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Fixed Indexed Annuity

Summit Discovery 7

Midland National

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8.5%

Best S&P 500 Annual Cap

5%

Free W/D

50

Available jurisdictions

Product data status: September 18, 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 Summit Discovery 7 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 September 18, 2026; not a projection or guarantee.
Crediting strategy
Compare against
$300,821
Est. value at age 80 (Summit Discovery 7)
8.5%
Best S&P 500 1-yr point-to-point cap
S&P 500 Index — 8.5% 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 Summit Discovery 7's published cap rate (8.5% on S&P 500 Index) to a standard benchmark hypothetical index path (~5.4%/yr average, including down years) with a 0% floor over 20 years. Not a projection, quote, or guarantee. Live CANNEX rates as of September 18, 2026.

Free Comparison Report

Get a Summit Discovery 7 rate report

See how Summit Discovery 7 compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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rate data

Run numbers for Summit Discovery 7

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

Live product data

Rates as of September 18, 2026, from AdvisorWorld and CANNEX.

GLWB lifetime payout rate

4.3% lifetime payout + 2% roll-up

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)

Minimum premium

$50,000

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

8.5% cap rate

Annual cap

1-year term · 7-year surrender · $100,000+

S&P 500

S&P 500 Index

Monthly Point-to-Point · monthly sum cap

3% cap rate

Monthly cap

1-year term · 7-year surrender · $100,000+

S&P 500

S&P 500 Index

Downside Protection Strategy

10% trigger rate

Performance trigger

1-year term · 7-year surrender · $100,000+

S&P 500

S&P 500 Index

100% participation rate + 3% spread

Participation

1-year term · 7-year surrender · $100,000+

S&P 500

S&P 500 Index

40% participation rate

Participation

1-year term · 7-year surrender · $100,000+

Fixed Account

Fixed Account

4% declared rate

Fixed account

1-year term · 7-year surrender · $100,000+

+ 6 additional crediting options (S&P MARC, S&P 500, Fidelity Multifactor...)

Lifetime Income Riders

Income rider

GLWB - Payments

RMD friendly
Lifetime payout rate4.3% lifetime payout
Guaranteed roll-up2%/yr

Income rider

GLWB - Increasing Payments

RMD friendly
Lifetime payout rate3.5% lifetime payout
Guaranteed roll-up2%/yr

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 option 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 option, not the monthly-sum option.
  • 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 contract 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 contract 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 contract.
  • 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).

Free Comparison Report

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See how Summit Discovery 7 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 (24 strategies)

These are the current crediting strategies available 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: 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: 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: 1% · 1-yr

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

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: 1% · 1-yr

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

participation

7-yr surrender$100,000+

Par: 40% · 1-yr

S&P 500 Index

participation

7-yr surrender$100,000+

Par: 40% · 1-yr

S&P 500 Index

participation

7-yr surrender$100,000+

Trigger: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

7-yr surrender$100,000+

Trigger: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

7-yr surrender$100,000+

Cap: 8.5% · 1-yr

S&P 500 Index

cap

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+

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+

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: 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: 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: 100% + Spread: 0% · 2-yr

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

participation

7-yr surrender$100,000+

Income riders

Income rider

GLWB - Level Payments

RMD friendly
Lifetime withdrawal rate4.3%
Annual rider feeNot shown
Guaranteed roll-up2%/yr
Deferral assumed0 years

GLWB

Income rider

GLWB - Level Payments

RMD friendly
Lifetime withdrawal rate3.8%
Annual rider feeNot shown
Guaranteed roll-up2%/yr
Deferral assumed0 years

GLWB

Income rider

GLWB - Increasing Payments

RMD friendly
Lifetime withdrawal rate3.5%
Annual rider feeNot shown
Guaranteed roll-up2%/yr
Deferral assumed0 years

GLWB

Income rider

GLWB - Increasing Payments

RMD friendly
Lifetime withdrawal rate3%
Annual rider feeNot shown
Guaranteed roll-up2%/yr
Deferral assumed0 years

GLWB

Common questions about Summit Discovery 7

● Can I lose money in Summit Discovery 7?

A negative index return by itself does not reduce the contract's account value: Summit Discovery 7 credits 0% — the floor — for that indexed period. The account value can still decrease from withdrawals, surrender charges, other contract-specific deductions. In years with no credited interest, those deductions can reduce the account value. Up to 5% 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 Payments income rider worth it?

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 2% roll-up and 4.3% 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 5% of your account value each year is penalty-free. The scheduled surrender charges run 7 years; after that the surrender-charge schedule ends. Bonus vesting, market value adjustments when applicable, and other contract rules can still affect the amount available. The Liquidity tab of the analyzer shows the year-by-year surrender charge.

● How do Summit Discovery 7's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another available Summit Discovery 7 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

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.

Cap-rate floor

0.25%

Minimum guaranteed cap for cap-based indexed strategies.

Declared-rate floor

0.25%

Minimum guaranteed declared rate for declared-rate or performance-trigger 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

25.00%

Maximum spread: 25.00%

Annuitization options

Certain period, Joint life, Single life

Published payout options from the normalized contract facts.

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

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+
FitchA+
S&PA+

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Summit Discovery 7 currently shows 24 indexed or fixed crediting options, including S&P 500 Index, with 12 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% annual cap, 0% annual strategy fee
  • S&P 500 Index: 3% monthly point-to-point cap, 0% annual strategy fee
  • S&P 500 Index: 8.5% annual cap
  • S&P 500 Index: 3% monthly point-to-point cap

Income rider language

What to look for before treating the rider as income

GLWB - Level Payments is the main income rider listed 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.

  • 4.3% 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

Free Comparison Report

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See how Summit Discovery 7 compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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