Athene Performance Elite 7 vs EquiTrust MarketPower Bonus Index (2026): FIA Head-to-Head

1. Side-by-Side Spec Sheet

Specs current as of May 2026. Participation rates, caps, and bonus structures change frequently and vary by state, age, and premium amount. Confirm current terms before purchasing.

2. Premium Bonus: 15% vs. Zero EquiTrust

This is the cleanest divergence between the two products. Athene Performance Elite 7 has no premium bonus. Athene’s product strategy on Performance Elite is to push value into ongoing participation rates instead of front-loading a bonus. EquiTrust does the opposite: a category-leading 15% premium bonus credited immediately on Year 1 deposits, fully vested in your Accumulation Value, earning index credits from Day 1.

On a $100,000 deposit, EquiTrust starts you with $115,000 working from Day 1. Athene starts you at $100,000. For the bonus alone to be worth EquiTrust’s longer surrender and lower carrier rating, it needs to outweigh the difference in ongoing crediting performance over your holding period. We work that math in section 7.

Important nuance: EquiTrust’s bonus is unusually consumer-friendly because it is not subject to a separate vesting or clawback schedule. Most large-bonus FIAs (20%+ structures) require you to hold the contract for 10+ years before the full bonus is yours, or pay it back in chunks if you walk away early. MarketPower’s 15% is yours from issue, included in the death benefit at 100%, and only the standard surrender charge applies on full surrender.

Compare against the broader market in our Top 20 Best Bonus Annuity Rates roundup.

3. Surrender Schedule and Liquidity Athene

Athene wins this category decisively. The Performance Elite 7 surrender schedule:

Athene’s 7-year curve starts at 8.50% Year 1 and steps down to 2% by Year 7. EquiTrust starts at 20% in 14-year states. Even in the reduced 10-year states (AK, CT, DE, ID, IL, MN, MT, NJ, NV, OH, OK, OR, PA, TX, UT, VT, WA), EquiTrust’s 17% Year 1 charge is double Athene’s.

Both contracts allow 10% annual free withdrawals of Accumulation Value after Year 1, both apply Market Value Adjustments on excess withdrawals during the surrender period, and both include nursing home and terminal illness waivers as escape hatches.

The practical question: can you commit for the full surrender period? If you might need significant liquidity in years 1-7, Athene is the only realistic choice. If you can commit for 10+ years and live in a 10-year state, the gap narrows. If you live in a 14-year state, the EquiTrust commitment is genuinely long.

4. Index Options and Crediting Strategies Athene (mostly)

This is where the two products’ design philosophies most clearly diverge.

Athene Performance Elite 7: All participation, no caps

Athene runs an entirely participation-rate model with annual point-to-point crediting and no S&P 500 cap. Headline strategies (current rates):

• BNP Paribas Multi-Asset Diversified 5 (BNPIMAD5) 2-year PTP at 335% participation (fee-based) – the lineup standout. Index review here.
• BNPIMAD5 1-year PTP at 235% participation (fee-based)
• AI Powered Global Opportunities at 175% participation (fee-based) / 140% (no-fee)
• Fee-based strategies charge 1.25% annually; no-fee versions available with reduced participation

Athene’s pitch: skip the bonus, pay a small fee, get equity-linked exposure on highly leveraged participation rates that can produce backtested annualized returns above 12% in benign markets.

EquiTrust MarketPower: Mixed model, MARC 5% headline

EquiTrust offers 10 crediting strategies across four indices. Highlights (current rates):

• 2-Year S&P 500 Dynamic Intraday TCA at 80% participation – 10.29% historical (the actual standout most producers do not lead with)
• 1-Year S&P MARC 5% ER at 160% participation – 8.53% historical (the marketing headline)
• 1-Year S&P 500 PTP Cap of 5.75% base / 8.00% with 1% buy-up fee – below-market vs. peers
• Barclays Focus50, Performance Trigger, Monthly Sum Cap, Monthly Average – mostly mid-single-digit historical returns

The honest comparison

Athene’s headline participation rates are dramatically higher. But comparing 335% (Athene BNPIMAD5) vs. 160% (EquiTrust MARC 5%) is misleading because both indices are volatility-controlled – Athene compensates for that dampening with a higher participation rate, EquiTrust compensates less. What matters is forward-looking annualized credit, not the participation number.

For a typical S&P 500-style allocation, our realistic forward expectation is:

• Athene fee-based BNPIMAD5: 6-9% annualized (after the 1.25% fee), with bigger swings tied to the underlying index
• EquiTrust 2-Year S&P 500 TCA: 5-7% annualized, reasonably close to half of S&P 500 returns
• EquiTrust S&P MARC 5% at 160%: 4-7% annualized in normal vol environments

Athene wins the upside ceiling. EquiTrust wins the downside floor (because the 15% bonus gives you a meaningful starting cushion). For a deeper take on how to read participation rates, see FIA Participation Rates: What Counts as Good.

5. Carrier Financial Strength Athene

This is a clean win for Athene.

Athene is one of the largest FIA carriers in the U.S. and is affiliated with Apollo Global Management. EquiTrust is solvent and well-capitalized (109% solvency ratio, Magic Johnson Enterprises ownership, ten consecutive years on Ward’s 50), but its AM Best rating sits one full letter grade below Athene’s.

For most buyers, both are acceptable carriers – state guaranty associations add a layer of protection regardless. For conservative buyers placing a large portion of their retirement assets, Athene’s higher ratings are a real advantage. See our full EquiTrust company review and Athene company review for the deeper picture.

6. Death Benefit and Waivers Tie

Both products handle death benefits and ancillary protections well, with EquiTrust slightly edging Athene on the bonus inclusion:

• Death benefit: Both pay full Accumulation Value to beneficiaries with no surrender charge. EquiTrust explicitly includes 100% of the bonus.
• Free withdrawals: Both allow 10% of AV annually after Year 1, no surrender charge or MVA.
• Nursing home waiver: Both include this at no cost (state-dependent).
• Terminal illness rider: Both include this at no cost.
• Free-look period: Standard state-mandated review window on both.

Net: very close. EquiTrust’s explicit “100% of bonus included in death benefit” language is a meaningful edge for legacy-focused buyers, but for most clients these waivers function similarly.

7. Realistic 10-Year Accumulation Math

Hypothetical: a 60-year-old places $100,000 in each product and holds 10 years. We’ll model two scenarios per product – a bullish scenario and a normal scenario.

Hypothetical illustrations only. Actual results depend on declared rates, index performance, and contract terms. Bullish/normal scenarios assume constant annualized credits, which never happens in practice; this simplification is for directional comparison only.

What the math tells you: the 15% bonus is a structural head start that’s hard for Athene to overcome at moderate (4-6%) crediting rates. At higher rates (9%+), Athene’s BNPIMAD5 catches up but does not fully close the gap on a 10-year horizon – and the 1.25% fee drag reduces Athene’s net result. For a 10-year hold, EquiTrust’s bonus tends to win. For a 7-year hold, Athene’s shorter surrender means you actually have your money when EquiTrust does not.

Push the horizon to 14+ years and the comparison changes again – Athene’s surrender ends at Year 7, freeing capital to redeploy. EquiTrust is still inside its surrender window in 14-year states. That redeployment optionality is worth real money over long horizons.

8. Who Should Pick Which

Pick Athene Performance Elite 7 if:

• You want the shortest practical surrender period for an FIA (7 years).
• You want a top-rated carrier (A+ across all three rating agencies).
• You’re comfortable paying a 1.25% strategy fee for higher participation rates.
• You want exposure to next-generation indices like BNPIMAD5 or AI Powered Global Opportunities, not just S&P 500 derivatives.
• You have $25,000+ to invest and might want to redeploy capital after Year 7.
• Liquidity in years 1-7 is a real possibility.

Pick EquiTrust MarketPower Bonus Index if:

• You want a large, immediate, fully vested premium bonus (15%) and value the head-start math.
• You can commit for 10-14 years with high confidence.
• You have $10,000-$25,000 and the Athene minimum is a barrier.
• You live in one of the 17 reduced-charge states (the 10-year schedule changes the math meaningfully).
• The 100% bonus inclusion in the death benefit is important for your legacy plan.
• You prefer S&P 500-anchored crediting strategies (Dynamic Intraday TCA is the standout).

Pick neither if:

• You need guaranteed lifetime income – both are pure accumulation products. See our best FIAs with income riders guide instead.
• You need significant liquidity in years 1-7 beyond the 10% annual free withdrawal.
• You’re under age 50 – long surrender periods on FIA contracts rarely fit accumulation needs at younger ages.

9. Bottom Line

Both products are competitive in their respective lanes. Athene Performance Elite 7 is the better choice for shorter horizons, top-tier carrier ratings, and rate-driven accumulation – particularly for buyers who want to be free of the contract by their early 70s and can absorb the 1.25% fee on the headline strategies.

EquiTrust MarketPower Bonus Index is the better choice for longer horizons, smaller minimums, and clients who explicitly value the upfront 15% bonus – particularly in the 17 reduced-charge states where the surrender schedule shrinks to 10 years.

If you cannot decide between them, the deciding factor is usually holding period. Honest answer about how long you can leave the money alone > everything else in this comparison.

For broader context, see our Top 10 Best FIA Companies ranking and Best FIAs for the Accumulation Phase.