Athene IA Benefit 10 is a single-premium Indexed-deferred annuity that has a 10-year withdrawal charge duration, and offers up to 6% premium bonus (varies by age of annuitant) that’s subjected to a 10-year vesting schedule. The Benefit 10 annuity from Athene IA includes the Enhanced Benefits Rider, which is feature-rich and encompasses enhanced income benefit, lifetime income withdrawals, terminal ailment benefit, confinement benefit, and rider death benefit all calculated from a single base. This rider is automatically pegged to the contract, and attracts a yearly rider fee. Annuitants do not have the leeway to cancel this rider before their 10th contract anniversary.
As of May 2017, this annuity product was not available in NY, CT, OR, PR, and VI. Athene Benefit 10 Pro is a very close version of this product that’s only available in the state of Florida.
Athene Benefit 10 Facts
Issue Age
The issue age for this indexed-deferred annuity is no more than 78 years.
Minimum and Maximum Premium
The minimum premium amount is $5,000, and the maximum premium amount is $1,000,000.
Free Withdrawals
Starting the first contract year, investors can take withdrawals up to e 10% of accumulated contract value. The 10% if computed from the accumulated value reading on the previous contract anniversary.
Minimum Distributions
All required minimum distributions (as required by the IRS code for annuities funded with tax-deferred money) are counted as part of the contract’s free withdrawal amount.
Systematic Withdrawals
Systematic withdrawals are available on a monthly, quarterly, semi-yearly and annual basis. The minimum withdrawal amount is $100, while the minimum account balance is $5,000.
Confinement Waiver
Following the first contract year, the investor is allowed up to 100% access of their accumulated contract value if they’re confined to a care facility for at least 60 consecutive days.
Terminal Illness Waiver
Following the first contract year, if the annuitant is diagnosed with a terminal ailment that’s predicted to cause death within 1 year, they are allowed access to 100% of their accumulated contract value.
Death Benefit
If the contract still has got value when the annuitant dies, a death benefit is passed to appointed beneficiaries. This benefit will not be subjected to the bonus vesting schedule, withdrawal charges, market value adjustments.
Potential Advantages
- Flexibility – the Athene Benefit 10 annuity is a different kind of fixed indexed annuity that allows you choose what benefits you need, and when you need them.
- Tax-deferral – since this fixed index annuity is tax deferred, you don’t have to pay any taxes on the interest you’re earning till it’s paid to you.
- Enhanced benefit rider – the Enhanced Benefit Rider that comes with the Athene Benefit 10 annuity makes this a comprehensive annuity, with a guaranteed lifetime withdrawal benefit, enhanced withdrawal benefits, confinement benefits, terminal ailment benefits, and a death benefit.
