Athene life insurance is a leading retirement coverage plan in all 50 states in the US since 2009. But, it changes to focus on giving retirement benefits through individual and group annuities in 2013. Athene life insurance reviews types of annual plans and other detailed information for you.
Is Athene Life Insurance Company good to choose? The company feels sure the annuity plan can guarantee the welfare of the policyholders in their retirement. Besides providing annuities, Athene adds a rider insurance policy.
Athene Annuity Plans For Individual And Group
There are five kinds of annuity plans for individuals and groups in Athene Life Insurer. Each plan is sold lump-sum and fixed in all 50 states, Washington D.C. and Puerto Rico. The policyholders can start their minimum deposit of $10,000 and it includes a variety of riders.
Some annuity plans do not ask for an additional charge. People can join the plan from 0 to the age of 85 but it depends on the product chosen. Turn back to the Athene available plans, here are the types:
The Agility 10 from Athene is sold for the policyholders the ages 40 to 80 with a minimum premium payment of $10,000. This plan gives a maximum annual withdrawal of 10% both premia paid and accumulated value. Athene life insurance reviews the annuity earnings are indexed.
People can use the Agility 10 provides no additional charge for income and death benefits riders. It implies the death benefits given to the beneficiaries through two options when they passed away. The beneficiaries should choose between contract guarantee value or accumulated value and the rider death benefit policy.
Ascent Pro 10 Bonus
Secondly, Athene offers Ascent Pro 10 Bonus for the applicants the ages 35 to 80. The product is a fixed annuity with a minimum premium of $10,000. But the minimum premium is affected by the lifetime income withdrawal beginning or at least 20 years of the accumulation period.
Ascent Pro 10 gives a premium bonus of 3% and the earliest lifetime income can be elected at the age of 50. Confinement or terminal illness causes waived withdrawal charges and the plan can grow through adjusted or earnings-indexed or level and inflation.
Next, Athene releases MaxRate annuities in three types including MaxRate 3, MaxRate 5, and MaxRate 7. The MaxRate 3 is available for applicants between the ages of 0 to 85 with a 3-year fixed strategy rate on the initial premium. Meanwhile, the MaxRate 5 and & 7 are available for the ages 0 to 83 with a 5- and 7-year fixed strategy rate on the initial premiums.
The third MaxRate annuities add a 1-year fixed strategy rate at the end of the contract term and on the additional premiums. Withdrawal charges are waived because of confinement and or terminal illness.
Then, the death benefit policy is provided for the beneficiaries with greater the minimum guaranteed contract value and the accumulated value. However, MaxRate annuities in New York provide a full accumulated value to the beneficiaries.
Athene life insurance offers six types of Performance Elite Plans with a minimum premium paid of $10,000. Besides that, it gives a return to the premium rider for a fee of 0.95% accumulated value. The Athene life insurance reviews the six different annuities including Elite 7, Elite 7 Plus, Elite 10, Elite 10 Plus, Elite 15, and Elite 15 Plus.
Elite 7 series are provided for the applicants in the ages 0 to 83, Elite 10 series for the ages 0- 78, and the Elite 15 series are for the ages 0-73. There are premium bonuses between 0% and 15% with frees starting as early as year one depending on the plan chosen.
Withdrawal fees are waived due to terminal illness or confidence if applicable. The fact, the series do not include a death benefit if the applicants die. Even though, the beneficiaries will receive greater the return of premium benefit (if purchased), accumulated value, or minimum guaranteed contract value.
Single-Premium Immediate Annuities (SPIA)
Athene’s SPIA is a plan requiring a lump-sum upfront single premium payment that helps financially protect the applicant’s future retirement from the first day. There are three series of SPIA annuity plans including Annuity Certain, Life, and Installment Refund Life, and other options. Annuity Certain is offered for the ages 0- 85, Life and Installment Refund Life is for the ages 5 to 80, and all other options are for the ages 5-85.
The Athene’s SPIA gives guarantee annuity periods of 5, 10, 15, or 20 years with a minimum premium of $10, 000. Plans are offered either joint or single-life benefits and the applicants can begin immediately.
Available Riders On Annuity Plans Chosen
Athene provides available rider options based on the current annuity plan chosen with some of them included at no extra charge. There are a few different rider options such as death benefit rider, return of premium benefit, accumulator legacy rider, income rider, and terminal illness waiver.
Death Benefit Rider
It is an available rider option with a base benefit value and can grow over time without being impacted by future withdrawals. If the applicants pass away, the guaranteed death benefit can be paid to beneficiaries as a multiple-year installment or a lump-sum payout.
Return Of Premium Benefit
The Return of Premium Benefit in Athene is available after the fourth contract year. It can recoup the initial purchase premium minus any prior withdrawals if the applicants need to surrender the annuity in the future.
Accumulator Legacy Rider
It is an optional rider from Athene Life Insurance with up to 8% Simple interest growth for some plans with an additional fee. This option is available on the plans for up to 10 years by providing beneficiaries with two different payout options when the applicants pass away.
Athene life insurance reviews the Income Rider belongs to no charge on certain annuities. With guaranteed growth, the rider ensures the annuities value will increase each year. However, it grows with various minimum percentages based on the type of plan purchased and the contract year.
Terminal Illness Waiver
The Terminal Illness Waiver is only applied after the first contract anniversary has passed but it allows annuitants to withdraw up to 100%. It is the withdrawal of annuity with accumulated value without fee or penalty.
Pice Of Athene Life Insurance Annuities
Athene’s Company is still called a life insurance firm though it (annuities) works differently from the life insurance policy. Most annuity plans do not require underwriting as it is guaranteed and can be purchased by anyone. But, the purchaser must qualify and be able to pay the initial premium.
The company gives an annuity price depending on how much protection the applicant wants. Alongside that, it is according to the provided plan in the retirement and for how long. Some annuities allow the annuitants to choose a single lump-sum payment. But others hope for them to continue using regular contributions.
For more information, the more contribution of an annuity plan and the greater the annuity’s growth, the more income provided. It is provided in retirement and for a longer period.
Excellent Rating of Athene Life Insurance
Athene life insurance gets an “A” excellent rating from the third-party rating of AM Best. The rating is assigned as a financial strength with overall stability and projected strength. In 2020, Athene life insurance reviews the rating of the company ranked fourteenth among annuities carriers.
It is given by another third-party rating of J.D Power based on availability, pricing, products, and customer satisfaction. Both rating agencies make the customers regard Athene as a good life insurance and annuity company.
Pros And Cons of Athene Life Insurance
Each life insurance firm including Athene has pros and cons and it is important to know. There are some points inside the pros and cons of the company such as below:
Athene annuities are available in Washington DC, Puerto Rico, and in all 50 states of the United States. This plan is also available in the District of Columbia. Many different annuities are offered with the additional rider in some plans.
At least, Athene releases four different individual annuity plans with a variety of additional riders and features. The next benefit is the accumulated growth and the interest credit can be locked.
Certain annuities allow the annuitants to lock their accumulated growth on the contract anniversary dates. This way will protect any accumulated value from being lost when the market goes down.
Although it is called Athene life insurance, the insurer only sells individual and group annuities. The insurer offered whole life, universal life, and term life contract before 2013. Later on, the annuity contract must be purchased through a financial professional.
Athene life insurance reviews said the company does not provide the option for contract purchasing or online quotes. Otherwise, the applicants must work with a local Athene financial professional if they want to purchase an annuity contract.
Cancellation Policy in Athene’s Annuities
The company allows to cancel or surrenders the policy that they chose but it may be costly. It is depending on the type of annuity plan, additional rider, and how long they have held the plan. Usually, the annuitants can get penalties and withdrawal fees.
For example, the annuitants may get a 10% early withdrawal fee if take money out of their annuity before age 59½ and cancel the policy. Additionally, there will be surrender fees for canceling your contract ahead of schedule.
Athene Overview And Customer Service
Athene began trading in 2016 through the New York Stock Exchange and raised $1.1 billion. Then, it got the title of third-largest IPO through its initial public offering and earnings. At this time, Athene’s life insurance boasts more than $205 billion in assets.
People can find Athene across the United States and U.S. territories and it is founded in 2009. It runs as individual and group annuities with monthly, quarterly, semi-annually, annually, or lump-sum payment plan options.
The annuitants can contact Athene customer service at -888-ANNUITY (1-888-266-8489) (by phone). You can use it to buy or make changes to an existing contract and it serves you from Monday to Friday between 8 a.m. to 5 p.m. Athene has an official website on www.athene.com.
Athene is used as a life insurance company with several policies including term life, whole life, and universal life. However, it has changed into individual and group annuity plans with the additional rider with the price rate based on the annuity chosen. All annuity plans provide a minimum premium of $10,000.
The company offers a lot of annuity plans and riders to annuitants with pros and cons. But, Athene life insurance reviews conclude it is a good and recommended firm for retiring with an excellent (A) rating from the third-party rating agencies. For more detailed information, the company provides a customer service phone number and website, and it is spread in all 50 states in the US.