Why it earned this rating
Our assessment
The WealthLock MYGA 2-Year earns a solid but not exceptional rating because the 2-year rate is modest for the commission channel. The product structure is clean and waivers are included, but rate comparison is essential before purchase.
The short version
The WealthLock MYGA 2-Year works best for a buyer who specifically needs the structure of an insurance contract — principal protection, probate avoidance, tax deferral — for a 2-year window, and for whom the rate is secondary to the structural benefits. Rate-focused shoppers will likely find better alternatives.
Key facts
The full review
Is Aspida WealthLock MYGA 2-Year a Good Annuity?
It depends on what you need. The rate is modest and requires careful comparison. The contract structure is solid and the waivers add value. Buyers who need the specific structural features of an annuity for a short window may find it useful; pure rate shoppers probably will not.
Why Someone Would Buy This Annuity
Principal protection with tax deferral over a defined 2-year period, through an agent relationship. The death benefit passing to beneficiaries without probate is a real structural benefit for some buyers. The nursing home and terminal illness waivers provide emergency access if health circumstances change unexpectedly.
Who This Annuity Is Best For
A buyer in their 60s or 70s who has a specific 2-year capital need, values the structural features of the insurance contract, and is not primarily rate-driven. Less appropriate for someone focused primarily on maximizing the guaranteed return.
What You're Really Buying Here
A 2-year guaranteed rate with daily compounding, tax deferral, principal protection, and the structural benefits of an insurance contract including death benefit and waiver provisions.
How the Core Feature Works
The rate of 3.75% (at or above $100K) or 3.60% (below $100K) is locked for 2 full years. At maturity, 100% of the contract value is accessible with no penalty.
Why the Secondary Feature Matters
Principal protection removes the value fluctuation risk of alternatives like bond funds. The death benefit and waivers are meaningful structural additions for older buyers who may face health or estate situations during the 2-year period.
Liquidity and Surrender Schedule
10% free withdrawal annually after the first anniversary. Surrender schedule: 9% in year one, 8% in year two, then 0%. MVA applies to excess withdrawals. Nursing home and terminal illness waivers provide full access after the first anniversary with qualifying conditions.
Fees and Tradeoffs
No annual fees. No rider charges. Commission is embedded in the spread. The main tradeoff is a modest rate that requires comparison against alternatives for each individual buyer.
Product snapshot
| Feature | Details |
|---|---|
| Product type | Multi-Year Guaranteed Annuity (MYGA) |
| Guarantee period | 2 years |
| Issue ages | 18–90 |
| Minimum premium | $25,000 |
| Maximum premium | $2,000,000 |
| Current rate | 3.60% / 3.75% (under / at or above $100K) |
| Minimum guaranteed rate | 3.00% |
| Free withdrawal | Up to 10% after year one |
| Surrender schedule | 9% / 8% / 0% |
| MVA | Yes, on excess withdrawals |
| Death benefit | Full contract value |
| Nursing home waiver | Yes, after first anniversary |
| Terminal illness waiver | Yes, after first anniversary |
| Plan types | NQ, Roth IRA, SEP IRA, SIMPLE IRA, 403(b), 457(b), Traditional IRA |
| Distribution | Independent agents and banks via WealthVest |
| State note | Not available in NC or NY |
Carrier snapshot
Aspida Life Insurance Company: A- from AM Best, A- from KBRA. Founded 2020, Durham, NC. Backed by Ares Management with approximately $546 billion AUM. Licensed in 49 states and DC, excluding New York.
Final take
The WealthLock MYGA 2-Year is a structurally sound but rate-modest product. It earns its place for buyers who need specific insurance contract features at a 2-year duration, but rate-focused buyers should compare carefully before committing.