Why it earned this rating
Our assessment
The WealthLock MYGA Plus 2-Year is a structurally sound bank-channel product with modest rates that reflect both the short duration and the bank distribution model. Appropriate for the right buyer in the right context.
The short version
For a bank customer who specifically needs the structure of an insurance contract at a 2-year duration — tax deferral, probate avoidance, principal protection, waiver coverage — the WealthLock MYGA Plus 2-Year is a functional option. Rate-focused buyers should compare carefully.
Key facts
The full review
Is Aspida WealthLock MYGA Plus 2-Year a Good Annuity?
For the right buyer in the right context, yes. A bank customer who values the structural features of an insurance contract for a 2-year window may find this useful. Pure rate-focused buyers will need to compare carefully, since 3.90% to 4.05% at 2 years is modest.
Why Someone Would Buy This Annuity
Tax deferral and principal protection at a short duration through an existing bank relationship. For a buyer who would otherwise roll over a maturing CD and wants the structural advantages of an insurance contract — including probate avoidance on the death benefit — this fills a specific need.
Who This Annuity Is Best For
A bank customer at an Infinex-contracted institution in their 60s or 70s who has a specific 2-year capital need, values the insurance contract wrapper more than rate maximization, and is working with a trusted advisor in that institution. Less appropriate for anyone primarily motivated by rate.
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: death benefit passing outside probate, nursing home waiver, and terminal illness waiver.
How the Core Feature Works
The rate of 4.05% (at or above $100K) or 3.90% (below $100K) is locked for 2 full years, compounded daily. At maturity, 100% of contract value is accessible with no penalty. After the guarantee period, the rate resets but never falls below 3.00%.
Why the Secondary Feature Matters
At a 2-year duration, the structural features carry more relative weight than at longer terms. The death benefit avoids probate. The nursing home and terminal illness waivers provide important emergency access if health circumstances change unexpectedly within that 2-year window.
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 on excess withdrawals. Nursing home and terminal illness waivers provide full access after the first anniversary with qualifying conditions. Systematic interest withdrawals available after 30 days.
Fees and Tradeoffs
No annual fees. No rider charges. Channel compensation is embedded in the spread. The Plus designation reflects Infinex bank-channel distribution, with rates approximately 30 basis points above the standard WealthLock MYGA 2-Year but still below the Advisory MYGA 2-Year. The main tradeoff is a rate that requires honest comparison at the time of purchase.
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 | 3.90% / 4.05% (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 | Bank channel via Infinex only |
| 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 Plus 2-Year is a structurally sound product for bank-channel buyers with a specific 2-year need and a preference for insurance contract features. Rate comparison at the time of purchase is the key discipline — this category is competitive and the rate must justify the commitment.