Why it earned this rating
Our assessment
The WealthLock MYGA Plus 5-Year is a clean bank-channel MYGA with competitive rates for its distribution context and standard waiver features. The rate is lower than the Advisory version due to bank channel compensation structures, which is expected.
The short version
For a bank customer working with an Infinex-contracted advisor who wants a 5-year guaranteed rate with principal protection, this is a functional and clean option. Rate comparison within the bank channel is important since the broader MYGA market may offer alternatives.
Key facts
The full review
Is Aspida WealthLock MYGA Plus 5-Year a Good Annuity?
Yes, for a bank-channel buyer with a 5-year horizon and a preference for principal protection and guaranteed growth. The rate is competitive for the bank distribution context and the contract is clean.
Why Someone Would Buy This Annuity
A customer of an Infinex-contracted bank who wants to convert some fixed deposits or CD money into a guaranteed annuity with better rate potential and tax deferral. The MYGA provides the guarantee certainty of a CD but with tax-deferred accumulation and the added structural features of an insurance contract.
Who This Annuity Is Best For
A bank customer in their 60s or early 70s who has 5-year capital, is comfortable with a guaranteed rate, and values the waiver provisions. Less appropriate for buyers who can access the advisory channel at a higher rate.
What You're Really Buying Here
A 5-year guaranteed rate with daily compounding, tax deferral, and full principal protection through the bank channel. At maturity, 100% of contract value is accessible penalty-free.
How the Core Feature Works
The rate of 5.15% (at or above $100K) or 5.00% (below $100K) is guaranteed for 5 years, compounded daily. After 5 years, the rate resets but never falls below 3.00%.
Why the Secondary Feature Matters
Principal protection eliminates the rate sensitivity that affects bond funds. The tax deferral benefit provides additional accumulation over a taxable alternative, particularly for buyers in higher tax brackets.
Liquidity and Surrender Schedule
10% free withdrawal annually after the first anniversary. Surrender schedule: 9%, 8%, 7%, 6%, 5%, then 0%. MVA on excess withdrawals. Nursing home and terminal illness waivers after the first anniversary. Same structure as the standard WealthLock MYGA.
Fees and Tradeoffs
No annual fees. No rider charges. Channel-specific compensation is embedded in the spread. Rate is approximately 10 basis points below the standard WealthLock MYGA 5-Year and approximately 35–50 basis points below the Advisory MYGA 5-Year.
Product snapshot
| Feature | Details |
|---|---|
| Product type | Multi-Year Guaranteed Annuity (MYGA) |
| Guarantee period | 5 years |
| Issue ages | 18–90 |
| Minimum premium | $25,000 |
| Maximum premium | $2,000,000 |
| Current rate | 5.00% / 5.15% (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% / 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.
Final take
The WealthLock MYGA Plus 5-Year is a solid bank-channel MYGA. For Infinex bank customers, it is a legitimate option for a 5-year guaranteed rate with principal protection and emergency waiver provisions. The rate is competitive for the bank context. As always with MYGAs, rate comparison at purchase time is the key discipline.