Why it earned this rating
Our assessment
The WealthLock MYGA Plus 7-Year offers the top rate in the Plus series and is competitive for its bank-channel distribution context. The 7-year commitment is meaningful and the rate differential from other Aspida channels reflects the Infinex bank-channel compensation model.
The short version
For an Infinex bank customer who has truly long-term capital earmarked for 7 years, wants the highest rate available in the Plus series, and values principal protection with waiver provisions, this is the right product in that distribution context. The 7-year commitment requires honest self-assessment.
Key facts
The full review
Is Aspida WealthLock MYGA Plus 7-Year a Good Annuity?
Yes, for a bank customer with a genuine 7-year capital horizon at an Infinex institution. The rate is competitive for the bank channel at this duration, the waivers are meaningful for older buyers, and the structure is clean. The 7-year commitment is the central discipline to evaluate honestly.
Why Someone Would Buy This Annuity
Locking in 5.25% for 7 years through a trusted banking relationship. For buyers who believe rates are likely to trend lower, the rate lock provides both certainty and strategic value. The nursing home and terminal illness waivers provide important emergency access for a commitment of this length.
Who This Annuity Is Best For
An Infinex bank customer in their mid-50s to early 70s who has genuinely long-term capital — money they do not expect to need for 7 years — and wants the certainty of a locked guaranteed rate with principal protection. I think this is less appropriate for anyone who might need the capital within 5 years or who has access to the standard WealthLock or Advisory channels at better rates.
What You're Really Buying Here
A 7-year locked guaranteed rate with daily compounding, tax deferral, and principal protection through the bank channel. No market exposure, no rate variability for 7 years. At maturity, 100% of contract value is accessible with no charges or MVA.
How the Core Feature Works
Aspida locks the rate for the full 7-year period. At $100,000 or more, the current rate is 5.25%. Below that, 5.10%. 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 a 7-year commitment. Health can change meaningfully over 7 years. The nursing home waiver (90 days of confinement required, available after the first anniversary) and the terminal illness waiver (expected death within one year, available after the first anniversary) provide genuine emergency access mechanisms for serious life events. For buyers in their 60s and 70s, these are not abstract provisions — they are real safety valves.
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%. MVA applies to excess withdrawals. This is a significant commitment through year seven. Buyers should treat this as committed capital for the full duration, relying on the free withdrawal and waivers only as intended safety provisions.
Fees and Tradeoffs
No annual fees. No rider charges. Channel compensation embedded in the spread. The Plus 7-Year rate is approximately 20 basis points below the standard WealthLock MYGA 7-Year and approximately 50 basis points below the Advisory MYGA 7-Year. That differential reflects the layered bank-channel distribution model.
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 | 5.10% / 5.25% (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 | 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 7-Year is the rate leader in the Plus series and a legitimate option for Infinex bank customers with genuine 7-year capital. The rate differential versus other Aspida channels is a real consideration for buyers who have alternatives, but for those within the Infinex distribution context, this is a clean and competitive 7-year MYGA.