4.6
based on complex data
Annuity Educator Rating
Annuity review
WealthLock Income Builder 7
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.
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About Product
Type
Fixed Index
Purpose
Lifetime Income
Term
7 Years
Surrender schedule
9%
8%
7%
6%
5%
4%
3%
Fee withdrawal:
10%
Market Value Adjustment
Yes
Return Of Premium
No
Minimum Contribution
$20,000
Maximum Contribution
$2,000,000
Max Age Qualified
80
Types Of Funds
Non-Qualified, Traditional IRA, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, IRA-Roth, SIMPLE IRA, and 457 plan
Launch Date
05/11/2026
The WealthLock Income Builder is a fixed index annuity with a built-in Guaranteed Lifetime Withdrawal Benefit (GLWB) rider designed to help you create a guaranteed payout in retirement that can support you and your spouse for the remainder of your lives.
Available in states:
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, and WY
Allocation Accounts
| Name | Type | Rates |
|---|---|---|
| 5-Year BofA USA Growth FC 10 High Water Mark Participation Rate |
High Water Mark (Quarterly)
5-Year
|
75%
Participation
|
| 2-Year BofA USA Growth FC 10 High Water Mark Participation Rate |
High Water Mark (Quarterly)
Biennial
|
50%
Participation
|
| 2-Year S&P Global Diversified 7.5% High Water Mark Participation Rate |
High Water Mark (Quarterly)
Biennial
|
70%
Participation
|
| 5-Year S&P Global Diversified 7.5% High Water Mark Participation Rate |
High Water Mark (Quarterly)
5-Year
|
100%
Participation
|
| 5-Year Invesco Peak II High Water Mark Participation Rate |
High Water Mark (Quarterly)
5-Year
|
100%
Participation
|
| 2-Year Invesco Peak II High Water Mark Participation Rate |
High Water Mark (Quarterly)
Biennial
|
70%
Participation
|
| 1-Year Fixed Account |
Fixed
|
2.75%
Fixed
|
| 1-Year Nasdaq-100 PTP Cap |
Point to Point
Annual
|
5%
Cap
|
| 1-Year Invesco Peak II PTP Participation Rate |
Point to Point
Annual
|
85%
Participation
|
| 1-Year S&P 500 PTP Cap with Bailout |
Point to Point
Annual
|
5.25%
Cap
|
| 1-Year S&P Global Diversified 7.5% PTP Participation Rate |
Point to Point
Annual
|
85%
Participation
|
| 1-Year BofA USA Growth FC 10 PTP Participation Rate |
Point to Point
Annual
|
60%
Participation
|
| 1-Year S&P 500 Performance Trigger |
Performance Triggered
Annual
|
4.75%
Performance triggered
|
Surrender schedule
| Year | 1 | 2 | 3 | 4 | 5 | 6 | 7 |
|---|---|---|---|---|---|---|---|
| Penalty | 9% | 8% | 7% | 6% | 5% | 4% | 3% |
Riders
| Name | Inbuilt | Fee |
|---|---|---|
| WealthLock Income Builder GLWB Rider | Yes | 1.00% annually |
Waivers
No Waivers for WealthLock Income Builder 7 annuity.
Withdrawal Provisions
Penalty-Free Withdrawals Up to 10% of the Contract Value may be withdrawn without any Withdrawal Charge or Market Value Adjustment (MVA) after the first Contract Anniversary. A withdrawal from your Contract Value will reduce the Guaranteed Lifetime Withdrawal Benefit (GLWB) rider’s Benefit Base (and thus the amount of future lifetime income withdrawals) proportionally prior to the rider’s activation. Withdrawal charges may vary by state. Market Value Adjustment (MVA) Subject to the exceptions stated in the contract, an MVA will be applied if part or all of the Contract Value is withdrawn above any allowable free amount. The MVA can be positive or negative.
Company Founded: 2021
Excellent Rated
Company
Company Ratings
4.3
- A.M. Best A-
- Comdex 56
Assets: $3,079,080,253
California
