Company Information
Company Name
Aspida Life
Product Name
Aspida Life Synergy Choice 2
Description
The Aspida Life Synergy Choice 2 is a short-term, single-premium fixed annuity with a two-year rate guarantee and an MVA provision. After two years, the full account value is available for withdrawal, transfer, or reinvestment. If no action is taken at maturity, the entire account balance remains completely liquid and is credited a minimum guaranteed interest rate.
Two rate bands are offered. The highest rates are for amounts above $100K, and lower rates are available for deposits between $25k and $99.9K. Two optional free withdrawal riders are available, which will lower the yearly interest rate. Free interest withdrawals decrease the yearly rate by .10%, while 10% free withdrawals lower the rate by .20%.
The owner must also be the annuitant unless the policy is owned by a trust. Joint annuitants are allowed and accepted. This account accepts both qualified and non-qualified assets. There are no surrender charges upon death.
AM Best Rating
A- Excellent (4th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 0%
Rates
| 4.65% | $100,000 | — | $1,000,000 |
| 4.50% | $25,000 | — | $99,999 |
Term
2 Years
Minimum Investment
$100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 0%
What We Like About This Annuity
Short two year fixed annuity from a well-rated insurance company. The account does not automatically renew for a new term at maturity. There are no surrender penalties at passing of the owner/annuitant. Joint annuitants and corporate ownership are allowed.
Notable Features
Optional free interest and 10% free withdrawal riders are available, but lower the yearly rate accordingly. The policy can be annuitized (guaranteed income stream) penalty-free after twelve months.
Other Popular Products
Aspida offers several multi-year guaranteed annuities including Advisory & Weathlock lines of business. They also have very competitive fixed-indexed annuity accounts with unique indexing options for maximum growth potential.
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About Aspida Life Insurance Company
Aspida Life is a technology-driven annuity provider built to ease investing for consumers and brokers alike. They use a paperless, digital platform to increase speed from application submission to annuity policy placement. Their stated goal is to provide more returns with less risk for their policyholders.
They are backed by Ares Management Corporation which boasts $447 billion of assets under management. Ares is a global investment manager specializing in investment solutions across several different asset classes. Prompt and knowledgeable customer service is one of their hallmarks.