Ibexis MYGA Plus 5 Year Fixed Annuity
Ibexis Fixed Annuity Rates 5 Year:
Deposits of $100K+: 6.15% Simple
Deposits less than $100K: 5.95% Simple
The Ibexis MYGA Plus 5 Year fixed annuity currently pays a guaranteed annuity rate of 6.15% simple interest guaranteed for the duration of the 5-year contract. How an investment credits interest is a very important factor to consider when comparing interest rates – click here to learn about simple interest.
Ibexis Annuity Contract Terms
Issue Ages
5-Year Term: 0-85
If jointly owned, eligibility is based on the older owner’s age
Premium Deposit Limits
Premium: $10,000.00
Maximum Premium: $1,500,000.00
Annuitization
After the first contract year, the contract’s account value can be annuitized under any annuity option outlined in the contract.
Qualified Plans
Rollovers from IRAs, 401(k), 403(b), pension, or profit-sharing plans.
Death Benefit
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, NJ, NY, PR, TN, VT, WI
Guaranteed Interest Rate Option:
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: 9.00%
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.
What Is Simple Interest?
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.
Simple interest pays interest on your initial deposit only whereas compounding interest credits interest based on the account value. So as your account value grows you are earning more interest than you would with an investment that pays simple interest.
Key Take-aways
- The Ibexis Annuity is likely not your best option if your objective is a safe accumulation and you do not intend to take any withdrawals from your annuity.
- If you are planning to take systematic withdrawals of interest each month then I would say Ibexis Annuities warrant consideration. If you are taking monthly withdrawals of interest compounding would never come into play.
About Ibexis
Ibexis Life & Annuity Insurance Company™ offers fixed annuities that are backed by their financial strength, dedicated service, and secure technology.
They have designed innovative annuity products that are designed to help you get the most out of your investments, increasing your wealth without any risk of principal loss.
Ibexis is licensed in all states and the District of Columbia except for Alabama, New Hampshire, New Jersey, New York, Tennessee, Vermont, and Wisconsin.
Compare Ibexis Annuity Rates
| Term | Insurer | Company Profile | Rate | Annuity | AM Best | Apply |
|---|---|---|---|---|---|---|
| 5 Years |  | Ibexis Life | 6.15% Simple | Ibexis MYGA Plus | A- | Apply |
| 5 Years |  | Atlantic Coast Life Safe Haven 5 Annuity | 5.75% | Safe Haven 5 | B++ | Apply |
| 5 Years |  | Nassau | 5.75% | MYAnnuity | B++ | Apply |
