Athene IA Benefit 10 Select is a single premium, fixed indexed, 10-year surrender duration annuity product. The Benefit 10 Select annuity from Athene offers a significant 4% premium bonus that’s subjected to a 10-year vesting schedule. The Benefit 10 Select also comes with the Enhanced Benefits Rider from Athene IA, which encompasses various benefits such as enhanced income benefit, lifetime income withdrawals, terminal illness benefit, confinement benefit, and rider death benefit, all of which are calculated from a common benefit base. This rider is automatically attached to all Benefit 10 Select contracts, and attracts an annual fee. Annuitants may not be able to cancel this rider until after their 10th contract anniversary.
As of May 2017, this annuity was only available in CT, AK, LA, DE, MN, MD, NV, NJ, OK, OH, PA, OR, TX, SC, WA, and UT.
Athene Benefit 10 Select Annuity Facts
Issue Age
The issue age is no more than 78 years.
Annuitization Age
Annuitization must be before the contract owner’s 95th birthday. Annuitants who are nearing the age of 95 should consult their trusted annuity products specialist to discuss options.
Minimum and Maximum Premiums
The minimum premium allowed is $5,000, and the maximum is $1,000,000.
Free Withdrawals
Starting the first contract year, annuitants can take up to 10% of their accumulated value in withdrawals each year. The 10% is calculated from the accumulated value amount on the previous contract anniversary.
Minimum Distributions
RMDs (Required Minimum Distributions), which are a tax law requirement for annuities that were funded with tax-deferred money such as IRAs, are counted as part of the free withdrawals, and thus are exempted from any charges, market value adjustments, and vesting schedules.
Confinement Waiver
The confinement waiver that’s part of the Enhanced Benefits Rider in the Benefit 10 Select fixed indexed annuity allows investors to access up to 100% of their accumulated value in the event they’re confined to a nursing home for a minimum 60 consecutive days. This benefit is only available after the first contract anniversary.
Terminal Illness Waiver
The terminal illness waiver is also included in the Enhanced Benefits Rider that comes automatically with this product. This waiver allows annuitants access to 100% of their accumulated value in the event they’re diagnosed with a terminal illness that’s expected to cause death within a year. The waiver is also only available after the first contract anniversary.
Death Benefit
Upon the annuitant’s death, a death benefit is paid out to elected beneficiaries. This payout is exempted from withdrawal charges, market value adjustments, and any applicable vesting schedule for the bonus.
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