Midland Retirement Distributors® Launches Summit Focus 3
New Three-year Fixed Index Annuity Helps Fill Retirement-planning Gap
West Des Moines, Iowa – June 14, 2022 – Midland Retirement Distributors, a division of Sammons Institutional Group®, Inc. – a member company of Sammons Financial Group – announces the launch of Summit FocusSM 3, a new three-year fixed index annuity. Midland Retirement Distributors specializes in fixed and fixed index annuities that provide customers and clients with choice, focus, and flexibility in their retirement planning.
Issued by Midland National® Life Insurance Company, the Summit FocusSM 3 offers simplicity and stability, with guaranteed crediting rates and upside potential with 100% protection against losses from stock market downturns. The focus on a three-year contract period is designed for clients who need a short-term solution during a time of transition, or who may be looking for more upside potential than a traditional fixed-rate product can offer. The product is aimed at clients with concerns about the potential for annually declining rates in subsequent years of a longer-term contract.
“In planning for retirement, it is vital to take a long-term look. Clients nearing retirement can have concerns about growing their money to make certain it is there when needed. This concern hasn’t changed,” said Bill Lowe, president of Sammons Institutional Group. “We want to have an option for clients who may need a stop-gap in their retirement planning, or who are uncomfortable with long surrender charges. The Summit Focus 3 helps deliver simplicity and stability through a shorter commitment or time frame.”
The Summit Focus 3 fixed index annuity offers key consumer benefits, including:
- A short-term commitment of only three years1
- Stable crediting rates that are guaranteed for the three-year term
- Protection against losses during a market downturn
- Upside growth potential based on the performance of quality index options
- Tax deferral, because a client pays no taxes until a withdrawal is taken2
“Summit Focus 3 fills a unique niche,” Lowe added. “Midland Retirement Distributors is pleased to be able to add yet another solution to help financial professionals best serve their clients.”
About Sammons® Financial Group, Inc.
The companies of Sammons Financial Group® help families and businesses protect their future to enjoy life’s moments today. A subsidiary of Sammons Enterprises, Inc., Sammons Financial Group is privately owned with member companies that are among the most enduring and stable in the financial services industry. Our companies include Midland National® Life Insurance Company (including Sammons® Corporate Markets); North American Company for Life and Health Insurance®; Sammons Institutional Group® (including Midland Retirement Distributors® and Sammons Retirement Solutions®), and Beacon Capital Management, Inc. Together, we offer today’s most sought-after life insurance, annuity, and retirement planning products.
1 A surrender during the surrender charge period could result in a loss of premium. Surrender charge structure may vary by state.
2 Under current law, annuities grow tax deferred. An annuity is not required for tax deferral in qualified plans. Annuities may be subject to taxation during the income or withdrawal phase. Neither Midland National Life Insurance Company, nor any financial professionals acting on its behalf, should be viewed as providing legal, tax or investment advice. You should rely on your own qualified tax professional.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
Neither Midland National® Life Insurance Company, Sammons Institutional Group®, Inc., nor any financial professionals acting on its behalf, should be viewed as providing legal, tax or investment advice.
Fixed index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from the accumulation value for additional optional benefit riders or strategy fees associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.
The Summit FocusSM Fixed Index Annuity is issued on base contract form MC403A/ICC22-MC403A or appropriate state variation including applicable endorsements and riders. This product, its features, and riders may not be available in all states.
Securities distributed by Sammons Financial Network®, LLC., member FINRA. Insurance products are issued by Midland National® Life Insurance Company (West Des Moines, IA). Sammons Institutional Group®, Inc. provides administrative services. Sammons Financial Network®, LLC., Midland National® Life Insurance Company, and Sammons Institutional Group®, Inc. are wholly owned subsidiaries of Sammons® Financial Group, Inc. Sammons Retirement Solutions® is a division of Sammons Institutional Group®, Inc.
NOT FDIC/NCUA INSURED, MAY LOSE VALUE INCLUDING LOSS OF PREMIUM, NO BANK/CU GUARANTEE, NOT A DEPOSIT, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY.