Midland Retirement Distributors Launches Summit Journey 10

West Des Moines, Iowa – March 26, 2024 – Midland Retirement Distributors, a division of Sammons Institutional Group®, Inc., and member company of Sammons Financial Group, has launched Summit JourneySM 10, a new fixed index annuity. In a world of financial uncertainty, clients are seeking ways to create guaranteed income streams for retirement, protect their premium against market downturns, and allow opportunities for upside potential. The Summit Journey focuses on meeting these specific client expectations.  

An “early income ally” in retirement

Issued by Midland National® Life Insurance Company, the Summit Journey offers a built-in guaranteed lifetime withdrawal benefit (GLWB) rider providing income payments clients cannot outlive1. The Summit Journey allows more flexibility of a client’s income stream, helping them to financially prepare for the many challenges faced in retirement. It also allows the opportunity to both grow and protect premium from market downturns.

With no waiting period before taking income payments, clients can start income payments right away if they’re age 50 or older2. Payments can also be started or stopped at any time, with the choice of a level or increasing lifetime payment amount (LPA).

“The Summit Journey is an excellent option for those in or nearing retirement who want to protect their hard-earned nest egg, while also providing opportunities to capture some of the upside of the market,” said Greg Bonzagni, Vice President and Head of Distribution at Sammons Institutional Group. “The flexibility to turn on income early and choose when to start and stop payments gives clients the control they seek in retirement.”

Helping clients reach new destinations

The Summit Journey fixed index annuity offers key client benefits, including:

  • Income stream flexibility with the ability to start income now or later. Provides a guaranteed income stream that can’t be outlived starting whenever a client needs it, without a waiting period3.
  • A way to help prepare for costly care down the road. Financially prepares clients for potential mobility issues later in life with the Lifetime Payment Amount (LPA) multiplier4.
  • Premium protection and upside growth potential. Allows for market-linked growth potential with full premium protection from market downturns5.

“This ‘early income ally’ in retirement is an attractive option for those worried about income now and the potential need for additional income later in life,” added Bonzagni. “We’re excited to bring this new annuity to the marketplace to give consumers another option to take control of their financial futures.” 



1GLWB rider charge is 1.25% of the GLWB value and is deducted as a partial surrender from the accumulation value, while the rider is active, on each contract anniversary.

2 Withdrawals taken prior to age 59½ may be subject to IRS penalties. For purposes of this rider, “income” refers to the contractual guarantee provided by election of LPAs. It is not the same as and does not refer to interest credited to the annuity contract. Consult your own tax professional regarding tax treatment of LPAs, which will vary according to your individual circumstances.

3 Withdrawals taken prior to age 59½ may be subject to IRS penalties. Client must be age 50 or older to begin taking income payments.

4 The LPA multiplier can be paid out for a maximum of five annual payments as long as the client continues to meet the requirements on each payment date.  Refer to the product brochure for details and limitations.

5 A surrender during the surrender charge period could result in a loss of premium. Surrender charge structure may vary by state.

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 optional benefit riders or strategy fees or charges 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 JourneySM 10 Fixed Index Annuity is issued on form ICC18-MC400A.MVA / MC400A (base contract), ME100B / ICC18-ME100B, ME101A / ICC18-ME101A, ME102A / ICC18-ME102A, ME103A / ICC18-ME103A, ME105A / ICC18-ME105A, ME106A / ICC18-ME106A, ME107A / ICC18-ME107A, ME109A / ICC18-ME109A, ME111A / ICC18-ME111A, ME129A / ICC23-ME129A, AR151A04 (riders/endorsements) or appropriate state variation. 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. Midland Retirement Distributors® is a division of Sammons Institutional Group®, Inc.