Company Information
Company Name
Aspida Life
Product Name
Aspida Life Synergy Choice 7
Description
The Synergy Choice 7 is a longer term, single premium fixed annuity with a seven-year rate guarantee and an MVA provision. After seven years, the full account value is available for withdrawal, transfer, or reinvestment. If no action is taken at maturity, a new term and rate will begin with new surrender charges.
Accounts between $25 – $100K are available and will be credited with a lower interest rate. Monthly interest withdrawals are allowed and included at no cost. There are no surrender charges at death on the standard contract.
The owner must also be the annuitant unless owned by a trust and joint annuitants are allowed. This account accepts both qualified and non-qualified assets.
AM Best Rating
A- Excellent (4th of 13 ratings)
Company Website
Product Type
MYGA (Multi-Year Guaranteed Annuity)
Free Withdrawals Yr1 / Yr2+
Int / Int
Rate
5.30%
Term
7 Years
Minimum Investment
$100,000
Maximum Investment
$1,000,000 without prior approval
Maximum Age
90
Surrender Schedule
9%, 8%, 7%, 6%, 5%, 4%, 3%, 0%
What We Like About This Annuity
Longer term fixed annuity from a well-rated carrier offering free monthly interest withdrawals. No surrender penalties at passing of the owner/annuitant.
Notable Features
An optional 10% free withdrawal rider can be added, but will reduce the yearly interest rate. Contract annuitization (income stream) is available 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
Aspida Life is a technology-driven annuity provider built to ease investing for consumers and brokers alike. 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.