About Athene Annuity and Life Company
Athene Annuity Financial Strength
Athene Ascent Pro is a Single Premium Indexed Deferred Annuity that is primarily intended for customers seeking a long-term retirement savings vehicle. It includes the Athene Ascent Income Rider for a charge.
Athene Ascent Pro can help you reach your retirement goals.
- Guaranteed income: The built-in Ascent Income Rider allows you to create a guaranteed stream of income that can last as long as your retirement. The amount you receive can increase the longer you wait to start income payments.
- Growth potential: Pursue additional growth with Interest Credits that are based in part on the performance of an external market index.
- Protection from downside market risk: Your money is not directly exposed to the risks of the stock market or individual stocks.
- Tax deferral: Annuities provide the advantage of tax-deferred interest accumulation. You don’t pay taxes on any growth until you withdraw money.
- A death benefit: Your annuity can offer your loved ones a quick source of funds to settle matters after your death. Your beneficiary is guaranteed your annuity’s full Accumulated Value or Minimum Guaranteed Contract Value, whichever is greater.
Create an income you can’t outlive.
Today we can expect to live longer, more active lives after we stop working than any generation before us.
But as our retirement horizons expand, so do our financial needs.
Most of us will face an “income gap” when we retire.
This is the difference between what you’ll receive from Social Security, a pension if you have one, and any other sources of guaranteed income …and what’s needed to meet expenses and maintain the lifestyle you want.
With its built-in income rider, the Athene Ascent Pro annuity is designed to help bridge the “income gap” by converting a portion of your personal savings and investments into a stream of income you can count on.
You get:
Guaranteed Income.
Lifetime Income Withdrawals from your rider are guaranteed — and your withdrawal amount can increase the longer you wait to begin taking income.
Flexibility.
Choose when and how often you receive your “retirement paycheck.”
Payment Options.
Choose income that remains constant from year to year. Or, select an option that may increase your income to keep pace with inflation. Or one that may boost your income based on any interest credited to your annuity’s Accumulated Value.
Protection.
You can double your lifetime income withdrawal amount for up to 60 months, or until the Accumulated Value has been depleted, if you are confined to a Qualified Care Facility and meet eligibility requirements.
RMD “Friendly” Withdrawals.
Required Minimum Distributions (RMDs) that exceed your annual Lifetime Income Withdrawal amount will not be subject to withdrawal charges or Market Value Adjustments and will not reduce any future Lifetime Income Withdrawals.
Spousal Continuation.
By selecting Joint Life Withdrawals, you can provide for your spouse should your spouse outlive you. Athene Life Insurance is also an inexpensive way to leave a death benefit to beneficiaries.
Get the most income from your annuity.
What will it take to close your retirement income gap?
Whatever your need, Athene Ascent Pro can help you get there.
Its built-in income rider lets you grow your income amount over time.
Then, when you’re ready, you can start a guaranteed stream of income to last throughout your retirement.
Understanding the rider’s three distinct phases can help you make the most of your annuity’s income potential.
Growth
This is your opportunity to grow your rider’s Income Base.
It begins when you purchase your annuity and ends when you start taking income or after 20 years, whichever occurs first.
During this phase, all withdrawals will reduce the Income Base and the annuity’s Accumulated Value by the same percentage.
Growth is referred to as “Accumulation” in your annuity contract.
Income
This phase begins when you start taking Lifetime Income Withdrawals, which reduce your annuity’s Accumulated Value.
It ends when the Accumulated Value reaches zero.
Withdrawals in excess of the Lifetime Income Withdrawal amount will reduce future Lifetime Income Withdrawals and in some instances will terminate the rider.
Extended Income Guarantee
If Lifetime Income Withdrawals (and not an Excess Withdrawal) reduce your Accumulated Value to zero, you’ll continue to receive the Lifetime Income Withdrawal amount for the rest of your life.
Required Minimum Distribution (RMD) “friendly.”
Required Minimum Distributions (RMDs) are IRS mandatory withdrawals required with qualified contracts (such as an IRA).
These withdrawals from your annuity contract are considered part of your free withdrawal, free of Withdrawal Charges, and MVA for the Contract Year.
An RMD is not considered an Excess Withdrawal, so it will not reduce any future Lifetime Income Withdrawals — even if it exceeds your annual Lifetime Income Withdrawal amount.
Prior to turning on income, an RMD will reduce the Income Base on a pro-rata basis.
In other words, the percentage decrease in the Income Base will equal the percentage decrease in your annuity’s Accumulated Value.
Income for life. Guaranteed.
Continue receiving income for the rest of your life — even after your Accumulated Value is depleted. The Extended Income Guarantee begins when you’re receiving Lifetime Income Withdrawals and your annuity’s Accumulated Value goes to zero. The reduction of the Accumulated Value cannot be caused by an Excess Lifetime Income Withdrawal.
During the Extended Income Guarantee Phase, the amount you receive each year depends on the payment option you have chosen:
- Level Income and Inflation-Adjusted Income: Lifetime Income Withdrawals will remain level for the remainder of your life.
- Earnings-Indexed Income: Lifetime Income Withdrawals will increase by 1% annually for the remainder of your life.
Leave a legacy for your loved ones.
Spousal Beneficiary
If your spouse is the sole primary beneficiary he or she may elect to continue the annuity contract after your death, as long as he or she becomes the sole Annuitant and sole Owner of your contract.
- If the income rider is in the Accumulation Phase at the time of spousal continuation, it will continue in the Accumulation Phase.
- If the income rider is in the Income Phase at or prior to the time of spousal continuation or in the Extended Income Guarantee Phase, the surviving spouse may continue the rider only if the Joint Lifetime Income Withdrawal Option was selected. If the Maximum Lifetime Income Withdrawal was based solely on the life of the deceased spouse, the rider will terminate.
Non-Spousal Beneficiary
If your beneficiary is not your spouse, the income rider will terminate upon your death and any remaining Accumulated Value in your annuity will be paid to the beneficiary based on the provisions of the base contract.
Protect and manage your money with these additional features.
Minimum Interest Credit — Automatic Interest Boost.
The indexed crediting strategies in a fixed indexed annuity guarantee that your Accumulated Value will never decrease due to market performance.
The Minimum Interest Credit feature in Athene Ascent Pro annuity takes this guarantee one step further.
If at the end of your withdrawal charge period, the total interest credited to your Accumulated Value is less than the Minimum Interest Credit, you will automatically receive a one-time interest credit equal to the difference.
The Minimum Interest Credit is based upon a percentage of your Initial Premium less withdrawals and charges.
Bailout Feature — Flexibility and Protection.
If Athene lowers the declared 1-Year Point-to-Point Index Strategy Annual Cap Rate below the Bailout Cap Rate, you’ll have full access to your annuity’s Accumulated Value-free of any charges — for up to 30 days after the Contract Anniversary in which the Bailout Cap Rate was pierced.
After the 30-day Bailout Window, all charges may apply.
Free Withdrawals.
Beginning in the first Contract Year, you can withdraw up to 10% of your annuity’s Accumulated Value each Contract Year without a Withdrawal Charge or MVA.
Required Minimum Distributions (RMDs) described on page 10 of this brochure, are considered part of your Free Withdrawal, free of a Withdrawal Charge and MVA, for the Contract Year.
Confinement Waiver.
You can withdraw up to 100% of your annuity’s Accumulated Value if you are confined to a Qualified Care Facility.
This benefit is available if you are confined for at least 60 consecutive days any time after the first Contract Year and meet eligibility requirements.
No Withdrawal Charge or MVA apply if you qualify for this benefit.
You cannot be confined at the time your contract is issued and confinement must begin at least one year after the Contract Date.
This waiver is considered an Excess Withdrawal and will result in the termination of your income rider.
Terminal Illness Waiver.
Withdraw up to 100% of the annuity’s Accumulated Value if you are diagnosed with a terminal illness that is expected to result in death within one year and meet eligibility requirements.
No Withdrawal Charge or MVA apply if you qualify for this benefit.
This waiver is available after your first Contract Anniversary and the initial diagnosis of terminal illness must be made at least one year after the Contract Date.
It is considered an Excess Withdrawal and will result in the termination of your income rider.
Contract Surrender.
If you decide to surrender your Contract, Athene will pay you the Contract’s Cash Surrender Value.
The Cash Surrender Value is equal to the greater of the following values as defined in your contract:
- The Accumulated Value adjusted for any applicable Withdrawal Charges and MVA
- The Minimum Guaranteed Contract Value
Minimum Guaranteed Contract Value.
Ensures you will receive a minimum interest crediting rate on a percentage of your premium, adjusted for withdrawals, while the contract is in effect.
Additional information.
Athene Ascent Pro annuities are designed to meet your long-term savings and retirement needs.
They include a Withdrawal Charge period.
If you withdraw more money than the free amount allowed by your contract, or if you surrender the annuity before the Withdrawal Charge period ends, a Withdrawal Charge and Market Value Adjustment will be applied.
These charges do not apply to Free Withdrawals, RMDs, payments made in settlement of your annuity’s Death Benefit, or to Confinement and Terminal Illness waivers.
Withdrawal Charge.
If you surrender your annuity or withdraw an amount that exceeds the Free Withdrawal amount during the Withdrawal Charge period, you will incur a Withdrawal Charge. In part, Withdrawal Charges allow the company to invest your money on a long-term basis and generally credit higher yields than possible with a similar annuity of shorter term.
Excess Lifetime Income Withdrawal.
The portion of a withdrawal that is taken in a Contract Year in excess of the Lifetime Income Withdrawal is considered an Excess Lifetime Income Withdrawal.
The Excess Lifetime Income Withdrawal will reduce future Lifetime Income Withdrawals and the Income Base by the same proportion that the contract’s Accumulated Value is reduced.
If an Excess Lifetime Income Withdrawal reduces your Accumulated Value to zero, Lifetime Income Withdrawals will stop.
Additionally, Excess Lifetime Income Withdrawals may be subject to applicable Withdrawal Charges and MVA associated with the base contract.
The MVA is not applicable in all states.
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.
