Ibexis Life MYGA Plus 7
Current Fixed Rates
| 5.43% | $100,000 | — | $2,000,000 |
| 5.17% | $10,000 | — | $99,999 |
The Ibexis Life MYGA Plus 7 is a single-premium, simple interest fixed annuity with a seven-year rate lock. After seven years, owners have a 30-day window to withdraw, transfer, or reinvest their full account value. If no action is taken, a new seven-year term begins with a new surrender schedule.
This is not a compounding annuity. The rates above reflect the compounding equivalent rate. The simple interest rates are higher, at 6.40% and 6.05% for the two rate bands, respectively. (Simple interest annuity policies usually work best when the interest gains are withdrawn at least annually.)
The highest rate applies to deposits over $100,000; a lower rate applies to deposits between $10,000 and $99,999. Additionally, owners can allocate up to 50% of their funds to an index-linked S&P 500 account if desired. If the S&P 500 increases by any amount, the full indexing capped rate is credited to the contract for that year.
Qualified and non-qualified funds are accepted. This account is RMD-friendly after 12 months. There are no surrender penalties upon passing.
Rates in California are approximately .10% lower. The maximum issue age in Florida is 64.
More Annuity options from: Ibexis Life
Notable Features
This is a simple interest policy (with a compounding equivalent rate) and a unique S&P 500 indexing option. The contract also includes Terminal Illness, Long-Term Care, and Annuitization waivers at no cost. Please see the contract and brochure for more details. Systematic withdrawals are available in year two.
Additional Details
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Term
7 Years
Free Withdrawals Yr1 / Yr2+
0% / 10%
Additional Withdrawal Information
This account offers 10% free withdrawals after 12 months. There are no free withdrawals in the first year. IRA owners with Required Minimum Distributions in year 1 should make those withdrawals before the annuity is set up if they haven't satisfied them elsewhere.
Surrender Schedule
7.75%, 7.50%, 7.25%, 7%, 6%, 5%, 4%, 0%
Maximum Age
80
Minimum Investment
$100,000
Maximum Investment
$2,000,000 without prior approval
What We Like About This Annuity
This is one of only a few policies that offer a simple interest rate and include 10% free withdrawals. This works well for those who withdraw interest earnings regularly (or RMDs) and don’t need a compounding annuity. The policy also offers an optional indexing account linked to the S&P 500 for additional growth opportunities.
Other Popular Products
Ibexis Life is best known for its innovative fixed annuities, but the company also offers fixed-indexed annuities with strong upside potential. Their FIA Plus and WealthDefender accounts are suitable for those wanting market exposure and higher growth options.
About Ibexis Life
Ibexis Life
AM Best Rating: A- Excellent (4th of 13 ratings)
https://ibexis.com/
About Ibexis Life & Annuity Insurance Company
This technology-driven insurance company specializes in fixed and fixed-indexed annuity policies. Originally founded as Ibexis in 1937 and located in Washington State, they have since been acquired, rebranded, and redomiciled in Lincoln, Nebraska. They boast an A- rating with AM Best and are licensed in 46 states as well as DC.
Their asset manager is Investcorp – a consortium that manages over $50 billion in assets. The company’s mission is to help consumers stabilize their assets while providing for a more comfortable and predictable retirement.