The Athene Ascent Pro 7 is a single premium, fixed indexed annuity product with a 7-year surrender charge duration, as well as a provision for Market Value Adjustment. Investors can choose their preferred interest crediting strategies from S&P 500 and a number of other top indices. The Ascent Pro 7 is currently not available in PR, NY, and VI.
Product Features
a) Minimum Interest Credit
This product offers a Minimum Interest Credit, which is a unique feature compared to other fixed indexed annuities. The Ascent Pro 7’s Minimum Interest Credit stipulates that IF at the end of the withdrawal charge, the investor’s total interest credited to his or her accumulated value is below the Minimum Interest Credit, then the company automatically offers a one-time interest credit that’s equal to the difference. This Minimum Interest Credit is calculated based on a set percentage of the investor’s Initial Premium, minus withdrawals and any charges.
b) Issue Ages
The issue age for the Athene Ascent Pro 7 is 0-83 years in most states. Annuitization Age is before the owner’s 95th birthday.
c) Minimum and Maximum Premiums
The minimum allowed single premium is $5,000, and the maximum allowed single premium is $1,000,000.
d) Riders Available
The Ascent Income Rider is available with the Ascent Pro 7 annuity product. This Guaranteed Lifetime Benefits Rider has 6 varying options to choose from. When comparing lifetime income riders, there are many caveats that come into play. It’s advisable that you contact a skilled annuity product specialist who can help you evaluate these riders and help you make an informed choice.
e) Free Withdrawals
Starting the first year of the contract, investors in this annuity can take withdrawals of up to 10% of their annuity’s Accumulated Value each year, without being subjected to withdrawal charges, Market Value Adjustment, or the applicable Bonus Vesting Schedule.
f) Minimum Distributions
If this annuity is bought with ‘tax-qualified’ money such as an IRA, the IRS might require the investor to take the “required minimum distributions” from their contract each year. Any such required minimum distributions are not subjected to market value adjustment or withdrawal charges. There are considered to be part of the contract’s free withdrawal threshold.
g) Systemic Withdrawals
With the Ascent Pro 7, System Withdrawals are available on a monthly, quarterly, semi-yearly or yearly frequency. The minimum allowed account value is $2,000, with the minimum withdrawal amount being $500.
h) Confinement Waiver
Any time past the first contract anniversary, the annuity owner is allowed to take withdrawals up to 100% of their contract value if they’re confined to a qualified care facility for a period of time not less than 60 consecutive days.
i) Terminal Illness Waiver
Athene’s Ascent Pro 7 fixed indexed annuity offers withdrawals of up to 100% of the accumulated value if the annuitant is diagnosed with any terminal illness that’s expected to result in their demise within a year. This waiver is only available after the first contract anniversary.
j) Death Benefit
Upon the death of the annuitant, his or her appointed beneficiaries receive a death benefit that’s the greater of their Accumulated Value, or the Minimum Guaranteed Contract Value.
Need Some Help with this Annuity?
Fixed indexed annuities must be quoted to be accurately compared to other competing products. Furthermore, interest rates and the specific terms surrounding each product might change without notice. It’s important that you get some hand holding from a skilled annuity product pro who can guide you to the right product for your precise needs.
