Fixed Indexed Annuity

Summit Edge 5

Midland National

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9.25%

Best S&P 500 Annual Cap

10%

Free W/D

Available jurisdictions

Product data status: August 12, 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 August 12, 2026; not a projection or guarantee.

Premium$100,000

Your age60

Crediting strategy

Compare against

$307,812

Est. value at age 80 (Summit Edge 5)

9.25%

Best S&P 500 1-yr point-to-point cap

S&P 500 Index — 9.25% 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 (9.25% 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 August 12, 2026.

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rate data

Run numbers for Summit Edge 5

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

Live product data

Rates as of August 12, 2026, from AdvisorWorld and CANNEX.

GLWB lifetime payout rate

A current headline metric is not available for this product. Confirm current terms with the carrier.

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.

AdvisorWorld + 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)

Minimum premium

$5,000 qualified / $20,000 non-qualified

Featured crediting strategies

Caps, participation rates, and declared rates are shown separately.

Index / strategyRate mechanicsCreditingSurrenderPremium

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.

1-year term

5-year surrender

$100,000+

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.

1-year term

5-year surrender

$100,000+

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.

1-year term

5-year surrender

$100,000+

S&P 500

S&P 500 Index

40% participation rate

Participation

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

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.

2-year term

5-year surrender

$100,000+

Fixed Account

3.4% declared rate

Fixed account

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

Rate varies by premium band.

1-year term

5-year surrender

$100,000+

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

Lifetime Income

Current income rider details are not available for this product. Confirm current rider terms with the carrier.

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 options 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 contract 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 contract.

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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All crediting strategies

View rate listings (33 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: 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