Athene Maxrate Fixed Annuity Review
The Athene MaxRate 7 is a modified, flexible premium deferred annuity with a market value adjustment. The rate specified is for deposits of $100,000 or more.
Athene Fixed Annuity Guide
The Athene MaxRate is a flexible premium deferred annuity with a market value adjustment.
NOTE: Flexible premium means you can make additional deposits to your annuity contract.
The minimum single premium is $10,000 for qualified and non-qualified money. Surrender charges vary by guarantee period and state and are waived in the event of death, confinement, or diagnosis of a terminal illness. State variations may apply.
Withdrawals and taxable distributions may be subject to ordinary income tax and if made prior to age 59 1/2, may also be subject to a 10% federal income tax penalty. Guarantees are based on the claims-paying ability of the insurer. Products/features may not be available in all states.
This is an annuity contract issued by an insurance company and not a bank product protected by the FDIC. Premium Limits You can purchase an Athene MaxRate annuity with an Initial Premium of $10,000 – $2 million. Larger amounts are considered with company approval.
After you purchase your annuity you can continue to add money to it. Additional premiums can be added until the maturity date. For the additional premiums, there is a minimum contribution of $1,000, and the maximum 12-month contribution is $100,000.
Payments can be made monthly. Free Withdrawals Athene MaxRate annuities provide annual Free Withdrawal privileges beginning in the first Contract Year. Each Contract Year, you can withdraw up to an amount equal to the Multi-Year Fixed Strategy Rate multiplied by Accumulated Value (as of the most recent Contract Anniversary) without incurring a Withdrawal Charge or Market Value Adjustment.
Withdrawals and surrender may be subject to federal and state income tax and, except under certain circumstances, will be subject to an IRS penalty if taken prior to age 59½. Withdrawals in excess of the free amount are subject to a Withdrawal Charge and Market Value Adjustment (MVA), which may result in the loss of principal.
Required minimum distributions (RMDs) are IRS mandatory withdrawals from tax-qualified contracts such as IRAs. With Athene MaxRate annuities, RMDs are considered part of your annual Free Withdrawal, even if they exceed your Free Withdrawal amount.
Your Free Withdrawal amount is equal to the greater of the Free Withdrawal amount of your RMD. If you take Free Withdrawals and then your RMD, it may be subject to Withdrawal Charges and MVA. Market Value Adjustment A Market Value Adjustment applies to withdrawals in excess of the free withdrawal amount and full surrenders during the withdrawal charge period.
If you take a withdrawal before the end of your withdrawal charge period, an MVA will be applied to that withdrawal. If interest rates in the market are higher than when you purchased your annuity, the MVA is negative, meaning an additional amount is deducted from your contract value.
The MVA may increase or decrease the amount of the Withdrawal or Cash Surrender Value of your Contract depending on the change in interest rates.
If interest rates have increased, stayed the same, or decreased by less than 0.25%, the MVA will be negative. If interest rates have decreased by more than 0.25%, the MVA will be positive. (The MVA offset is 0.00% in AK, CT, HI, ID, IN, MD, MN, MO, NJ, OH, OR, PA, SC, TX, and WA.)
Types of Funds Accepted
Type: Flexible Premium
Minimum additional: $1,000
Types of funds:
Non-Qualified, 401k, Profit Sharing, IRA, Spousal IRA, Pension, IRA Rollover, IRA Transfer, TSA 403b, SEP IRA, KEOGH, IRA-Roth
Free withdrawals of interest: Yes
Cumulative Withdrawal: No
Return of premium: No
PROVISIONS & WAIVERS
Free look: 20 days
Confinement: After the first Contract Year, you may request payment of up to 100% of the Contract’s Accumulated Value, if the Annuitant is confined to a Qualified Care Facility for 60 consecutive days. To qualify, confinement in a Qualified Care Facility must begin at least one year after the Contract Date.
Terminal Illness: After the first Contract Year, you may request payment of up to 100% of the Contract’s Accumulated Value, if the Annuitant is diagnosed with a terminal illness that is expected to result in death within one year. To qualify, the initial diagnosis of terminal illness must be made at least one year after the Contract Date.
Athene Annuity and Life Company Address
Athene Annuity and Life Company
7700 Mills Civic Parkway
West Des Moines, IA 50266-3862
Founded in 1909
STANDARD & POOR’S