Return Index) to a calibrated proprietary/volatility-controlled hypothetical index path (~1.9%/yr average, including down years) with a 0% floor over 20 years. Not a projection, quote, or guarantee. Live CANNEX rates as of July 3, 2026.

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See how Capital Income compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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Live rate data

Run live numbers for Capital Income

Current rates, riders, crediting strategies, state availability, and contract facts stay scoped to this Midland National product.

Live product data

Rates as of July 2, 2026, based on the latest AdvisorWorld scan of CANNEX data.

GLWB lifetime payout rate

6.45% lifetime payout

An income-led fixed indexed annuity from A-plus-rated Midland National with a seven-year surrender chassis and an optional GLWB rider available in two designs (Increasing Payouts that grows with index credits, or Level Payouts with a higher starting floor), filed in 50 jurisdictions.

1% annual rider feeAdvisorWorld + CANNEX data

Best fit

Buyers planning around lifetime income who want a documented GLWB withdrawal rate and the choice between an income stream that starts higher and stays flat or one that starts lower and grows with index credits.

AM Best

A+ Superior

Surrender period

7 years

Free withdrawal

10%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

6% cap rate

Annual cap

1-year term · 7-year surrender · Premium band not shown

S&P 500

S&P 500 Index

50% participation rate + 4.5% spread

Participation

1-year term · 7-year surrender · Premium band not shown

Fixed Account

Fixed Account

3.25% declared rate

Fixed account

1-year term · 7-year surrender · Premium band not shown

+ 3 additional crediting options (Fidelity Multifactor, S&P 500, Dimensional US)

Lifetime Income Riders

Income rider

GLWB Payouts

Lifetime payout rate6.45% lifetime payout
Annual rider fee1% annual rider fee
Interest multiplier2x interest multiplier

Income rider

GLWB Increasing Payouts

Lifetime payout rate4.19% lifetime payout
Annual rider fee1% annual rider fee
Interest multiplier2x interest multiplier

Product analyst notes

How to think about this contract

Why it can stand out

  • Income mechanism is concrete: an optional GLWB rider offered in two flavors — a higher-starting 'Increasing Payouts' design that grows the income stream alongside index credits, and a flat 'Level Payouts' design with a higher floor on day one — letting buyers pick the income shape that matches their planning.
  • A-plus rated carrier (A.M. Best) — Midland National is one of the larger fixed-annuity writers in the U.S., which matters when the contract is funding lifetime income.
  • Crediting menu mixes a recognizable S&P 500 cap with participation-rate strategies on proprietary volatility-controlled indexes, so the rider's withdrawal base has multiple credit paths during deferral.
  • Annual penalty-free withdrawal allowance is preserved alongside the income rider rather than traded away for it.

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 that drag compounds over the deferral years.
  • Two rider designs, two very different income shapes — Increasing Payouts starts lower and grows with index credits, Level Payouts starts higher and stays flat. Compare the lifetime payment streams under realistic crediting assumptions, not just the day-one withdrawal rate.
  • Several index strategies use proprietary, volatility-controlled indexes (S&P 500 Dynamic Intraday TCA, Fidelity Multifactor Yield, Dimensional US Equity Core Plus). Their participation rates look high in absolute terms but are not directly comparable to an S&P 500 cap.
  • Market value adjustment applies on early surrender on top of the seven-year surrender ladder, and the nursing-home waiver is the only penalty waiver in the published filing — an RMD waiver is not in the contract on this feed.
  • Filed in 50 jurisdictions (every state and DC except New York) — New York residents are not on this filing.
  • Death benefit is the accumulation value with no rollup or step-up — this contract is not optimized for legacy planning.

Not ideal for

Buyers who want pure tax-deferred accumulation without paying the rider fee, anyone who needs an RMD surrender waiver, anyone who needs a guaranteed enhanced death benefit, anyone who may need full liquidity inside the seven-year surrender window (MVA layers on top), and New York residents (not filed there).

Free Comparison Report

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See how Capital Income compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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All crediting strategies

View rate listings (6 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: 140% · 1-yr

Fidelity Multifactor Yield Index 5% ER

participation

7-yr surrender

Par: 50% + Spread: 4.5% · 1-yr

S&P 500 Index

participation

7-yr surrender

Cap: 9% · 1-yr

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

cap

7-yr surrender

Cap: 6.75% · 1-yr

Dimensional US Equity Core Plus Excess Return Index

cap

7-yr surrender

Cap: 6% · 1-yr

S&P 500 Index

cap

7-yr surrender

Fixed: 3.25% · 1-yr

Fixed Account

fixed

7-yr surrender

Income riders

Income rider

GLWB Level Payouts

Lifetime withdrawal rate6.45%
Annual rider fee1%
Withdrawal-base growth2× multiplier

GLWB

Income rider

GLWB Increasing Payouts

Lifetime withdrawal rate4.19%
Annual rider fee1%
Withdrawal-base growth2× multiplier

GLWB

Common questions about Capital Income

● Can I lose money in Capital Income?

A negative index return by itself does not reduce the contract's account value: Capital Income credits 0% — the floor — for that indexed period. The account value can still decrease from applicable rider fees, Performance Rate Rider or other strategy charges, administrative charges, withdrawals, surrender charges, or other contract-specific deductions. In years with no credited interest, those deductions can reduce the account value. Up to 10% of your value can be withdrawn each year without a charge; withdrawals above the penalty-free amount during the surrender period can incur a surrender charge.

● Is the GLWB Level Payouts income rider worth the 1% fee?

It depends on whether you will use the guaranteed income. If you are accumulating only, you can skip it. If you want guaranteed lifetime income later, the 6.45% withdrawal rate can make it worthwhile — model it in the Income tab of the analyzer above.

● When can I access my money without a surrender charge?

Up to 10% of your account value each year is penalty-free. The surrender period runs 7 years; after that you reach full liquidity. The Liquidity tab of the analyzer shows the year-by-year surrender charge.

● How do Capital Income's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another current Capital Income strategy on the same premium, age, years, and hypothetical index path. The control labels the strategy type, rate, index, and context so caps, participation rates, triggers, spreads, and fixed-account choices are not treated as interchangeable.

Key Features

Free withdrawal

10%/yr

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

Surrender waivers

1

Nursing home waiver

Death benefit

Accumulation Value Death Benefit

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

Cap-rate floor

0.50%

Minimum guaranteed cap for cap-based indexed strategies.

Fixed account guarantee

0.25%

Guaranteed minimum interest rate for the fixed account.

Participation-rate floor

5.00%

Minimum guaranteed participation rate for participation-rate indexed strategies.

Maximum spread

15.00%

Maximum spread: 15.00%

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

6%

Yr 2

6%

Yr 3

5%

Yr 4

4%

Yr 5

3%

Yr 6

3%

Yr 7

2%

After

0%

Nursing home waiver, Surrender waivers

Documents

product guide

32301Y - Capital Income brochure (OR).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

Capital Income currently shows 6 indexed or fixed crediting options, including S&P 500 Index and Fixed Account, with 3 volatility-controlled index options grouped separately. These choices matter because caps, participation rates, fixed accounts, spreads, renewal terms, and fee-bearing rider variants are different mechanics and should not be ranked as one simple rate list.

  • S&P 500 Index: 6% annual cap
  • S&P 500 Index: 50% annual participation rate
  • Fixed Account: 3.25% fixed account rate

Income rider language

What to look for before treating the rider as income

GLWB Level Payouts 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.

  • 6.45% withdrawal rate
  • 1% rider fee

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
  • 7 surrender years
  • Nursing home waiver

Verification note

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

Carrier materials such as 32301Y - Capital Income brochure (OR).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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See how Capital Income compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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