The short version
What you give up for that protection is upside and access: the credit on any given strategy is limited by a cap, participation rate, or spread, and the money is under a surrender charge for 7 years.
Its 1-Year S&P 500 Point-to-Point account caps at 5.25% — one of 15 crediting accounts on the contract. The full menu, with every account's own cap, participation rate, or spread, is in the table below.
How this contract works
A fixed indexed annuity works by measuring an index's return over a set period and applying a crediting formula to decide how much of it you keep. A cap sets a ceiling on the credit; a participation rate credits a percentage of the index's gain; a spread subtracts a fixed amount before crediting the rest. None of it is direct market ownership, and none of these formulas can produce a negative credit — the worst a crediting period can do is pay zero. The guarantee behind all of it is a contractual obligation of Athene IA, backed by the company's own reserves, not by the FDIC and not by any bank.
The contract also carries a declared fixed account paying 2.90%, for premium you would rather not tie to an index at all. Money can typically be moved between the fixed account and the index strategies at each contract anniversary; check the carrier's disclosure for the exact transfer window.
Getting your money out
The contract allows 10% out each year without a surrender charge. Beyond that allowance, a withdrawal during the surrender period is reduced by the charge for that contract year — on top of whatever the index accounts did or didn't earn.
The surrender charge starts at 8% in year 1 and steps down to 3% in year 7; the full schedule is in the table below. Those percentages come off the amount you withdraw, which is why an early exit can return less than you put in even in a year the index accounts credited something.
This contract also carries a market value adjustment. On top of the surrender charge, an early withdrawal is adjusted up or down depending on how interest rates have moved since the contract was issued — if rates have risen, the adjustment works against you. It applies only to withdrawals above the free amount during the surrender period.
Fees and tradeoffs
The contract carries 2 riders (Agility 10 Income and Death Benefit Rider, Agility 7 Income and Death Benefit Rider), and our rate data does not carry a charge for them. That is a gap in the data rather than evidence there is no charge, so ask the carrier for the rider's fee schedule in writing before you treat it as costless.
The real tradeoffs on a contract like this are the crediting caps and the surrender period, not a visible fee line. Gains come out as ordinary income rather than capital gains, and a withdrawal before age 59½ generally carries a 10% IRS penalty on top of the tax. Neither is a reason to avoid the product; both are reasons it suits money you have already decided not to touch.
Who this fits
This contract fits someone who wants a floor under retirement money and is willing to trade full market upside for it, and who can leave the premium alone for 7 years. It is not a substitute for direct market investing — the caps and participation limits mean a strong market year is only partly captured.
It does not fit an emergency fund, money that may be needed for a medical or housing event, or a buyer who expects to capture a bull market in full. Anyone under 59½ should weigh the tax penalty before treating this as a savings account.
The carrier
Every guarantee in this contract is only as good as Athene IA, which currently holds an A.M. Best financial strength rating of A+. An annuity is not FDIC insured; the backstop is the carrier's own balance sheet, with state guaranty association coverage behind it at limits that vary by state.
The contract is filed in 49 states, not including New York — New York files its own annuity products, so a New York resident is shopping a different and much smaller shelf.
- Death Benefit
- Greater of Full Account Value or Minimum Guaranteed Surrender Value, or an enhanced Rider Death Benefit through the built-in Income and Death Benefit Rider, paid over a company-declared period not to exceed 10 years.
- Minimum Guaranteed Surrender Value
- 87.5% of premium at 1-3%
- Withdrawal Provisions
- RMDs are treated as part of the annual free withdrawal amount. Confinement (60+ consecutive days at a Qualified Care Facility, not available in MA) and Terminal Illness waivers permit withdrawal of full value with no withdrawal charge or MVA, available one year after the contract date.
- Waiver Riders
- Enhanced Income Benefit - doubles the Guaranteed Withdrawal Payment percentage while the annuitant is confined to a qualified care facility for 180 days within a 250-day period (subject to a 1-year waiting period and minimum age 50). Built into the Income and Death Benefit Rider at no separate charge.
Frequently asked questions
What cap does the Athene Agility 7 pay right now?
Its 1-Year S&P 500 Point-to-Point account currently caps at 5.25%. That is a snapshot of the current rate sheet, not a permanent number — carriers reprice these accounts regularly, usually once a year on the contract anniversary. The full menu of accounts, each with its own terms, is in the table on this page.
How does a fixed indexed annuity actually credit interest?
The insurer measures a market index's return over a set period and applies a formula — a cap, a participation rate, or a spread — to decide how much of that return you're credited. A negative index period credits zero, never a loss. You are never invested in the index itself.
Is my money locked up for 7 years?
Not locked, but charged. You can take money out at any time; withdrawals above the free allowance during the 7 years surrender period are reduced by the surrender charge for that year, plus a market value adjustment.
What happens at the end of the surrender period?
Contracts generally give you a short window to surrender without a charge, or you can leave the money in and keep crediting on whatever accounts are then offered. Renewal cap and participation rates are not known in advance and are usually not the ones you started with — check the carrier's disclosure for the exact window.
Are there annual fees?
This contract carries riders whose charge is not in our rate data — we are not going to state a figure we do not have. Ask the carrier for the rider's fee schedule in writing. Separately, individual index accounts can carry their own strategy charge; check the account table on this page.
Is this FDIC insured?
No. Annuities are issued by insurance companies and are not guaranteed by any bank or by the FDIC. The guarantee is Athene IA's contractual obligation, backed by its reserves, with state guaranty association coverage behind it at limits that vary by state.
