Is the Athene Aviator 5 a Good Annuity?
The Athene Aviator 5 is a 5-year fixed index annuity issued by Athene, designed for safe accumulation over a short term. If you want lifetime income instead, see our Athene Agility 10 review; for a 7-year option, the Athene Performance Elite 7. The verdict: 115% participation on a short term, but two of three indexes are backtest-only.
- Best for: savers with a 5-year horizon, such as a maturing CD, who want more upside than a MYGA.
- Not for: anyone who needs income, lives in CA or NY, or wants indexes with long live histories.
Athene Aviator 5 at a Glance
| Feature | Details |
|---|---|
| Purpose | Safe accumulation, short term |
| Carrier | Athene Annuity and Life Company[1] (AM Best A+) |
| Surrender schedule | 5 years: 10%, 9%, 8%, 7%, 6% |
| Market value adjustment | Yes, on excess withdrawals (how an MVA works) |
| Premium | $10,000 minimum, $1,000,000 maximum |
| Free withdrawal | 10% of accumulated value a year |
| Tax types | Non-qualified, traditional IRA, Roth IRA |
| Daily Values | Accrued index gains credited at death, annuitization, terminal illness or nursing home confinement |
| Guaranteed minimum value | $100,551 at year 10 on $100,000 if every index credits 0% |
| Fees, bonus and rider | No contract fee, no bonus, no income rider |
| Not sold in | CA, NY, Guam, Puerto Rico, U.S. Virgin Islands |
| Illustration basis | Age 65; $100,000; 50% BofA Multi-Asset FC 7, 25% Invesco QQQ FC 7, 25% S&P 500 cap |
What Does the Athene Aviator 5 Pay?
| Strategy (1-year point-to-point) | Rate | Index launched |
|---|---|---|
| BofA Multi-Asset FC 7 | 115% participation | October 2025 |
| Invesco QQQ FC 7 | 115% participation | October 2025 |
| S&P 500 | 9.25% cap | Live data since 1957 |
- Above-index participation: at 115%, a 10% index year credits 11.5%.
- 7% volatility targets: both FC 7 indexes de-risk automatically, so their swings are small.
- Index Lock and presets: lock a gain mid-term, or let a Conservative, Balanced or Growth preset rebalance for you.
- Benchmark it: compare these with current fixed index annuity rates from other carriers.
Hypothetical Historical Rate of Return
The illustration split $100,000 50/25/25 across the three strategies and repeated the latest 10 years forward.
| Year | Hypothetical value | Guaranteed minimum |
|---|---|---|
| 5 (end of surrender) | $164,782 | $93,799 |
| 10 | $238,743 | $100,551 |
- Backtest caveat: the 9.05% blended rate leans on two indexes launched in October 2025, so their history is simulated.
- Real data, lower number: the live S&P 500 cap strategy ranged from 5.82% to 7.33% a year.
- Our planning range: plan on 4% to 7% a year, and treat anything higher as upside.
- MYGA benchmark: At today's top 5-year rate of 7.00% (simple interest), $100,000 grows to about $135,000 over 5 years, a gain of $35,000. See current MYGA rates.
Hypothetical vs. guaranteed
Use our fixed annuity calculator to compare this hypothetical value to the guaranteed growth you would earn in a fixed annuity.
Get your Athene Aviator 5 illustration for your age and state
Send us your premium amount, your state, and when you need the money. We will come back with current numbers on this contract and comparable ones from the 90+ top annuity companies on our platform, in writing.
Athene Aviator 5 Strengths and Red Flags
What it does well
- Short term: 5 years, versus 7 to 10 on most FIAs.
- 115% participation: on both FC 7 indexes, with no contract fee.
- Daily Values: heirs keep accrued index gains if you die mid-year.
Red flags
- Backtest-only indexes: both FC 7 indexes launched in October 2025.
- Steep year-one charge: 10% on a 5-year contract, plus an MVA.
- Middling S&P 500 cap: 9.25% is fair, not exceptional.
- Volatility control trims upside: the FC 7 indexes give up big years in exchange for smoother ones.
- Limited availability: not sold in California or New York.
Final verdict: the Athene Aviator 5 is built for safe accumulation over 5 years. It earns our 4.0 rating for savers with a firm 5-year horizon. For lifetime income, the Athene Agility 10 fits better than the Athene Aviator 5.
Compare live rates on 137 fixed index annuities or visit our annuity review database.
This review is for educational purposes only and is not a recommendation or an offer to sell any annuity. Product features, index options, and rates can and do vary by state, and this product is not available for sale in every state. Always request a carrier illustration and work with a licensed annuity agent before you buy.
Frequently Asked Questions
What participation rate does the Athene Aviator 5 offer?
115% on both the BofA Multi-Asset FC 7 and Invesco QQQ FC 7 strategies. The S&P 500 strategy uses a 9.25% annual cap.
What are the surrender charges on the Athene Aviator 5?
10%, 9%, 8%, 7% and 6% in years 1 through 5. You can take 10% of your accumulated value each year free, and an MVA may apply above that.
Is the Athene Aviator 5 available in California or New York?
No. It is also not sold in Guam, Puerto Rico or the U.S. Virgin Islands.
Does the Athene Aviator 5 have an income rider?
No. It is built for accumulation only. For lifetime income, Athene's Agility 10 has a built-in income rider.
