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Independent Review of the Nationwide Life Nationwide Summit Fixed Indexed Annuity

What We Will Cover in this Annuity Review

In this annuity review, we will be going over the details regarding the Nationwide Life Nationwide Summit fixed indexed annuity, such as:


  • Product Type
  • Fees
  • Current Rates
  • Realistic long term return expectations
  • How it is used
  • How it is most poorly used

Annuities can be complex. That’s where having an Annuity Investigator who loves math comes in. We make the complex, simple.

If you’ve been considering the purchase of an annuity because you want your money to grow tax-deferred, and you want to ensure that you have an income for life, then the Nationwide Summit fixed indexed annuity from Nationwide Life could be a good option for you – especially if you also want to make sure that your principal is safe, while at the same time having the opportunity to attain a nice, index based, return. But, before you make a long-term commitment to this, or any other, annuity, it is important that you have a good idea regarding how the product works, and how it could work for you. Otherwise, if you find that the annuity is not all it was initially cracked up to be, it could be difficult and costly to get out of it. Throughout the past several years, fixed indexed annuities have become quite popular – particularly with those who are seeking higher returns than what a regular fixed annuity can give, yet also want the principal protection of their hard-earned savings. Fixed indexed annuities can provide all of this – as well as a lifetime income in retirement. But, because these products have gotten so in-demand, many insurance companies have started to expand their products lines and added all sorts of “bells and whistles” to them. While this can be beneficial, it can also make an already confusing product even more so – and, many of these product add-ons will cost you an additional amount of premium, in turn, negatively impacting the ultimate benefit that you end up with. Although this may not necessarily be bad in all cases, it is important that you at least know how the product works and what it will cost – and then determine whether or not you want to move forward with it.

Annuity and Retirement Income Planning Information You Can Trust

If you’ve never visited our website before, then we would like to officially welcome you here to We make up a team of annuity professionals who are focused on offering unbiased, yet very in-depth, annuity reviews. We have been at this for quite some time now – much longer than our competitors – and because of that, we have become a highly trusted source of annuity information. If you have been in the market for an annuity, and you’ve been looking for information via the Internet, it’s likely that you’ve come across some highly conflicting details about annuities. This isn’t all that surprising, though, as there are a lot of annuities available in the market today, and there are many opinions, both positive and negative, about them. You may also have attended an annuity seminar or workshop where the presenter offered you a free dinner or lunch, as well as information regarding the Nationwide Summit or some other similar annuity. This, in fact, may even have been the catalyst that has led you right here to our website in search of additional details about this product. While there are many other good websites out there online that are focused on annuities, you may have found in your quest for information that some of these websites will try luring you in by making some fairly bold claims, like having the lowest fees and offering the highest annuity income payouts. Sound familiar? Independent Review of the Nationwide Life Nationwide Summit Fixed Indexed Annuity Yet, even though these claims may sound just great, prior to making a long-term commitment on any annuity, it is important for you to find out whether or not these claims are really true, just as you would do prior to purchasing any other high-dollar item. In order to find out how an annuity really works, you will typically run into many pages of “fine print,” which can be just about as exciting as getting a root canal – and sometimes, equally as painful. That’s where we come in. If you want to learn more about the Nationwide Summit Fixed annuity without all the pain, you are certainly in the right place. In fact, we dare say that this website is the only place online where you can find all of the in-depth details about this annuity – which includes the good, and the bad. That’s because we feel that knowing the whole story about an annuity is the only way for consumers to make a truly well-informed decision about whether or not it is the right product for them. Oftentimes, when a financial or insurance advisor is presenting a fixed indexed annuity to his or her clients, they will provide a nice rosy picture of how the annuity can offer the best of all world, meaning that the product has the ability to offer a nice return, along with safety of principal – as well as income for life. But in doing so, the advisor may neglect to provide details about areas that could be considered drawbacks. With that in mind, if you are seriously thinking about purchasing the Nationwide Summit fixed indexed annuity, you need to know just exactly what it is that you’re getting into – as getting out of this (or any) annuity could be quite costly if you change your mind down the road. Just to be completely clear here, we do want to state that we feel annuities can be a good financial vehicle for many investors – as long as it fits in well with both their short- and long-term financial goals. So, if you’re ready to begin this review, let’s go ahead and dive in!

Nationwide Life Nationwide Summit Fixed Indexed Annuity at a Glance

Product NameNationwide Summit
IssuerNationwide Life
Type of ProductFixed Indexed Annuity
S&P RatingA+
Phone Number(800) 321-6064

Opening Thoughts About the Nationwide Life Nationwide Summit Annuity

Nationwide has been in the business of offering financial and insurance solutions for more than 90 years. The company is listed on the Fortune 100, and it offers a long list of products, including annuities, life insurance, mutual funds, and retirement plans. With more than $26 billion in operating revenue in 2015, Nationwide has a long history of financial stability – and the company has earned high ratings from the insurer rating agencies, including:
  • A+ from A.M. Best
  • A+ from Standard & Poor’s
  • A+ from Moody’s
Throughout the past decade or so, the volatility in the market has made investors think twice about putting their hard earned savings into an area that could wipe away years of planning within a very short time if experiencing a correction. Yet at the same time, historically low-interest rates have not provided investors anywhere near the returns they need in order to beat – or even meet – future inflation. This is where the fixed indexed annuity can come in. These financial vehicles allow you the opportunity to attain index-linked returns as well as the safety of principal, regardless of what occurs in the market. Just like other types of annuities, these products also offer tax-deferred earnings within the account – and, there is the option to receive lifetime income in retirement, regardless of how long you may need it. However, even though this “best of all worlds” scenario initially seems very appealing, these benefits can also come at a cost. So, before you move forward with the purchase of an annuity, be sure that you check out all of the details as, once you have purchased an annuity, it could be quite an ordeal to get yourself out of it.

Before getting into the nitty gritty details, here are some necessary legal disclosures…..

This is an independent annuity product review. It is not a recommendation to purchase or to sell an annuity. Nationwide has not endorsed this review in any way, nor do we receive any type of compensation for providing this review. This annuity review is meant solely to be an independent review at the request of our readers so that they may see our perspective when breaking down the positives and the negatives of this particular annuity. Prior to committing to the purchase of any type of insurance and/or investment vehicle, it is critical that you do your own due diligence, and that you also talk with a properly licensed professional if you have any questions that relate to your specific situation. All of the names, materials, and marks that have been used in compiling this annuity review are the property of their respective owners. For additional information on how to compare fixed annuities so that you can decide which may be the best one for you, click here in order to obtain our free annuity report.

How Nationwide Describes the Nationwide Summit Fixed Indexed Annuity

Nationwide Life describes the Nationwide Summit annuity “an individual, single-purchase payment, a deferred fixed indexed annuity that offers principal protection without giving up the opportunity for growth potential. This product is designed for those who are wary of market volatility, yet still, seek growth potential to help account for inflation and increased expenses throughout retirement.” The funds inside the annuity can be allocated across all of the available fixed and indexed options in any allocation. With the fixed account, the annual interest rate is credited on a daily basis, and depending on how much premium you put towards this annuity (there is a minimum initial investment of $25,000), there are tiered interest rates available. The indexes that are tracked with the Nationwide Summit annuity include the:
  • S&P 500
  • J.P. Morgan MOZAIC
There are some other features that the annuity offers, as well, such as a death benefit, as well as penalty-free withdrawals allowed for qualifying terminal illness/injury event(s), and/or confinement to a long-term care facility.

How a Financial Advisor Might “Pitch” This Annuity

Given that this is a fixed indexed annuity, it offers some nice benefits – of which an insurance or financial advisor will likely key in on, such as the potential for higher credited earnings than that of a regular fixed annuity, and protection from a market downturn, which means that you won’t lose any of your initial investment or your credited earnings due to negative future performance of your chosen index(es). Also, because you can allocate your funds in this annuity to one or more indices, there is some flexibility to design the account to best fit your particular needs and goals. Plus, with the death benefit, there is also some security in knowing that loved ones can receive a benefit in care of the unexpected. Unlike many of the other fixed indexed annuities that are out there, though, this one doesn’t seem to have quite as many options to help “customize” the product. For example, there are no riders available for this annuity. And, with only two indexes to choose from, there are many other fixed indexed annuities that could offer you a long list of options. Also, the fixed interest rate can change annually – so there is the chance that, if the already-historically-low interest rates go down even further, you can end up with an even lower rate in this “bucket.” In addition, as with most other fixed indexed annuities, there is a cap on the earnings that may be credited to the account. So, even if the underlying index (or indexes) that you are tracking has an absolutely stellar performance in a given time period, the amount that your account will be credited is limited to the amount of the “cap.” This could drastically stifle the return – particularly if the underlying index returns a significantly high performance in a given period. Also, because the Nationwide Summit is a single premium annuity, you won’t be allowed to make any subsequent purchase payments into the annuity, which for some annuity buyers can be limiting.

What About Fees on the Nationwide Summit Annuity?

You will also need to watch out for various fees on this annuity – which could end up being quite costly to your overall return. For instance, even though you are allowed to withdraw up to 10% of the contract’s value in a given year, if you take out any more than that during the first seven years of owning this annuity, you will be hit with a contingent deferred sales charge (otherwise known as a surrender charge). This charge starts at 9% in Year 1, and will gradually reduce from there.

Surrender Charge Schedule on the Nationwide Summit Fixed Indexed Annuity

Contract Year1234567Thereafter
Charge %98765430
Plus, if you take withdrawals from the annuity before you turn age 59 1/2, you could also incur an additional 10% early withdrawal penalty from the IRS. Given this, it is important to consider any annuity a long term financial endeavor.

The Annuity Gator’s End Take on the Nationwide Life Nationwide Summit Annuity

Where it works the best: This annuity may work the best if you are looking for:
  • Safety of your principal – regardless of what occurs in the market
  • The opportunity for index-linked growth
  • Guaranteed lifetime income in retirement
Where it works the worst: Alternatively, this particular annuity may not be an ideal fit for you if you:
  • Want penalty-free access to most or all of your money within the first seven years of purchasing the annuity
  • Do not intend to use the lifetime income feature of the annuity
In order to truly get an idea of whether or not a fixed indexed annuity such as the Nationwide Summit annuity is right for you, click here so that you can access our free annuity buyer’s report.

In Summary

There are many different criteria that you should consider prior to making a long-term commitment to purchasing an annuity. For example, in addition to knowing that it can be costly to change your mind, you should also consider why you may be choosing one fixed indexed annuity over a long list of other products that may also suit your particular financial needs. When considering the Nationwide Summit fixed indexed annuity, you can be confident that the principal you have in the account is safe, regardless of what happens in the market – or even in the economy overall. You can also be sure that you will have an income in retirement for as long as you (and your spouse, if applicable) need it. However, that being said, this annuity could also fall somewhat short – and there could be some other, better alternatives that are available to you. The only way to really know if this annuity is right for you is to have it tested. We can assist you with that by running it through our annuity calculator, using your particular financial figures. If this is something that would be of interest to you, then please contact us.

Any Additional Questions About the Nationwide Summit Annuity? Did You Notice Any Mistakes?

Also, while we do understand that this annuity review ran a tad bit on the long side, we feel that providing you with “too much” information is far better than not giving you enough. So, if you felt that this review was helpful, please feel free to pass it along and share it with anyone else whom you think could also benefit from it. In addition, we also realize that the information about annuities can – and often does – change. Therefore, if you happened to notice if there were any details within this review that should be revised, please let us know that too, and we will be glad to make the necessary updates to it. Are there any other annuities you would like to know more about? If so, just let us know the name (or names) of the annuity(ies) and our AnnuityGator annuity “geeks” will get on it. So, be sure to check back soon and regularly to see all of our new and updated annuity reviews. Best, The Annuity Gator   Independent Review of the Nationwide Life Nationwide Summit Fixed Indexed Annuity
  • Kevin
    10:13 AM, 26 February 2018

    I just read your review of the Nationwide Summit Annuity. I am concerned when I read reviews that are not dated and don’t give more in-depth historical information, such as: How long this product has been available? Past volatility of caps/participation rates? Is it an updated version of a similar product that has been out for several years?

    I am retired and my wife and I are considering moving much of our savings into FIAs, but we need more than a “snapshot” of what a company is offering this minute. We want to try and understand a company’s history, it’s propensity toward customer focus versus profit focus. After all, FIAs are still relatively new to many companies and more companies are jumping into this market every day.

  • Annuity Gator
    9:39 AM, 28 April 2018

    Hi Kevin – Thank you for your comment. We agree that many financial vehicles like annuities are changing all the time – especially if there are market-linked and subject, even in part, to volatility. And certainly, even two of the same type of product, such as fixed indexed annuities, can be different, depending on the underlying indexes tracked, surrender period, riders / additional features, etc. We would be happy to answer any questions that you may have, as well as to run some figures for you based on your specific situation. Please feel free to reach out to us directly at (888) 440-2468, or via our secure contact form at Best! The Annuity Gator

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