WealthLock MYGA
Created in 2021 by a group of industry experts, the Aspida Life Insurance Company is an important provider of annuity and retirement planning solutions. A subsidiary of Ares Management Corp., a global alternative investment manager, the company targets the retirement market by offering all sorts of annuities, life insurance, and personalized services to retirees. With a financial strength rating of A- from A.M. Best and Fitch Ratings, the company has been continuously expanding over the last couple years despite being formed quite recently.
WealthLock MYGA
Ratings:
- A.M. Best A-
- Comdex 56
About Product
MYGA Interest Rates
| Term |
Rate
Annual percentage yield (APY)
earned over the investment term |
|---|---|
| 2 years | 4.65% |
| 3 years | 4.9% |
| 5 years | 4.9% |
| 7 years | 5.05% |
Access to Your Funds
Plan Types
May be issued as Non-Qualified or Traditional or Roth IRAs 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.
Leaving a Legacy
Additional Benefits
Riders
No Riders for WealthLock MYGA annuity.
Waivers
Death
If you are the owner/annuitant and die before the maturity date, your named beneficiaries will receive the full contract value, with no withdrawal charges or MVA applied.
Nursing Home
You can withdraw up to 100% of your annuity’s contract value if you are confined to an eligible Nursing Home. This benefit is available if you are confined for at least 90 consecutive days any time after the your first Contract Anniversary and meet eligibility requirements. No Withdrawal Charge or MVA will be applied if you qualify for this benefit. To receive the Nursing Home Waiver, you cannot be confined on the Contract Effective Date. The nursing home waiver does not include home health care.
Terminal Illness
You can withdraw up to 100% of your annuity’s contract value if you are diagnosed with a terminal illness that is expected to result in death within one year and meet eligibility requirements. No Withdrawal Charge or MVA will be applied if you qualify for this benefit. This waiver is available after your first Contract Anniversary and the initial diagnosis of terminal illness must be made after the Contract Effective Date.
Other Aspida Products
You might also be interested in
