Why it earned this rating
Our assessment
BCA 2.0 10-Year earns a solid good-option rating because it brings a genuinely unusual crediting structure — biennial term-end-point with a wide selection of specialty indices — paired with a credible optional income rider and a competitive base contract fee of zero. The 10-year surrender schedule and the MVA are real friction points that pull the rating below strong, but for a buyer willing to make a long-term commitment, the structure is coherent and the carrier is financially well-rated.
The short version
This is a 10-year fixed indexed annuity from Athene that uses a biennial (two-year) crediting method rather than the more common annual reset. That matters because interest is only credited every two years, which means you need to stay patient — and understand that mid-term withdrawals can interrupt a credit you have not earned yet. The optional income rider (BALIR) adds a meaningful benefit-base bonus and a credible roll-up, and the optional death benefit riders can serve legacy-focused buyers, but both come at real cost. The base contract earns interest with no product fee, which is the cleanest version of this structure.
Key facts
The full review
Is Athene BCA 2.0 10-Year a Good Annuity?
Yes, for the right buyer. It is a good annuity for someone with a genuine 10-year time horizon who wants the combination of principal protection, a multi-index menu, and the option to bolt on lifetime income later. It is less appealing for anyone who might need liquidity in the first several years, dislikes biennial crediting cycles, or wants a simpler product structure.
Why Someone Would Buy This Annuity
The main reason to buy BCA 2.0 10-Year is the pairing of a zero-fee base contract with a legitimate option to upgrade to a full income-planning contract later. The biennial crediting structure tends to produce higher nominal participation rates than annual-reset products — the spec shows rates as high as 265% on certain specialty indices — which can translate into meaningful upside if the chosen index performs over the two-year window. Buyers who also want an enhanced death benefit have two rider options that grow the benefit base independently.
Who This Annuity Is Best For
I think BCA 2.0 10-Year is best for a buyer in their mid-50s to mid-60s, funding a long-term account with money they genuinely do not plan to touch, who wants principal protection and is interested in a product that can be used either for accumulation or income depending on how their plans evolve. The minimum issue age of 40 for the income rider and 78 for the base contract covers a wide planning window. This is not the right product for someone within five years of needing income, anyone who wants annual income resets, or a buyer who finds multi-index annuities confusing and prefers a clean fixed rate.
What You're Really Buying Here
You are buying a principal-protected FIA contract where interest is credited every two years based on the performance of one or more indices you select from a menu of seven. The biennial design is the key mechanic. Unlike an annual-reset FIA that locks in gains each year, BCA 2.0 measures performance over a rolling two-year window. If you take an excess withdrawal partway through a term, you generally do not get credited for gains earned-but-not-yet-applied in that partial window. The contract carries no base product fee, but optional riders add annual charges on their respective bases, not on your account value directly.
How the Core Feature Works
BCA 2.0 10-Year credits interest every two years using a term-end-point method. At the end of each biennial term, the contract calculates the change in the selected index and applies your participation rate to arrive at credited interest. If the index is flat or negative over the two-year period, you receive zero interest for that term — but your premium is protected.
The index menu is broad: S&P 500, S&P 500 Distance Stabilizer TCA Index, MSCI Mkt MediaStats Multi-Asset Index, RAFI Harvey GS Index, Shiller Barclays CAPE Allocator 6, Shiller Barclays Global Index, and WisdomTree Siegel Strategic Value Index. Most specialty indices carry participation rates that are substantially higher than what an annual S&P 500 cap strategy would offer, though that comes with less familiar index behavior. Two strategy tiers exist: standard strategies (no strategy charge) and premium strategies (0.95% annual strategy charge deducted monthly). The participation rates on the spec as of May 2026 range from 48% up to 265%, depending on index and tier — but these rates change and should be verified at application time.
Why the Secondary Feature Matters
The optional BCA 2.0 Balanced Allocation Lifetime Income Rider VI (BALIR) is the secondary feature worth understanding. If elected at issue, BALIR gives the contract an 18% benefit-base bonus (9% if the Family Endowment Rider is also elected) plus a roll-up of 4.5% compound annually for up to 18 years. The SGO Max election also credits 100% of Interest Earnings on top of the 4.5% roll-up; the Flex Growth election uses whichever is greater — 4.5% compound or 200% of Interest Earnings. The rider costs 1.00% annually on the benefit base, with the potential to increase up to 0.20% per year if the accumulation period extends beyond year 10, subject to a 5.00% maximum.
The 18% income base bonus is a real number, but it applies to the benefit base only — not your account value. It does not show up as spendable cash. Its value is unlocked when you activate income withdrawals. Buyers who elect BALIR and never activate income may pay the 1.00% fee for years without extracting value from the bonus.
Liquidity and Surrender Schedule
This is a 10-year commitment. The surrender charge schedule starts at 9.6% in year one and steps down to 1.0% in year ten, reaching zero in year eleven. A market value adjustment (MVA) also applies to surrenders and excess withdrawals during the surrender charge period, except in Missouri. The MVA means your effective penalty can be higher or lower than the listed charge depending on the interest rate environment at the time of the withdrawal — a detail that matters in a rising-rate period.
Free withdrawals are modest: 5% of accumulation value in year one, then 10% in years two and beyond. Gains-to-date are credited on free withdrawals taken mid-term for standard withdrawals, but not on lifetime income withdrawals or excess withdrawals. RMDs attributable to the contract are waived from withdrawal charges, MVA, and premium bonus vesting adjustments after age 72. Confinement and terminal illness waivers are built into the base contract at no extra charge, available after the first contract anniversary.
Fees and Tradeoffs
The base contract has no product fee, no administration charge, and no M&E — that is genuinely clean for a 10-year FIA. The fee picture changes when riders are added:
- BALIR income rider: 1.00% annually on the benefit base (not account value), rising up to 0.20% per year if extended past year 10, capped at 5.00%
- FER death benefit rider: 0.85% annually on the enhanced death benefit base; stops at the later of age 85 or the 8th contract anniversary
- FER Max: 0.85% to 1.10% on the EDB base
Premium strategies also carry a 0.95% annual strategy charge deducted monthly from account value, which is a real drag on accumulation if you choose that tier.
The Family Endowment Rider (FER or FER Max) provides an account-value premium bonus of 8%-12% depending on rider and state, but that bonus is subject to a vesting adjustment: 0% vested in years one through ten, fully vested at year eleven. If you surrender or take a full withdrawal before year eleven, you forfeit the premium bonus regardless of how long you have held the contract. That is a significant tradeoff buyers need to understand before electing FER.
Product snapshot
| Feature | Details |
|---|---|
| Product Type | Fixed Indexed Annuity |
| Surrender Period | 10 years |
| Issue Ages | 0-78 (minimum age 40 when BALIR is elected) |
| Minimum Premium | $10,000 |
| Indices | S&P 500, S&P 500 Distance Stabilizer TCA Index (USD) ER, MSCI Mkt MediaStats Multi-Asset Index, RAFI Harvey GS Index, Shiller Barclays CAPE Allocator 6, Shiller Barclays Global Index, WisdomTree Siegel Strategic Value Index |
| Crediting Methods | Term End Point (biennial participation rate) |
| Free Withdrawal | 5% of Accumulation Value in Year 1; 10% of Accumulation Value in Years 2+ |
| MGSV | 87.5% of premiums accumulating at 1% to 3% annually (varies by state) |
| Death Benefit | Greater of Account Value plus appreciation-to-date (BAV), Cash Surrender Value, or Enhanced Death Benefit if FER/FER Max elected. Withdrawal charges and MVA waived at death. |
| Income Rider | Optional |
| Income Rider Fee | 1.00% annually (charged on Benefit Base; may increase up to 0.20% per year if accumulation period extended past year 10, up to max 5.00%) |
| Premium Bonus | 8%-12% depending on rider and state (FER or FER Max required) |
| Availability | Not available in NY. State variations approved in AK, AL, CA, CT, DC, DE, HI, ID, IL, LA, MA, MD, MI, MN, MO, MT, NC, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, WA and others. Premium Bonus on FER/FER Max reduced in AK, CA, CT, DE, HI, ID, MN, MT, NH, NJ, NV, OH, OK, OR, PA, SC, TX, UT, WA. |
Carrier snapshot
Legal Entity: Athene Annuity and Life Company
Parent: Athene Holding Ltd.
AM Best Rating: A+
Final take
BCA 2.0 10-Year is a well-constructed FIA for buyers willing to commit to a decade. The zero-fee base contract, wide specialty index menu, and optional income rider give it genuine flexibility across different buyer profiles. The biennial crediting method is the product's defining feature — it can produce better participation rates than annual-reset designs, but it also means you need patience and discipline around withdrawals.
Where this product is not the right fit: buyers who might need access to more than 10% of their value in any given year, anyone within a few years of needing income, or buyers who would elect the BALIR rider but then are uncertain whether they will actually turn on income. The fee on BALIR is real, and the 18% benefit-base bonus only pays off if income is activated. The FER/FER Max premium bonus sounds appealing but comes with a full 10-year cliff vest — walk away before year eleven and you leave it behind.
For a patient buyer who genuinely needs 10-year money and wants the optionality to either accumulate or later convert to income, this is a solid choice with a credible carrier behind it.