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Fixed Indexed Annuity

Summit Edge 5

Midland National

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9.25%

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 Summit Edge 5 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 (Summit Edge 5)
9.25%
Best S&P 500 1-yr point-to-point cap
S&P 500 Dynamic Intraday TCA Index (USD) ER — 13% 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 Edge 5's published cap rate (13% on S&P 500 Dynamic Intraday TCA Index (USD) ER) 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 Summit Edge 5 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 Summit Edge 5

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

Live product data

Rates as of July 3, 2026, based on the latest AdvisorWorld scan of CANNEX data.

GLWB lifetime payout rate

6.7% lifetime payout + 8% roll-up

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 feeAdvisorWorld + 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

Index / strategyRate mechanics

S&P 500

S&P 500 Index

9.25% cap rate

Annual cap

1-year term · 5-year surrender · $100,000+

Rate varies by premium band.

S&P 500

S&P 500 Index

Monthly Point-to-Point · monthly sum cap

2.75% cap rate

Monthly cap

1-year term · 5-year surrender · $100,000+

Rate varies by premium band.

S&P 500

S&P 500 Index

Downside Protection Strategy

10% trigger rate

Performance trigger

1-year term · 5-year surrender · $100,000+

Rate varies by premium band.

S&P 500

S&P 500 Index

40% participation rate

Participation

1-year term · 5-year surrender · $100,000+

S&P 500

S&P 500 Index

55% participation rate

Participation

2-year term · 5-year surrender · $100,000+

Rate varies by premium band.

Fixed Account

Fixed Account

3.4% declared rate

Fixed account

1-year term · 5-year surrender · $100,000+

Rate varies by premium band.

+ 22 additional crediting options (S&P MARC, Fidelity Multifactor, S&P 500...)

Lifetime Income Riders

Income rider

Summit IncomeStrategy - LPA

Lifetime payout rate6.7% lifetime payout
Annual rider fee1.25% annual rider fee
Guaranteed roll-up8%/yr
Interest multiplier2x interest multiplier

Income rider

Summit IncomeStrategy - Increasing LPA

Lifetime payout rate5.15% lifetime payout
Annual rider fee1.25% annual rider fee
Guaranteed roll-up8%/yr
Interest multiplier2x interest multiplier

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).

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See how Summit Edge 5 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 (33 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: 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+

Trigger: 10% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

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: 170% · 1-yr

Fidelity Multifactor Yield Index 5% ER

Enhanced Participation Rate · participation

5-yr surrenderUp to $99,999.99

Par: 130% · 1-yr

S&P MARC 5% Excess Return

participation

5-yr surrenderUp to $99,999.99

Par: 130% · 1-yr

Fidelity Multifactor Yield Index 5% ER

participation

5-yr surrenderUp to $99,999.99

Par: 80% · 1-yr

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

Enhanced Participation Rate · participation

5-yr surrenderUp to $99,999.99

Par: 60% · 1-yr

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

participation

5-yr surrenderUp to $99,999.99

Cap: 11.5% · 1-yr

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

cap

5-yr surrenderUp to $99,999.99

Trigger: 9.5% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

5-yr surrenderUp to $99,999.99

Cap: 8.25% · 1-yr

S&P 500 Index

cap

5-yr surrenderUp to $99,999.99

Fixed: 3.15% · 1-yr

Fixed Account

fixed

5-yr surrenderUp to $99,999.99

Cap: 2.55% · 1-yr

S&P 500 Index

Monthly Point-to-Point · monthly_sum_cap

5-yr surrenderUp to $99,999.99

Par: 250% · 2-yr

Fidelity Multifactor Yield Index 5% ER

Enhanced Participation Rate · participation

5-yr surrenderUp to $99,999.99

Par: 190% · 2-yr

S&P MARC 5% Excess Return

participation

5-yr surrenderUp to $99,999.99

Par: 185% · 2-yr

Fidelity Multifactor Yield Index 5% ER

participation

5-yr surrenderUp to $99,999.99

Par: 120% · 2-yr

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

Enhanced Participation Rate · participation

5-yr surrenderUp to $99,999.99

Par: 90% · 2-yr

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

participation

5-yr surrenderUp to $99,999.99

Par: 50% · 2-yr

S&P 500 Index

participation

5-yr surrenderUp to $99,999.99

Income riders

Income rider

Summit IncomeStrategy - Level LPA

Lifetime withdrawal rate6.7%
Annual rider fee1.25%
Withdrawal-base growth8% roll-up / 2× multiplier

GLWB

Income rider

Summit IncomeStrategy - Increasing LPA

Lifetime withdrawal rate5.15%
Annual rider fee1.25%
Withdrawal-base growth8% roll-up / 2× multiplier

GLWB

Common questions about Summit Edge 5

● Can I lose money in Summit Edge 5?

A negative index return by itself does not reduce the contract's account value: Summit Edge 5 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 Summit IncomeStrategy - Level LPA income rider worth the 1.25% 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 8% roll-up and 6.7% 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 5 years; after that you reach full liquidity. The Liquidity tab of the analyzer shows the year-by-year surrender charge.

● How do Summit Edge 5's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another current Summit Edge 5 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

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.

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

9%

Yr 2

8.5%

Yr 3

7.5%

Yr 4

5.5%

Yr 5

4%

After

0%

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+
S&PA+

Contract notes from product data

Crediting design

How the interest-crediting choices are framed

Summit Edge 5 currently shows 32 distinct indexed or fixed crediting choices across 38 current rate listings, including S&P 500 Index, with 22 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: 9.25% annual cap
  • S&P 500 Index: 2.75% monthly point-to-point cap
  • S&P 500 Index: 8.25% annual cap
  • S&P 500 Index: 2.55% monthly point-to-point 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.

  • 6.7% withdrawal rate
  • 1.25% 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
  • 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

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See how Summit Edge 5 compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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