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Fixed Indexed Annuity

Summit Journey 10

Midland National

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5.5%

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 Journey 10 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
$236,881
Est. value at age 80 (Summit Journey 10)
5.5%
Best S&P 500 1-yr point-to-point cap
S&P 500 Index — 5.5% 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 Journey 10's published cap rate (5.5% 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 July 3, 2026.

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See how Summit Journey 10 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 Journey 10

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

6.5% lifetime payout + 7.5% roll-up

An income-led ten-year fixed indexed annuity from A-plus-rated Midland National with an optional GLWB rider (Increasing LPA that grows with index credits or Level LPA that starts higher and stays flat) and no published premium minimum — accessible without a six-figure rollover, filed in 50 jurisdictions.

1.25% annual rider feeAdvisorWorld + CANNEX data

Best fit

Buyers planning around lifetime income who can defer a decade but don't have the six-figure deposit Midland's Summit Edge series requires, and who want a documented GLWB withdrawal rate with the choice between starting income higher and flat or lower and growing.

AM Best

A+ Superior

Surrender period

10 years

Free withdrawal

10%/yr

Availability

50 jurisdictions (excl. New York)

Featured crediting strategies

Index / strategyRate mechanics

S&P 500

S&P 500 Index

5.5% cap rate

Annual cap

1-year term · 10-year surrender · Premium band not shown

S&P 500

S&P 500 Index

Monthly Point-to-Point · monthly sum cap

1.8% cap rate

Monthly cap

1-year term · 10-year surrender · Premium band not shown

S&P 500

S&P 500 Index

Downside Protection Strategy

9.25% trigger rate

Performance trigger

1-year term · 10-year surrender · Premium band not shown

S&P 500

S&P 500 Index

35% participation rate

Participation

1-year term · 10-year surrender · Premium band not shown

Fixed Account

Fixed Account

3.1% declared rate

Fixed account

1-year term · 10-year surrender · Premium band not shown

+ 7 additional crediting options (S&P MARC, S&P 500, Fidelity Multifactor...)

Lifetime Income Riders

Income rider

Summit Journey 10 - LPA

Lifetime payout rate6.5% lifetime payout
Annual rider fee1.25% annual rider fee
Guaranteed roll-up7.5%/yr
Interest multiplier2x interest multiplier

Income rider

Summit Journey 10 - Increasing LPA

Lifetime payout rate4.45% lifetime payout
Annual rider fee1.25% annual rider fee
Guaranteed roll-up7.5%/yr
Interest multiplier2x interest multiplier

Product analyst notes

How to think about this contract

Why it can stand out

  • Income mechanism is concrete: optional GLWB rider in two flavors — 'Increasing LPA' that grows the income stream alongside index credits, and 'Level LPA' that starts higher and stays flat — letting buyers pick the income shape that matches their planning.
  • Ten-year surrender chassis aligns with the deferral window the rider is designed to roll up over.
  • A-plus rated carrier (A.M. Best) — Midland National is one of the larger U.S. fixed-annuity writers, which matters when the contract is funding lifetime income.
  • No premium minimum on the published feed — unusual for an income-led FIA at this tier; most income filings in Midland's lineup carry a mid-tier or six-figure floor. This makes the rider accessible without a six-figure rollover.
  • Crediting menu mixes a recognizable S&P 500 annual point-to-point cap with participation-rate strategies on proprietary volatility-controlled indexes.
  • 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 that drag compounds over a decade of deferral.
  • The strategy menu contains a monthly-sum cap row 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 row, not the monthly-sum row.
  • Two rider designs, very different income shapes — Increasing LPA starts lower and grows, Level LPA starts higher and stays flat. Compare the lifetime payment streams under realistic crediting assumptions, not just the day-one withdrawal rate.
  • Base S&P 500 cap on this product is lower than on the higher-tier Summit Edge series — Summit Journey trades crediting strength for the lower premium floor and accessibility.
  • Several index strategies use proprietary volatility-controlled indexes (S&P MARC, S&P 500 Dynamic Intraday TCA, 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.
  • Market value adjustment applies on early surrender on top of the surrender-charge ladder, which runs the full ten-year window.
  • Filed in 50 jurisdictions (every state and DC except New York) — New York residents are not on this filing.

Not ideal for

Buyers who want pure tax-deferred accumulation without paying the rider fee, anyone who has the deposit to access the higher-cap Summit Edge series and wants stronger crediting, anyone who may need full liquidity inside the ten-year surrender window (MVA layers on top), and New York residents (not filed there).

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See how Summit Journey 10 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 (12 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: 120% · 1-yr

S&P MARC 5% Excess Return

participation

10-yr surrender

Par: 120% · 1-yr

Fidelity Multifactor Yield Index 5% ER

participation

10-yr surrender

Par: 100% + Spread: 4% · 1-yr

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

participation

10-yr surrender

Par: 45% · 1-yr

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

participation

10-yr surrender

Par: 35% · 1-yr

S&P 500 Index

participation

10-yr surrender

Trigger: 9.25% · 1-yr

S&P 500 Index

Downside Protection Strategy · trigger

10-yr surrender

Cap: 5.5% · 1-yr

S&P 500 Index

cap

10-yr surrender

Fixed: 3.1% · 1-yr

Fixed Account

fixed

10-yr surrender

Cap: 1.8% · 1-yr

S&P 500 Index

Monthly Point-to-Point · monthly_sum_cap

10-yr surrender

Par: 175% · 2-yr

Fidelity Multifactor Yield Index 5% ER

participation

10-yr surrender

Par: 170% · 2-yr

S&P MARC 5% Excess Return

participation

10-yr surrender

Par: 65% · 2-yr

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

participation

10-yr surrender

Income riders

Income rider

Summit Journey 10 - Level LPA

Lifetime withdrawal rate6.5%
Annual rider fee1.25%
Withdrawal-base growth7.5% roll-up / 2× multiplier

GLWB

Income rider

Summit Journey 10 - Increasing LPA

Lifetime withdrawal rate4.45%
Annual rider fee1.25%
Withdrawal-base growth7.5% roll-up / 2× multiplier

GLWB

Common questions about Summit Journey 10

● Can I lose money in Summit Journey 10?

A negative index return by itself does not reduce the contract's account value: Summit Journey 10 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 Journey 10 - 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 7.5% roll-up and 6.5% 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 10 years; after that you reach full liquidity. The Liquidity tab of the analyzer shows the year-by-year surrender charge.

● How do Summit Journey 10's crediting strategies compare?

Use "Compare against" in the analyzer to overlay another current Summit Journey 10 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.

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

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, Surrender waivers

Documents

product guide

Midland National – Summit Journey® 10 Fixed Index Annuity – Brochure (37310D-3 : REV 09-25).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 Journey 10 currently shows 12 indexed or fixed crediting options, including S&P 500 Index, with 7 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: 5.5% annual cap
  • S&P 500 Index: 1.8% monthly point-to-point cap
  • S&P 500 Index: 100% annual participation rate
  • S&P 500 Index: 35% annual participation rate

Income rider language

What to look for before treating the rider as income

Summit Journey 10 - 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.

  • 6.5% 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
  • 10 surrender years
  • Nursing home waiver
  • RMD waiver

Verification note

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

Carrier materials such as Midland National – Summit Journey® 10 Fixed Index Annuity – Brochure (37310D-3 : REV 09-25).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 Summit Journey 10 compares for your age, state, premium, and income goals alongside other Midland National fixed indexed annuity options.

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