Company Information
Company Name
Ibexis Life
Product Name
Ibexis Life MYGA Plus 5
Description
The MYGA Plus 5 is a single premium, (simple interest) fixed annuity with a five-year rate lock. After five years, owners have a 30-day window to withdraw, transfer, or reinvest their full account value. If no action is taken, a new five-year term begins with a new surrender schedule.
This is not a compounding annuity. The 4.86% rate below reflects the compounding equivalent rate. The simple interest rate (suitable for regular interest withdrawals) is 5.35%. Two rate bands are available. The highest rate is for deposits over $100K and a lower rate applies to amounts between $10K-$99.9K.
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.
Note: Rates in California are approximately .10% lower – and the maximum issue age in Florida is 64.
AM Best Rating
A-
URL
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
0% / 10%
Rate
4.86%
Term
5 Years
Minimum Investment
$ 100,000
Maximum Investment
$1,500,000 without prior approval
Maximum Age
85
Surrender Schedule
7.75%, 7.50%, 7.25%, 7%, 6%, 0%
What We Like About This Annuity
One of only a few policies offering simple interest. Works great for those who withdraw interest gains on a regular basis and don't want a compounding annuity. The policy also offers an indexing option linked to the S&P 500 for additional growth opportunities.
Notable Features
Simple interest policy with S&P 500 indexing option. Contract also includes terminal illness, long term care, and annuitization waivers at no cost. Systematic withdrawals available in year two.
Other Popular Products
Ibexis Life is best known for their innovative fixed annuities, but also offers fixed-indexed annuities with strong upside potential. Their FIA Plus and WealthDefender accounts are suitable for those wanting more market exposure.
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About Ibexis Life & Annuity Insurance Company
This technology-driven insurance company specializes in fixed and fixed-indexed annuity policies. Originally founded as Ibeixs 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.
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.