WealthLock MYGA 2

WealthLock MYGA 2

Product Name

WealthLock MYGA 2

Annuity Type

Multi-Year Guarantee Annuity

Issuing Insurance Company and Ratings

Aspida Life Insurance Company - View details

(4th of 15 ratings)
Not Rated
Not Rated
Not Rated
(percentile of rated companies)

Product Information

The WealthLock MYGA 2 is a deferred multi-year guarantee annuity issued by Aspida Life Insurance Company.

This annuity is a premium banded product. The interest rate you earn will vary depending on the amount of premium you deposit (see Rate Details below). Currently, the highest 2 year guarantee period annual yield is 4.00% on premium amounts of $100,000 – $1,000,000.  This is the guaranteed annual yield, including bonuses if applicable, for the initial guarantee period term, up to the first penalty free full withdrawal window. The WealthLock MYGA 2 has a full penalty free withdrawal window after 2 years.

During the time in which the annuity is subject to surrender penalties, there are policy provisions that allow partial access on a penalty free basis. In the first contract year, this annuity provides interest only withdrawals. Beginning in the second contract year, up to 5% (noncumulative) of the contract value may be withdrawn from the annuity each contract year without penalty.

This annuity also waives withdrawal penalties upon death. Your named beneficiary(ies) will receive a death benefit equal to the full accumulation value. A beneficiary may choose to receive their death benefit in either a lump sum or select an available annuitization option.

Details on additional penalty waivers can be found in the Penalty Free Withdrawal Provisions section below.

Aspida Life Insurance Company is rated “A-” by A.M. Best, was founded in 1956, and has over $21 million in total assets.

Rate Details

Nov 7th, 2022
Nov 30th, 2022
2 years

Premium Amount: $100,000 - $1,000,000 High-Band

Current Upcoming
2 Year Guarantee Period Annual Yield: 4.00% 3.85%
Interest rate start of year 1 through end of year 2: 4.00% 3.85%

Premium Amount: $25,000 - $99,999 Low-Band

Current Upcoming
2 Year Guarantee Period Annual Yield: 3.85% 3.70%
Interest rate start of year 1 through end of year 2: 3.85% 3.70%

Initial Surrender Charge and MVA Periods

Early Surrender Charges: 2 years
Market Value Adjustment (MVA): 2 years
Penalty Free Full Withdrawal Window Available After: 2 years

State variations may exist, refer to product disclosure for details. 

Policy Details

Min Premium Non-Qualified: $25,000
Max Premium Non-Qualified: $1,000,000
Max Issue Age Non-Qualified: 90
Rate Lock on Transfers: 45 days
Death Benefit: Accumulation Value

Min Premium Qualified: $25,000
Max Premium Qualified: $1,000,000
Max Issue Age Qualified: 90
Subject to MVA: Yes
Income Rider Available: No

Penalty Free Withdrawal Provisions

First Year Withdrawals: Interest Only
Cumulative Withdrawals: No
Penalty Waivers: Annuitization, Death, Nursing Home and Terminal Illness

Years 2+ Withdrawals: 5%
RMD Friendly: Yes

See product brochure, disclosure and riders for additional details, limitations and availability. State variations, age restrictions and holding periods may apply.

State Variations

Not available in:  CA, CT, ME and NY (as of 11/07/2022)