Why it earned this rating
Our assessment
The WealthLock MYGA Plus 3-Year delivers a clean bank-channel MYGA at a rate competitive for the Infinex distribution context with solid structural features. Rates slightly below the standard WealthLock reflect the bank distribution layer.
The short version
For an Infinex bank customer who wants a 3-year guarantee with principal protection and waiver coverage through their existing banking relationship, this is a legitimate and clean option. Buyers who can access independent agents or the advisory channel will typically find a higher rate at this duration.
Key facts
The full review
Is Aspida WealthLock MYGA Plus 3-Year a Good Annuity?
Yes, for a bank customer who values the combination of a guaranteed 3-year rate and the specific distribution relationship with their financial institution. The structure is sound and the carrier is credible. Rate-focused buyers with access to other channels should compare.
Why Someone Would Buy This Annuity
A bank relationship with a trusted advisor at an Infinex institution, combined with a desire for a defined 3-year guaranteed rate with principal protection and tax deferral. The insurance contract wrapper adds structural benefits beyond a comparable CD: tax deferral, probate avoidance, and emergency waivers.
Who This Annuity Is Best For
A bank customer in their 60s or early 70s with a 3-year capital horizon, comfortable with a guaranteed rate, and working with an advisor at an Infinex-contracted institution. Less appropriate for buyers focused on rate maximization or who have access to the advisory or independent agent channel.
What You're Really Buying Here
A 3-year guaranteed rate with daily compounding, tax deferral, principal protection, and the structural benefits of an insurance contract. At maturity, 100% of contract value is accessible with no penalty.
How the Core Feature Works
The rate of 4.40% (at or above $100K) or 4.25% (below $100K) is locked for 3 full years, compounded daily. After 3 years, the rate resets but never falls below 3.00%.
Why the Secondary Feature Matters
Principal protection eliminates the value fluctuation that affects bond funds during the 3-year period. Tax deferral provides accumulation efficiency for buyers in higher brackets. The nursing home and terminal illness waivers are particularly meaningful for buyers in their 60s and 70s, where health changes over a 3-year window are a real consideration.
Liquidity and Surrender Schedule
10% free withdrawal annually after the first anniversary. Surrender schedule: 9%, 8%, 7%, 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 embedded in the spread. The Plus rate sits approximately 15 basis points below the standard WealthLock MYGA 3-Year and approximately 40 basis points below the Advisory MYGA 3-Year. That gap is the practical cost of the bank distribution channel.
Product snapshot
| Feature | Details |
|---|---|
| Product type | Multi-Year Guaranteed Annuity (MYGA) |
| Guarantee period | 3 years |
| Issue ages | 18–90 |
| Minimum premium | $25,000 |
| Maximum premium | $2,000,000 |
| Current rate | 4.25% / 4.40% (under / at or above $100K) |
| Minimum guaranteed rate | 3.00% |
| Free withdrawal | Up to 10% after year one |
| Surrender schedule | 9% / 8% / 7% / 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 3-Year is a functional product for the Infinex bank channel. For buyers in that distribution context, it is a clean 3-year guaranteed annuity with solid structural features. The rate comparison discipline — always essential in the MYGA category — matters here as well.