Why it earned this rating
Our assessment
The WealthLock MYGA 7-Year offers the top rate in the WealthLock series at a level competitive with broader 7-year MYGA peers in the agent channel, with credible carrier support and meaningful waiver provisions for older buyers.
The short version
If you are buying through an agent channel and want the best guaranteed rate in the WealthLock MYGA series, this is the one. The 7-year commitment is real — buyers need to be honest about whether they can hold this for the full period without needing the capital — but for those who qualify, the rate is compelling.
Key facts
The full review
Is Aspida WealthLock MYGA 7-Year a Good Annuity?
Yes, for the buyer with a genuine 7-year capital horizon working through an agent or bank. The rate is strong for the agent channel, the carrier is credible, and the waiver features are meaningful. The 7-year commitment should not be taken lightly.
Why Someone Would Buy This Annuity
The rate. At 5.30% for 7 years, a buyer locks in a specific return regardless of what rates do during that period. For someone who believes rates are likely to fall, locking in today's rate for 7 years is a meaningful strategic decision. The waivers provide important flexibility if health circumstances change.
Who This Annuity Is Best For
An agent-channel buyer in their mid-50s to early 70s who has long-term capital genuinely earmarked for a 7-year horizon, values principal protection, and wants to eliminate reinvestment risk for that period. I think this is less appropriate for anyone who might need the capital within 5 years.
What You're Really Buying Here
A 7-year locked guaranteed rate with daily compounding, tax deferral, and principal protection. No market exposure, no rate variability for 7 years. At the end of the guarantee period, 100% of contract value is accessible without penalty.
How the Core Feature Works
Aspida locks the rate for the full 7-year period. At $100,000 or more, the current rate is 5.30%. Below that, 5.15%. After 7 years, the rate resets but never falls below 3.00%.
Why the Secondary Feature Matters
The waivers are the most meaningful secondary feature for the buyer this product targets. A 7-year commitment is a long time, and health can change. The nursing home waiver (90 days of confinement required, available after the first anniversary) and the terminal illness waiver (expected death within one year, after the first anniversary) both provide genuine escape mechanisms for serious life events.
Liquidity and Surrender Schedule
10% free withdrawal annually after the first anniversary. Surrender schedule on excess withdrawals: 9%, 8%, 7%, 6%, 5%, 4%, 3%, then 0%. This schedule is slightly more favorable than the Advisory 7-Year (which has 9%, 9% in years one and two), but still represents a significant commitment through year seven. MVA applies to excess withdrawals.
Fees and Tradeoffs
No annual fees. No rider charges. Agent compensation is embedded in the spread, resulting in a rate approximately 45 basis points lower than the Advisory version. The main tradeoff is the long commitment and the early surrender charges.
Product snapshot
| Feature | Details |
|---|---|
| Product type | Multi-Year Guaranteed Annuity (MYGA) |
| Guarantee period | 7 years |
| Issue ages | 18–90 |
| Minimum premium | $25,000 |
| Maximum premium | $2,000,000 |
| Current rate | 5.15% / 5.30% (under / at or above $100K) |
| Minimum guaranteed rate | 3.00% |
| Free withdrawal | Up to 10% after year one |
| Surrender schedule | 9% / 8% / 7% / 6% / 5% / 4% / 3% / 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. Backed by Ares Management. Founded 2020, Durham, NC. Licensed in 49 states and DC, excluding New York.
Final take
The WealthLock MYGA 7-Year is a strong product for agent-channel buyers with true long-term capital. The rate is competitive, the carrier is credible, and the waiver provisions are genuinely useful. The discipline required is honest assessment of whether the 7-year commitment is appropriate for the capital being committed.