MYGA Plus 5 Year review

Depends on what you're optimizing for. If you want a straightforward five-year locked rate with the option to reach for something better without giving up principal guarantees, MYGA Plus 5 Year is a reasonable choice — the Performance Triggered account is a real, if modest, source of upside rather than a marketing gimmick, since the worst case on that sleeve is 0% for the period, not a loss. It's less good if you want any liquidity in year one, since there's no free withdrawal until the second contract year, or if you're rate-shopping strictly on the guaranteed number, since 5.60%/5.90% is competitive but not chart-topping.

The main reason to buy MYGA Plus 5 Year is the dual-crediting design — you get a guaranteed five-year rate on at least half your premium, with the option to route the rest into a declared-rate sleeve that only pays if the S&P 500 is positive over the period. That's a way to reach for more yield without accepting index-linked losses, since the worst outcome on the Performance Triggered portion is zero credited interest, not negative interest. A secondary reason is the built-in Extended Care and Terminal Illness waivers, which let you access the full account value penalty-free under specific health circumstances without paying for a separate rider.

I think this is best for someone in their 50s to 70s with $10,000 or more in non-qualified or qualified money who wants a five-year commitment and likes the idea of a modest, capped-downside shot at a higher rate through the index-linked sleeve. It also suits buyers who specifically value the extended care and terminal illness waivers as a form of self-insurance. It is a weaker fit for anyone who might need access to principal in year one, since there's no free withdrawal until year two, or for buyers in one of the seven states where it isn't approved.

Strip away the "Plus" branding and this is a standard multi-year guaranteed annuity: you deposit a lump sum, Ibexis guarantees a declared rate for five years, and interest compounds until you withdraw, surrender, or annuitize. The wrinkle is that you can direct up to 50% of your premium into a second declared-rate bucket that only credits interest if the S&P 500 shows growth over the guarantee period — you are not participating in index gains the way an indexed annuity does, you're simply using the index's direction (up or not) as a gate that decides whether the higher rate on that sleeve pays out at all. Either way, none of this is market exposure. Your principal is never at risk from index movement.

The core feature is the dual crediting structure. The base Fixed Account pays a declared simple-interest rate — currently 5.60% for premiums under $100,000 or 5.90% for $100,000 and up — guaranteed for the full five-year period. Buyers can also allocate up to 50% of premium into the Performance Triggered account, which currently credits a declared rate of 7.35% (under $100,000) or 7.75% ($100,000+) for the guarantee period, but only if the S&P 500's growth is positive when measured at the end of the period; if it isn't, that portion credits nothing for the period. At the end of the five-year term, there's a 30-day window to surrender penalty-free or renew into a new guarantee period, which resets both the surrender schedule and the MVA exposure.

The second feature worth flagging is the pair of waivers: an Extended Care Waiver, which lets you access the full account value if you're confined to a hospital or certified long-term care facility for 90 consecutive days after the first contract anniversary, and a Terminal Illness Waiver, which does the same if a physician certifies a life expectancy of 12 months or less after the first contract year. Neither carries an explicit fee in the source materials, and both waive surrender charges entirely rather than just increasing the free-withdrawal amount — that's a meaningful benefit for buyers thinking about self-insuring against a care event, though availability varies by state.

This is a genuine five-year commitment, and the liquidity terms are tighter than some peers in year one specifically: there's no free withdrawal at all in the first contract year. Starting in year two, you can withdraw 10% of the prior Account Anniversary Value penalty-free each year. The surrender charge schedule below also declines more slowly than many five-year MYGAs — it starts lower, at 7.75% in year one, but only steps down by a quarter-point per year through year four, and even in year five you're still looking at a 6% charge. A market value adjustment (MVA) also applies to withdrawals above the free amount during the surrender period, which can move the penalty up or down depending on where rates have moved since issue. Systematic withdrawals are available (monthly, quarterly, semiannual, or annual, $100 minimum per payment), but any withdrawal must leave at least $2,000 in the account and meet a $500 minimum transaction size.

There are no disclosed contractual fees on MYGA Plus 5 Year — no M&E charge, no rider fee, no fee tied to the Performance Triggered allocation. The real tradeoff isn't a fee, it's opportunity cost: any premium routed into the Performance Triggered account earns nothing for the period if the S&P 500 isn't positive, so that portion effectively forgoes the guaranteed 5.60%/5.90% you'd have earned by leaving it in the Fixed Account instead. The MVA is also worth treating as a soft cost — it isn't a fee in the literal sense, but it can reduce (or increase) what you get out on an early withdrawal above the free amount.

Legal Entity: Ibexis Life & Annuity Insurance Company

A.M. Best Rating: A-