Ibexis 5 Year MYGA Plus Fixed Annuity
The Ibexis MYGA Plus 5 Year fixed annuity currently pays a guaranteed annuity rate of 5.80%; which is guaranteed for the duration of the 5-year contract. However, this annuity pays simple interest – that is a very important fact when considering an annuity.
What Does Simple Interest Mean?
The table below compares a $100K annuity that earns 5.80% simple interest to an annuity earning 5.80% compounding interest. As you see the annuity that earns compounding interest earns an additional $3,565 over the course of 5 years.
Ibexis Annuity Rates
MYGA Plus Contract Terms
Guaranteed Interest Rate Option: 5.80% Simple
The Ibexis MYGA Plus is a multi-year guaranteed, single-premium deferred fixed annuity with an Index-linked Option offered by Ibexis Life & Annuity Insurance Company.
The Ibexis Plus MYGA Plus functions like a traditional multi-year guaranteed annuity (MYGA) product: it offers a Fixed Rate Option that credits a simple guaranteed interest for a specific. In addition, MYGA Plus offers an additional premium allocation option.
In the same contract, you may also allocate up to 50% of your premium to an Index-Linked Option, which credits a guaranteed fixed amount if the S&P 500 increases during any annual period.
Index-Linked Option: 7.20%
Offers a fixed annual rate that will be credited only if the tracked index (currently the S&P 500) is higher than the previous year on a point-to-point basis. This is evaluated each year on the contract anniversary. If the index is higher than the previous year’s value, even by 1 point, the specified index Linked Option rate will be credited to your contract.
You can allocate 0% up to 50% of your total premium.
Free Surrenders and Withdrawals
After the first contract anniversary, 10% of the accumulation value from the previous contract anniversary is available for withdrawal free of any surrender charges
Surrender Charge Schedule
The initial interest rate is guaranteed for the selected 3-, 5-, or 7-Year Guarantee Period. Prior to the end of any guarantee period, contract holders will have a 30-day window to choose one of the following options:
- Renew their contract with a new rate into the same Guarantee Period (New Surrender Charge Schedule and MVA will apply)
- Withdraw some or all their accumulated account value free of surrender charges and MVA.
This renewal process will continue until the contract is surrendered, annuitized, death of the contract owner(s), or age 95.
Systematic Withdrawal Provision
Two automatic payment options for payment of either a specific amount or interest only on a repetitive basis. Minimum payment per mode is $100. Frequency: monthly, quarterly, semiannual, or annual.
5 Year Term: 0-85
If jointly owned, eligibility is based on older owner’s age
Premium Deposit Limits
Maximum Premium: $1,500,000.00
After the first contract year, the contracts account value can be annuitized under any annuity option outlined in the contract.
Rollovers from IRAs, 401(k), 403(b), pension or profit sharing plans.
Prior to the Annuity Income Date, the death benefit is equal to the contract value at the time of death, free of Surrender Charges and MVA (if applicable)
Not available in: AL, CA, FL, NH, NJ, NY, PR, TN, VT, VI, WI
Compare Ibexis Annuities to other Top Companies
|Term||Insurer||Company Profile||Annuity||Rate||AM Best||Apply|
|5 Years||Ibexis Life||Ibexis MYGA Plus||5.80% Simple||A-|
|5 Years||Farmers Life||Safeguard Plus||5.50%||B++|
|5 Years||Atlantic Coast Life||Safe Haven 5||5.45%||B++|