Fixed annuity review and rates
Synergy Choice
Synergy Choice from Aspida Life Insurance Company is a single premium multi-year guaranteed annuity (MYGA). It offers a simple, steady, guaranteed way to build retirement savings with flexible features to customize your annuity contract.
A Fixed Rate of Return
The rate of return for your Synergy Choice contract is locked-in for the 2, 3, 5, or 7 year guarantee period you choose.
Plan Types
May be issued as Traditional, Non-Qualified IRA, or Roth IRA Accepts rollovers from qualified plans, 457 plans, IRAs, Simplified Employee, Pension (SEP) plans, 403(b) plans, and SIMPLE IRAs.
Note: Inherited IRA would be rolled over into a New Traditional IRA. If you already have an IRA, you can roll over the inherited assets to another traditional IRA in your name or convert the assets to a Roth IRA. The simplest way to do that is through a direct, trustee-to-trustee transfer from one account to the other or between one IRA custodian and another.
Tax-Deferred Growth
All the earnings in a Synergy Choice MYGA grow 100% tax deferred, which means you don’t pay taxes on the interest as it’s earned, only when you withdraw it.
Protection from Loss
While the money in a guaranteed annuity may earn less interest over time than if it was invested in the stock market, it’s also protected from loss. Because your premium is protected—and any earnings are tax-deferred — a guaranteed annuity could be a smart place to keep all or a portion of your retirement savings.
Annuitization
After one year, you have the option to turn your annuity’s contract value into a stream of regular income payments through a process called annuitization. There are several settlement options available for your contract, including those that will generate a guaranteed lifetime income.
Access to your income
If you request a withdrawal or surrender your contract before the end of your current guarantee period, you may be subject to a withdrawal charge and market value adjustment. Each guarantee period has its own withdrawal charge schedule, which decreases over time.
Market Value Adjustment (MVA)
When you take a withdrawal in excess of any free amount during the withdrawal charge period, the amount you receive may be increased or decreased by a market value adjustment (MVA). If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact Annuitizations or the Minimum Guaranteed Surrender Value.
A Fixed Rate of Return
The rate of return for your Synergy Choice contract is locked-in for the 2, 3, 5, or 7 year guarantee period you choose.
Plan Types
May be issued as Traditional, Non-Qualified IRA, or Roth IRA Accepts rollovers from qualified plans, 457 plans, IRAs, Simplified Employee, Pension (SEP) plans, 403(b) plans, and SIMPLE IRAs.
Note: Inherited IRA would be rolled over into a New Traditional IRA. If you already have an IRA, you can roll over the inherited assets to another traditional IRA in your name or convert the assets to a Roth IRA. The simplest way to do that is through a direct, trustee-to-trustee transfer from one account to the other or between one IRA custodian and another.
Tax-Deferred Growth
All the earnings in a Synergy Choice MYGA grow 100% tax deferred, which means you don’t pay taxes on the interest as it’s earned, only when you withdraw it.
Protection from Loss
While the money in a guaranteed annuity may earn less interest over time than if it was invested in the stock market, it’s also protected from loss. Because your premium is protected—and any earnings are tax-deferred — a guaranteed annuity could be a smart place to keep all or a portion of your retirement savings.
Annuitization
After one year, you have the option to turn your annuity’s contract value into a stream of regular income payments through a process called annuitization. There are several settlement options available for your contract, including those that will generate a guaranteed lifetime income.
Access to your income
If you request a withdrawal or surrender your contract before the end of your current guarantee period, you may be subject to a withdrawal charge and market value adjustment. Each guarantee period has its own withdrawal charge schedule, which decreases over time.
Market Value Adjustment (MVA)
When you take a withdrawal in excess of any free amount during the withdrawal charge period, the amount you receive may be increased or decreased by a market value adjustment (MVA). If the market index interest rates are higher than when you purchased the annuity, the MVA amount will be negative, decreasing your withdrawal amount and/or annuity balance. If market index interest rates are lower than when you purchased the annuity, the MVA is positive, increasing your withdrawal amount and/or annuity balance. The MVA does not impact Annuitizations or the Minimum Guaranteed Surrender Value.
Interest Rates
| Guaranteed Years | Surrender Years | Guaranteed Yield | Current Yield |
|---|---|---|---|
| 3 | 3 | 4.65% | 4.65% |
| 3 | 3 | 4.5% | 4.5% |
| 5 | 5 | 4.85% | 4.85% |
| 5 | 5 | 5% | 5% |
| 7 | 7 | 5.15% | 5.15% |
| 7 | 7 | 5% | 5% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| Contract Value Death Benefit with 0.10% Rate Adjustment | No | 0.10% rate reduction |
| Free Interest Withdrawal with 0.10% Rate Adjustment | No | 0.10% rate reduction |
| 10% Free Withdrawal with 0.20% Rate Adjustment | No | 0.20% rate reduction |
Brochure
Free withdrawal
0%
Types of funds
Non-Qualified, IRA, Pension, IRA Rollover, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, 457 plan, Inherited IRA, and TSP