WealthDefender 10 review

Yes, for the right buyer. WealthDefender 10 is a solid choice for someone who wants index-linked growth potential with principal protection, is comfortable committing money for a full decade, and likes the idea of built-in care-related liquidity relief without a separate rider fee. It's a weaker fit for someone who wants guaranteed lifetime income, needs more than 10% annual access to their money, or lives in one of the states where it isn't yet approved.

Someone would buy WealthDefender 10 because it offers real crediting flexibility without an explicit rider fee eating into it. The 100% participation rate on the S&P 500 annual strategy and a cap of 8.25%-9.25% are competitive for the category, and the Biennial Term End Point strategies on the Nasdaq-100 and Barclays index push participation as high as 140% — a genuine incentive for someone willing to let interest compound over a two-year measuring period instead of one. On top of that, the full-account-value death benefit and the ADL/nursing home/terminal illness waiver give the contract meaningful downside protection beyond the typical FIA design.

I think this product is best for retirement savers roughly in their 50s to 70s (issue ages technically run 0-82, but the practical buyer is closer to pre-retirement or early retirement) using non-qualified savings or IRA rollover money they can commit for a full 10 years. It suits someone comfortable with contract-level complexity — three indices, multiple crediting methods, and a biennial measuring period — in exchange for upside beyond a simple fixed annuity. It's a poor fit for anyone who wants an income rider baked in, or who might need more than the 10% annual free withdrawal before year 10 is up.

You're not buying stock market exposure. WealthDefender 10 is an insurance contract that credits interest based on how external indices perform, using formulas — caps and participation rates — that determine how much of an index's gain actually reaches your account. Your principal isn't exposed to index losses; a flat or negative index year simply credits zero interest, not a loss. The tradeoff for that protection is that you don't get the full index return even in strong years, and the specific formula you pick (cap vs. participation rate, annual vs. biennial measurement) meaningfully changes your outcome.

WealthDefender 10 offers three crediting approaches. The Fixed Interest Strategy simply pays a stated rate — 4.40%-4.60%, depending on premium banding, as of the June 5, 2025 rate sheet. The Annual Point-to-Point strategy measures index movement over one year and credits interest up to a cap, 8.25%-9.25% on the S&P 500, or by a stated participation rate, such as 100% on the S&P 500, 87% on the Nasdaq-100, or 90% on the Barclays Tactical Growth Index. The Biennial Term End Point strategy instead measures the index over two years and applies a materially higher participation rate in exchange for the longer measuring period — 121%-130% on the Nasdaq-100 and 131%-140% on the Barclays index. Ibexis guarantees the initial participation rate on the indexed strategies for the entire surrender charge period, which is a meaningful commitment given how often carriers reset participation rates annually.

The death benefit and chronic-illness design here is unusually buyer-friendly for an FIA. The death benefit pays the full account value to a beneficiary, not a reduced surrender value, and withdrawal charges, the MVA, and any premium bonus recapture are all waived at death. Separately, the contract includes a built-in Waiver of Withdrawal Charge for Activities of Daily Living, Nursing Home Confinement, and Terminal Illness, meaning the surrender charge and MVA can be waived if the owner needs the money for one of those situations. Both are real liquidity releases at moments people are least likely to want to deal with a surrender penalty, and neither appears to carry a separate rider fee based on the available materials — though the waiver isn't available to California residents.

You can withdraw up to 10% of contract value each year after the first contract anniversary without triggering a withdrawal charge, MVA, or bonus recapture. There's no premium bonus on this product, so that last piece is moot here, but the free-withdrawal terms are otherwise clean. Beyond that 10%, you're inside the surrender schedule below, which runs the full 10 years and includes an MVA — Market Value Adjustment, meaning a withdrawal above the free amount can be reduced by both the stated surrender charge and an interest-rate-driven adjustment. Ibexis also includes a bailout provision: if the S&P 500 1-year cap rate renews below a stated bailout rate, you get a 30-day window to withdraw the full contract value without any charges or MVA. That's a real safety valve if Ibexis meaningfully cuts renewal rates down the road, though it only protects against that specific scenario, not general liquidity needs.

There's no disclosed rider fee here because there's no income rider on this product — the chronic-illness waiver and full-account-value death benefit both appear to be built into the base contract rather than priced separately, based on the materials available. The real cost of this product isn't a stated fee; it's the cap and participation-rate structure itself. On the annual strategies, you're trading full index upside for a capped or partial-participation return in exchange for protection from index losses. The Minimum Guaranteed Surrender Value floor is 87.5% of premium, growing at a stated rate between 0.15% and 3%. That low end of 0.15% is a thinner guarantee than the 1%-plus floors common on many contracts, worth noting if the MGSV ever becomes relevant to you. Ibexis doesn't appear to publish a base contract fee separate from the crediting formulas themselves.

Legal Entity: Ibexis Life & Annuity Insurance Company

A.M. Best Rating: A-