Ibexis MYGA Plus Annuity Review (2026)

The Ibexis MYGA Plus, in plain terms

The Ibexis MYGA Plus is a single-premium, multi-year guaranteed annuity from Ibexis Life & Annuity Insurance Company. Like any MYGA, it locks in a rate for a set number of years in exchange for you leaving the money alone. What sets this one apart is a second sleeve you can add on top: an optional index-linked crediting option tied to the S&P 500, available on up to half of what you deposit.

This review focuses on the 5-year version of the contract, though Ibexis also offers 3-year and 7-year guarantee periods on the same basic chassis.

How interest is credited

Every dollar you do not steer toward the index-linked option earns a fixed rate for the entire guarantee period, credited as simple interest rather than compound. Understanding that distinction matters more than it sounds, since it changes how much you actually walk away with, and we cover the math below.

The optional piece works differently. You can direct anywhere from 0% up to 50% of your premium into the index-linked option, and each year on your contract anniversary, Ibexis compares the S&P 500's level to where it stood a year earlier. If the index closed even a single point higher, you earn a preset, guaranteed crediting rate for that year on the amount you allocated there. If the index is flat or lower, that portion simply earns nothing for the year, though it never loses value from a market decline. It is a point-to-point measurement, meaning only the start and end values on your anniversary dates matter, not anything that happens to the index in between.

Accessing your money

After your first contract anniversary, you can withdraw up to 10% of the accumulation value as of the previous anniversary each year without triggering a surrender charge. Beyond that allowance, withdrawals during your guarantee period run into the contract's surrender charges and, where it applies, a market value adjustment.

When your chosen guarantee period ends, you get a 30-day window to decide what happens next. You can renew into a new guarantee period at whatever rate Ibexis is then offering, which resets the surrender charge schedule and any market value adjustment along with it. Or you can withdraw some or all of your accumulated value with no surrender charge and no adjustment applied. If you do neither, the contract simply rolls into a new term automatically, and this cycle keeps repeating until you surrender the contract, annuitize it, pass away, or reach age 95.

If you would rather draw down the contract gradually instead of waiting for a renewal date, Ibexis offers a systematic withdrawal option in two flavors: a fixed dollar amount each period, or interest only. Either can run monthly, quarterly, semiannually or annually, with a $100 minimum per payment.

Simple interest versus compound interest

The difference between simple and compound interest sounds like a technicality until you see it applied to real dollars over several years. Simple interest calculates each year's earnings only on your original deposit. Compound interest calculates each year's earnings on your growing balance, including interest you already earned, so the gap between the two widens every year the money stays invested.

As a hypothetical example, using a 5.50% rate for both: $100,000 credited as simple interest for 5 years earns a flat $5,500 every year, for $27,500 in total interest and an ending value of $127,500. The same $100,000 credited as compound interest at the same 5.50% rate reaches roughly $130,696 over the same 5 years, a gain of about $30,696, or close to $3,196 more than the simple-interest version earned. Since the Ibexis MYGA Plus credits its fixed-rate portion as simple interest, that gap is worth factoring into any rate comparison you make against a compounding alternative. Our simple vs. compound interest calculator will run the exact numbers for your own deposit and rate.

Who the MYGA Plus fits

If your goal is pure accumulation, letting the money sit untouched for the full term, a MYGA that compounds is very likely to out-earn this one at the same stated rate, simply because of how simple interest is calculated.

Where the MYGA Plus makes more sense is for someone planning to draw the interest out regularly rather than let it build. If you are taking monthly or quarterly interest-only withdrawals from the start, the simple-versus-compound question mostly disappears, since compounding never had a chance to work in the first place. In that scenario, the rate itself, and whether the index-linked sleeve fits your risk tolerance, matters more than how the interest is calculated.

About Ibexis Life & Annuity Insurance Company

Ibexis Life & Annuity Insurance Company is the carrier behind the MYGA Plus and the rest of its fixed annuity lineup. The company positions its products around a straightforward promise: no risk to your principal, paired with a shot at extra growth through the index-linked option when the market cooperates.

Ibexis is licensed to sell annuities in most states and the District of Columbia, with a short list of exceptions that varies slightly depending on the specific product and disclosure you are reading, so confirm availability in your own state with a licensed strategist before you apply. As with any carrier, check its current financial strength rating on AM Best's site before committing a deposit, since ratings and outlooks can change.